REFLECTION ON FS:

After four weeks of conducting Feasibility Study (FS) for our product, I have
learned that establishing a business, as well as, sustaining a business is not
that easy. As a future business entrepreneur, I realized how imperative it is to
do basic market research or do surveys before starting a business, since this will
give me a foresight about my place in the market; like how important it is to keep
track of trends and competitors and process, products and services. In this way,
I will understand how I fit into the market.

Moreover, I have thought of factors which play crucial role in putting up a

business, such as: product, customer, pricing, promotion and distribution. It is
very important to examine what you are selling and how it competes with similar
products in the market, for example what are the features, advantages and
benefits of your product compared to competitors. I realized that I should offer
something different or what we call as “unique selling point” of a product. It has
donned on me that it is in the degree of difference that a product will get noticed,
like getting an impressive perception from customers. Aside from that is very
important to consider what differentiates your product from competitors, and
why should people buy from your product. Like for example, if a cupcake is
infused with healthy ingredients, thus will give health benefits to the buyers, it
will likely get noticed in a health conscious environment (e.g. hospital canteen,
schools).

According to a veteran business entrepreneur, “price is never the only reason

people buy”. He also said “if your competition is beating you on pricing because
they are larger, you have to find another sales feature that addresses the
customer's needs and then build your sales and promotional efforts around that
feature”. Like for example, what will make the people come back for the cupcakes
that I am selling. Does my cupcake have superior advantage over other desserts
in the market?

With all of the things mentioned above, I have gained deep understanding that
in order to survive in the arena of business world, I must be innovative and
competitive. Innovative in a sense that I must be willing to change and keep track
with the pace of modern trends. Also, competitive in a sense that I should always
endeavor to really put myself on the customer’s shoes so that I will know what
they really need and what will make them choose my product.

Above all, as a future business entrepreneur I must possess effective leadership

ability. As John Maxwell said in his book on leadership 101 “Your leadership
ability—for better or for worse—always determines your effectiveness and the
potential impact of your business”.