Assignment ENT300 Individual-converted Business Opportunites PDF

Preview

Summary

FUNDAMENTALS OF ENTREPRENEURSHIPENT 300INDIVIDUAL ASSIGNMENT(BUSINESS ACTIVITY)NAME: JESCEYLIYANA GRACE ANAK DESMONMATRIC NO: 2019539639PREPARED FOR: HIDAYATI AHMADSUBMITTION DATE: 21 MAY 2021TABLE OF CONTENTNo. Contents Pages1. Executive Summary 32. Project Description - Before Activity 4-3. Projec...

Description

FUNDAMENTALS OF ENTREPRENEURSHIP ENT 300 INDIVIDUAL ASSIGNMENT (BUSINESS ACTIVITY)

NAME: JESCEYLIYANA GRACE ANAK DESMON

MATRIC NO: 2019539639

PREPARED FOR: HIDAYATI AHMAD

SUBMITTION DATE: 21 MAY 2021

TABLE OF CONTENT

No.

Contents

Pages

1.

Executive Summary

3

2.

Project Description - Before Activity

4-5

3.

Project Outcome - After Activity

6-7

4.

Experiential Learning

8

5.

Appendices

9

Executive Summary NZ Crunchies is one of the bumiputera product brands for NZ Frozen Industries Sdn Bhd which is registered under the Companies Commission of Malaysia (SSM) and is wholly owned. The holding company of Nz Crunchies is located at Lot E1 SME Industrial Complex, 15, Jalan Tabana, Tampoi Industrial Estate, 80350 Johor Bahru, Johor. Nz Crunchies are snacks made from poppy skin and coated with a variety of flavors that are delicious and viral of the century. Among the flavors served are Cheese Primo, Golden Salted Egg, Savory Chicken Floss, Korean BBQ, Chocolate Supreme, Milky Matcha, Butter Toast. These snacks are suitable for all groups, can be used as snacks, food to entertain guests, and snacks to fill an empty stomach. The mission of NZ Crunchies was provided clean, halal and pure snacks in accordance with the wishes of customers, ensure customer satisfaction on an ongoing basis in line with the production of snack products supplied and committed to providing the best service in terms of snack preparation and customer service equivalent to a set fee. The vision of NZ Crunchies is to be a competitive and competitive snack food supply business that is able to provide the best service in meeting the needs of customers, own a private limited company in the future and has business branches throughout Malaysia. In this age of highly dynamic globalization, it is indeed encouraging many people to venture into business. Still, many are still wondering what and how to start a business easily without requiring high capital. NZ Crunchies is one of the bumiputra product brands of NZ Frozen Industries Sdn Bhd which to this day, is still looking for visionary members, eager to further expand their business. So, I choose NZ Crunchies through its "VIRAL" snacks, because NZ Crunchies provides an opportunity to generate income for all groups regardless of race & religion.

Project Description - Before Activity

The purpose that I choose NZ Crunchies as my business dropship is I want to build a business empire to strengthen the economy of religion & nation. I also want to channel profits into charitable endeavours and want to use business as a platform to educate the public on financial management awareness. Not forget to my main purpose is to helping my family as the eldest daughter in three siblings. In pandemic Covid-19, only my father who when to earn money for the three of our siblings. So, I decided to reduce the burden of my father with join NZ Crunchies as a dropship. The nature of my business is with an online dropship business i only need internet access and a smartphone to run this dropship business. This way i are free to work from anywhere without requiring me to be somewhere long I choose this product for my business activity because the concept of dropship does not require high capital and can also be an online business without capital because some dropshippers take a registration fee and some don’t. So, there is no issue of burnt capital and so on if I start an online business by dropship because the capital is not enough for me to start a physical business. Besides that, what's fun about this online dropship business is that I don't have to manage the stock of goods. In addition, the delivery of goods to the customer as everything will be handled by the dropshipper of the product. My job is to promote the product until it sells and no need to bother with postage and so on.

