Week 7-10: MST+Holidays

Yeah, there is no entrepreneur MST but there would be assignment i think i would be ready, unless i did not did my documentation properly

Week 6: Attractive enough? Demands? Profit? simventure

We need to have Market&competition research report to consider changes to make in product design.
We also need to check whehther our selling price match our product design to determine whether it can be attractive to the market segment. Pricing must be attractive and not too pricely for the target segment to provide with a  reasonable margin of profit. Marketing promotion each month to attract sufficient level of enquries to see that whether the demand is created, commissioning for customer research for important feedback. Ok, when the demand is there, come out with promotion of discount in the pricing to ensure the demand is fufilled. As with a discount in pricing, most of the people who demand for this product would buy it without any hesistation. However we must ensure we do make a profit after the discount if not we will have no money soon.

Week 5: SimVenture

Today, i learn about the game SimVenture which allows us to experience about the profit&losses of a business which lets me to feel the satisfaction and challenges involved in running a business. The outcome of  each decision made will be decided on how you plan. It also lets you know whether the entrepreneur path is for you or not.

To be successful in simventure, which i think this could be applied in real life scenario as well

•Complete market and competitor research

•Analyse the reports produced and select a market sector on which to focus

•Adapt the price and design of your product, remembering to refer to the information gained from your research

•Choose the selling points you will promote through your sales and marketing strategy

However that's just the starting, to suceed you must do the following below:

•Once your product meets the expectations of the chosen market segment, create a sales &marketing strategy to raise awareness of the product.

•If the right mix has been selected orders and sales will begin to be generated and the first seeds of success are sewn. As the simulation unfolds, however, issues such as efficiency, effectiveness, resources, skills, well-being, time,space and essentially money will begin to impacton the progress of the business.

•At this stage the challenge of SimVenture has only just begun as you attempt to use your time and money more effectively and efficiently to sustain your business.

i find out that the Cashflow, Profit and loss, selling equity, profit forecast, cashflow forecast(under Finance) reports are good and essential for real life application uses
 

Week 4: Show Me The Money Calculations!

A profit projection has been done by me

Lets say we need $650 dollar to maintain the business each month, we would required 110 student laundries . We would profit after the number 110 student. On the first month, Lets say we begin operating from august. There are 31days in august. There must be at least 4 customers each day to maintain the operating cost. We would be targeting an amount of 15 people each day We would get a amount of 2325 dollars if we hit 15customer each day. We would earn an profit of $1565 divided by 3 each.

All of us has agreed to put aside $200 in case of a emergency so we would have $600 to deal with for the next month.

Cash Flow Projection.

First month paid out $1725 for all payment includes rent($450),materials that includes Namecards, invoices, stationery and promotional materials($100), website domain registration fee,hosting,design cost $100,$100 for detergent and the remaining money is shared among 3 of us,. Left with $600 the next month. After 5months of operating, we feel that there may be more potential customer coming on. We used the 3000dollars to buy 3 Electrolux Washer and Dyer(7KG/5KG) EWW1274.

We no longer have to pay for rental of washing machine from the 6th month. which will save us $250 each month.

We do not require to purchase any broadband connection as sp provides spwireless internet connection, we uses our laptop to store the infomation of our customer's clothing and quantity amount. We uses our personal own handphone number for customer to contact us.

If we survive the first year, i think more and more customer would be rolling in, and we might required to purchase more washing machines.