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Preliminary Idea Task: 1 Title of Proposed Idea: The Risk of Setting Up A Business Name of Candidate: Pooja Shukla Acknowledgement

By Candidate:

Index No: Date Submitted: 18 April 2011

Name of Supervising Tutor: Miss Veron Kho/ Mrs Sharie Acknowledgement by Supervising Tutor:

Word Count: 495

Choice of Topic: Risk: to venture upon, take or run the chance of exposure to injury or loss. I chose Risk as people are unaware of dangers. They neglect researching before travelling overseas. Their decision of when and what is critical for their safety. Example: Only one in ten kidnappings is reported. The worst place is Colombia, where ten people are snatched off the streets and from their beds every day

Positive Effects: 1Inherit skills from people in the same field, adopt it and share the

knowledge in own country.

2-

Widen social network which will enable allow to tap on information -

become more efficient.

Negative Effects:

1-

Externalities - crime rates can harm the safety of an entrepreneur.

2-

Adapting would be difficult as people are not used to the new environment.

Lessons Learnt:

1- Crucial to pre-plan activities

2- Be actively responsible

Future Risk: Setting up a Business More youths are becoming entrepreneurs. 'From 2000 to 2009 - the number of start-ups formed in Singapore increased from 37,000 to 50,000.' - Mr Lee Yi Shyan Minister of State for Trade and Industry and Manpower.

Target Audience: Students who are doing their business diploma in local polytechnics.

Rationale: The latest Civil Law (Amendment) Bill has just revised the age at which one can start and run a business from 21 to 18. This will encourage more youths to take up entrepreneurship, so I need to raise awareness of risks. Its a platform to showcase their abilities and ideas so it needs exposure Working in the same field will allow gaining ideas and skills of others, ultimately boosting productivity

Proposed Idea:
1- Run a crash course in the local polytechnics on the positive and negative

effects. 2- Invite them to be part of MI Entrepreneurship Day in which they will have their own stall selling products designed by themselves. Each school will have 3 groups of 5; 15 stalls in total. Assuming that the students patronize their stall, set up will be in hall and netball court, which will require funding. 4- My teams is registering for Okto Bites, a compilation of short clips. I will be able to post everyday procedures and the consequences of chosen actions (to cultivate responsibility) and link them to social networking sites. eg Facebook.

Feasibility and Management:

1) -

Liaison with statutory boards of the polytechnics. I will need to convince them that this is crucial as youths are unaware, show my own research through surveys.

2) -

Inviting a local entrepreneur to give a speech on his knowledge in the field. Already proposed and he has agreed.

3) -

Inviting them into my school My team and I will write to the Principal and ask permission for them to be allowed in. Taking into consideration the safety issue of screening individuals entering.

4) Cooperation would be needed from Okto for clip submission sent an email and they liked the idea of youth entrepreneurship

Accessibility of the Information Required: Area Of Information - Number of students enrolled into the business diploma of local polytechnic - Feedback from crash course and MI Business Day - Profit and loss of MI business day Method Of Obtaining Information - calling polytechnics - surveys filled in by crash course participants - calculate profit and loss

References: - http://dictionary.reference.com/browse/risk - http://www.monolith.com.au/passport/ - http://www.news.gov.sg/public/sgpc/en/media_releases/agencies/mti/speech/S20101130-2.print.html?AuthKey= - http://www.youngupstarts.com/2009/01/20/youth-entrepreneurship-insingapore-gets-boost-makes-you-wish-you-were-young/