This is the third month of the BeST programme that I joined. It began with communication module, and followed by technical module and now is the time for the most challenging module which is entrepreneurship module. Why I said so? It is because this module is the one which I waited most from the first day I joined this programme.
I want to set up my own business in the 5 years of time. Therefore, I really hope that this module will equip me with all the knowledge on how to set up a new venture successfully.
From this first week of this module, what I found was, the most important thing that ensure the successful of a business is the strong and feasible business plan. A business plan is made up of 4 important element which are the marketing plan, technical or operational plan, organizational plan and financial plan. All these 4 elements are important because they are the core elements in a business and they are the bench mark of a business whether it is feasible and can make money from it.
The moment we decide to start up a business is actually the moment which we are willing to take any risk that will come as a complete package with the business. However, when there is a risk, do not worry, there must be a return.Perhaps a good return. Hence,now work very hard with the business plan, and wait for the good return later.This is what I learned from this first week of the entrepreneurship module.
In today's world, there is a lot of new business mushrooming everywhere worldwide. Although there is a lot of them, very few can maintain and sustain their business. Why? It is come back to the business plan, if it is good where it is showed clearly our profit margin, the break even point, how we forecast our target market and sale, who are the target market, how much we can penetrate the market share by competing the big players in the industry, and so on, it is very sure that the business can be sustained and in fact, generate exponential income to the owner.
To set up a business, beware, because it needs a lot effort to put on and also a lot of time and hard work otherwise it is just a dream and will remain as a dream forever.