Fundamentals OF Entreprenuership (AINAA BEAUTY) - Individual Assignment PDF

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FACULTY OF ACCOUNTANCYFUNDAMENTALS OF ENTREPRENEURSHIP (ENT300)PERSONAL ENTREPRENEUR COMPETENCIES (PECs)(SYAFIQAH AINA)PREPARED FOR:DR SITTI AMINAH BINTI BAHARUDDINPREPARED BY:NAME : NURIN FIRZANAH BINTI MOHD ROSHIDISTUDENT ID : 2019234342GROUP : RAC1205FSUBMISSION DATE:14 NOVEMBER 2021TABLE OF CONT...

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FACULTY OF ACCOUNTANCY FUNDAMENTALS OF ENTREPRENEURSHIP (ENT300) PERSONAL ENTREPRENEUR COMPETENCIES (PECs)

(SYAFIQAH AINA)

PREPARED FOR: DR SITTI AMINAH BINTI BAHARUDDIN

PREPARED BY: NAME: NURIN FIRZANAH BINTI MOHD ROSHIDI STUDENT ID: 2019234342 GROUP: RAC1205F

SUBMISSION DATE: 14 NOVEMBER 2021

TABLE OF CONTENTS

NO

CONTENTS

1.0

EXECUTIVES SUMMARY

2.0

INTRODUCTION

2.1

BACKGROUND OF ENTREPRENEUR

2.2

BACKGROUND OF BUSINESS

PAGES iii

iv v

3.0

PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs)

3.1

PERSISTENCE

3.2

INITIATIVE

vi

3.3

SELF-CONFIDENCE

vi

3.4

USE OF INFLUENCE STRATEGIES

vii

4.0

APPENDICES

vii viii -ix

5.0

REFERENCES

x

ii

1.0 EXECUTIVE SUMMARY Nowadays, the skincare market is evolving to handle a wide range of consumer concerns. The original primary goal of this project was to expose students to real-world business through a case study. The most significant part of this particular case study is to use Personal Entrepreneurial Characteristics (PECs) and to describe business descriptions. After considering several factors, I conducted initial research on the companies I had chosen and identified their company background. The company that I chose as my entrepreneurial source of information is called Ainaa Beauty. Ainaa Beauty is a local beauty product owned by a Malaysian couple which is Syafiqah Aina with support from her husband Hafiz Mahamad. Initially, Syafiqah Aina was the original owner of this company, and her husband served as the CEO. They had a brilliant idea to create their products when Syafiqah Aina developed a skin problem as a result of excessive makeup use during a photoshoot. She began to experience skin problems such as dull skin, rashes, and allergies, as well as the presence of dark spots on her skin. As a result, they decided to set up a business selling premium products that they had developed through their experience. Ainaa Beauty focused not only on skincare products but also on cosmetic products that are sold at a reasonable price to their valued customers. Ainaa Beauty's skincare line began with serum and cleanser and has now expanded to also include sunscreen, moisturiser, and an oat scrub mask. Apart from that, Ainaa Beauty also launched the Ainaa palette, blusher, foundation, and lip matte as cosmetic products The initial step in the business was when they chose to formulate their serum and cleanser from a Malaysian cosmetics manufacturer, which is called AINAA Serum and AINAA Cleanser. Within one week, customers have placed over 20,000 orders for AINAA Cleanser and AINAA Serum products in their first attempt. The greatest success that Ainaa Beauty Cleanser has ever had was when a total of 4000 client projects were recorded under Ainaa Beauty Skincare, involving other countries such as Brunei and Indonesia as well as Singapore in such a short period.

