ENT300 Individual Assignment 2 (Business Opportunities) PDF

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FACULTY OF BUSINESS AND MANAGEMENTUNIVERSITI TEKNOLOGI MARA CAWANGAN PAHANG, KAMPUS RAUBENT 300 FUNDAMENTALS OF ENTREPRENEURSHIPINDIVIDUAL ASSIGNMENT 2TITLE:BUSINESS OPPORTUNITYPREPARED BY:NAME AMIRA SYAZEERA BINTI ZULKIFLISTUDENT ID 2019440484CLASS BA1115DACADEMIC SESSION OCTOBER 2021 – FEBRUARY 20...

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FACULTY OF BUSINESS AND MANAGEMENT UNIVERSITI TEKNOLOGI MARA CAWANGAN PAHANG, KAMPUS RAUB

ENT 300 FUNDAMENTALS OF ENTREPRENEURSHIP INDIVIDUAL ASSIGNMENT 2

TITLE: BUSINESS OPPORTUNITY

PREPARED BY:

NAME

AMIRA SYAZEERA BINTI ZULKIFLI

STUDENT ID

2019440484

CLASS

BA1115D

ACADEMIC SESSION

OCTOBER 2021 – FEBRUARY 2022

LECTURER

: SIR SHAMSUL NIZAM BIN MOHAMED BADRI

SUBMITTED

: 17 DECEMBER 2021 (FRIDAY)

BUSSINESS NAME

: Yumm Chicken

TABLE OF CONTENTS NO CONTENT

1.0

2.0

PAGE

Executive Summary………………………………………………………………...

i.

Introduction ……………………………………………………………………….

1

1.1

Product description ………………………………………………………….

1

1.1.1

What is the product …………………………………………………

1

1.1.2

Why select the product ………………………………………………

2

1.1.3

When I do the activity ………………………………………………

2

1.1.4

Where do you do the activity ……………………………………….

2

Project Outcome …………………………………………………………….……...

3

2.1

Marketing ……………………………………………………………………

3

2.1.1

How I do marketing ……….……………………………………….

3

2.1.2

Target market ………………………………………………………

3

Operations ………………………………………………………………….

4

2.2.1

Operation process …………………………………………………...

4

2.2.2

Distribution process ………………………………………………...

5

2.2.3

Raw material ……………………………………………………….

6

Financial …………………………………………………………………….

7

2.3.1

Financial statement ………………………………………………….

7

Experiential learning …………………………………………………………

8

Reference…………………………………………………………………………....

ii

Appendices………………………………………………………………………….

iii-iv

Evidence of business activity ……………………………………………………….

v-vii

2.2

2.3

2.4

EXECUTIVE SUMMARY

Nowadays, business has become a business opportunity in a country's economic growth and raising the living standards of its citizens that it is impossible to deny their importance, especially when we are experiencing the Covid 19 pandemic. Surprisingly, the effect of COVID-19 on businesses has been unpredictable. Most countries, including Malaysia, are experiencing weak economic and financial results, demand decreases, supply chain disruptions, and the economic consequences of unstable sectors on employment. Business would significantly negatively impact countries' economies if it didn't occur. As a result, entrepreneurship is suggested and carried out to maintain economic growth. The purpose of this business activity is to teach students how to discover business opportunities in a real-world situation. In the context of business possibilities, an entrepreneur provides marketable items or services to a potential customer who is willing to pay for them. An entrepreneur's job is to develop fresh ideas and make them possible. This report will discuss my work on Yumm Chicken, often known as Korean fried chicken. I'm selling Korean Fried Chicken since I discovered a lot of people seeking this kind of cuisine in my community nowadays. With this assignment, I have the chance to start my own business. Since high school, it has been my goal to start my own business, but I am currently unable to do so because of budget constraints, and I do not have a particular product to provide. I began my business with a capital of just RM140, and after one weeks, I received a return of the money and a profit of RM 161. This business activity brought up a lot of emotions in me, and I am grateful to have had the opportunity and wonderful experience. In conclusion, I am working in this business activity to fulfil this ENT300 individual assignment and gain new business knowledge and experience to develop in future. Furthermore, even though this business activity is work and assignment that I am required to do as part of this assignment, it is so enjoyable that I can make a side income while studying.

