MPU3222 Foundation of Entrepreneurship Cultivation Quick Notes PDF

MPU3222 Foundation of Entrepreneurship Cultivation LU2: Introduction to Entrepreneurship Idea Generation: Involves observing, thinking, communicating, and developing ideas. Ideas can come from daily experiences, frustrations, or customer feedback. Sources of Ideas: Work experience, hobbies, personal interests, and the environment. New ideas can be identified through trade exhibitions, networking, and staying updated with trends and technological developments. Techniques for Generating Ideas: 1. Brainstorming: Encourages generating many ideas without criticism. 2. Focus Groups: Structured discussions led by a moderator to generate ideas. 3. Surveys: Collecting information through interviews, questionnaires, or observations to understand demand, supply, and customer behavior. Transforming Ideas into Business Opportunities: ➔ Evaluate if the idea solves customer problems, offers value, has a unique selling proposition, can be produced and sold profitably, and has a competitive advantage. Business Opportunities through Buying Existing Businesses: ➔ Consider buying existing businesses if they offer good potential and are priced attractively, but conduct thorough evaluations. Based on Quiz 1 on eLeap: In entrepreneurship, ideation is the creative process of generating, developing, and communicating new ideas. A business start-up, ideally, entrepreneurship should focus on solving customers’ problems to ensure the product will have demand and be able to sustain for a quiet period of time. At the ideation stage, customer surveys can be carried out formally or informally via various methods, either: i. interview; ii. questionnaire distribution; or iii. observations. Entrepreneurship brainstorming aims to come up with as many ideas as possible in a short period of time. Latest magazine trends and scholarly journals might NOT affect a business the most. Summary: ❖ Entrepreneurs can generate new business ideas from various sources and techniques. ❖ They should be alert to customer complaints and frustrations. ❖ Buying existing businesses can be an alternative to starting from scratch if the potential is good. LU3: Introduction to Entrepreneurship Components of Business Model Canvas: ★ Customer Segments: Target groups with similar characteristics. ★ Value Propositions: What distinguishes a company from competitors. ★ Marketing Channels: Ways to deliver value propositions to customers. ★ Customer Relationships: Types of relationships with customer segments. ★ Key Partners: Network of suppliers and partners. ★ Key Activities: Essential activities for the business model. ★ Key Resources: Important assets needed for the business model. ★ Cost Structure: Strategy for managing costs. ★ Revenue Streams: Cash generated from customer/product segments. Based on Quiz 2 on eLeap: In order to be more efficient to market their products, many manufacturers rely on marketing intermediaries to distribute their products. Retailers are one of the examples that we can easily find around us. In Business Model Canvas (BMC) revenue streams categorize the earnings a business generates. Offline and online sales, licensing content to third parties and subscription fees are a few of the examples of revenue stream elements. Cash on Delivery is NOT an example of revenue stream elements. “AirAsia: Now everyone can fly” is an example of a tagline that can be directly associated with Unique Value Proposition (UVP). Customer segment in Business Model Canvas (BMC) is the community of customers or businesses that you are aiming to sell your product or services to. These customers can be divided into groups of individuals or organizations that have similar demographics, psychographics, behaviour, geographical characteristics or other multidimensional combinations. If you are selling kaftan, UNIMAS students and staff can be considered as one customer segment. Business Model Canvas eventually will help newly start-up businesses to facilitate the development of effective business strategies. Summary: ❖ Widely accepted and used for developing business strategies. ❖ Helps in creating systematic, orderly, and comprehensive business strategies. LU4: Business Registration Types of Business Entities: 1. Sole Proprietorship: Owned and managed by one person, simplest form. 2. Partnership: Owned by 2-20 people (up to 50 for professional businesses). 3. Limited Liability Partnership (LLP): Combines features of a private limited company and a partnership, with separate legal entity status. 4. Private Limited Company: Separate legal entity, requires a minimum of one director, and has complex establishment requirements. 