Coursework 3093

This posting is to recap some of the things mentioned during the first week of lecture.

Coursework for BBDM3093 consists of the following:
CW1 Uploading of Executive Summary to Facebook (20 marks - group assessed)
CW2 Business Model Proposal (40 marks - group assessed)
CW3 Presentation of the proposed business model (40 marks - individually assessed)

Assume that you are writing this business model to a rich aunt of yours whom you hope to impress. You are contemplating the possibility that she may become your angel investor, since you have quite a pretty close relationship with her. Hopefully, she may come back to you for a more detailed business plan later. Your aunt is a simple woman and educated only up to secondary school level. She has accumulated her wealth through a combination of hard work, business acumen, and sound investment principles - a very down-to-earth, straight-talking woman - just say it as it is.Your business model proposal write-up to her should be written in simple, direct, and easy-to-understand style. You are not doing a piece of academic writing to be submitted to your professor. Do not indulge yourself in a fit of theoretical frenzy and write about all sorts of strategic theories which serve no purpose other than to drive your dear aunt to the madhouse.

You should discuss your business model proposal based on four areas:

• core strategy
• strategic resources
• partnership network
• customer interface

Most important element to be discussed under core strategy would be your basis for differentiation. How do you differentiate your business from your competitors? Differentiation is important - otherwise, why should consumers buy from you? They buy from you because you are different - you are able to provide them with something that your competitors don't. I'm a Dell customer because I want to pay only for components that I need. I'm a Maybank account holder because it provides convenience by having the largest network of ATMs. I study in TARUC because I have no choice!! (1. LOL, private joke with one group of students - please ignore! 2. Or is it because TARUC is so strongly differentiated that you don't really have to look at our competitors?). Differentiation can be in many forms - in terms of the design of the product, service given to customers, distribution channels, payment methods, etc. Use your creative thinking. Take a walk - go to a shopping mall, observe the many businesses there, ask yourself how you can do things differently and add-value for customers.

Under strategic resources, there should be a good discussion on core competencies. It refers to what you can do best that your rivals cannot match. It is your core competency that gives your business the competitive advantage to achieve more sales. Your core competency may be a tangible or an intangible asset. Ensure that this core competency is possessed only by you and not your competitors, at least in the short run. Of course, your core competency could be eroded in the long run. Therefore, it is in the interest of a business to create new core competencies from time to time in order to defend or grow its market share.

Partnership network considers the relationship between your business and suppliers, as well as other business partners. Emphasis here should be on how you intend to build relationship between your suppliers and you. Sound relationships with suppliers will ensure that you get your raw materials or other merchandise at fair prices and punctual delivery schedules. You may also wish to establish networking with environmental groups, consumer associations, government agencies, educational institutions, etc. All these relationships are crucial to ensure that there are no negative effects on your revenue.

Similar to partnership network, the last section, customer interface considers the many ways that you connect with your customers. You may want to use a mix of various social media platforms to connect with customers. It is advisable also to consider the use of CSR initiatives to create a positive corporate image. Building relationships with customers is important because they are your best promotional tools. Satisfied and delighted customers will help promote your products to their friends. Word-of-mouth, I would say, is the most effective promotional tool. Why do I buy a Myvi car? Because my friend told me it's good - not because of any advertisement I watched.

Therefore, guys, put on your thinking cap - think creatively. Open your eyes, observe the many business models around you. Come up with your own unique model. Don't procrastinate. Start working on your assignment now. Any questions you have, you can put in the comments section below, and we can have a discussion here. Cheers, enjoy your weekend!!

BBDM3093 Entrepreneurship Exam Postmortem - What Happened?

Another exam session finished and done with - now waiting for the Board of Examiners to confirm the set of results. For BBDM3093 Entrepreneurship, this is only the second time that we had the examination. The first time was last semester, the exam being taken by RCA, RIN, and RHR. This round, students from four programmes took the exam - RPA, RLM, REC, and RMK. The outcome is highly satisfactory, in terms of the passing rate (inclusive of coursework), but let us wait for the confirmation by the Board of Examiners before announcing it. As of now, let me just give you a feedback of what you had done for the exam.

Question 1(a) asked on the myths of entrepreneurship. I would say that you have done well, but not excellently. You have demonstrated an understanding of the subject matter as well as the ability to relate to the case study. Your answers are almost too mechanistic to me - explain and relate. Shows that you have studied your notes, listened to your tutors, and read my blogs (ha!!). But, nothing beyond that - you have not read widely, you have not shared your thoughts, you have not been "original". Okay, to be fair to you, you were too bogged down with coursework and you were simply just struggling to stay alive!!! I did come across one script where the candidate wrote one full page for each myth - there's one answer book for the five myths asked. The discussion was so thorough, that I simply had to give full marks. And this candidate managed to provide equally thorough answers for all the questions. One of a kind!!!

Question 1(b) touched on the success factors as experienced by Tan Sri Lim. Some candidates wrote on general success factors which were not related to the case. These candidates got very low marks. The instruction verb used in the question was "evaluate". Just explaining what a particular success factor is, is not sufficient. You should "evaluate" - can an entrepreneur do without this factor; is it really crucial to the success of an entrepreneur? For example, take integrity as a success factor. Besides explaining just briefly what integrity may be, you should also give your view as to what may happen to an organization if the integrity factor is not present. How would it affect relationships with stakeholders? Answers given by many candidates were generally scanty and lack depth. It is important to pay heed to the instruction verb. Otherwise, your answer lacks the adequacy to be awarded an excellent grade.

Question 2(a) required candidates to determine the source of the innovative idea and the type of innovation. There is no right or wrong answer, just that your explanation has to be well-justified. Most candidates picked process needs and perceptual change as the sources. As for type of innovation, many were on the side of invention and synthesis. Whatever, the important thing is to give sound reasons as to why you said it is this or that. Some candidates gave a whole list of possibilities - there is no necessity to do this; the instruction verb is not "discuss". It becomes a discussion if you are exploring so many angles.

Question 2(b) only needed you to outline some ways to create a climate of creativity in an organization. Because the instruction verb is "outline", you are just required to describe some proposals. It is not necessary to give a lengthy explanation. Most candidates were able to get high marks for this question. Still, there were some candidates who gave the stages of creative thinking as the answer!! I wonder what it is in the question that influence them to think that this is what was asked!!! Something not right upstairs!!!

Question 3 asked you to propose a marketing plan in order to increase the number of foreign students. Many who chose to answer this question got below average marks. Some proposals were to increase the student enrollment, which was not what the question wanted. You should propose the marketing goals (must be SMART), the type of segmentation to apply, the target market to focus on, and the marketing mix strategy. Common weaknesses - goals were ambiguous, explaining all types of segmentation, no specific target market, not knowing your products, letting foreign students enjoy government-subsidized fees, and lack of elaboration on promotional strategies. There is a suspicion that candidates running out of time during the exam chose to answer this question because there are no parts, unlike the other questions. Surprisingly, the RPA students, with no foundation in marketing, did quite well in this question and got good marks.

Question 4(a) and (b) asked on the Ansoff Matrix of Growth Strategies. I would say that most candidates answered well in this question. Many were able to propose the appropriate growth strategy for the burger company and followed by an adequate discussion. The other growth strategies were also well-rationalized. Overall marks for the answers to this question were on the high side.

Question 5 - what can I say about this question? LOL!!! Many candidates secured maximum marks for this quantitative question. Those who didn't get high marks for this question - what can I say about you? LOL!!!