Reflective Essay
The Introduction to Business module was an useful yet interesting module to go through especially for those who are interested in having their own businesses in the future."Developing Marketing Strategies" had been my favourite topic throughout the entire module.This topic introduced me what is "marketing" actually defined as and the consumer buying process.Everyone have their own opinions and decisions in buying a product.Thus,by going through this topic,I get to know what actually a businessman and businesswoman based on to develop their marketing strategies.
Besides that,throughout the whole module,the topic which I found that was quite applicable and related to our daily life was "Managing with Financial Information.By having a proper financial information,one will then know that he/she was earning,saving or losing his/her money.Hence,knowledge in this topic will definitely be used in my future or even now onwards .Although currently I am not having any business,I still able to manage my financial condition well based on what I'd learned.
Furthermore,there were two assignments which have been given to me as requirements to complete this module.The first assignment - a 10 minutes presentation enabled me to understand well about the environmental issues which were arise in a cosmetic business,as society are facing untold damages nowadays.While the second assignment gave me a chance to learn the development of a marketing plan.Although it had been a tiring project,I felt quite contented when each group was given an opportunity to donate our gain to specific organization.
In a nutshell,this module did successfully provide me a wide view of a business operation.
[278 words]
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| This is one of the activities which assigned to be completed in class.We have to create our own brand-new company and produce an organizational chart for it. [This is my Bruce Lee Restaurant Organizational Chart.] |
Tutorials Questions and Answers
Intro to Business 2.0
- Reasons that motivate people to start their own business are :they like the idea of being self-employed,want to fulfil personal dream,have a product with good profit potential or one have out of necessity.If I was about to start my own business,i will make sure that I have a product with good profit potential,so that I can earn more rather than making a loss.
- Limited liability is limited exposure to financial risk by investors of a company or a partnership.It is considered as an advantage because the investor will not be liable for any financial risks.For example,if an investor joins a company with a total investment of RM50000,he will not lose any amount which more than this.RM50000 will be his only total liability.
4. What is a franchise?Why would the parent company of a franchise choose to sell licenses to franchisees instead of expanding their own chain of stores?Also,prvide 2 examples of a franchise.
- A franchise is a business operating under licenses issued by a parent companies.Parent company of a franchise choose to sell licenses because parent company does not need to worry much much.The only thing it needs to do is collect the annual revenues from the franchise.Examples of franchise : McDonalds,Subway.
- A franchise is a business operating under licenses issued by a parent companies.Parent company of a franchise choose to sell licenses because parent company does not need to worry much much.The only thing it needs to do is collect the annual revenues from the franchise.Examples of franchise : McDonalds,Subway.
5. Your family has owned a business as a private company for the last 20 years.Recently your father,the CEO and the chairman is rushing to take the company public,but you sensed that he has not thought through this decision properly.As his adviser,what reasons would you give to persuade to stay as a private company?
- Reasons to be given to him:
- Has the high risk of becoming bankrupt due to many people can buy the shares.
- Being public cannot do inside trading.
- If there are more owners,it brings hard to make decisions.
- If being private,shares are to be sold privately and having a lower risk of becoming bankrupt.
6. How can internet help a recently-started small business?
- It does not need to have much capital.Advertising through internet(Example:Facebook) is much cheaper compared to advertising through newspaper/magazines.
- It does not need to have much capital.Advertising through internet(Example:Facebook) is much cheaper compared to advertising through newspaper/magazines.
7. If you are a banker and,Gabriel,a potential business owner wants to apply a loan for starting a business,under which circumstances would you be more likely to lend-(a)he wants to buy an existing business or(b)he wants to start a brand new business?Why?
- I would choose (a) because it is safer and less risky.
8. Discuss (any) 2 pros and 2 cons of a partnership.
- Pros :legal paperwork is simple and low cost.
: Easier to get capital due to more owners.
Cons :All owners are personally responsible for the business' debts.
: Arguments may arise if the owners do not share the same business objectives.
9. What are shares?Where are shares traded in Malaysia?How is the price of a company's share determined in a share market?
- Shares are defined as company's value divided into few owners/a simple unit of ownership of a company.Shares traded in Malaysia is Bursa Malaysia.If the demand is strong,then the price of a company's share rises.
Intro to Business 4.0
1. What are the main components of the management process? Identify and describe them briefly.
- Main components of the management process are plan,organize,lead and control."Plan" is to create a goal,"organize" is to divide a business into subgroup,"leading" means guiding and motivating and "control"means monitoring a firm's performance.
2. What are goals, strategy and tactics? Explain and provide one
business-related or one personally-related (e.g. studies, career,
relationship, etc.) example regarding them.
- Goals are a certain standards that a business aims to achieve.Strategy is the method to reach that goal and tactics are the steps you take to carry out the strategy.
