Learning lessons and the first step towards entrepreneurship

by Preston Phua Aik Khoon (Singapore, SMU)

I have learnt invaluable lessons from the 13 weeks spent in MGMT324 class. Most importantly, I have taken the first step towards entrepreneurship. Prior to this course, I had little knowledge on the steps and procedures required to embark on a business idea. In this aspect, I have learnt a great deal from this course; I have been given a firsthand experience on how is it like to embark on a start-up business.

The planning and execution of my group’s business idea is probably my biggest takeaway from this course.

The planning phase gave me a firsthand experience on how is it like to realize an intangible idea, into something which is of substantial potential. The source of ideas from start-ups can come from any source; from brainstorming sessions to impromptu thoughts. As long as the business idea is one which matches your interests, passions, and is economically viable, the idea is a feasible one to carry out.

However, an aspiring entrepreneur should also consider personal costs in undertaking the decision to embark on this path; such as the willingness to commit a huge amount of time and effort into the business. Most start-up businesses will need an inflow of funds to initiate business, whether it is a small or substantially large amount of funds. This source of funds can come from various sources: the founders themselves, family and friends, or venture capitalists. More often than not, start-ups will seek venture capitalists for funding. This requires the drafting of a credible business plan to showcase the start-up.

Through this course, I have also learnt on how to draft a concise, yet credible, business proposal. This is invariably one of the most important skills that I have gained.

After completing all the preparatory work, the execution of the start-up was next. I have also learnt a lot during this phase. I experienced the difficulty on how difficult it could possibly be for a well-planned business to be executed, and that it made me comprehend that a well- planned strategy must be coupled with efficient execution.

In conclusion, this course has given me great insight and experience on the path of entrepreneurship. Though this path is a arduous one to undertake, it is one that can enable an individual to achieve one’s dreams and gain personal satisfaction. In the past, I have never considered the possibility of entrepreneurship. However, this viewpoint of mine has greatly differed now.

– Preston Phua, MGMT324 G1, 2008-2009 Term 2