Business Plan: Entrepreneurship

8.2 4 Principles to Gain Competitive Advantage as a Business Owner
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Module Overview

00:00:00 / 02:32:57



M0 Baking Fundamentals
3 mins
M1 Ingredients: Basics for Breads, Pastries and Cakes
25 mins
M2 Equipment: Breads, Pastries, Cakes
13 mins
M3 Food Hygiene and Safety: Food Preparation and Storage
13 mins
M4 Packaging: Function and Purpose
4 mins
M5 Menu Planning
9 mins
M6 Product Planning: Healthy Alternatives
4 mins
M7 Business Plan: Scalability and Expansion
23 mins
M8 Business Plan: Entrepreneurship
17 mins
M9 Finance and Pricing
20 mins
M10 Legal: 4 Things To Do Before Opening For Business
6 mins
M11 Marketing Strategy: Digital and Social Marketing
15 mins

About this module

Learn from industry professionals as they share experiences and valuable tips that every budding food business should know. We also talk to some home bakers and get them to discuss their growth from hobby to full-time brand. Find out more about the essential skills and goals to set, along with important management tools that’ll benefit your business in the long run.


Entrepreneurs and businessmen, what’s the difference?

A businessman is defined as someone who carries out any commercial or industrial activity, typically going for a business which is highly in demand or one that can make huge profits irrespective of uniqueness.

An entrepreneur on the other hand is one who has a unique idea / concept, starts up an enterprise and bring it into a reality. Thus, the venture established by most home baking entrepreneurs, are known as a Startup.

For an upcoming Entrepreneur, he or she must be VERY CLEAR about the Four Aspects of an Organisation, and the type of business set up that he or she is getting into. This allows the entrepreneur to work strategically on the strengths that would lead to a competitive advantage.

Four things have become very prominent these days, and for the last 20 years this seems to be the principles that define success for an entrepreneur.

The four Entrepreneurial Management Principles are:

Excellent Products, Excellent Delivery Systems, Excellent Staff, and Excellent Service Mindset.

These four aspects play a crucial role in the success of an organisation.

Let’s talk about Products. Most businesses strive to produce good quality products these days.

In order to attract more orders, everyone has to produce an acceptable product that customers want to buy. When comparing between bakers, take a look at how similar bakers selling your type of product are doing. You will find most display quality and innovation, so should yours!

Secondly, everybody is working on improving their Delivery Systems. Many use generic fleets such as Grab, Lalamove and others and some create a steady fleet of their own.

Find the best route for your business.

For now, certain deliveries we do it ourselves which is right after we finish baking and packing. But mostly kalau yang jauh semua, we use LalaMove. Delivery paling jauh, we have Puchong and Shah Alam, which is very far from our base. But thank god, our customers are willing to pay, even though you know you beli roti, you can’t spend up to RM100 for one house. Takut tak habis kan and that would be a wastage. So they are willing to spend on delivery and the feedback was good. And they are currently our return and regular customer.

And then, let us look at two other most powerful things that will help you stand out from others.

An excellent food service business is delivered by the people or staff. Their work attitudes, knowledge on the product, timeliness and commitment to the business plays a crucial role in taking care of customers.

When the people working within are happy, they would be able to contribute and grow the business together with us.

And finally, having an excellent customer service mindset.

This means focusing on customer satisfaction. How would we ensure that the customer is happy or delighted? What are the extra miles that we can take to achieve this? When we start each day with a service mindset, we will get repeat orders and word of mouth bringing more orders coming to us.

So because everybody has this Excellent Product, and an Excellent Delivery Systems, we have to look beyond that and ask how we can build wonderful relationships with our customers.

Now if these two additional things happen, wow, you are in the right direction for growth.

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