Example: Goal -go to college
Strategy -earn money to pay student fee
Tactics -get a part time job to college
- Goals are a certain standards that a business aims to achieve.Strategy is the method to reach that goal and tactics are the steps you take to carry out the strategy.
Example: Goal -go to college
Strategy -earn money to pay student fee
Tactics -get a part time job to college
3. You have recently started a business with a group of your best
friends. While in the planning stage, they think that setting goals is
simply a waste of time. What reasons would you give to convince them
otherwise?
- Setting goals is definitely not a waste of time because without any goals,a business will undergo uneven changes throughout the business period.Besides that,goals are also a way to keep us focus towards a certain path which usually yields a positive outcome.Another reason is that goals keep the employees motivated to do their work.
4. Leaders are necessary in various areas of our life (e.g. business,
politics, and family).What would happen if there are no leaders or the
leaders are incompetent? Pick one area above and discuss 3 negative
consequences from lack of (effective) leadership.
- If there are no leader or the leader is incompetent,the certain body will be work without direction and purpose.As an example in family,father is usually the leader in family.When there is lack of leadership,family members will become disunited.They will have different and opposite opinions,or the family will become incomplete.
5. You have recently been accepted a job offer to become the CEO of a struggling company. Among the problems faced by the business include 3 years of continuous losses, intense rivalry & politicking among managers, low morale among the rank and file workers, and customers who are unhappy with the company’s poor customer service. How would you lead the company out of these problems?
- I will find out the reason why and what actually caused the problems to occur.I will put all the managers in a committee and give them a common goal to achieve.While on the employees side,I will give them a motivations by giving them bonus and also train them to improve their customer services.
6. Who are managers? Under which form of business (i.e. sole trader, partnership and company) are managers and owners most likely to be the same person? And under which they are not? Why? Discuss.
- Managers are officers hired by the owner to help to run the business.Managers and owners are the same person in sole trader because the company is small and doesn't require to hire extra managers.Partnership and company consists of more than one owner.Therefore,it requires manager to control and advise the employees.
7. What does a public relations manager do on a daily basis?
- Public relation manager protect individual and cooperation's public image in a good manner.
8. Which (2) managerial skills are important regardless of a person’s (low or high) managerial status? Why?
- Time management skill is important regardless the position of a person because good planning of time can make sure a plan goes well and we could have extra time to solve many problems.Besides,human relation skill is also important.
9. What are the steps involved in control? How can this be applied to your personal life? Illustrate.
- Firstly,establish a goal.Then measure the actual performance.Later,see whether the actual performance matching the goal or not.If yes,just continue as what was planned before that.If it is a no,then rectify the situation. This can be applied in my personal life,too.I aimed to get an excellent results in all my module.Everytime when I was having too much time slacking around,I will remind myself not to behave in such way.Thus,spent more time to practice my drawings and have revision everyday.
- If there are no leader or the leader is incompetent,the certain body will be work without direction and purpose.As an example in family,father is usually the leader in family.When there is lack of leadership,family members will become disunited.They will have different and opposite opinions,or the family will become incomplete.
5. You have recently been accepted a job offer to become the CEO of a struggling company. Among the problems faced by the business include 3 years of continuous losses, intense rivalry & politicking among managers, low morale among the rank and file workers, and customers who are unhappy with the company’s poor customer service. How would you lead the company out of these problems?
- I will find out the reason why and what actually caused the problems to occur.I will put all the managers in a committee and give them a common goal to achieve.While on the employees side,I will give them a motivations by giving them bonus and also train them to improve their customer services.
6. Who are managers? Under which form of business (i.e. sole trader, partnership and company) are managers and owners most likely to be the same person? And under which they are not? Why? Discuss.
- Managers are officers hired by the owner to help to run the business.Managers and owners are the same person in sole trader because the company is small and doesn't require to hire extra managers.Partnership and company consists of more than one owner.Therefore,it requires manager to control and advise the employees.
7. What does a public relations manager do on a daily basis?
- Public relation manager protect individual and cooperation's public image in a good manner.
8. Which (2) managerial skills are important regardless of a person’s (low or high) managerial status? Why?
- Time management skill is important regardless the position of a person because good planning of time can make sure a plan goes well and we could have extra time to solve many problems.Besides,human relation skill is also important.
9. What are the steps involved in control? How can this be applied to your personal life? Illustrate.
- Firstly,establish a goal.Then measure the actual performance.Later,see whether the actual performance matching the goal or not.If yes,just continue as what was planned before that.If it is a no,then rectify the situation. This can be applied in my personal life,too.I aimed to get an excellent results in all my module.Everytime when I was having too much time slacking around,I will remind myself not to behave in such way.Thus,spent more time to practice my drawings and have revision everyday.
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