5. Cooperative: Autonomous association of people with common goals, requires a minimum of 100 members (50 for Farmers’ Cooperative). Registration Authorities: Companies Commission of Malaysia (SSM): For sole proprietorships, partnerships, LLPs, and private limited companies. Cooperative Commission of Malaysia (SKM): For cooperatives. Benefits and Limitations: A summary from the slides on eLeap: Type of Business Benefits Limitations Entities Sole Proprietorship ➔ Simple and easy to ➔ Unlimited liability for establish. the owner. ➔ Full control by the ➔ Limited capital owner. resources. ➔ Minimal regulatory ➔ Business continuity requirements depends on the owner. Partnership Shared responsibility Unlimited liability for and management. partners. More capital resources Potential for conflicts compared to sole between partners. proprietorship. Limited to a maximum Simple to establish and of 20 partners (50 for operate. professional businesses). Limited Liability ➔ Separate legal entity ➔ More complex to Partnership (LLP) from its partners. establish than sole ➔ Limited liability for proprietorships and partners. partnerships. ➔ Perpetual succession. ➔ Requires at least two ➔ Fewer compliance partners. requirements compared ➔ Not suitable for to private limited businesses seeking companies. public investment. Private Limited Separate legal entity. Complex and costly to Company Limited liability for establish. shareholders. Requires compliance Easier to raise capital with strict regulatory through share issuance. requirements. Perpetual succession. Must appoint a Company Secretary and an Auditor. Cannot invite the public to buy shares. Cooperative ➔ Democratic control by ➔ Limited distribution of members. profits to members. ➔ Limited liability for ➔ Requires a minimum members. number of members ➔ Focus on common (100 for primary economic, social, and cooperatives, 50 for cultural needs. Farmers’ Cooperative). ➔ Potential for slower decision-making due to democratic processes. Registration Procedures: 1. Sole Proprietorship and Partnership: Register under the Business Registration Act 1956. Visit the SSM website (www.ssm.com.my) for detailed steps and required documents. 2. Limited Liability Partnership (LLP): Register under the Limited Liability Partnerships Act 2012. Visit the SSM website (www.ssm.com.my) for detailed steps and required documents. 3. Private Limited Company: Register under the Companies Act 1965 (with improvements in the Companies Act 2016). Requires the completion of two legal documents: the Memorandum of Association and Articles of Association. Visit the SSM website (www.ssm.com.my) for detailed steps and required documents. 4. Cooperative: Register under the cooperatives law. Supervised by the Malaysia Cooperative Society Commission (SKM). Visit the SKM website (www.skm.com.my) for detailed steps and required documents. General Steps for Registration: Choose a Business Name: Ensure the name is unique and complies with the naming guidelines of the respective registration authority. Prepare Required Documents: Gather all necessary documents as specified by the registration authority. Submit Application: Complete and submit the application form along with the required documents to the relevant authority (SSM or SKM). Pay Registration Fees: Pay the applicable registration fees as per the guidelines of the registration authority. Receive Registration Certificate: Upon approval, receive the registration certificate, which legalizes the business entity. Legal Aspects: Types of Business Entities: - The primary entities include sole proprietorships, partnerships, limited liability partnerships (LLPs), and private limited companies (Sdn Bhd). Each has distinct characteristics, advantages, and disadvantages that entrepreneurs must consider before registration. Legal Documentation: - Forming a private limited company requires completing two key legal documents: the Memorandum of Association and the Articles of Association. These documents outline the company’s structure and governance. Liability: - For private limited companies, shareholders' liability is limited to the shares they hold. This offers protection to personal assets in the event of business debts. Registration Process: - Registration is mandatory for all business types and involves specific procedures that vary by entity type, including capital requirements and documentation. Government Involvement: - Different government organizations oversee business registration, ensuring compliance with regulations and protecting the interests of businesses and their stakeholders. Based on Quiz 3 on eLeap: In real life, all businesses don't necessarily need to register with the goEcommerce system hosted by MDEC. Students who wish to do a business using an online platform are NOT required to register his/her business. If you wish to register a business in the near future, the simplest form of business entity is sole proprietorship. It is compulsory to register our business with Suruhanjaya Syarikat Malaysia (SSM) as proof of business registration, even if the online platform we are using does not require it. Business Registration Act 1956 (ROBA 1956) is a business operating in West Malaysia which includes Peninsular Malaysia and the Federal Territory. This includes every form of trade, commerce, craftsmanship, calling, profession or other activity carried on for the purposes of gain, but does not include any office or employment or any charitable undertaking and includes sole proprietorship and partnership. This DOES NOT apply for businesses operating in Sabah and Sarawak. Summary: ❖ Types of Business Entities: Four main types: