Individual Assignment ll (ENT300) PDF

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INDIVIDUAL ASSIGNMENT ll – BUSINESS OPPORTUNITYPrepared by Amirah Afiqah Binti Ahmad Hussin 2019496136 ENT3005GPrepared forENTFundamentals of Entrepreneurship Mohamad Zulfadhli JusohSubmission Date 03/01/Table of Contents Executive Summary Project Description (Before Activity) Project Outcome (After...

Description

INDIVIDUAL ASSIGNMENT ll – BUSINESS OPPORTUNITY

Prepared by Amirah Afiqah Binti Ahmad Hussin 2019496136 ENT3005G4

Prepared for

ENT300 Fundamentals of Entrepreneurship Mohamad Zulfadhli Jusoh

Submission Date 03/01/2022

Table of Contents Executive Summary................................................................................................................................. 1 Project Description (Before Activity) ...................................................................................................... 2 Project Outcome (After Activity) ............................................................................................................ 4 Experiential Learning .............................................................................................................................. 5 MyENT Registration (Certificate) ............................................................................................................ 6 Appendices.............................................................................................................................................. 7

Executive Summary The goal of this project is for me to learn what it's like to be an entrepreneur and run a business on my own. It was a project that gave me a better understanding of entrepreneurship. As a result, I've decided to resell perfumes to my family and friends via Instagram and Whatsapp status. The perfumes I sell were not created by me; I was allowed to take over the business from my sister, who used to sell them but had to stop due to work obligations.

The project lasted only 15 days, from the 15th of November to the 30th of November 2021. Despite having other assignments that needed to be completed, I was able to sell these products in a short time. Before beginning the project, the name of the product had already been made up because it had previously been sold by my sister, so I used the extra time to create a new Instagram account, do some research on the courier service, and identify my target audience and branding to give this project more personality. I am the only one who will be doing this business on my own, so I have complete control over the aesthetics. It took me four days to complete all of the preparation, which I regret because there was no need to rush. During that time, I documented all of the buying and selling activities and outcomes.

For this project, a total of 20 boxes of perfumes were sold. Although I made promotions during the process, I did not suffer any losses. I made a profit of RM 1,068.70 after investing a sum of money, RM120.30, in the business cards, package wrapper, and bubble wrap. Because I live outside of my college dorm, the majority of my customers are family and close friends. I was surprised that my distant sister bought this perfume, so I got to experience what it's like to send a parcel to the post office for the first time in my life.

Being an entrepreneur and a student at the same time presented some difficulties for me during this project. It is said that I also encountered a few difficulties along the way, but I thankfully solved all of the issues that arose with the assistance of my family members and friends. This project also taught me and allowed me to try things I had never done before. Even though I am shy in front of others and dislike talking or communicating with them, I handled the situation admirably. It makes me more self-assured and can help me overcome doubts about my abilities. I wanted to continue this business and apply entrepreneurial characteristics in myself because I could feel the result not only in terms of the profits, I made but also in terms of the positive changes in myself as a result of this project. 1

Project Description (Before Activity) For this project, I decided to sell affordable perfume which is a perfume that is similar to a famous branded perfume. Perfumes are famous among the society that frequently sold at a higher and unaffordable for some people. Based on my experience as a student, I find that it’s difficult to find the perfect smell that suits your taste and is affordable. Because many students for the girls taste of smell are sweet and for men taste are fresh and strong scents.

I enlisted the assistance of my sister, who works in a lab office and is also a mother of a child. Because of the pandemic, the management instructed them to work from home and to go to their work only when they needed to use the lab. I took advantage of the opportunity to assist my sister in selling her perfume for this project. I suggested being her agent at first, but she offered me the opportunity to take over her business due to her hectic schedule. Then I offered to split my profits with her, but she refused, saying she wanted me to keep all of the profits. She simply requests that I complete my business cards and purchase my postagerelated wrapping supplies.

I've decided to sell my perfumes on a different platform. My two favorite platforms are Instagram and Whatsapp. I'm the type of person who keeps people's phone numbers on my phone because I'm too shy to talk to them in person. Keeping their phone number in my phone is the bare minimum I can do to stay in touch. As a result, my Whatsapp status will be visible to a large number of my contacts. If I upload something, it will be seen by approximately 60 to 70 people. As a location for my project, I rely heavily on the number of phone contacts I have. Because I already had a large group, I decided to make full use of my Whatsapp. Surouri (@surouri.co) is the name of my perfume brand that I created a new Instagram account for. My sister came up with the name of the product because she is the one who sells it. Surouri, derived from the word ‘surori’ meaning sisters pr sisterly in Romanian, was founded by 3 cousins in August 2019.

I want all of the photographs uploaded to be high-quality graphics made by my creativity because the platform I use emphasizes great performance to draw people's attention. I was able to develop the Surouri brand with the help of several branding materials that I had researched before beginning my promotional postings. In some posts, I've included a logo, brand color theme, font types, and designed elements for some of the images. In my previous 2

post, I discussed how I spent a long time creating a logo for my brand and locating a good and interesting font type. Finally, I decided to create a simple and elegant brand design that reflects my tastes. In terms of images, I make certain that they are simple and not fibrous to demonstrate how simple but valuable my brand is. Furthermore, because I am not particularly skilled at editing, branding and simple posting are ideal for achieving the simple but wild look I seek.

