ENT300 individual assignment PDF

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FUNDAMENTALS OF ENTREPRENEURSHIP (ENT300)BUSINESS OPPORTUNITYMIRACLE WHITESKINCARE BUSINESSPREPARED BY:NAME: NURUL NADIRAH BINTI JAMSAHARIFACULTY: FACULTY OF BUSINESS AND MANAGEMENTPROGRAMME: BASTUDENT ID: 2019529683CLASS: 5APREPARED FOR:PN. HIDAYATI BINTI AHMADSUBMISSION DATE21st MAY 2021TABLE OF C...

Description

FUNDAMENTALS OF ENTREPRENEURSHIP (ENT300) BUSINESS OPPORTUNITY

MIRACLE WHITE SKINCARE BUSINESS

PREPARED BY:

NAME: NURUL NADIRAH BINTI JAMSAHARI FACULTY: FACULTY OF BUSINESS AND MANAGEMENT PROGRAMME: BA111 STUDENT ID: 2019529683 CLASS: 5A

PREPARED FOR: PN. HIDAYATI BINTI AHMAD

SUBMISSION DATE 21st MAY 2021

TABLE OF CONTENT

NO

TITLE

M/S

1.

EXECUTIVE SUMMARY

3

2.

PROJECT DESCRIPTION (Before activity)

4-6

3.

PROJECT OUTCOME (After activity)

7-8

4.

CASH FLOW STATEMENT EXPERIENTAL LERANING (Student Experience)

9

5.

APPENDICES (Evidence of business activity)

10-11

EXECUTIVE SUMMARY

MEERACLE is a skincare and cosmetic Bumiputera brand and owned by Malaysian entreprenuers which is Noor Ameera. With a modest start in building the trust of customers and suppliers, EDELSTEEN SDN BHD has established its own brand which is MEERACLE since 2015. Through MEERACLE, the company strengthens its position in the market and competes with other companies in the skincare and cosmetics industry. MEERACLE products focused on skincare and cosmetics has grown and has a distributor network of over 6000 throughout Malaysia and Southeast Asia. MEERACLE has created GEMSTONE FORMULA that has been used through extensive research and product research by our research team. Our research team consists of cosmetics and skincare experts. We combine experienced and talented people to produce high quality, effective and safe products for all people and age without any side effects that are harmful to consumers. MEERACLE products produced in the manufacture and processing laboratory that has a factory status of GMP (Good Manufacturing Practices) where the plant is specifically designed for research, manufacturing and processing of MEERACLE products only.

By the way, since I am so inspired to the successful people like Noor Ameera, I have done registered as a dropship for their product. We need to keep learning on how to be a good entrepreneurs.

PROJECT DESCRIPTION (Before Activity)

The name of my business is called MEERACLE. It was a beauty skincare product. The business introducing the first brand in Asia made from a breakthrough gemstone formula comprising diamond, ruby and pearl extracts. The first product which is Meeracle Gemstone Facial Serum. A trending ingredient in the cosmetic and beauty industry, precious gemstones are increasingly making their way into skin care products where their mineral-rich composition penetrates the skin to deliver glowing results. Next, is industry profile for my business, everyone wants a healthy facial skin. It is not only located on that skin color but an effective means of care to get the desired skin. Meeracle is one of the companies in Malaysia that sells skincare products. It is manufacturer based in Malaysia since 2015.

The product of Meeracle that I sell was Meeracle Gemstone Facial Serum, which is a unique blend of extracts from the three precious stones, the propriety gemstone formula is sourced from France and is specially formulated to leave skin radiant, youthful and flawless. Next is Meeracle facial cleanser advance formula that can help in cleanse impurities and excess sebum. It also helps skin to feel moist, clean, brightening skin and anti-aging. The next

product from Meeracle that I sell is Gemstone foundation. This foundation can make our skin feel natural and light. Ability to blend with any makeups and longer lasting formula and soft flowing effect without looking oily.

Moreover, next is for factors in selecting the proposed business. One of the most important factors why I chose to start my career as a dropship in Meeracle was when I was a person who had experienced severe facial skin conditions and felt not confident with myself when in public. In the meantime, the other reason is that I want to be in this business because lot of good feedback and make me want to be successful like them. So I think that I need to start involved and try new experiences in this kind of business from now to be successful.