Next, there are various products offered by dropshippers with this dropship business. I just need to choose what products I want to sell. Can also choose a product based on your interests and hobbies because it will help you get to know a product in more detail and help me to make sales. My target market is to anyone who sports eating and chewing wherever they are. This is because, NZ Crunchies has a variety of unique flavors that are able to mesmerize & attract the interest of snack lovers and with its easy to carry anywhere at any time, this snack is very suitable to be enjoyed by all communities in Malaysia or abroad. Besides that, Malaysian youtuber such as Isaac Osman, Pyan Padu Beb & Syedot also have been trying the NZ Crunchies and they also recommend it to other people to get it try. I have been starting my business on 13th April 2021 until I can be from a dropship to a stockiest one day. I will run my business until I can be a successful career woman. This is because a successful business could earn me a lot of money. So, in this business I could help my father to reduced his burden of 3 siblings. Besides that, while there is still a pandemic, and many businesses are suffering, other entrepreneurs can turn that around by starting a new business that leases empty office spaces, hires local workers and brings the community together. Hard times bring about new innovative ideas and solutions that others feel inspired by. I could finally start that business I always dreamed about and help the community too. My business platform is done in online only. Social media is the most direct form of business to consumer communication, and with so many users online, why not take advantage of these free platforms? I can now easily reach out to a customer service representative thanks to social media. I can also receive, review and respond to customers’ grievances faster and more easily than ever before. Often times consumers don’t even have to pick up the phone to discuss a dispute with a company. Social media allows me to communicate on their own time, when it is appropriate for both parties.

Project Outcome - After Activity The products were sold in 30 jars until now. This is because I’m still new in the dropship world. I only make an order to dropshipper based on the number of customers who order at one time only. The total number of my customers is 10 people only over the period till now. In terms of the service or attitude of customers who buy from me was really have good attitude and are easy to negotiate with. This is because many online stores will provide links for much extra information about their product. On the other hand, some online consumers are an adventurous explorer, fun seeker, shopping lover, and some are technology muddler, hate waiting for the product to ship. After they get their item from dropshipper, they will snap some picture or give any feedback to give some respond. Because of I don’t have spent at any cent in this business, I can conclude that I make nonloss profits. It also can conclude that I was thrifty after joining as dropship in NZ Crunchies business.

Simple Cash Flow Money received

Start (RM)

15th April

8th May 2021

2021 (RM)

(RM)

Cash Sales

0

100

80

Payment received on account

0

70

45

New Loans

0

0

0

Subtotal

0

170

125

Rent, utilities, etc

0

0

0

Payroll & Taxes

0

0

0

Purchase Inventory

0

0

0

Pay other bills

0

30

20

Repay loans

0

0

0

Purchase Asset

0

0

0

Total Spent

0

30

20

Cash Flow

0

150

145

Cash Balance

0

(150)

5

Money spent

Experiential Learning For those who are just starting a business, in my opinion try to reduce the risk. I start by selling other people’s products. Also, start with small capital and minimize risk. It was like I had no hidden talent, so I started as a dropship agent. Alhamdulillah, through a dropship agent I learned how to market a product on social media. Since I was full time student, being a dropship agent initially was the right choice as I didn’t have to keep stock and even post items. Everything is managed by our agents. Although the commission given is small but I feel happy and satisfied when there are buyers buying the products we sell. Customer trust is important in convincing customers that the product or service offered really exists and is not a scam. It's nice to sell other people's products. Goods do not need to be stored, if there is a new order ambiguous. So, I started a dropship business. In the same time, I don't have to worry about spending money to buy goods first, but if there is a new order, take it. And in this dropship concept, I don't have to post the goods. The stockist or agent who posted to the customer on my behalf. They will use Pos Laju or City Link or GDex sometimes. Already in business, if we don't see the Pos Laju form, it's really weird. Distinguish between wants and necessities. It is usually easier to sell necessities than goods. If we want to compare, the profit goods are more profitable and continuous compared to the profit of the goods goods. Profit for necessities because if a person buys necessities from me, customer will buy again and again. If the goods are desired, people buy only once and profit only once. It's good to win many times over. The term in business is marketing. The language is easy to call an advertisement. But the ads don't force people to buy the product. Use a little soft selling technique. Diligent promotion on all social media that I have such as Facebook, Instagram and Twitter. Tell & tell again because usually there are few people who are interest to buying at the first time in business online , so I have to tell again only the people who heard it the second time & so on will remember. Usually, people are so busy that they forget to buy. Take good care of those customer who are interested. It is easier to sell with who are interested and who have already bought from us than looking for other customers. Diligent promotion at the end of the month, this is because of the time people get a salary. Before the salary time, I told him in advance that he would be paid after the salary and continue to buy.

Appendices...