Once the branding sheet is approved, I will be able to determine what type of promotional materials are required for the project. My primary focus for the promotional materials was Instagram because Instagram displays everything in a collage format. Instagram also has more features than Whatsapp status, such as Instagram Reels and Story. After I've posted the Instagram Reels or Story on Instagram, I can share them as a Whatsapp status. As a result, I decided to create a price list and fragrance selection for my Instagram post. It may make it easier for people to learn more about the perfume and the brand, in my opinion. Aside from that, I took a lot of photos of different types of perfumes to add variety to the promotional material.

The last thing I did is to name all of the ‘for her and him’ perfumes. At first, I thought of giving them the original name but it feels like I’m selling copyright perfumes. So, I came up with all of the perfume’s names and even put a ribbon to tell them which is which. ‘For him’ section, the perfume with a black ribbon with it is called Possession, this perfume is the new release for the guy perfume section. Then the perfume with a dark red ribbon is called Dangerously Hot and it smells similar to Mont Blanc perfume. After that, Midnight Stalker is a perfume with a blue ribbon and the smell is similar to Dolce & Gabanna perfume. For the ‘for her’ perfume section, the new release perfume is called Anthea with a purple ribbon on the bottle. After that, RVSP is a perfume with a red ribbon on the bottle and the smell is similar to Bombshell VS perfume. Lastly, the perfume with a green ribbon is called Ever Bloom and it is similar to Bonjour Anna perfume.

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Project Outcome (After Activity) This project's overall outcome is quite satisfactory after about two weeks of work. This is most likely because I sell from home. Because the majority of my customers were only my family and friends who lived nearby. I anticipated that this project would take longer than a month, which worried me because I was concerned that no one would notice my company. Unfortunately, my concerns were unfounded, as I made a profit of RM1,068.70 using my simple calculation method. It was a relief to know that I was able to sell twenty boxes of perfume and profit from the sale.

Even though I sell 20 boxes of perfume, only 16 customers purchased the perfumes. Because the smells are similar to the most well-known branded perfume, some of them have purchased the perfume several times and claim that it is very fragrant. I also sold to strangers, though I'm not sure how they learned about my business. I believe they are aware of my company because of posts made by my friends while promoting my company. At the same time, I'm relieved and overjoyed that I was able to sell these perfumes, profit from them, and receive support from all of my friends who bought to support my perfume business.

This project has given me a lot of confidence and helped me improve my skills, such as communication. This project also provided me with the opportunity to put my abilities to the test by beginning something new. Not to mention that I was able to make some money after investing some before the project period. I discovered how difficult it is to be an entrepreneur when I was stuck in this business due to time constraints caused by too many things to handle. Even managing small business stress, me out; I can't imagine how difficult it is to run a large business. I considered quitting because I was exhausted and too tired to handle it. However, when I made some money, it felt so good. Finally, I am relieved with the outcome as well as the overall preparation of this project because it has changed my perspective on the world of entrepreneurship.

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Experiential Learning I am very pleased with the results I obtained during managing this project because I did not incur any losses and there were no leftover stocks after the project was completed. However, I was able to identify the problems associated with being an entrepreneur, and I was able to do better preparation because there was a time when I was lethargic and discouraged due to a lack of preparation. This is because, while I didn't care much about the project at first, the difficulty that arose exceeded my expectations.

The most difficult aspect of this project has been when I upload promotional material to my WhatsApp status but receive no feedback. Not only did no one respond to my WhatsApp status, but no one responded to my sales when I posted them in the group chat. It was somewhat depressing. My friends had never seen me sell anything on social media before, so I assumed this was the case. This is not something I am accustomed to. It's a little depressing for me because no one's response constitutes a response. In addition, I had to deal with customer attitudes. This is because some customers like to ask questions about the perfumes I sell, but when I respond, they remain silent and ignore my conversation.

To summarise, I am very proud of myself and pleased with my accomplishments. While others may see my company as a small project with nothing to be proud of, I believe I am very committed to it and quite proud of it. This was a completely new experience for me. Maybe other people don't feel the same way I do, but that's irrelevant because I'm having a good time and having an unforgettable experience.

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MyENT Registration (Certificate)

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Appendices MONEY IN

TYPE

QUANTITY

RM

Titi

RSVP

2

120 + 3 (COD)

Kawan Titi

Ever Bloom

2

120 + 3 (COD)

Kak Apple

Ever Bloom

1

60

Kak Elly

RSVP

1

60

Kak Yen

RSVP

1

60

Nysa

Ever Bloom

1

60

Fikri

Possession

1

60

Dangerously Hot

1

60 + 3 (COD)

Anty Len

Ever Bloom

1

60

Anty Dayang

Ever Bloom

1

60

Avy

Anthea

1

60

Fatihah

RSVP

1

60

Miya

Ever Bloom

1

55

Erra

Anthea

1

55

Nasha

RSVP

1

55

Haris

Midnight Stalker

1

55

Ever Bloom

2

120

TOTAL INCOME

RM1189

Amirul

Ann Iris

5.5 ORDER LIST

7

MONEY OUT Business Card

RM100

Wrapping tools for Postage

RM20.30

TOTAL EXPENSES

RM 120.30

PROFIT Income minus expenses

RM1,068.70

TOTAL PROFIT

RM1,068.70

5.2 Table of the expenses and profit of this project

TOTAL

PROFIT

EXPENSES

Picture 5.3 Chart of the expenses and profit gained from this project

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Picture 5.5 Instagram account of Surouri.co

Picture 5.5 Conversation with a customer via WhatsApp 9

Picture 5.6 Conversation with a customer through DM

Picture 5.7 The logo and the business card

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Picture 5.8 All of the Surouri’s Perfumes name

Picture 5.9 My friend help me to promote my business 11

Picture 6.0 Perfumes are handed out to them

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