You are on page 1of 3

INDUVIDUAL REPORT

NAME : KARANN RAJ A/L SELVARJOO

CLASS : 4 AEM 6

ID : 53106116052

NRIC : 980620-56-5413

GROUP : 7

LECTURE : SIR HANIS BIN A AZIZ


INDIVIDUAL REPORT

In Introduction to Entrepreneurship course, I have been learned about the purpose of


business analysis. Helps determine if the target market identified during feasibility analysis is
favorable for the business. Creates wealth for nation and for individuals as well all individuals
who search business opportunities usually, create wealth by entering into entrepreneurship. The
wealth created by the same play a considerable role in the development of nation. The business
as well as the entrepreneur contributes in some or other way to the economy, may be in the form
of products or services or boosting the tax contributions. Their ideas, thoughts, and inventions
are also a great help to the nation.

Otherwise, I also learn about the importance of entrepreneurships. Entrepreneurship


provides self sufficiency the entrepreneur not only become self sufficient but also provide great
standards of living to its employees. It provides opportunity to a number of people working in
the organization. The basic factors which become a cause of happiness may be liberty, monetary
rewards, and the feeling of contentment that one gets after doing the job. Therefore the
contribution of entrepreneurs makes the economy an improved place to live in.

Furthermore, I has been learn about the starting process of a new business and type of
business. Example, Bank Negara Malaysia (BNM) issued a circular on the new Small Medium
Enterprise (SME). There are two type classifications of sectors in SME. Manufacturing’ refers
to physical or chemical transformation of materials or components into new products. Other
hand, Services’ refer to all services including distributive trade; hotels and restaurants; business,
professional and ICT services; private education and health; entertainment; financial
intermediation; and manufacturing related services such as research and development (R&D),
logistics, warehouse, engineering.

In Malaysia, the four most common forms of business entities are Sole proprietorship
(Enterprise), Partnership, Private Limited Company and Public Limited Company. The sole
proprietorship type of business entity is one of the simplest and cheapest forms of business
entities to form. A Malaysia company that is registered as a sole proprietorship is only required
to pay an annual fee to the Companies Commission of Malaysia to keep the business renewed
every year. Sole proprietorship companies do not need to submit audits or do annual filings for
the business. A Malaysia company partnership works in a similar way to the sole proprietorship
concept. The only thing that differentiates the two entities is the partnership arrangement
involves more than one owner, hence the name partnership.

Private Limited types of business entities are known very commonly in Malaysia as Sdn
Bhd’s. It is the most common type of business entity in Malaysia because of it has a separate
legal identity and it can acquire assets, go into debt, sign contracts, liable to suing or being sued
and it has a perpetual succession until the directors and shareholders decide to dissolve the
company. A private limited company is also a much more credible business entity. Private
limited companies in the Malaysia are the preferred business structure, especially when it comes
to conducting B2B type of business dealings.

Public Limited company entity involves the liability of the members being limited to the
amount which the members have undertaken or guaranteed to contribute. This business entity is
commonly used by non-profit organizations, such as foundations and charitable bodies.

Finally, I have learned about what is the importance and purpose of a business plan. A
business plan is an important tool for managing and growing for business. A well-designed plan
lays out a vision of growth and the steps needed to get there. A plan is also an essential
communications tool for attracting financing for the business as well as managers and staff as for
business grows. The primary purpose of a business plan is to define what the business is or what
it intends to be over time. Clarifying the purpose and direction of your business allows
understanding what needs to be done for forward movement. Clarifying can consist of a simple
description of the business and its products or services, or it can specify the exact product lines
and services you'll offer, as well as a detailed description of your ideal customer.

In conclusion, the entrepreneurial traits which is open culture, outcome oriented, team
oriented, proactive, networked, open risk taker, observant, visionary and failure is an option are
important meanwhile every entrepreneur must have these characteristics when they carry out the
business. Those successful entrepreneurs applied their characteristics well in their businesses.
We can use all entrepreneurial traits to successful in entrepreneurship in our life. So, we should
learn from them and look to them as role models towards a successful life.