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DFT30103 CYBERPRENEUSHIP - Coggle Diagram
DFT30103 CYBERPRENEUSHIP
CHAPTER 1: INTRO TO CYBERPRENEUSHIP
What is
cyberpreneuship
?
Cyberpreneuship is a
business activity that takes place in cyber through computer and internet
What are the different between
cyberpreneur and entrepreneur
?
CYBERPRENEUR
Person who running a business with the help of internet.
Generally is an entrepeneur who makes money by selling products throught the internet.
ENTREPRENEUR
Assumes a risk for the sake of profit.
Enterprise and accepts full responsibility for the outcome.
A person who organizes and manages a business undertaking.
Characteristics of successful entrepreneur
Take risks
Motivation
Confidence
Creativity
Passion
Curiosity
BUSINESS IDEA and OPPURTUNITY
Business
idea is a business concept that results in profits if it is turned into a tangible product or service
Oppurtunity
defined as the potential to create something new that involves change in knowledge, technology, economy, politics, social and demographic conditions
Sources of new ideas of entrepreneurs
Primary source
1) Observation
2) Experiment
3) Interview
4) Survey
Secondary source
1) Mass media & electronic media
2) References
3) Reliable
Various types of IP (Intellectual Property)
1) Copyright
2) Patent
3) Trademark
Example of E-business
Amazon, eBay, Uber, Shopee, Lazada, Grab, Food Panda
CHAPTER 2: BUSINESS MANAGEMENT & BASIC ACCOUNTING
Planning
Determining the organizational objectives
Analyzing current situation
Anticipating the future
Choosing strategies
Organizing
Specifying job responsibilities
Grouping jobs into work units
Control
Identifying performance problems by comparing performance data against standards and take corrective actions
Setting performance standards that indicate progress toward long term goals
Monitoring staff performance through performance data evaluation
The formation of a new business
Sole Proprietorship
Owned by one person, but it need not be operated by that person alone. Can have large numbers of employees.
Examples: tailor shops, beauty saloons, restaurants, launderettes and mini market.
Partnership
An arrangement between two or more people to oversee business operations and share its profits and liabilities.
Examples: Malaysia Airlines, Marrybrown, U Mobile, Perodua
Private Limited Company
Does not publically trade shares and is limited to a maximum of fifty shareholders.
Sdn Bhd company is the most common type of business entity in Malaysia.
Public Limited Company
Berhad (BHD) is a public limited company where its shares can be offered to the public for fixed periods and any other forms of subscription.
The minimum amount of members’ (shareholders) are TWO (2) and maximum of unlimited amount of members
Ways to start a business
Establishing a new business
Advantages
Create a business plan
Obtain business licenses & permits
Learn about Business Law & Regulations
Finance your business
Disadvantages
High commitment
High risk
Delayed profitability
Limited financing
Buying an Existing Business
Advantages
Some of the groundwork will already have been done
Easier for you to get finance
A market for the product or service will have already been demonstrated
Disadvantages
You often need invest a large amount up front, and will also have to budget for professional fees for solicitors, surveyors, accountants etc
If the business has been neglected you may need to invest quite a bit more on top of the purchase price to give it the best chance of success.
You may need to honors or renegotiate any outstanding contracts the previous owner leaves in place
Running a Franchise
Advantages
Your business is based on a proven idea
You can use a recognized brand name and trade marks. You benefit from any advertising or promotion by the owner of the franchise - the "franchisor".
The franchisor gives you support - usually including training, help setting up the business, a manual telling you how to run the business and ongoing advice
Disadvantages
Costs may be higher than you expect
The franchise agreement usually includes restrictions on how you run the business
The franchisor might go out of business, or change the way they do things
Supporting Agencies
1) Financial Institution
MIDF, MARA, Bank Pembangunan Malaysia, AgroBank, Bank industri Malaysia
2) Management and Entrepreneuship
MDEC, MARA, MARDI, SIRIM
3) Technical and Technology Support
SIRIM, MARA, MARDI, PORIM
4) Infrastructure Support (location and premise)
MARA, UDA, SEDCs (State
Economic Development Corporation)
5) Marketing Support
MITI, FAMA, PERNAS, EDAR, MATRADE
6) Research and Project Recognition
MARDI, SIRIM, the Institute of Higher
Education, FAMA, MIDF, BPMB
Purpose of financial statement
To report on the financial position of an entity (e.g. a business, an organisation)
To show how the entity has performed (financially) over a particularly period of time (an "accounting period")
What is the importance of financial statements for
investors, stakeholders
and
managers
?
Investors
- allow investors to see all the income and expenses of a company
Stakeholders
- provide a snapshot of a company's financial health and performance, allowing stakeholders to make informed decisions about investments, budgeting, and more
Managers
- help them better understand their company's performance
Asset
Examples of Assets:
Cash
Receivable
Supplies
Machinery
Land
Inventory held for sale
Liability
A company's legal debts or obligations that arise
during the course of business operations.
Liabilities are settled over time through the transfer of economic benefits including money, goods or services.
Examples of Liabilities:
Accounts Payable
Notes Payables
Bank Loan Payables
Mortgage Payable
Owner Equity
Owner Equity = Assets - Liabilities
Expenses
Examples of Expenses Accounts:
Advertising Expense
Supplies Expense
Telephone Expense
Utilities Expense
Wages Expense
Rent Expense
Insurance Expense
Revenue
Examples of Revenue
Accounts:
Sales
Commissions Earned
Professional Fees Earned
Rent Revenue
Interest Earned
Why profit & loss statement is important?