i

1.0 INTRODUCTION

The pandemic of Covid 19, which has driven many people into poverty, has made it difficult to deny that business is important for a country's economic growth and improving its people quality of life, especially now that we are suffering this pandemic. The country's economy is now in a state of instability, and job opportunities are limited. Almost all certificate of diploma and degree graduates are out of work, and many have turned to entrepreneurship to make money to support themselves. Business is an everyday economic activity in every country, regardless of whether you live in an urban or rural. In other words, business activity is one of the primary economic sectors that contributes to the growth of a country. It's not easy to be an entrepreneur nowadays, especially during this pandemic Covid-19. Many entrepreneurs decide to give up on their businesses because of the unstable profits, and their business is mostly at losses. Constant work is necessary in order to achieve long-term business success. Both are necessary to repair every flaw in the product and consider consumer complaints as a source of inspiration for improving the product.

1.1 PRODUCT DESCRIPTION 1.1.1 What is the product Yumm Chicken is the business of the product that I have chosen to sell. In fact, Yumm Chicken is actually Korean fried chicken with three various levels of spiciness depending on the customer’s request. Those who do not tolerate spicy food should begin with the mildest of the three level of spiciness, followed by a medium level of spiciness for those who take spicy food, and lastly, an extra hot level for those who adore spicy foods. The sauce recipe that was used to prepare the Korean fried chicken was a handmade recipe, which indicates that it was created by myself. I am selling Korean Fried Chicken for RM 6 for every bowl of 300 gram of chicken, which I believe is realistic for everyone to purchase. Some people assume that I overprice my chicken since the paper bowl I place appears to be small, but for me, one bowl is enough for one person to eat. Therefore, most of my customer are satisfied with what I offer to them. The process of making Korean fried chicken took around 1 hour to complete and place it in the paper bowl.

1

1.1.2 Why select the product There are various reasons why I chose this product to launch my business rather than another. I chose this product for my business because I like cooking and am a big fan of Korean food. I wanted to make something that I would enjoy prepared and bring immense happiness to people's faces when they tasted any food I produced. Furthermore, I like trying new recipes and experimenting with various flavours and methods that are entirely new for me. In addition, I see an opportunity to produce and sell this product during the pandemic. I found this out since most individuals start their businesses with something that already gets a lot of attention, such as Kopi Gantung, Choco Jar, and so on. Korean fried chicken is difficult to get in my location, and if it is available, it is expensive. As a result, I decided to take on the challenge of starting a business of this product. Other than that, I chose this business because of the encouragement and support from my family and my friend to start my business with what I am interested in. My family and friends willingly tried my product before I started my business and gave their feedback on the taste of whether it is acceptable to sell or not. Having a supportive family and individuals around you is important for everyone who intends to start a business.

1.1.3 When I do the activity I established this business for one weeks, from the 1st to the 29th of November. I only open orders whenever I have spare time since it clashes with my studies and assignments. I also take orders whenever the customers are requested.

1.1.4 Where do you do the activity I am selling this Korean fried chicken through the online method. WhatsApp and Instagram are the social media platforms I implement to promote my business. Everything generally occurs at my home from the beginning of the operation until the completion of the product.

2

2.0 PROJECT OUTCOME 2.1 MARKETING Marketing is critical for your small business to succeed if you are a beginner, and how effectively you advertise it will determine how successful your venture is. The marketing process brings in potential customers, who then convert into purchasers, generating revenue.

