Business Opportunity ENT300 SITI NUR Aishah Binti ABD Rahman (2019 271064) PDF

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UNIVERSITI TEKNOLOGI MARA PERAKBRANCH TAPAH CAMPUSFUNDAMENTALS OF ENTREPRENEURSHIP (ENT300)PROJECT: BUSINESS OPPORTUNITYBUSINESS NAME: SAMYANG RAMENPREPARED BYNAME: SITI NUR AISHAH BINTI ABD RAHMAN (2019271064)FACULTY & PROGRAMME: FACULTY OF APPLIED SCIENCE &DIPLOMA IN SCIENCESEMESTER: OCT 2...

Description

FACULTY OF BUSINESS & MANAGEMENT

UNIVERSITI TEKNOLOGI MARA PERAK BRANCH TAPAH CAMPUS

FUNDAMENTALS OF ENTREPRENEURSHIP (ENT300) PROJECT: BUSINESS OPPORTUNITY

BUSINESS NAME: SAMYANG RAMEN

PREPARED BY NAME: SITI NUR AISHAH BINTI ABD RAHMAN (2019271064) FACULTY & PROGRAMME: FACULTY OF APPLIED SCIENCE & DIPLOMA IN SCIENCE SEMESTER: OCT 2021 – FEB 2022

PREPARED FOR DR. MOHD AFANDI ABU BAKAR

SUBMISSION DATE: 5TH DECEMBER 2021

2.

EXECUTIVE SUMMARY

Samyang Foods Co., Ltd, established in 1961, has been walking a single path, pursuing honesty and trust for over 50 years. Its pioneering entrepreneurial spirit, with the aim of bringing an era where the average life expectancy becomes 100 years through food, has been the foundation for Samyang Foods to become a trustworthy company to customers. With the passion and challenge to generate new growth engines, Samyang Foods will make every effort to allow everyone to enjoy a more delicious world. The 1960s was a time when most Koreans had to tighten their belts, because the only staples, rice, and mixed grains, were scarce. Samyang Foods Co., Ltd.’s efforts to overcome the food shortage led to the birth of Korea’s first ramen, Samyang Ramen, in 1963. Ramen has become the second staple food in Korea. Samyang Foods Co., Ltd has established a thorough quality management system so that consumers can trust its products by being certified by qualified international offices (KOLAS, ISO22000, HALAL) as well as a domestic one, HACCP.

The New

mission

of

Business/Creativity

Samyang in

Ramen Product

is

“Re-Creation Development

Re-Vitalization A Spirit of Challenge in Work and Organizational Culture”. Meanwhile, the vision of Samyang Ramen is “Excellence in Taste/ Best Taste/ Wonderful Company Samyang Foods Co., Ltd ultimately aims for the best taste and wonderful life”.

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. Samyang Ramen is one of the popular food in Malaysia to this day, is still looking for visionary members, eager to further expand their business. So, I choose Samyang Ramen through its viral instant noodles, because it is Korea’s first instant noodle, has established a new food culture by establishing ramen as a second staple, and is leading the K-FOOD craze through Buldak Ramen, which has grown into a world-class brand. 2

TABLE OF CONTENTS 2.

EXECUTIVE SUMMARY....................................................................................................2

4.

PROJECT DESCRIPTION...................................................................................................4

5.

PROJECT OUTCOME..........................................................................................................6 Simple Cash Flow............................................................................................................................7 Money received............................................................................................................................7 Money spent................................................................................................................................. 8

6.

EXPERIENTIAL LEARNING..............................................................................................9

7.

APPENDICES.......................................................................................................................10

3

4.

PROJECT DESCRIPTION

Figure 1 Photo of Samyang Ramen The purpose that I choose Samyang Ramen as my cash on delivery (COD) business is that I do not bear loss since the amount that receives for the product remains the same. Also, offering a COD payment option may increase confidence in customers because they do not see the product with their own eyes. Not forgetting the main purpose is to support my finances at college. Since I stayed in college for my last semester so I need to support myself and not fully depend on my parents for the financial part. The nature of my business is among the students who stayed in college to run this business. This way it was easy to find and communicate with customers.

