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5/9/2019
5/9/2019
We have finally came to the end of our last module for our Minor in Entrepreneurship (MIE). As we look back at all the hours that we have battled and all the sleepless nights that we have invested for the past five modules, bittersweet moments flashed in our memory. It felt like it was just yesterday when we first met at our orientation camp for the MIE programme. I remember how Jerald was shocked a few days ago when he said to You Hong, " Oh my, we have known each other for 8 months?! " Most of you would ask :
Was the journey worth the risk of our GPA ?
Was our entrepreneurship journey worth the money and time?
Peachy believe that this journey as it is termed, is a priceless experience which we recommend you go through. The experience has not only benefited us in terms of our sales pitch, interpersonal skills, real-world business strategic application but it has also enabled us to grow beyond our own comfort zones. This was something grades could not quantify. Starting a startup is never going to be easy and you will fail. In fact you will fail many times before you succeed. Face your failures, learn and grow from them. Take this project as a catalyst for you to step up and drive your passion. Six months ago, we would never have knew that we will be meeting suppliers, customers and one another on a daily basis. As we finish off our last blog post, we had the opportunity to browse through our team photos and we hope these memories will be stored in this intimate space that we share.
How has our business fared as at 28/8/2019?
How has our business fared as at 28/8/2019?
We have officially started the business for a period of two months now and we have sold a total of 46 shorts as at 28/8/2019. This translates to a total revenue of $1628.19. This gives us a gross profit margin of 29.4%. However, heavy expenses in categories such as R&D, Marketing and Transaction expenses remain high as we invest into sampling and marketing outreach. This translates to lower net margin of 2.57%.
One thing that you may notice is that our initial batch order would cost us a total of $2.2k, while our initial capital injections stand at 1.2k. Our team has employed clever fund-raising strategies by allowing our customers to pay upfront while receiving a little discount. This strategy might help you in your journey if you find yourself requiring to fund your business. Of course, this means that you would need to deliver your promise to your customers!
TEAM PEACHY, WISHES YOU ALL THE BEST IN YOUR ENTREPRENEURSHIP JOURNEY!
"Be BOLD, BE PEACHY"
"Be BOLD, BE PEACHY"
Chief Executive Officer- Chua You Hong : https://www.linkedin.com/in/youhongchua/
Chief Strategy Officer - Jerald Low : https://www.linkedin.com/in/jerald-low/
Chief Finance Officer - Bryan Lim : https://www.linkedin.com/in/bryanlimyuqiang/
Chief Marketing Officer - Elizabeth Li : https://www.linkedin.com/in/liyantingelizabeth/
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