Thursday, December 31, 2009

Start A Business 2010.

Today is the last day of the year, and I myself had made up my mind
to start my own business for 2010. Here to share with you what I had now
going to go through to start a business and an urge that had been linger with me for a very long time.

1) Define a market niche for the business - who to cater, who to serve
2) Define a strategy to start this business - what idea needed to be different from other competitors
3) Finding out the cost of business, rental, fixtures, goods and etc, and then capital needed.
4) Finding a location for the business.
5) Getting supplier to supply goods for the business.
6) Getting someone to renovate the place for the business.
7) Thinking of how to market this business, spend money or any other free media.

Above is just some starting item to do for me at the moment. I welcome anyone who had setup and already run a successful business to share some of the things to watch out, to do and factors of ensuring a successful business.

Happy New Year to my readers!

Sunday, November 29, 2009

Entreprenuership => Be Your Own Boss!

All working class people, will someday hit the corporate wall and majority are frustrated with the bosses, company policy and restriction to progress in career and salary. I would have heard from people, even myself, thinking of resigning from working for people and strike out on my own.

So, what does it take to be your own boss. To Be An Entrepreneur!

Guts and Daring - This characteristic is usually built in when man/lady hit the age of 20 - 30 years old. Not much commitment, and therefore should have a lot of guts to do things and strike out on our own. The problem is , when there is debt, e.g. study loan and other personal liability loan which needs to serve after graduation from university or polytechnic, it will prove a bit difficulty. Nevertheless, if there is a will, there is a way. Those who dare to strike out, could eventually find its way.

Capital - Not much money at the start. But with some accumulation during the working years could be able to save some. Another way is to borrow from family or friends, and take it as a loan from them (sometimes this method is too painful, and hurtful, as not many are willing to loan to a greenhorn to start a business). Alternatively, partnership and pooling capital from friends who believe in the business may help to raise the needed capital.

Believe - An entrepreneur got to believe in what they are doing. Without that it will die down, as entrepreneur need to drive, steer the boat and move towards his/her hungry goals to attain success.

Risk - There is always a risk in doing business, the only thing need to think of is how to minimised it. One way is through doing some homework, know the market, know the competition and must have exit plan.

Hands-on - An entrepreneur got to be hands-on to the business. Who else knows the business better than he/she do. If hand-over to another person to do it, then then chances of failure will be high.

High Motivation - An entrepreneurs need to be motivated at all times, be it success in getting business, failures, set-back, finance distress, he/she must be clear headed to pull through such situation. He/she must keep on dreaming, setting direction and correcting it to get to the destination.

Friday, November 6, 2009

Working for People or Work for yourself, Which one make the most money?

拿人錢財替人消災 (ná rén qián cái tì rén xiāo zāi) is a chinese idiom to imply literally taking people money to help them to solve their woes or problems. This is being told by one of my elderly Chinese educated friend, an idiom that reflects the working class, ie, for those for work for people. As we got a job, working for people, we take the job, get the money, and then actually help them to solve their problems.