REFLECTION 3

Entrepreneurship is neither a science nor an art. It is a practice. – Peter Drucker

Greetings to all,

this is my reflection on this week class 22 October 2012.

What have I learned?

Through the game I learned a lot from entrepreneur side. Frankly, it was really hard to do the budget-this is mainly because we didn't know a lot about our own business and the prices that the supplier would offer etc etc. After all, when we finished the game I realised about some important things that entrepreneur must know. Firstly, an entrepreneur must organised the budget very well. This will help us to plan and borrow the suitable amount of money from bank so that we didn't end up using all the money just to pay interest, salaries, cost of products and also utilities. In addition, entrepreneur MUST settle the monthly payment on time because of course we don't want any addition amount of money that we have to pay. Next, entrepreneur need to choose well the supplier that we want to cooperate with. That's why my partner and I asked all the suppliers about the prices they offered and it was also important to discuss with them. 

How do I feel?

Actually, I feel disappointed because we didn't make any profit. All the money was used to pay the bank. Somehow, it wasn't our fault I would say. This is because at the beginning of the game, my company was given RM120.00 only from the bank. I thought it was ridiculous; the costs and utilities itself costs RM1200 plus the interest 10% from the bank. It was a game after all, so I thought 'it's okay, just proceed'. Luckily, there was a supplier who offered a very low prices and we cooperated with him. 

How and where can I apply what have I learned?

These can be applied when I want to start a business. Basically, I knew what I need to do first. Firstly, I have to discuss with my partner about our business; the market, target customer, budget etc. Then, register the company name as we are allowed to borrow money from bank if the company is registered. 
After that, we can negotiate and discuss with the supplier, find customers, and then when the business is going well, hire the employees. 

Others

This week, I played a role as an entrepreneur and it was very though I would say. And entrepreneur had to face the most number of problems compared to suppliers, investors, customers because they are the one that manage the company. But still, there are still many people can be entrepreneur as long as they possess the characteristics needed such as risk-taking, critical thinking and so on.

MUNIRAH BINTI GHAZALI

SEN120014