24th and 25th May 2008
Why would a group of students from various JCs and Ngee Ann Polytechnic decide to spend one weekend on campus? To learn to become entrepreneurs by attending a business plan camp organized by Entrepreneurs-Connect@NP.
One of the first steps to becoming an entrepreneur is to identify business opportunities. Using the SCAMPER and Problem Inventory methods, participants were grouped into teams to brainstorm for possible business and product ideas. Next, they learnt about the various components and challenges of business operations. Mundane as it may sound, no business can survive if a good concept cannot be translated to reality and executed well.
After lunch, participants were taught the essentials of marketing. Basic concepts such as target market, market research, competitive analysis and market positioning were touched upon. And of course, the 4Ps (Product, Price, Promotion, Placement) of marketing were taught. Armed with this knowledge, participants then identified the Unique Selling Proposition and competitive advantages of their business ideas.
Entrepreneurs-Connect@NP always believed that learning should not be confined to the classroom. As part of the experiential learning process, students travelled to GardenAsia at Nyee Phoe Flower Garden. Mr Kenny Eng shared the company’s journey and highlighted the important qualities of being an entrepreneur. He also mentioned that whilst running a business, owners tend to focus on solving internal problems and neglect opportunities which may present themselves in the external environment. This was an important reminder to all. A tour of the site was then conducted so that students could brainstorm for ideas to improve business at GardenAsia.
After a long day, participants took a scenic walk from campus to the newly renovated Kismis Apartments – The Loft @94 for their overnight stay. A BBQ dinner was organized for all to enjoy as they networked.
To start off the Sunday morning, students played a marketing board game that was specially designed by the lecturers. This was followed by a finance lesson on how to calculate start up costs and do a breakeven analysis. Last but not least, participants were taught how to put together a business plan.
To add a dose of reality, all teams were given an opportunity to do an elevator pitch of their business ideas. Though none of the teams managed to secure funding on the spot, some teams walked away with prizes for their efforts. And for those who want to take it to the next level, they were encouraged to submit their business proposals to Project Y.E.A.H. by the Entrepreneurship Club at Aljunied GRC.
Whilst some people were busy spending money during the opening weekend of the Great Singapore Sale, this group of youths have taken their first steps in learning how to make money. Who do you think has a greater chance of success in life?