2.1.1 How you do marketing In order to promote my product, I cannot use larger social media platforms such as Instagram Ads, Food Panda, or Grab food since doing it will involve more costs and expenses for my business. This is due to my lack of industry experience, and I am still new. As a result, I will personally deliver the product I offer to the customers within a reasonable driving distance, using a cash-on-delivery service. Customers will be charged delivery costs according to their location. Therefore, I also have decided to promote it on Instagram and WhatsApp status, two of the most prominent social media platforms convenient to me at this time. On the 28th of October, I created a business Instagram account with the username @yumm.chicken, and I will begin accepting orders on the 31st of October. An information about the business account appears on my personal Instagram story as my strategies to promote the business. In addition, I've had some help with the business account from some of my close friends. Because of that, the potential customer will have an easier time recognizing my business and discovering more about what I sell. Because I am a full-time student, I will open order if a customer requests it, but it will rely on my flexibility. This business has only been open for one weeks since its launch. Therefore, on the 29th of May, 2021, I would no longer take orders for the coming period.

2.1.2 Target Market My target market is teenagers, adult and family. The majority of people today, including my own family and myself, like Korean cuisine. Everyone will discover my product convenient since they may choose the levels of spiciness they want.

3

2.2 OPERATION Operation is one of the essential components of a business organization. Operation is the process of managing the inner workings of your firm so that it works as effectively as possible. As a business grows, it becomes more important to manage operations to meet its customers' needs, quality, and timescales. Operations management may be characterised as obtaining business information and converting it into output in the form of a product or a service. 2.2.1 Operation Process

Take the ingredients in order to produce the products from storage area

Cutting chicken breast into 3 parts

Stir together the cool water, 1/3 cup Bestari original and spicy flour and, marinade chicken with the batter for about 20 minutes

Prepare cool water in 1 bowl, mix wheat flour with the rest of Bestari original and spicy flour and Tapioca starch in 1 bowl.

Dip the marinade chicken in dry dough and dip in the cool water then dip again in dry dough

Heat oil and fry the chicken for about 5 minute each side

Let the chicken cool and cut it into small size

Mix together all the ingredient for Korean sauce

Heat the frying pan in medium heat and put the 2 table spoon Korean sauce and water. Cook until thickened, then turn off the heat and mix it with the fried chicken

Put the finished product into the paper bowl and being stored

4

2.2.2 Distribution process

1. Greet the customer

2. Get the information about the customer need

5. Delivery customer order or customer come pick up

3. Give information and ask customer which one they prefer to order

4. Received order from the customer

7. Get feedback about the customer satisfaction

6. Get payment form customer

5

2.2.3 Raw material Table 2.2.3.1 List of raw materials Types of materials

Supplier

Chicken breast

HM Trading Sdn. Bhd

Bestari original crispy fried chicken flour

Shoppe

Bestari spice crispy fried chicken flour

Shoppe

Wheat flour

HM Trading Sdn. Bhd

Tapioca starch

HM Trading Sdn. Bhd

Cooking oil

HM Trading Sdn. Bhd

Gochujang

Shoppe

Chilli oil

Shoppe

Honey

Yummie Bakery Sdn Bhd

Sugar

Giant Hypermarket

Oyster sauce

Giant Hypermarket

Chilli powder

Giant Hypermarket

Garlic

Giant Hypermarket

Tomato sauce

HM Trading Sdn. Bhd

Some of the materials I purchase from Shoppe are cheaper than those purchased from Yummie bakery Sdn Bhd and HM Trading Sdn. As well as purchasing it from Shoppe, I receive a discount. However, some of the materials I bought from Shoppe are not available in my area. HM Trading Sdn Bhd is the only supplier that sells chicken breast, and it is also the closest supplier to my place. Yummie Bakery Sdn Bhd is the only supplier of honey of sale at a reasonable price that suits my financial budget.

6

2.3 FINANCIAL Financial management is really important at this time. Many new businesses lose money in their first year and eventually run out of capital. During the first few months of a business’s operations, management must ensure that they have enough cash on hand to pay employees and suppliers. The purpose of financial management is to manage the business's cost of capital under control and its financial statements from being outmatched, which may negatively influence the company's credit rating.

