by Li Lizhen (Library (where else)
I still remember it was week 2, thursday, 12noon. I met Prof Pamela Lim at CIT and we were chatting while waiting for our laptop to be fixed. As girls, we definitely start chatting (gossiping/complaining) to keep each other update. =P
I was complaining to her about my another TE module that I was taking then, and she recommended the course (Tech. Entrep)to me. From what I gathered, it seems to be a very ‘fun’ module as students really get to go through the process of setting up a new business. Since it’s my last semster in SMU, I might as well enjoy myself in the process of setting up a new business rather taking some TE module that really bore me. I think it was a great switch as the work load is relatively reasonable and yet I get myself involved in the process of setting up a business.
I was in charge of the finances, and coming up the assumptions and variables for budgeting of a start-up company was never easy. We did alot of market research to ensure our budgeting is as accurate and realistic as possible. We also tried means and ways to bootstrap our operation costs so that we do not need to rely on any external financing. The entire process was tedious, but it was fun!
In my opinion, perseverance is the most important in any entrepreneurship. The process of coming up new business ideas, market research, budgeting etc may look simple & fun, the group gets to bond etc. But once the execution starts, group conflicts, personal time being scarify, and not able to see your “fruit” in time, can disappoint entrepreneur and wish to exit from the business. Most of the entrepreneur whom lack of patient might not seeing their business success in time. Wait! I’m not saying that those who do not have patient would definitely face failure in business as there are many factors that contributing to the success or failure of any business. However this problem can be solved if when his/her passion for the business grow & overcome his/her impatient in seeing the result.
Despite that my group decided not execute the business (which all of us think that its a pity), as most of us are graduating soon. We hope to gain working experience and financial stability before starting any business. Nonetheless, we were not very upset about it as Prof actually appreciates our business plan and offer to purchase it from us. This is the greatest achievement in any module that I have done in SMU – getting recognition!