sole proprietorship, partnership, limited liability partnership (LLP), and private limited company (Sdn Bhd), each with unique advantages and considerations. ❖ Legal Documentation: Establishing a private limited company necessitates the completion of the Memorandum of Association and Articles of Association. ❖ Liability Protection: Shareholders in a private limited company benefit from limited liability, safeguarding personal assets against business debts. ❖ Registration Requirements: Mandatory registration with the Companies Commission of Malaysia (SSM) is required for all business entities, involving specific documentation and compliance with legal standards. ❖ Importance of Registration: Registration grants legal recognition, facilitates capital raising, and ensures adherence to Malaysian law. ❖ Government Organizations: Various governmental bodies oversee the registration to ensure businesses comply with relevant regulations. LU5: Marketing Planning Based on Quiz 4 on eLeap: Promotion Components in marketing refers to activities like advertising, sales promotion, public relations, and direct marketing, which are intended to inform, persuade, and remind customers about a product or service. An entrepreneur is REQUIRED to understand the target customers in terms of needs, wants, and demands since he/she can develop products or services that are of value to the customers with their ability to scan the environment. 4Ps of the marketing mix are Product, Place, Promotion and Price. Effective marketing requires a comprehensive strategy, including clear product listings on e-commerce platforms like Shopee or Etsy, active engagement with buyers through comments and live sessions, and targeted TikTok ads to reach interested audiences. Competitive pricing, secure payment options, and reliable international shipping are also essential for a seamless customer experience and successful sales. Normally, towards the end of a year, we can see a lot of advertisements like the above, offering cash rebates, especially for new automotive products. The cash rebate offered in the above advertisement can be categorised as Sales Promotion. Everywhere I go, I can see advertisements on Billboard, flyers and posters. Even when I am on social media or playing games, I can see some advertisement postings. It is November, even Shopee and Lazada extensively highlighted discounted prices during 11.11. When I walked through a supermarket a few days ago, I received a small sample of a new frankfurter brand. All activities above are part of Promotional Strategies. A tagline is a strong branding tool but not a full positioning strategy. Positioning strategy defines how a brand differentiates itself through value, pricing, quality, and customer perception, while a tagline simply aids recall without shaping the entire strategy. LU6: Digital Marketing (I) Overview of E-commerce in Malaysia E-commerce supports businesses of all sizes. Malaysia's online sales value was expected to reach US$6.297 billion in 2021. Businesses must adapt to e-commerce trends, especially post-pandemic. Examples: FoodPanda/Grab Food for F&B, online advertising for small businesses. Introduction to Digital Marketing: Promotes products/services via digital channels. Focuses on interactive elements to engage consumers. Key stages: Awareness, Engagement, Conversion, Retention & Advocacy. Popular Digital Marketing Media/Approaches ★ WhatsApp for Business Free to download, create catalogs, automate responses, and provide customer support. ★ Facebook Types: Profile, Page, Groups. Use for advertising, targeting local customers, and engaging with customers. ★ Instagram Emphasizes photos/videos, shoppable posts, and various ad formats (photo, video, carousel). ★ Website Essential for credibility, brand showcasing, digital marketing, and generating leads. ★ E-marketplace Connects buyers and sellers (e.g., Lazada, Shopee). Benefits: Brand awareness, customer reach, lower cost, additional support. ★ TikTok Marketing Popular since 2019, requires familiarity, target audience definition, and goal alignment. Affiliate Marketing Online advertising model where companies pay commissions to affiliates for promoting products. ★ Dropshipping Order fulfillment method without holding inventory. Benefits: Easy setup, low cost, quick to market. Limitations: High competition, low profit margin, lack of inventory control. Based on Quiz 5 on eLeap: The advantages of being a dropshipper are easy to set up business, reduce losses or damage goods and low cost and low risk. Using technology platforms to promote your product can be useful in helping you communicate your product to the customer and to stay in touch with the customer. Big and established companies like Ikea, McDonald, Tesla, etc., do NEED social media platforms (e.g. Twitter, Facebook, Instagram etc) either to communicate or promote their products. E-Marketplace provides a safe and trusted environment for both buyers and sellers, eliminates the middleman, saving money for both buyers and sellers, and ease of shopping or booking from the comfort of customers own home. I DO have to register my business with higher authority (e.g. SSM) if I were to sell my products through Shopee or Lazada since they did not require any business registration evidence. Company's online visibility has recently become one of the key factors in reaching more customers. Instagram Business Account allows the owner to access Instagram Insights to analyze the efficiency of the account. LU7: Digital Marketing (II) Smartphone Photography 1. Importance of Good Quality Photos: Essential for social media postings on platforms like Facebook, Instagram, and websites. 