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2.0 INTRODUCTION 2.1 BACKGROUND OF ENTREPRENEUR

My entrepreneur’s name is Nur Syafikah Aina Abdul Wahab, a well-known model, is the one who came up with the idea for Nsa Beau Ventures, also known as Ainaa Beauty. She was born on 18th June 1994 in Malaysia. She is married to Hafiz Mahamad on 24 th November 2017 and has a cute daughter. She has approval in Bachelor of Mass Communication from Universiti Teknologi Mara (UiTM). She is currently 27 years old and began her career as a model before pursuing entrepreneurship. She also started making money from 'paid reviews’. She began using Instagram in June 2013 and now has over 1.3 million followers. She became known as an Instagram celebrity who used to go viral. Her birthday celebration was one of the interesting stories that drew the attention of netizens and went viral because it was celebrated in such a lavish and romantic setting by her boyfriend. Syafiqah Aina has gained popularity as a result of the viral event, and she has used this opportunity to create cosmetic products to share her knowledge of her beauty secrets with the public. She also created job opportunities and broadened her business knowledge by assembling such a fantastic team. There is also a rumour that she earns up to RM30,000 per month and that she and her husband decided to start the cosmetic business product with that income. On top of that, her family is also providing her with full financial support for the start-up of her business. Up to the year 2020, Syafiqah Aina has received numerous achievements. One of her greatest achievements was being nominated for and winning the Nona Best Influencer Skincare Brand Award.

iv

2.2 BACKGROUND OF BUSINESS Ainaa Beauty has been a well-established beauty product manufacturer based in Malaysia since 20th January 2018. The brand name of their products was inspired by Syafiqah Aina and the company trademark is "Kejayaan demi Kebahagian". Ainaa Beauty was located at 7-53-3, Jalan Medan Pusat Bandar 8A, Seksyen 9, 43650 Bandar Baru Bangi, Selangor. The company is open Monday through Friday from 9.00 a.m. to 6.00 p.m. and closed on weekends. Ainaa Beauty Skincare has also created a website and several social media accounts to promote the online purchasing process. Moreover, this is a joint venture founded by Syafiqah Aina as the founder and her husband Hafiz Mahamad as the CEO of Ainaa Beauty. The intention of this company is not only to sell skincare products but also to focus on cosmetic products. The CEO of the company, Hafiz Mahamad started his business because he wanted to change his life after going through a difficult period as a teenager. This has motivated individuals, particularly young people today, to always strive and to be able to stand on their own two feet. Essentially, Hafiz Mahamad is the company's backbone, he consistently put his Ainaa Beauty team and customers first to help them achieve success in their lives by looking after their well-being. It's been claimed that this company also focused on assisting youthful generations in generating more income by offering them job opportunities as drop shippers, agents and stockists in each part of Malaysia. In the first place, they have attempted to develop their AINAA serum with the assistance of a reputable Malaysian cosmetics company. Surprisingly, when compared to their other skincare items like cleansers, moisturizers, scrubs and sunscreens, their serum has sold out in such a short time, showing that the product is popular. This business encountered many obstacles throughout its journey. Typically, the majority of Malaysians are uninterested in local products as they believed that local products were regarded to be harmful to the skin. Their products were once labelled as "produk sampah," which is known as low qualities and has no future but that will not keep them down. Nevertheless, this product is now gaining popularity not only in Malaysia, but also in countries such as Thailand, Brunei, Indonesia, and Singapore. Ainaa Beauty wants the entire world to experience highquality products at affordable prices. Before their customers purchase the products, the Ainaa Beauty team will guide and provide a free consultation. They ship worldwide and hope to provide the best online shopping experience to all of their customers.