1 more item...
CHAPTER 3: MARKETING CONCEPTS & TRENDS
What is marketing?
Marketing is the process of developing, promoting and distributing products to satisfy customers needs and wants.
Social media ?
Advantages
Disadvantages
Wasting time
A senior person with knowledge about the company and products should handle social media so the cost in time means the media is not completely free.
The information is only visible for short time before newer posts replace it.
Advertising copy is unacceptable in the social media.
Cost-related, the majority of sosial media sites are free to access, create a profile and post information.
Reaching your targeted market for little or no cash invesment is substantial.
Supplier
Suppliers are individuals that provide the resources needed by the company.
They are an important link in the company overall customer "value delivery system"
Competitors
Conducting competitor analysis is critical for success of the firm.
A marketer must monitor its competitors offerings to create strategic advantage.
Marketing Intermediaries
Marketing intermediaries are firms that help the company to promote, sell and distribute its goods to final buyers.
1) Reseller
They are those who hold and sell company's product.
Whosaler and retailer.
2) Physical Distribution Firm
They help company to stock and move goods from their points of origin to their destinations.
-Transportation
3) Marketing Service Agencies
They help company target and promote its products.
Advertising agencies, media agency.
4) Financial Intermediaries
They help finance transactions and insure against risks.
Banks, credit companies, insurance company.
Product-Oriented Advertising
1) Product Orientation
Business focuses on products.
It develops goods based on what it is good at doing.
2) Market Orientation
Business focuses on the market.
It responds to customer needs and wants
Image Advertising
Image advertising is an organization's perceived importance to a target market.
Image advertising does not focus on specific products as much as it presents what an organization has to offer.
Often used in situations where an organization needs to educate the targeted audience on some issues.
Used in situations where a merger has occurred has taken on a new name.
Search Engine Optimization (SEO)
"Natural" or "organic" search engine optimization is designing, writing and HTML-coding a Web site to maximize the chance its pages will appear at the top of spider-based search engine results for selected keywords.
Return on Investment (ROI)
ROI is what your company is getting back from the time, money and resources you're putting toward social media marketing.
Advocacy Advertising?
Organizations also use advertising to send a message intended to influence a targeted audience.
Channels of Distribution
1) Manufacturer
2)Wholesaler
3) Jobber
4) Retailer
5) Customer
Strategy of Marketing
Market Research
Value Proposition
Marketing Mix (4Ps)
Brand positioning
Digital marketing
Content marketing
Social media marketing
Influencer marketing
Public Service Advertising
For instance, ads directed at social media, such as teen-age smoking, illegal drug use and mental illness, may run on television, radio and other media without cost to organizations sponsoring the advertisement.
Microenvironment: actors close to the company that affect its ability to serve its customers.
Marketing Technologies
a) Marketing Experiences
b) Marketing Operations
c) Marketing Middleware
d) Marketing Backbone Platforms
e) Infrastructure services
d) Internet services
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CHAPTER 4: SOCIAL MEDIA MIX AND CYBERSOCIAL TOOLS
B2B
Focused on selling products or services to other businesses.
Example: PUBLISHER TO BOOK STORES
Motivated by a product that will move off shelves quickly and make a good profit.
Considered and well-researched purchases
Longer buying cycle
B2C
Focused on selling products or services directly to customer.
Example: Retail stores and restaurants
Motivated by the result the product delivers
Impulse purchases driven by emotion
Short buying cycle
Why marketing tools important ?
1) Brand awareness
2) Brand reputation
3) Cost effective
4) Website traffic
CHAPTER 5: THE BUSINESS PLAN AND CYBER BUSINESS
What is business plan?
A formal statement of a set of business goals, the reasons why they are believed attainable and the plan for reaching those goals.
It may also contain background information about organization or team.
The importance of business plan
Clarify Direction
Future Vision
Attract Financing
Attract Team Members - Manage Company
Business Licenses and Insurances
Insurance coverage that protects businesses from losses due to events that may occur during the normal course of business.
Types of insurance for business including coverage for property damage, legal liability and employee-related risks.
Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.
Accounting / Bookkeeping System
Accounting is defined as "the art of recording, classifying and summarizing in terms of money transactions and events of financial character and interpreting and results thereof".
Bookkeeping is procedural and is largely concerned with development and maintenance of accounting records.
Objective of Accounting: To record permanently, all business transaction.
Various systems of accounting for maintaining business records:
i) Cash System of Accounting
ii) Single Entry System
iii) Double Entry System
Steps to create a cyber business
a) Business name
name which a business trades under for commercial purposes, although its registered, legal name, used for contracts and other formal situations.
To help market their products or promote their brand.
Used to distance a company from bad publicity
b) Website development
For the work involved in developing a web site for the internet (World Wide Web) or an internet (a private network)
Web design, web content development, client liaison, client-side/server-side scripting, web server and network security configuration and e-commerce development.
c) Website Launching
A soft launch is the release of website, hotel or other product or service to a limited audience.
Companies may choose a soft launch to test the viability of a product to fine tune a product before implementing a larger marketing effort.
d) Website Marketing
Internet marketing also known as web marketing, online marketing, webvertising or e-marketing is referred the marketing (generally promotion) of products or services over the internet.
Not only refers to marketing on the Internet, but includes marketing done via e-mail and wireless media.
The creative and technical aspects of the internet, including design, development, advertising and sales.
e) Website Update & Maintenance
Continuous process that involves updating the elements (e.g. text, image, animation) of a website.