Sugar Spices / Iskandar Zulkarnain Othman … [et al.]

Business is one of the most common job opportunities among people. It is because even though some people already had their own careers, they also made business as their side income. However, in order for them to succeed in business, they must be well-versed in all aspects of the business in which they operate. People who decide to become entrepreneurs must develop an excellent strategy from the start in order to face future challenges. Many unexpected problems may arise during the course of the business. As a result, the goal of this assignment is to deepen our understanding of effective planning in deciding strategy to ensure the long-term sustainability of the business, as well as to analyze the common problems that occur in the business based on the micro-business we had to choose for this assignment. The main discussion we had to explore in this assignment was Business Model Canvas (BMC). This tool assists us as students in clearly seeing the proper business structure. The BMC can assist us and other entrepreneurs in understanding our own business models, appropriate ways to choose to ensure the business grows successfully, and the most effective way for the owner to make money to avoid a large loss. Aside from that, a company that uses this tool can identify its own competitors so that it can make improvements to attract more customers. On the plus side, analyzing business competitors allows the company to get a better picture of the competition, which can have a significant impact on the company. Key partners, key activities, key resources, value proposition, customer relationships, channels, customer segments, cost structure, and revenue streams are the nine key elements in BMC that will assist entrepreneurs in developing their strategy. We needed to determine the BMC of the micro-business that we had to choose for the case study. As a result, we can see the actual situation that a company faces in order to improve its operations. We had seen all nine elements that had been used in the micro-business we chose, as each business has its own set of elements. Essentially, we can agree that all of the elements mentioned in the BMC have their own value, which is that they will assist the business owner in increasing operations so that their business can survive for a long time in entrepreneurship. Last but not least, problems and opportunities will always arise as the owner conducts their own business. As an entrepreneur who is already well prepared to face any situation, they can overcome it peacefully because they use BMC as a business guide. Even though this tool cannot be fully utilized, the owner has a general idea of the types of situations that must be dealt with. The most important aspect is that the business owner must determine whether the solutions chosen did not introduce new problems into their business but instead provided positive feedback.