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Fundamentals of Entrepreneurship - Assignment

   

Added on  2021-07-02

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FUNDAMENTALS OF ENTREPRENURSHIP (ENT300)BUSINESS OPPORTUNITY REPORTPREPARED BY: FACULTY COMPUTER SCIENCE & MATHEMATICS‘NFW BEYOUTIFUL SKINCARE’NUR FARAH WAHEEDA BINTI CHE AZIZ2018270738PREPARED FOR:MADAM FADHILAH MOHD ISHAKSUBMISSION DATE:12th May 2020

TABLE OF CONTENT1Identified Business Opportunity Selected2Evaluation of Business Opportunity3Business Model Canvas (BMC) and explaination4Conclusion

1)Business Model Canvas (NFW BeYouTiful SkinCare) Starting a production business is not same as starting a service based business; it is always more expensive and to a larger demanding to launch a production company. The fact that I want my products to compete with similar products in the market place means that I would have followed due process and product testing at all before pushing my product to the marker. If I am certain I have a winning formula when it comes to producing effective skincare products, products that has been tested and proven to meet the requirement for such products, then I should consider launching my own skincare line. It is a business that is still pretty much open for investors to come and compete for the available market in the country I intend launching the business. Over and above, if I have decided to start a skincare production company, then I should make sure that you carry out thorough feasibility studies and also market survey. This will enable you properly locate the business in a community or city with the right demography; a location that can readily accept my products. Below is a sample skincare production company business plan that will help me to successfully launch my own business. NFW beYouTiful skinCare is going to run a standard and licensed cosmeceutical skincare production company whose products will not only be sold in Malaysia. We are in the cosmeceutical skincare production industry to make profits and also to give our customers value for their money. We will ensure that we do all that is permitted by the law in the Malaysian State to accomplish our business goal and objective. These are some of the products that we will be offering;Producing NFW CleanserProducing NFW ScrubProducing NFW MosturizerProducing NFW free alcohol TonerProducing NFW SunscreenProducing NFW Serum

This is Logo of ‘NFW BeYouTiful SkinCare’ “ Bringing you the best of nature from around the world “

2)Evaluation of Business OpportunityCriteriaBusiness Opportunity 1Can make money and has potential for growth******Less competition**Good fit between entrepneur and opportunity-experience-knowledge and skill-interest -financial*****************Has competitive advantage******Workable and efficient*******Not against the norms and values of the community*****Conform with laws and regulations******

1.Can Make Money And Has Potential For GrowthFirst of all, the global skincare products market is expected to exhibita steady growth during the forecast period as the market is significantly fragmented. A wide variety of skincare products are available in the market in the form of multiple brands. A growing demand for natural and organic products is expected to drive the demand for skincare products further. Customers have begun to opt for skincare products that are free of synthetic chemicals, parabens, fillers, or additives. Moreover, increased air pollution levels worldwide have resulted in a rise in demand for skincare products for facial care and body care over the years.It is also can make moneyin the beauty care industry is through the importation and exportation of beauty care products. The one in particular is a bit complex because you have to undergo some necessary steps and obtain licenses before youcanbe fully established as a beauty careproductexporter or importer.2.CompetitionMy competitors most certainly have a place in my skincare business plan. I, as a founder, might bring a unique perspective to your brand so in one sense I have uniqueness built into the foundations of my beauty business. That said, I need to keep a close eye on the movers and shakers in my niche and in particular at my product range’s price point. Knowing my competitors keeps me on my toes and is information any investor will ask for, up front and early on. It can be frustrating at times to research my competitors as their websites might be speak and not give much away. Look for interviews with the founders and follow them on all their social mediato glean more. Competitor research can help me to identify areas where my brand can thrive and can show my more effective ways to grow customer loyalty and build my business. See what they are doing so that I know what’s working for them and what isn’t. Write a list of their strengths and weaknesses to see where I can do better. Ialso need to know where to position yourself in comparison to my competitors.

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