Fundamentals of Entrepreneurship (ENT300) Business Opportunity Report

This report, prepared for the Fundamentals of Entrepreneurship (ENT300) course, presents a business opportunity report for 'NFW BeYouTiful SkinCare,' a cosmeceutical skincare production company. The report begins with an identification of the business opportunity and an evaluation based on criteria such as market potential, competition, and the entrepreneur's fit. It includes a detailed Business Model Canvas (BMC) outlining key partnerships, activities, value propositions, customer relationships, customer segments, key resources, channels, cost structure, and revenue streams. The evaluation section highlights the growth potential in the skincare market, the importance of competitor analysis, and the competitive advantages of the proposed business. The BMC provides a comprehensive overview of the business's operational and financial aspects, from suppliers and manufacturers to customer segments and revenue models, aiming to establish a profitable and customer-centric skincare line. The report emphasizes the importance of product quality, customer satisfaction, and adherence to legal and social norms.

FUNDAMENTALS OF ENTREPRENURSHIP (ENT300)
BUSINESS OPPORTUNITY REPORT
PREPARED BY:
FACULTY COMPUTER SCIENCE & MATHEMATICS
‘NFW BEYOUTIFUL SKINCARE’
NUR FARAH WAHEEDA BINTI CHE AZIZ
2018270738
PREPARED FOR:
MADAM FADHILAH MOHD ISHAK
SUBMISSION DATE:
12th May 2020

TABLE OF CONTENT
1 Identified Business Opportunity Selected
2 Evaluation of Business Opportunity
3 Business Model Canvas (BMC) and explaination
4 Conclusion

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 Cleanser
 Producing NFW Scrub
 Producing NFW Mosturizer
 Producing NFW free alcohol Toner
 Producing NFW Sunscreen
 Producing NFW Serum

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

2) Evaluation of Business Opportunity
Criteria Business Opportunity 1
Can 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 Growth
First of all, the global skincare products market is expected to exhibit
a 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 money in 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 you can be fully
established as a beauty care product exporter or importer.
2. Competition
My 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 media
to 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. I
also need to know where to position yourself in comparison to my
competitors.

3. Good fit between entrepneur and opportunity
Experiences :
For my experience, I was join be as an agent for product Loveliee by
AsyaaLie for two years. So based on my experience when I was be
an agent, I have got t more knowledge about skincare product and
also I already known about the marketing’s strategy. So because of
that, I like to do my own business and I would like to try to make my
own product and can improve the ingredients on my skincare
product.
I also have two yaers experience as assistant manager working at
Avon Cosmetic.
Academic Qualification :
Bachelor (Hons) in Business Management
Master in Business Administration
Courses Attended :
Bachelor (Hons) in Marketing
Skills:
Basic skill Counseling Microsoft Word, Microsoft Excel, Microsoft
PowerPoint, goog in Adobe Photoshop, Adobe Premiere Pro,
excellent in Communication Skill.

Interest:
When I learn to formulate natural skincare, I create a diversity of
products without much thought about how they fit together as a
range or as a beauty routine for customers. When I think like a
business, I need to understand very clearly what I am selling and
what proposition my products offer my target customers. While it is
possible to launch with a single product, and there are well-known
examples of beauty brands with only a ‘hero’ product to their name,
it might make better business sense to be able to cross-sell or up-
sell products within a range. Customers are used to using multiple,
complementary beauty products in combination.
Financial:
My range also has financial implications so I need to decide how
many products to launch with and which create a minimal viable
range that makes sense for my budget and for my customers’
needs. Above all, your cosmetics’ range will need to demonstrate it
has a place in the market and how it improves I am.
4. Has Competitive Advantage
When a small business markets its competitive advantage, the
company must ensure this advantage is specific and not too vague
for customers to appreciate. For example, I don’t promise with my
customers will ship out their orders as fast as I can. Make the
advantage clear and easy to grasp. Promise to ship all orders made
before 4:30 pm on the same day they were ordered and I have an
advantage customers can easily understand.
Simply saying I have the best customer service isn’t going to
translate into a competitive advantage. However, initiating a unique
policy that directly benefits your customers will certainly count as a
competitive advantage and will be the reason people choose your
business over my competitors.
The key to successfully gaining a competitive advantage is to make
a clear, concise and easily recognizable distinction between my
business and others in your industry. To be easily recognizable, the
advantage must be demonstrable and easily proven to customers.