2. Factors for Good Photos: Clean lenses, use of grid function, suitable megapixels, horizontal camera position for videos, and use of tripod or gimbal. 3. Lighting: Use natural light, artificial lights, and darkroom techniques. Soft light for overall image appeal and hard light for premium contrast. 4. Photography Tips: Minimal and contrasting backgrounds, use of props, and the Rule of Thirds for composition. 5. Editing: Use photo editing tools like PIXLR and InPixio for light touch-ups without over-editing. Copywriting: 1. Definition: Persuasive writing aimed at getting customers to take desired actions. 2. Fundamentals: Attract prospects, create brand awareness, and convince readers to take action. 3. Formulas: AIDCA (Attention, Interest, Desire, Conviction, Action) and FAB (Features, Advantages, Benefits). 4. Research Techniques: Use forums, Facebook pages, surveys, and blogs to understand prospects' needs and language. 5. Elements of Copywriting: Understand the target audience, aim, desired customer reaction, benefits, features, and strategy. 6. Types of Copywriting: Hardsell: Direct approach for quick sales, includes urgency and Call-to-Action (CTA). Softsell: Indirect approach focusing on relationship building and trust. Teaser: Pre-launch campaigns to create curiosity without revealing the product. Tips for Effective Copywriting: Use engaging headlines and introductions. Emphasize benefits and advantages. Include testimonials and expert endorsements. Clear and concise CTA. Use emotional triggers and different styles based on campaign objectives. Based on Quiz 6 on eLeap: We have learnt the AIDCA model/formula/ framework in LU 7. We can apply AIDCA to write an effective Call to Action (CTA). Canva is an online editing tool which offers varieties of templates, size and resolution suitable for social media use, website banners and advertisement and also other types of online marketing materials. The objective of copywriting is NOT to create prospects' curiosity. To get a good photo image, a few fundamentals of photography that we must exercise are as follows: A good lighting source - it can be from natural lighting or artificial lighting Apply the rule of third in most of the cases Background - to ensure the focus of the viewer should be on the product rather than the background With the latest technology development, you can shoot, edit, and share videos of your products' advertisements/promotion using your smartphone. It is highly recommended to hold your phone horizontally when you record your video. This will produce a very nice portrait video. The importance of Copywriting include: Create brand awareness Convince and urge readers to take action Convince prospects to purchase your products Attract prospects Basic photography & videography techniques are appropriate to be applied and used for Instagram posting (image & video). The photo above is an example of an off-centred subject of a photographic image. This type of composition is highly recommended to get a beautiful and interesting photo, which is known as Rule of Third. This posting is available on Facebook. It is an example of Soft-Sell. LU8: Human Resources Management (HRM) Introduction to Human Resources Management (HRM): ➔ HRM involves various functions to manage employees effectively, including planning, recruitment, training, and performance management Human Resources Functions: 1. Human Resources Planning: Entrepreneurs need to plan their workforce carefully, especially when starting with a limited budget, and adjust staffing based on business needs as it grows. 2. Job Analysis: This involves gathering information about a job to create job descriptions and specifications, which helps in attracting the right candidates. 3. Recruitment and Selection: Companies must attract the right candidates and effectively select the best fit for job roles. 4. Training and Development: Identifying training needs is essential for improving employee performance and preparing them for new opportunities. 5. Performance Management: A system that involves ongoing communication and evaluation of employee performance to help achieve organizational goals. 6. Compensation and Benefits: These are critical for attracting and retaining employees and ensuring their loyalty and job satisfaction. 7. Occupational Safety and Health: Compliance with safety regulations is vital to avoid workplace accidents and legal issues. 