Conclusion

Problems Encountered

 We had no prior business experience as new entrepreneurs because we were starting from
scratch. We lacked the proper marketing strategy, planning, and guidelines for positioning
our goods in the market. As a result, we promote our goods on social media platforms such
as Facebook and Instagram in order to attract customers' attention and inform them that
our product is now accessible.
 Current pandemic situation was the biggest obstacle we had to tackle so that we could excel
in our business. It was hard to gather all members during the meeting, and we had to
consider other’s time schedule as well to communicate on our business plan. WhatsApp
group and video calls was the most platforms we used in order to update our business
progress frequently.

Lessons

 Planning a Business
 We learned how to plan a business while studying this subject. We defined our business by
determining what product we want to offer, who our client is, how to differentiate our
product, what price we should charge for it, and what our key competitive advantage is. A
good business start is always accompanied with a well-thought-out plan. If we have a better
strategy in place, we can avoid making mistakes that result in unwelcome deficits or material
waste. A good plan calls for a well-organized working group as well as a group of productive
employees.
 Financial report
 We discovered that having a financial report for a business is crucial since it allows us to
forecast the future health of our company and identify opportunities for expansion or
growth. Financial reports are also necessary to guarantee that cash inflow and outflow are
occurring as they should be and that the organization is not losing money. When we have all
of these financial statements, we can monitor the company's financial situation.
 Team spirit
 Teamwork is essential for success; a high-performing and productive team stands out from
the crowd. When we have a strong attitude of teamwork, all business planning will go off
without a hitch. As a team, we thought that everyone would do their task to the best of their
ability, therefore our work was always completed to our satisfaction.
 Uniqueness
 We've figured out how to stand apart. We've made an impression. We need to set ourselves
apart. When we're first starting out, the most important thing we'll be vying for is attention.
Nobody will pay attention to a firm that is doing exactly what everyone else is doing.
Because we know that some groups are selling the same product as us, we decided to add
another topping to differentiate ourselves from the others.

Chocoplanet’s Chocojar was formed as a result of our participation in Madam Tengku Farrah
Maimunah's Basic Entrepreneurship (MPU3223) course. Our seven-person group has learned the
genuine fundamentals of entrepreneurship through a fourteen-week lecture session as well as
hands-on experience with the basics of planning and carrying out the operations of a successful firm.

We've learned that there are a lot of things to think about before diving into the competitive world
of business. We've realised that, in addition to assessing what items or services should be offered,
we also need to examine the wants and wishes of the present client profile. Customers are a
company's most valuable asset, and we must first grasp who they are and what they want before
introducing what we wish to provide.

When we know who our target clients are and what their needs are, we can properly plan how the
business should be created and implemented. The right company identification, such as the firm's
name and logo, as well as the company's vision, mission, and cash flow, must all be properly
designed in order to achieve our goals with the greatest efficiency. With detailed planning and a
clearer image of how the company's operation will be handled, potential dangers and flaws can also
be identified and overcome.

We've also learned the value of determination and the resolve to succeed in our business as a result
of this course. We've learned the right attitude to have in order to be a successful entrepreneur and
the sacrifices that come with it.

Finally, we feel that MPU3223 has implanted the proper ideologies and techniques in us as
University Malaysia Terengganu students, allowing us to take another step toward being successful
entrepreneurs. Or, at the very least, to think about it.