Gin Kim

a journey to happiness

Week #10 20 Nov. Business plan and soft finance lecture

This week’s lecture was about how to express your business effectively and how to estimate the cost with an example of hamper basket, along with quite funny singing and dance moves(?) following corrine 😉

It was good to listen about the previous day’s undergraduate students’ business plans from Corrine such as hamper basket idea as a good example and shoes made in China idea as a bad example. It is always easier to judge other’s ideas but when you’re into your own idea, it’s always hard to realise the problems. The example of hamper basket was easy to understand how we tend to forget counting intangible costs such as warehouse, delivery, taxes etc. But at the same time I was wondering how people can manage to sell goods in incredibly cheap price on E bay or numerous online shopping websites especially in Korea. And also, if the cost should be priced considering all these factors, then how much is the actual cost for the actual products? In Korea, there is a saying that  ‘Belly button is bigger than belly.’ and I thought this pricing thing is exactly as it says. That is where the power of mass production is emerging, and as everyone wants to buy good product in cheap price, you never can avoid consumerism or capitalism driven by big companies which made me a bit sad during the session…

Anyway during this class, I realised again that that is why I always consider myself as a bad business person. Apart from my job,  I used to throw house parties in regular basis (say twice a month) preparing all the food (full course from starter to dessert) and drinks and let people pay as they want. Even if it was for my own pleasure to gather friends and colleagues and have a good time, I spent quite a lot of money for that and never got any profits. That is when I realised that it’s hard to make people pay enough to make it work! And as I’m very interested in restaurant business, it’s very important that I know how to let people pay willingly for what they enjoyed. A lot to learn yet…

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Filed under: MACE 2009

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