Sunday, June 14, 2009
Tuesday, June 2, 2009
CONSIGNMENTS
What is a consignment?
A consignment basically means we borrow goods from suppliers and sell it on their behalf.
What is there for us to earn in this case?
From the sales, we take a commission and the rest of the money goes back to the supplier. Excess goods will also be returned to them.
How much commission?
It depends on the terms set by the supplier. My job is to provide you with leads but I want you to meet up with the suppliers, negotiate with them, and go through the real life processes in running a business.
Advantages of consignment
1. We don't have to spend too much on purchases.
2. We don't have to risk unsold stock.
3. It sounds so cool to have goods on consignment. Imaging telling the customers 'Our goods are directly supplied by 77th Street or Converse or Nike... blah blah' rather than 'We bought our goods with our own money from the pasar malam and are reselling them for a profit!'
Disadvantages
1. WE GOTTA ACT FAST! Nobody will consign goods to you just a day before the event! We probably have to visit them a few times for negotiations!
2. I can't think of any other disadvantages, except that we must take extra care with goods consigned... if they get damaged or stolen, we gotta buy them up!
There are many businesses out there which are willing to support students in such events. But first, I need you to tell me which are the products you are interested in so I can try to sound them out!
With the exception of Nikita's group, the rest of you have been sitting too long on your bums! It's time to get moving and update Mrs Koh or me on what you have done so far!
A consignment basically means we borrow goods from suppliers and sell it on their behalf.
What is there for us to earn in this case?
From the sales, we take a commission and the rest of the money goes back to the supplier. Excess goods will also be returned to them.
How much commission?
It depends on the terms set by the supplier. My job is to provide you with leads but I want you to meet up with the suppliers, negotiate with them, and go through the real life processes in running a business.
Advantages of consignment
1. We don't have to spend too much on purchases.
2. We don't have to risk unsold stock.
3. It sounds so cool to have goods on consignment. Imaging telling the customers 'Our goods are directly supplied by 77th Street or Converse or Nike... blah blah' rather than 'We bought our goods with our own money from the pasar malam and are reselling them for a profit!'
Disadvantages
1. WE GOTTA ACT FAST! Nobody will consign goods to you just a day before the event! We probably have to visit them a few times for negotiations!
2. I can't think of any other disadvantages, except that we must take extra care with goods consigned... if they get damaged or stolen, we gotta buy them up!
There are many businesses out there which are willing to support students in such events. But first, I need you to tell me which are the products you are interested in so I can try to sound them out!
With the exception of Nikita's group, the rest of you have been sitting too long on your bums! It's time to get moving and update Mrs Koh or me on what you have done so far!
Monday, June 1, 2009
woots!!!
ok.. here's my comment...
I'm excite for the EEP!!!!
but there's still alot of planning to do for my group...
so guys....
lets JIAYOU!!and make $$$$!!!!!!
I'm excite for the EEP!!!!
but there's still alot of planning to do for my group...
so guys....
lets JIAYOU!!and make $$$$!!!!!!
Show some life will ya?
Hello Riversideans!
Can those who have logged in to this blog post a comment or message at least? I've posted a few comments and I'd greatly appreciate some responses...
Come on, guys! Time is running out and I need to know if your teams have concrete plans for the Pushcart Challenge!!!
Can those who have logged in to this blog post a comment or message at least? I've posted a few comments and I'd greatly appreciate some responses...
Come on, guys! Time is running out and I need to know if your teams have concrete plans for the Pushcart Challenge!!!
Sunday, May 31, 2009
Chocolates at Warehouse Prices
Hi all!
I've been a great lover of chocolates all my life (my students should know that best!).
Anyway I've a contact that sells chocolates at rather cheap prices... teams may be interested to buy in bulk and repackage them for sale at the Pushcart Challenge.
Let me know if any of the teams are interested to take this on!
I've been a great lover of chocolates all my life (my students should know that best!).
Anyway I've a contact that sells chocolates at rather cheap prices... teams may be interested to buy in bulk and repackage them for sale at the Pushcart Challenge.
Let me know if any of the teams are interested to take this on!
Saturday, May 30, 2009
Consignment of Converse products
I have sourced for a possible consignment of Converse products. The person-in-charge is willing to let us have the goods first and pay for it after the end of the competition, based on what we have sold.
The catch is you will have to go down to meet this supplier to discuss the terms (in Jurong). She is an associate of mine and it would be a great learning experience for you to talk to her.
Any teams interested in taking this on? Let me know ASAP!
The catch is you will have to go down to meet this supplier to discuss the terms (in Jurong). She is an associate of mine and it would be a great learning experience for you to talk to her.
Any teams interested in taking this on? Let me know ASAP!
Brainstorming for Ideas
I hope you all have spent the past few days thinking of ideas for your pushcarts!
My suggestion is that all four teams work on different areas so that we do not end up eating into each other's profits!
Areas that we might want to explore could be :
1. Clothes
2. Accessories
3. Prepackaged food
4. Any other suggestions?
Please post your suggestions and we shall discuss this further as we go along.
My suggestion is that all four teams work on different areas so that we do not end up eating into each other's profits!
Areas that we might want to explore could be :
1. Clothes
2. Accessories
3. Prepackaged food
4. Any other suggestions?
Please post your suggestions and we shall discuss this further as we go along.
Welcome RS Entrepreneurs!
Hello Riversideans!
Congratulations for taking part in the RP Pushcart Challenge and undergoing your (first?) experience with Entrepreneurship! Running a business is never easy and I can attest to it (I ran my own business for 5 years before joining the Riverside family). Nevertheless it provides an opportunity for us all to learn more than what textbooks can ever teach us! Through riding all the challenges that you may face in setting up your pushcarts, I'm sure you all will gain loads of wisdom and begin to see life in a different perspective!
This blog has been created for all of us to post comments and questions that we may have during our preparations. Please feel free to discuss any issues you may face!
Congratulations for taking part in the RP Pushcart Challenge and undergoing your (first?) experience with Entrepreneurship! Running a business is never easy and I can attest to it (I ran my own business for 5 years before joining the Riverside family). Nevertheless it provides an opportunity for us all to learn more than what textbooks can ever teach us! Through riding all the challenges that you may face in setting up your pushcarts, I'm sure you all will gain loads of wisdom and begin to see life in a different perspective!
This blog has been created for all of us to post comments and questions that we may have during our preparations. Please feel free to discuss any issues you may face!
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