v

3.0 PERSONAL ENTREPRENEURIAL COMPETENCIES (PECs) 3.1 PERSISTENCE The concept of persistence is that an entrepreneur can make repeated efforts or take different actions to overcome obstacles that get in the way of achieving goals. According to my research, one of the characteristics that influence Syafiqah Aina and her husband to be successful entrepreneurs is their persistence in performing their jobs. She always stays true to the original goal of Ainaa Beauty, which is to share her beauty secrets through the selling of premium skincare and cosmetic products. They are mentally prepared to deal with any difficulties that may arise because, as part of the entrepreneurial process, they must show determination to encounter all challenges. For example, during this global pandemic, everyone is struggling to survive in this difficult situation and this lovely couple is also struggling to boost up their sales. They even sacrificed their break time to guide their team online until late at night, and they always had backup plans in place if things did not go as planned. As a result of their hardworking, more people will recognise this brand. Thus, we can conclude that one of the key characteristics that contribute to their success is persistence. 3.2 INITIATIVE An initiative can be defined as the entrepreneur should be able to take actions that go beyond their job requirements and to act faster. They are always ahead of others and able to become a leader in the field of business. I do believe that Syafiqah Aina and her husband acquire this talent. For instance, they have the initiative to broaden their business widely. They made the bold decision to expand their business into several countries, including Brunei, Singapore, and Indonesia. From time to time, their products received a warm welcome got a lot of positive feedbacks from their worldwide customer. As a result, their bold risktaking has generated profitable profits and strengthened their reputation throughout Malaysia. Aside from that, they took the initiative to open an aesthetic clinic called AINAA CLINIC in Sungai Buloh, Shah Alam, but the clinic is still under renovation. Many people have questioned the couple's ability to run a clinic without prior experience in related fields. However, it will not prevent them from achieving their goals. Therefore, we can say that it is very important to take action and act faster in expanding the business.

vi

3.3 SELF-CONFIDENCE As for self-confidence, it has been defined as a successful entrepreneur who has a strong belief in self and own abilities. Syafiqah Aina is an example of someone who is self-confident in her abilities. For example, she used to be depressed as a student because she didn't look good and people looked down on her and she never imagined herself to be as successful as she is now. Syafiqah Aina was inspired to start a skincare product business because she wanted to share her knowledge of beauty after having a bad experience with sensitive skin. Her skin began to dull when she began her modelling career because she was constantly required to wear makeup. She believes in herself so much that she can transform herself into a more beautiful and successful woman. That's why Syafiqah Aina formulated her serum, which she unexpectedly used for a year. She is confident enough to tell others about the product's effectiveness as they watch her skin development. Despite the netizen's criticism, Aina is encouraged to pursue her goal of assisting people with skin problems and assisting others in generating more income through her business. Hence, Syafiqah Aina has built her confidence while facing all these obstacles that get in her way. 3.4 USE OF INFLUENCE STRATEGIES The definition of the use of influence strategies is when an entrepreneur is able to make use of influential people to reach their business goals. In one of her interviews, Syafiqah Aina stated that with her growing popularity, she hoped to inspire her followers to be like her, who used to have sensitive skin problems. At the same time, she persuaded people who have skin problems to be confident in their appearance in public. For example, because she is a well-known Instagram celebrity, she used her platform to inform the public about the beneficial effects of her product brand. Furthermore, it can be seen that she used her influence wisely when a new programme called AINAA FANTASY was announced. This programme is designed to assist and guide those who have a serious skin problem for three months to see a difference within that period. This programme includes five participants and all of them will get free consultation and sponsorship of Ainaa Beauty products. Through this programme, more people will recognise this brand, particularly among her followers from various countries. As a result, we can conclude that using influence strategies to persuade others is an excellent way to promote someone’s products.

vii

4.0 APPENDICES

The picture shows Syafiqah Aina and her husband, Hafiz Mahamad, the company's founder and CEO, respectively.

The picture displays Ainaa Beauty’s business Instagram profile. This is one of the platforms to market her products.

The images above show the Ainaa Beauty Skincare and Aina Beauty Cosmetics product lists.

viii

The pictures above illustrate the achievements while running this business. She won Nona’s Best Influencer Skincare Brand Award. She also has the opportunity to open an aesthetic clinic called AINAA CLINIC.

The pictures above portray Ainaa Beauty customers' positive feedback.

ix

5.0 REFERENCES 

https://www.nona.my/nursyafiqah-aina-pernah-dikecam-teruk-dikatakan-produk-sampah-ainaabeauty-berjaya-mengubah-pandangan-itu/

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https://syafiqahaina.com/

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https://www.rasa.my/malam-pengiktirafan-nona-super-women-award-2020/

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https://www.instagram.com/ainaabeautyofficial/?hl=en

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