8. Employment Laws: Entrepreneurs must adhere to various employment laws regarding workers' rights, leave policies, and termination procedures to avoid legal consequences. Based on Quiz 7 on eLeap: To get the most from your employees, as an employer, you should, in the first place, provide good strategy to enhance their professional and personal development. The department that hires, trains, and develops company employees is called the Human Resource Department. Rita has run a business for three (3) years already. She also already hired five (5) employees to help with her business. Rita thinks that her business can grow even more and there are possibilities to expand and open up branches in other states in Malaysia. She thinks she can no longer manage the business on her own. She should consider raising capital and using it to hire managers. As an entrepreneur, if I were to implement Occupational Safety and Health (OSHA) it would help me to avoid accidents at a workplace. Entrepreneurs DO necessarily pay attention to the information gathered during the job analysis in order to determine the salary of his/her worker. No matter the size of a business, the leader sets the tone/style for how the organization operates. If the leader is chaotic, chances are the business will be too. If the leader is well organized and efficient, the business may well be too. Performance appraisal is the formal process used to evaluate and support employee performance. When the process is done well it is valuable only for employers. Recognize outstanding employee contributions, recognize outstanding employee contributions and involve employees in the decisions that are related to their responsibilities and tasks are considered as an effective method for a manager to motivate employees. LU9: Operation Management Operations management can be defined as the management of resources (inputs), organizing and designing the transformation process (production processes) to produce products and services (outputs) to achieve objectives of cost, quality, quantity, time and safety. Location Planning: Choosing the right location is crucial as it can lead to higher sales, lower operating costs, and higher profits. Factors influencing location choice include proximity to customers, availability of infrastructure, and crime rates. Process Design: It involves selecting suitable machines and designing the layout for efficient workflow, safety, and process control. Production Planning and Capacity Management: Entrepreneurs must ensure production facilities meet sales forecasts and decide on production systems (automatic, semi-automatic, or manual). Inventory Management: Effective inventory management is vital to meet market demand without incurring high costs or stock shortages. The objective is to find the optimum inventory level. Quality Management: Quality is defined as adherence to standards and customer satisfaction. Benefits of maintaining quality include competitiveness, customer loyalty, and reduced operational costs. The cost of non-quality can be high, affecting reputation and profitability. The cause-and-effect diagram (Ishikawa Diagram) Operational Costs and Product Costing: The goal is to minimize production costs while maintaining quality, which includes direct materials, labor, and overhead costs. Based on Quiz 8 on eLeap: I want to open a self-service laundry shop in a residential area. According to the market survey that I conducted, it is a good location and has good prospects to attract customers. The flooring area is quite high enough for me to stack 3 layers of either the laundry machine or washing machine. However, I have to adhere to Occupational Safety and Health before making any decision to ensure the safety of my customers. The following describes a good location to open up a stationery store EXCEPT: close proximity to recreational areas. Yousouf plans to open a hipster concept Cafe. So, the Cafe's location and layout ARE considered as critical decisions as well as the cafe could offer delicious food. Jimmy has a small grocery shop in his community area. Jimmy must allocate some amount of money to ensure that the operation of his business runs smoothly, e.g. salary for his staff, shop rental, utility bills (i.e. electricity and phone), transportation, maintenance, and interest from his borrowings. These types of costs are called Overhead costs. All production, regardless of what types of business, must be fully automated to ensure customer satisfaction. Hence, if you plan to open a Chinese cuisine concept featuring authentic hand-pulled noodles, this business might not be successful, since it will not be able to attract customers and have low demand. [FALSE] Lola plans to open up a nursery to look after babies and infants. She has already identified a good strategic location for the purpose. Among other things that Lola has to do is to ensure that she has to comply with certain rules and regulations set by different authorities related to the nature of her business. Since her business is a service type of business instead of production/manufacturing, she can choose to ignore the layout design, capacity planning, safety and quality management. [FALSE] Nabil is operating a self service laundry in Kota Samarahan, Sarawak using his own brand Nabil Laundry. The main operation is using normal coins instead of laundry tokens. Nabil is furious that the business