Reflection Essay
First of all, I personally have always been interested in starting my own business one day. Thus, upon completing the whole semester 2 of taking Introduction to Business class was very interesting. What I have learned from this subject was the what type of business are there in the society which includes franchise or partnership and the types of product or services that could be offered along by applying various strategies to attract customers. Above all, the main target of running a business is to gain profits.
1st assignment given was: Develop a business plan
This is a group assignment where I have teamed up with Edwin Ngo, Ian See and Amy Wong to work on it together. We were assigned to develop a business plan, by starting on what kind of product or services to sell to the customers. Therefore, our team have came up with an idea of selling a product just for smokers, which is a special toothbrush which will help getting rid of the grey stains at the teeth and gums. We named our product "Alie". Besides that, we were tested on our promoting skills too during our class presentation. Each of us will have to speak out about our product on how we promote the toothpaste in a way which customers can be attracted easily. It is not easy to do so as we have to put in effort to convince customers that our product is trustworthy and beneficial.
Final Assignment: Charity Drive week
For the last assignment which carries the highest marks, we were assigned to start a business with my group members for a week. We need to open a stall to sell our products. Our target is to reach the profit of RM 2000 in a week. Therefore, we have approached suppliers and sponsors, also asking for donations.
Products sold:
- Pario and Fishermens' trousers -Key Chains
-Key Holders
The product above are all transported from Malacca. All of them are hand made products, key chains and holders are all made of wood, not factory manufactured.
Key Chains are the best seller!!!!
- Corn jellies - Heart shaped cookies
- Cheese tarts and various shapes of cookies - Cartoon cookies lollipop
We got sponsors for the cookies from suppliers which actually helps a lot in reaching our targeted profit, RM 2000.
The business throughout the whole week wasn't what we have expected. There were ups and downs in terms of customers between days. We even reduced some of the product's prices due to the insufficient customers' demand.
Here are a few pictures we took during the week
-Customer picking key chains
- Calculating the amount of products left to prevent any lost of product.
-More customers!!
- We also prepared an accounting report to accumulate all the details of the sales and products.
It was a wonderful experience to actually open a business ourselves in life, it was a challenge to us as we are only beginners. But we are not totally regret as we have gained much of business knowledge an experience.
Thanks for viewing!!!
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