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Essential Insights for Starting a Successful Business

This course focuses on the fundamentals of starting a business, covering key concepts such as defining business, understanding the objectives of conducting business, and identifying essential resources needed for success. Students will explore the importance of passion and skills in entrepreneurship, analyze different types of business operations, and discuss practical aspects like finance, management, and location. The coursework includes a 50% assignment component with a report and presentation and a practical 50% section designed to foster discussion and collaboration among group members to generate business ideas.

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Essential Insights for Starting a Successful Business

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  1. SC3 – Business Idea Lim SeiKee @ cK

  2. Assessment Scheme • Coursework 50% • Assignment (Report and Presentation) • Practical 50% • Practical (Business Operation)

  3. Discussion Qs • 1. Define the term ‘business’. • 2. What are the objectives of conducting business? • 3. What do you need to have to start a business? • 4. How to start a business?

  4. Business • Trade of goods • Trade of services • Objective: Making profit

  5. How to start a business? • RIGHT BUSINESS IDEA! • Simple idea, a solution to a problem or a dream in someone’s head

  6. Remember successful entrepreneurs? • What do they have? • PASSION • EG: Software (Bill Gates), Real Estate (Donald Trump), Entertainment (Walt Disney) • What else?

  7. Other than passion, what is important? • Skills! Good cook  open café Good mechanic  open garage Good teacher  open tuition school

  8. A business needs: • Finance • Labour • Customers • Suppliers • Premises and equipment • Management organization & structure

  9. How to start a business? • What type of business? • Nature of business? • Name? • Location? • Resources? • Cost of product / service? • Price?

  10. No homework for today! • BUT, • Think about - the business ideas that you may have • your group members

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