2.3.1 Financial statement

YUMM CHICKEN INCOME STATEMENT FOR THE ONE WEEK RM

RM

REVENUE: Sales

161.00 161.00

TOTAL REVENUE

EXPENSES: Cost of good sales

119.06

Packaging Supplies Expense

11.75

Delivery Expense

10.00

TOTAL EXPENSES

140.81

NET INCOME

20.19

7

3.0 EXPERIENTIAL LEARNING

First and foremost, I am grateful and happy to have been given a chance to manage my own business through this assignment. A lot of new knowledge and experience has been gained through this business, allowing me to keep moving forward and improving my self-confidence. I have built more selfconfidence with this business and become more sociable when interacting with customers who purchase my products. Due to the fact that I am the sort of person who does not like to post anything on social media, I admit that convincing people to purchase my product or spread information about my business is challenging. As a small business owner, it is my responsibility to promote my items at every possibility. The best way to attract potential customers is to use social media to promote advertising photographs and videos. The only problem is that I am clueless about creating an eye-catching picture or video to use on my promotion strategy to attract potential customers. Thanks to Pinterest and Tiktok, however, I have learned a few tips and tricks on how to do it. Therefore, when I did not get any orders, I tried to stay optimistic that people may be interested in purchasing the items if I kept promoting and posting attractive pictures and videos of products. I also realised that my business is about more than just selling a product but I also need to emphasise customer pleasure, their comments about the product, and whether or not it is worth their money for what they receive from their expectation. If the feedback is below my expectations, I will improve the product and ask for customer opinion in improving my product to ensure that customers continue to buy the product in the future. As a result of our nation's Covid-19 pandemic, I have learned that someone who owns a business and studies at the same time needs a lot of self-discipline. Because of this, I know how to balance my time between classes, assignments, and housework. While working on this assignment, I admit that I felt a bit stressed out and tired because of the time crush between classes, assignments, and business. Due to my academic commitments, I cannot accept orders from customers. However, I remain patient and take the challenges gently. Last but not least, running this business has brought up various emotions. A customer who lives close is happy when I deliver their item and observes their joyful smiles. Not only that, but I appreciate their comments on a product that suits their needs.

8

REFERENCE

https://instagram.com/yumm.chicken?utm_medium=copy_link

ii

APPENDICES

FIGURE 1: MyENT Certificate

iii

FIGURE 2: Turnitin Result

iv

EVIDENCE OF BUSINESS ACTIVITY

FIGURE 1: Instagram Profile - https://instagram.com/yumm.chicken?utm_medium=copy_link

FIGURE 2: Promote through WhatsApp Status and Instagram Story

v

FIGURE 3: Customer with the product

vi

FIGURE 3: Customer feedback

vii

FACULTY OF BU BUSIN SIN SINESS ESS AND MANAGE MANAGEME ME MENT NT ASSIGNMENT/ PR PROJECT OJECT DECLARATION FORM

Student’s Name

:

AMIRA SYAZEERA BINTI ZULKIFLI

Student’s ID

:

2019440484

Program Code

:

BA111

Course Name

:

Student’s I/C No. Part

:

5

Course Code

:

010601-14-0922

:

ENT 300

FUNDAMENTALS OF ENTREPRENEURSHIP

Assignment/ Project No.

:

Assignment/ Project Title

:

Lecturer’s Name

:

2

Due Date

:

17th December 2021

Submission Date

:

17th December 2021

INDIVIDUAL ASSIGNMENT - BUSINESS OPPORTUNITY SIR SHAMSUL NIZAM BIN MOHAMED BADRI

I hereby declare that the work in this assignment/ project was carried out in accordance with the regulations of Universiti Teknologi MARA. It is original and is the results of my own work, unless otherwise indicated or acknowledged as referenced work. This assignment/ project has not been submitted to any other academic institution or non-academic institution for any degree or qualification. I acknowledge that I have been supplied with the Academic Rules and Regulations for Universiti Teknologi MARA’s Diploma/ Bachelor Degree/ Master’s Degree students, regulating the conduct of my study and exams. I hereby declare that this assignment/ project is written by me and: i. is a result of my own work; ii. has not been used for another assessment at another department/ university/ university college in Malaysia or another country; iii. does not refer to/quote works of others or own previous writings without stating it both in the ...