For future business prospects, I want to open my own skincare shop for Meeracle which will make it easier for people to buy and get to explain to to the customer advantages of the product. This is because for now, only online platform deals are available for all Meeracle entrepreneurs in Malaysia. I would like to give the best quality of our skincare product so that people will continue to choose Meeracle.

Today’s skincare market is expanding to incorporate diverse consumer concerns. Age spots, hyperpigmentation, dry skin, uneven skin tone, dark under eye circles, so products have multiple uses rather than just for these problems. Every business has already decided on who are going to be target market. Furthermore, my target for this skincare product which is teens who are searching for skincare products to clear up their acne, etc. Most of today's students must have financial problems or stress in their studies which cause them no time to get the healthy skin. Is not only teens, Gen Y and Gen X too. Bear in mind, Meeracle does not necessarily need to be defined by age.

Some of the best social media platforms for business, like Facebook and Instagram, have become essential tools in the modern marketer’s toolbox. More and more consumers are using these platforms to find new companies and engage with their favourite brands. However, most brand of companies cannot be everywhere at once, especially small businesses with low marketing budgets. That is why it is vital for businesses to be strategic about which social media platforms they work to build a presence on. Also, the key to successful social media marketing will be choosing the best social media platform for my business. This is based on a few factors, including the type of business that I have, what audience that I trying to reach, my specific goals, and much more.

To explain the platform, I use to market Meeracle products is only on the online platform which is usually Instagram and WhatsApp. 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 I will write on each post on Instagram.

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 water bottles, 3-layer mask and notebooks. Even though the things I gives to my customers look like they are worthless, I am surely my customers will definitely use them. In the meantime, any free gift that customers get, they will be able to certainly make their perception as being appreciated.

Lastly, even Meeracle is not my permanent business, it was teach me many knowledge in this business. I was totally learning so much something new for handling this business alone. In the business perspective, just always be the best positive people that you can be.

PROJECT OUTCOME (After Activity)

Before I started to get involved in this business as a dropship, I found myself have a lack of confidence, feel shy, afraid to deal with people and worried about not getting sales for my products. This can show that, after I joined the Meeracle business over the last month, it has change my life to a better person in business and become more brave to conduct with the customer and get more knowledge and support from the agent and others team. 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.

Then, since I as a dropship for Meeracle for a month on 10 April 2021, the stock I targeting is 20 pieces for all kind product such as Meeracle gemstone facial serum, Meeracle cleanser and Meeracle foundation. For the beginner I will try to sell of this stock and I will add more stock after this all product sold. Within 4 weeks, I success to sell 60 pieces. I was happy because able to sell all of the stock I have for the first month. I will getting more stock for other month.

However, I still try attract interest from others people to try this product by showing the feedback from the customer and give a special offer or freegift. For a first month being a dropship has been challenging to dealing with various of customer but I always to keep positive and try my best to keep dealing with the customer. I also get profit from this business is RM1700. So, with this online business we also can make a lot of profit.

CASH FLOW STATEMENT

MONEY RECEIVED CASH SALES (RM) PAYMENT RECEIVED ON

START 0 0

APRIL 640 1060

ACCOUNT (RM) NEW LOANS (RM) SUBTOTAL (RM)

1200 1200

0 1700

MONEY SPENT:

550

550

-

SKINCARE (3 TYPES) THANKYOU CARD

30

30

-

PARCEL/PAPER BAG

60

60

-

FREE GIFT

15

15

-

POSTAGE & COD

0

38

TOTAL SPENT (RM)

655

693

CASH FLOW (RM)

545

1007

CASH BALANCE (RM)

545

1007

EXPERIENTAL LEARNING (Students experience)

Within for only a months of me becoming a dropship for this Meeracle, a wide variety of customers as well as positive or negative have I deal 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 there is one day that my agent tells 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 the large amount of facial serum on Thursday and suddenly on Monday, she wants to cancel that order. Because of this I had to unpack again the box that full of her order. From this thing, I have learned that every small business has challenges to deal with. It all about on ourselves to keep it positive way.

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.

APPENDIENCES (EVIDENCES OF BUSINESS ACTIVITY) FEEDBACK FROM CUSTOMER

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