ENT300 Business Activity Report Suhaini PDF

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FUNDAMENTALS OF ENTREPRENEURSHIP (ENT 300)BUSINESS ACTIVITY REPORTMAR – AUG 2021PREPARED BY:FACULTY & PROGRAMME : FACULTY OF BUSINESS AND MANAGEMENT (BA118) SEMESTER : 04 CLASS GROUP : MBA1184K NAME : SUHAINI BINTI NORLAN (2019655856) PREPARED FOR:SITI MUSLIHA BINTI MOHD IDRIS SUBMISSION DATE:30...

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FUNDAMENTALS OF ENTREPRENEURSHIP (ENT 300)

BUSINESS ACTIVITY REPORT MAR – AUG 2021

PREPARED BY: FACULTY & PROGRAMME SEMESTER CLASS GROUP NAME

: FACULTY OF BUSINESS AND MANAGEMENT (BA118) : 04 : MBA1184K : SUHAINI BINTI NORLAN (2019655856)

PREPARED FOR: SITI MUSLIHA BINTI MOHD IDRIS

SUBMISSION DATE: 30 June 2021

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TABLE OF CONTENT No. 1. 2. 3. 4. 5. 6. 7. 8.

Content Cover page Table of content Executive summary Project description (before activity) Project description (after activity) Cash flow statement Experience learning appendices

Page 1 2 3 4-6 7 8 9-10 11-12

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EXECUTIVE SUMMARY

This business activity aims to expose the students to identifying business activity in the real world. Entrepreneur offers marketable products or services to an interested buyer in a situation called business opportunities. Providing new ideas and making them happen is the job of an entrepreneur.

For this business activity, I have decided to sell treatment hair color . the name is twotone treatment hair colors. This product comes from korea in brand etude house which is the famous korean cosmetic. I am selling this treatmeat hair color for this business activity is that I can finally enjoy doing something I am passionate about because I really love dyeing my hair. This product is targeting the amongst the females and male aged 15 and above.

This business started on March 2021 with 20 units stock of products. The price of the product is RM50 include postage for all semenanjung. After a month, I can see my product get a positive attraction. After that, I restock the product with 50 units for every month.

Last but not least, this business was teach me many knowledge. I was totally learning so much something new for handling this business. Getting myself educated about the product I sell is essential as it will enhance my business skills. Subsequently, mistakes in the business are commonly found, and I can never escape from them too. Most importantly, the customers have given good feedback regarding their purchases two-tone treatment hair colors.

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PROJECT DESCRIPTION (BEFORE ACTIVITY)

The name of my business is Theuniqueen. The name has been chosen with a combination of a unique word and a queen word. Which means I am a unique queen. The business introducing the first product which is two-tone treatment hair color. Then, the nature of business is an economy activity that selling hair dye product. Next, is industry profile for my business, everyone wants a good hair and beautiful hair. It is not only about the hair color but an effective means of care to get the good hair treatment.

Two-tone treatment hair color come up with 10 colors which is mystery purple, spicy red, forest green, fantasy blue, pastel violet, ash grey, neon yellow, cocoa brown and ash beige. Two-tone treatment hair color is temporary hair tint will give you a vivid hair color without damaging the hair. This product does not have strong odors or scalp damage, which is suitable for damagd hair as well. It leaves your hair shiny and smooth by providing nourishment and protection.

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In addition, the following are the factors in choosing a proposed business. One of the most important factors why I chose to start a business is because I always dye my hair and I love to see my hair beautiful with a variety of colors. And I always dye my hair after 3 months with different types of hair dyes. But after i used this product, I think this is the best hair dye I have ever used because there are so many benefits of it. Then, I think why not I sell this product considering this product is very good with me so I want to share and sell this product with others and that others can also use it and get the benefits together.

For future business prospects, I want to open a special haircare outlet for my business which will make it easier for people to buy. This is because for now, only online platform deals are available. I would like to give the best quality of my haircare product so that people will continue to choose my product.

The target market for this business is directed to female and male aged 15 and above. They tend to be obsessed with purchasing trendy hair that they have seen on social media such as Pinterest, Tiktok, and Instagram. The media consumption may spark their desire to dye their hair for themselves as it is trendy and fashionable.

On top of that, I started selling two tone treatment hair color for my business in March 2021. I contacted my supplier from korea and bought wholesale. While waiting for the goods to arrive, I upload all the product picture on my instagram which is @Theuniqueen to promote the product. Then, after getting customers, I continue to make postings for delivery to my customers when the products from korea just arrive. And now, I have been selling this product until today.

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To explain the platform, I use to market my products is only on the online platform which is usually Instagram, WhatsApp and Facebook. Customers will randomly contact me if I post on Instagram. Within a week, I will be creating some posts on Instagram so indirectly, it will boost my engagement on that platform. Customers will contact me based on the WhatsApp phone number that I will write on each post on Instagram. And every 2 weeks, I will create the ads from facebook to promote my products. And also recently i was selling at shopee as well. This is because shopee is now trending for selling product and people now usually buy the product from shopee. So, I took the opportunity to sell my product.