I choose this product for my business activity because the concept of COD is a type of payment method where the recipient (the customer) makes the payment for the order at the time of delivery rather than in advance since I stayed in college. It is easy for me to send the Ramen Samyang in front of my customers’ door

4

Next, my business activity was run in Kolej Beta UiTM Cawangan Perak Kampus Tapah. By WhatsApp groups, I promote my business there because it was the most direct form of business-to-consumer communication, and with so many users of WhatsApp. I have been starting my business from 15 th November 2021 until 21st November 2021. I run my business in the evening from 6:00 p.m. until 11:00 p.m. because the curfew for my college was at 11:00 p.m. at that time I will start promoting the advertise at 6:00 p.m. and wait for the messages from customers.

My target market is students who stayed in college that hungry at night or lazy to go to café to buy some food. The Samyang Ramen has a variety of unique flavors, for example, cheese, carbonara, and 2x spicy that is suitable for an empty stomach to be filled in. This Ramen Samyang is easy to cook since it’s just like instant noodles but has the taste of Korean spicy. Besides, the target market is easy to get because students are easy to distract with new and easy foods. Since I am also a student so to communicate with them was very easy and did not have any problems.

Lastly, to do the promotion I use WhatsApp as my tool. It is because nowadays all of the students use this app often for communication. So, when my chat was distributed they might open it and read about it.

5

5.

PROJECT OUTCOME

The products were sold in 20 packets until now. Since I sell five different flavors so three of the flavors finish and two of them were left with two and three packets for each. I just recognize that the flavors that did not finish were not students’ favorites. 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 a good attitude and are easy to negotiate with. This is because I replied to their messages and the COD was fast so they will not wait for too long. On the other hand, COD is just another mode of payment you provide to your customers. As a seller, you have nothing to worry about regarding COD proceedings.

Because of COD, I need to keep the stocks so I have to spend some money to buy the products. The products I bought at Shopee’s shop. I filter all the prices from different shops and found the cheapest prices. I can conclude that I make loss profits since there are some of my products unfinished.

6

Simple Cash Flow Money received Rough Total Unit Sold

Rough Income (RM)

Income (RM)

Original

5 units X 3.74

5 units X 4.50

-

= 18.74

= 22.50

5 units X 3.99

5 units X 5.00

= 19.99

= 25.00

5 units X 3.99

5 units X 5.00

= 19.99

= 25.00

5 units X 3.99

3 units X 5.00

= 19.99

= 15.00

5 units X 3.22

2 units X 4.50

= 16.08

9.00

5 units per 1 big packet

Cheese -

5 units per 1 big

packet Carbonara -

5 units per 1 big

packet 2x Spicy -

5 units per 1 big

packet Kimchi Soup -

5 units per 1 big packet

Total income

96.50

7

Money spent Products

Price (RM)

Original

5 units X 3.74

-

= 18.74

5 units per 1 big packet

Cheese -

5 units X 3.99 5 units per 1 big packet

Carbonara -

= 19.99 5 units X 3.99

5 units per 1 big packet

= 19.99

2x Spicy

5 units X 3.99

-

= 19.99

5 units per 1 big packet

Kimchi Soup -

5 units X 3.22

5 units per 1 big packet

Shipping Fee

5.80 Total Total loss profit

6.

= 16.08

100.55 100.55 – 96.50 = 4.05

EXPERIENTIAL LEARNING For those who are just starting a business, in my opinion, try to reduce the risk. I start 8

by opening a COD business to learn new experiences. Also, start with small capital and minimize risk. It was like I had no hidden talent, so I started a small COD business. Through a COD I learned how to promote a product on WhatsApp. Since I was a full-time student, doing COD service initially was the right choice as I do it at night because at night no class needs to be attended. Everything I managed by myself. Although it was quite tired because of the need to go from one block to another block to be delivered 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 is nice to learn new experiences from COD. I started to keep a small amount of product so that I do not have a big loss profit and if I continued the business I will learn from the mistake. Also, it gave me some experience in communicating with customers and glad all the customers that I need to interact with were so good in attitude and talk. So after this, I will not shy interact with people when they ask me about the products.

Last but not least, the term business is marketing. The language is easy to call an advertisement. But the ads do not force people to buy the product. Use a little soft selling technique. Diligent promotion on all biggest use which is WhatsApp. Tell and tell again because usually there are few people who are interested to buy at the first time in business online, so I have to tell again only the people who heard it the second time and so on will remember. Usually, people are so busy that they forget to buy. Take good care of those customers who are interested because it is easier to sell with those who are interested and an looking for other c

Figure 2 Advertising chat

Figure 3 Chat with customer

Figure 4 Photo of customer

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