5. Workable and efficient
We strive for maximum safety and maximum results. Our research
team has developed some of the most advanced skin care formulas
currently on the market, each containing a specialized blend of the
most efficient and effective ingredients known to the industry. Above
all else, we believe you shouldn’t have to worry about what is in your
skin care products. All of our formulas are developed by professional
researchers and chemists with your safety and health in mind.
6. Not against the norms and values of the community
My product operates on laws and social norms. They were created
to reduce chaos and to build the modern world we live in. However,
similar to being at the mercy of our caveman tendencies when we
aren't in caveman days, we often make decisions based on what
everyone around us wants us to do, rather than doing what is right
for us.
If you are navigating your professional life by these seven norms,
you are setting yourself up for one type of success: normal. For
those of you who want to break barriers with your impact and your
career, take note of the alternatives
7. Conform with laws and regulations
My product hav federal laws, and the regulations put into place to
enforce them, dictate how skin care products are made, advertised,
used and sold. Professional regulation, and what it entails from state
to state, has also become a significant part of the professional skin
care industry as a whole.

Key Partners
- Solo Partner
- Suppliers : Beauty
Product Maufacture
- Designer to design a
packaging
Key Activities
- Research and development :
Obtain new knowledge
- Promotion strategy and
marketing strategy
- Process of improvement and
advancement
Value
Propositions
- Delivering to the
customer is the
value of health
and baeuty
- Free alcohol
Customer
Relationships
- Delivering a
consistent
customer
experience
- Gathering
customer feedback
- Listen to
customers and
respond
- Give
customers free
information
- Communicate
frequently
- Creating
customer advocates
- Give discount
during Public
Holiday or Hari
Raya
Customer
Segments
- All of people can
purchase this product
Key Resources
- Brand labelling of the
product
- considerable amount of
energy and have a
significant impact on
product quality, therefore,
improving ingredients
should be an important
objective for
manufacturers.
- Human Resources
Channels
- Offline
- Online
- Website
- Television showing
buying/selling
Cost Structure
- will be paying the chemists to find the best
ingredients for my skin care products.
- budget should be allocated for advertisement to
build consumer awareness.
- Market Share and Consumer Base
- Competitors and Clutter
- Advertising Frequency
- Product sustainability
Revenue Streams
- pay include their value of
loyalty and trust with the product
- Payment via bank transfer,
cash, credit cards, online bank transfer,
check, mobile money transfer
- Provide COD
3) Business Model Canvas (BMC)

3.1 KEY PARTNERS
My suppliers is a beauty product manufacture that fast Halal and
have ISO Certificate. I dealing with them to make a healthy product
because I want to make sure my customer have a good service from me
and get a healthy skin with my product. My supplier’s motivation are to stay
in all organic and all nature product
Designer, Engineer & Manufacturer
The industrial packaging and ingredients that we provide are
specially designed with multiple function. Therefore, a designer in my
company plays an important role because they are a person who
conducting a main product or undertaking whose profession in preparing
sketches, plans, drawings or models of the skin care product to be used, or
could reasonably be expected to be used at a workplace including
variations to a plan or changes to the machines, and making decisions for
incorporation into a design that may affect the health or safety of people
who manufacture, use or carry out other activities.
For my skin care product, the manufacturing process begins with the
product design, and materials specification from which the product is made.
These materials are then modified through manufacturing processes to
become the required part. Manufacturing Engineering is a branch of
professional engineering that shares many common concepts and ideas
with other fields of engineering such as mechanical, chemical, electrical,
and industrial engineering. Manufacturing engineering requires the ability to
plan the practices of manufacturing; to research and to develop tools,
processes, machines and equipment; and to integrate the facilities and
systems for producing quality products with the optimum expenditure of
capital.
Besides that, the designers are include design professionals like
engineers, industrial designers and designers of the machine systems. A
person will also have the duties of a designer if they change the design
during manufacture or change existing plan so that new measures for
controlling risk are needed.

The packaging is designed based on the raw material that have been
used, the ingredients used .Besides that, a variety of factors also were put
into consideration before the design of the skin care product was done.
Suppliers
In order to achieve the target market, the supplier in our company
are very allowed because they play a vital role to ensure our product can
achieve the desired goals. The relationship between supplier and our
organizations are built on a solid foundation of value to provide our good
quality product to the customers directly. The growth and the vision of our
organization depend heavily on the values that the suppliers can offer. The
supplier also contribute significantly in provides source of competitive
advantage towards our company to achieve the desired goals.
My supplier comes from various types such as wholesaler and
distributor, importers and exporters and dropshippers. They basically have
their own platform in promoting the product to meet and attract their own
customer with the strategies planning. The role of importer and exporter’s
suppliers will purchase products from manufacturers in one country and
either export them to a distributor in a different country, or import them from
an exporter into their country. Some may travel abroad to buy direct from
suppliers in another country. While for dropship’s suppliers, they will supply
the products from single or multiple companies that will deliver direct to the
buyer once they have made the purchase from your business. This can be
cost effective as it eliminates the need for storage or display of the items
for sale. In order to making the best profit, we are very considered in
choosing the best supplier. The ethics and legal compliance of the supplier
will need to meet the requirements of our customers. This will ensure we
are working with a supplier who has a high level of integrity, and that you
can trust. Good suppliers will be compliant with regulations and systems.