On top of that, the tool that I want to highlight in my business is that I always want my customers to feel happy when purchasing products with me. I spent a little capital to buy free gifts such as a hair cap, conditioner and 3-layer mask. In the meantime, any free gift that customers get, they will be able to certainly make their perception as being appreciated. Other than that, on my birthday I will do sales promotion which is buy one free one for 3 days only.

To conclude, when I do my business it was teach me many knowledge in this business. I was totally learning so much something new for handling this business and also not forget to my family give me supportive advice about business and teach me how to handling my business as well. This is beacuse my family also do a business so that I can learn from my family as well. In the business perspective, just always be the best positive people that you can be

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PROJECT DESCRIPTION (AFTER ACTIVITY)

Before I started this business, I found that I was lacking confidence, afraid to deal with customers and worried about not getting sales for my products. This can show that, after I do my business, it has changed my life a little bit by 360 degrees. Now, I am bolder to move forward, providing the best service for each of my customers. Also, no matter what business we are going to run, there will certainly be a bright path for the future.

Next, since I first contacted my supplier, on July 2020, the stock I was targeting was not so much considering I lacked a budget. I only take 2 units for every each colors of my products. The total I take is 20 units of two-tone treatment hair colors. I sell my product in price RM50 with free postage. At first, I was worried that taking stock at large quantities would be a loss because I had to spend a lot of capital. Within 4 weeks which is for a month, I was able to sell an estimated 1-2 units for each colors of my products. From that, I was a little overwhelmed not to think such a thing would happen.

Moreover, I also have experience dealing with various customers, whether their age was old or young. My customers also have always been positive and there are also some of them are negative. Not to forget, the profit that I made while running out of the first month of this business was RM500. So, with that, my business managed to make a profit. And the next month, I restock my products to 5 units for each colors and the total that I restock for every month is 50 units two-tone treatment hair colors. And now my profit that I made for every month is around RM 1,000 and above.

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CASH FLOW STATEMENTS MONEY RECEIVED MONEY RECEIVED PAYMENT ON ACCOUNT CASH SALES TOTAL

MARCH RM 1000

APRIL RM 2500

MAY RM 2400

JUNE RM 2250

RM 0 RM 1000

RM 0 RM 2500

RM 0 RM 2400

RM 0 RM 2250

MAY RM 1000 RM 100 RM 1100

JUNE RM 1000 RM 100 RM 1100

MONEY SPEND MONEY SPEND CAPITAL FREE GIFT TOTAL

MARCH RM 400 RM 100 RM 500

APRIL RM 1000 RM 100 RM 1100 PROFIT

MONTH CALCULATE MARCH Sales (20 units) – capital – free gift = RM 1000 - 400 - 100 = RM 500 APRIL Sales (50 units) – capital – free gift = RM 2500 - 1000 - 100 = RM 1400 MAY Sales (48 units) – capital – free gift = RM 2400 - 1000 - 100 = RM 1300 JUNE Sales (45 units) – capital – free gift = RM 2250 - 1000 - 100 = RM 1150

PROFIT RM 500 RM 1400

RM 1300 RM 1150

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EXPERIENTIAL LEARNING (STUDENT’S EXPERIENCE)

Firstly, I have learned multiple new bits of knowledge while performing the business activity. For example, I know how to communicated with my supplier so well, I can know how to handle the customer and I can improved my photography skills because I have to take pictures of all my products to put on intagram, shopee, and facebook. A wide variety of customers as well as positive or negative have I dealt with. At the beginning of my business, I was able to conclude that, most of my customers are all okay. In fact, that makes me overwhelmed when customers will contact me if they run out of their products. This made me more passionate and positive. And my family told me, if we want others to treat us well, we should treat that person well first.

Other than that, I also had experienced dealt with a negative behaviour of customers. That one customer was ordering 2 of two-tone treatment hair color in code spicy red and forest green on Friday and suddenly on Monday, she wants to cancel that order. Luckily, by that time I had not been out to make postage and I have to unpack again the box that full of her order. From this thing, I have learned that every small business has challenges to dealt with. It all about on ourselves to keep it positive way.

Next, I have learned that although this was a small mistake, I should not make any mistakes. In any situation, we must have a strong heart and do not backing away with some small stuff when doing business. I learned that we need to be courageous and confident with the harsh consumers when dealing with this type of thing. In business, customers always said they were correct if they were wrong. However, we have to cleverly deal with them and respect them.

Thus, I learned so many things in business life. I have a lot of impact with doing business. I was not confident, timid, socially awkward, and so on before I started doing business. But it affected my life a bit once I did business. I am more confident when talking to people, I do not feel timid and I can serve each customer with the greatest service. I can now handle that I must remain calm and cool with rough customers. No business can afford to underestimate the importance of positive customer experience. Poor service can make a significant impact on a brand’s retention rates, causing would-be customer to look elsewhere. So, I will always give the best service to my customers. 9

Last but not least, I have learned many valuable lessons to apply in life. I am very grateful to have my family who are always give me suportive advice about business and teach me how to handling my business as well. And business is not just earn the profit but its also teaches people with many of aspects. I feel really grateful that I learned a lot from doing business.

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APPENDICES product

Instagram

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Feedback

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