did not do well , as predicted after three (3) months in operations. Nabil highlights this concern to you and you advise Nabil to compare its business performance against that of other-self service laundry around Kota Samarahan and Kuching. You are actually advising him to perform a benchmarking. Cuci Clean owned by Mamat is a successful brand for household cleaning services in Shah Alam. The business mainly provides general house cleaning. The prime targets are busy working households. Recently Mamat saw an opportunity to produce dishwashing liquid and detergent using the same brand. He already contacted all the suppliers that could supply him with all the related raw materials e.g. chemicals, bottle supply, etc. However, Mamat must find a location to produce his new products. The key factors that Mamat must consider to open up the production plant for the new product can be the same for his current business service. [FALSE] LU10: Financial Planning Overview of Financial Management: Money is used for purchasing assets, paying working capital (salaries, rent, etc.), and miscellaneous expenses. Key components include project implementation costs, sources of funds, cash flow projections, profit and loss statements, and balance sheets ★ A basic financial plan includes the following: Step 1: Project implementation cost and sources of fund Step 2: Loan amortization Step 3: Depreciation of asset Step 4: Cash flow projection Step 5: Projected financial statement Step 6: Projected balance sheet Detailed Financial Aspects: Project implementation costs cover cost of assets, working capital, and other miscellaneous items. Sources of funds typically involve the owner's equity and borrowings. Loan amortization schedules detail the repayment of principal and interest. Depreciation indicates how asset value diminishes over time and is accounted for as an expense Financial Statements for a Business: Three (3) important statements that even a start up business should prepare: 1. Cash Flow Statements 2. Profit & Loss Statement 3. Balance Sheet Based on Quiz 9 on eLeap: Generally, in managing cash flow of a company, a positive monthly cash balance is a good indication that the business is on the right track or doing good. Entrepreneurs normally spend their money for paying for rentals and utility bills, paying for salaries and purchasing assets in order to ensure that their business is up and running and it is intended to. For my start-up business, business registration cost with SSM, marketing cost (e.g. printing banner and pamphlet) can be calculated and categorized as Miscellaneous Cost. Kim Jangkook found out that his business will face some cash shortages in the next three months. To ensure that the business can run smoothly, he needs additional cash resources/funds. He can do this either through further capital injection or borrowings. Alip Sukri discusses with his partner regarding the implementation cost that they need to implement their T-Shirt printing business. The following costs seems to be necessary to start their business: - Cost of Assets: cost of equipment and printing machine, renovation, furniture - Working Capital: rental, raw materials - Other miscellaneous items: business registration, rental deposit, contingencies etc Lala Losa has run a small Cafe next to her house since June 2021. She just realized that there are three (3) important statements that all businesses, including her start up business. The three statements are: - Balance Sheet - Cash Flow Statements - Profit and Loss Statements I have no experience in business before but this year I want to start my own baking supplies shop after working part-time as a general worker cum cashier in a popular baking supply shop near my house. The following sources of funds for a start-up business are most likely quite easy for me to get access to EXCEPT: Obtain loans from a financial institution. In a business organization, money circulates and flows to every part of the organization, including administration, production, marketing, and finance. If you own your own business you will need to know how to calculate your business profit. Which one is a calculation of profit? Total sales minus expenses. LU11: Ethics Importance of Ethics, Professionalism, and Social Responsibility: Ethics involve personal beliefs and practices such as honesty and responsibility. Professionalism refers to competence and adherence to expected standards in performing tasks. Social responsibility means actions should benefit society and the environment without causing harm Ethical Problems ❑ Categories of ethical conflicts fraud, finance, confidentiality and honesty ❑ Major factors that can cause ethical problems in an organization: – lack of integrity, – organizational relationship problems, – conflicts of interest, and – unclear policies Social Responsibility & Sustainable Development ➔ Social responsibility often means organizations or individuals practising good ethical principles and acting as exemplar citizens. ➔ Engaging in ethical practices enhances corporate image and competitiveness. ➔ Sustainable development emphasizes meeting current needs without compromising future generations. ➔ Initiatives like the Eco-Biz Dream Project by Alliance Bank and Shell's community programs exemplify corporate social responsibility. ➔ Entrepreneurs should focus on reducing pollution and waste while being energy-efficient. Based on Quiz 10 on eLeap: Factors that can cause ethical problems in an organization: - conflicts of interest - organizational relationship problems - lack of integrity Professionalism means a person is competent and qualified to do a specific task, and he undertakes to do the task in the manner that is to be expected from a competent person. Hence, being judgmental towards other employees does not fall into the category of being a professional employee. Trevor Parsons just took a job with Twitter. As part of his employment contract, Trevor signed an agreement that states that he will not disclose any of Twitter's trade secrets. The agreement that Trevor signed is called a nondisclosure agreement. Most Muslims in Malaysia prefer to consume food that has halal logo and certification. This is to conform with their religious belief and teaching. Lambchop is a signature dish in Pak Donal 's Cafe. You and five of your friends went to the cafe to try the dish after staying up late from the office. You came a bit late, about 9.50 pm, just about 10 minutes before the operating hours ended (i.e. 10.00 pm). Pak Donal explains that it will be about one hour of waiting time in order to defrost and grill the meat as they are already running out of defrosted meat. He suggested that I and my friends come over some other day as it might not be convenient for us to wait. As a customer, I think that Pak Donal is being honest and practicing good ethical and moral conduct by explaining the situation to us. Examples of CSR can include financial contributions to not-for-profit community organizations, supporting volunteerism, and in-kind donations. One recommendation for ethical leadership is that organizations need to put into place a documented procedure for dealing with ethical challenges. Entrepreneurs have to embrace ethics, professionalism and social responsibility in order to achieve profit objectives, as well as social obligations. LU11: Personal Financial Management (FM) Personal Financial Management: This involves budgeting, saving, spending, and investing monetary resources while considering financial risks and future life events Objectives of Personal Financial Management: To manage personal finance effectively to achieve financial goals. To recognize and avoid common financial mistakes and pitfalls. Common Mistakes in Financial Management: ➔ Failure to plan financially. ➔ Lack of financial discipline leading to impulsive spending. ➔ Poor savings and investment strategies. ➔ Poor borrowing decisions. Based on Quiz 11 on eLeap: It is highly advisable for you to list down and take into account the 'important but not urgent' list of expenses as your guide in managing your financial planning and budget. Examples of this type of expenses include the following EXCEPT Netflix or Astro subscription. You are considered receiving passive income from a mutual fund dividend. Bella went out with her friends last week and did not plan to buy anything since she is on a tight budget. However, she ended up buying one dress, one skirt, and one pair of trousers just because they are nice and there is a sales promotion (i.e. 30% price reduction). Bella's action can be considered as an impulse buying decision. My net income is RM2500 a month. I live with my parents, hence I do not have to pay for house/room rental. My fixed expenses (i.e. hire purchase installment, health insurance premium) amounted to RM800 a month. My variable expenses (i.e. food, clothing, entertainment) normally amounted to RM1600. I only set aside RM100 a month for my savings. For the meantime, I did not do any part-time job or business to get extra income. After attending a short personal money management seminar, I wish to increase my savings up to 15% of my net salary. The best options that I have can be as follows EXCEPT reduce food consumption, and plan to eat only once a day. I think I should NOT prioritize setting aside the money to subscribe to Spotify so that I can listen to the music while doing my assignment rather than spending the money to buy healthy food. How you manage, spend, and invest your money will HAVE any profound impact on your life either on the short or long term basis. As a student, I have to learn proper cash flow management to ensure that I will always have sufficient funds to pay my expenses related to my student's life. When you have a stable income, either from your salary or your business, it is highly advisable for you to save at least 10% of your income but preferably 15%-20%. Ah Kiong and Swee Lan plan to get married in eighteen (18) months' time. They understand they need quite a lot of money for their wedding ceremony and preparation. The last options that they can do to 'fund' their ceremony are crowdfunding from the public and borrowing from shark loan providers.

MPU3222 Foundation of Entrepreneurship Cultivation Quick Notes PDF

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