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!

Start A Business 2010.

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.

Entreprenuership => Be Your Own Boss!

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.

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

China Economic Wealth Power

I was in China this past few days for a business trip. Upon staying here,
it's an eye opener to me, that this region is economically prosperous, with industrial parks,
hotels, wide 6 lane roads, with an side lane for bicycle and electric motors. The city population is of 6 million, and ranked the 9th. largest GDP in China.

China Economic Wealth Power

Does Money Grow on Tree?

A wise old man once say to me, "Son, if you want to be wealthy and rich, you need to plant your seed now and then reap your money from the tree." That was when I was a very young boy, then.

I was fascinated with this idea. Money grow on the tree. Immediately, I set forth to work. First task, I went to my father to ask for a dollar note, and I told him that I wanted to grow money. After the tree fruits the money, I will pluck one and return back to him. He laughed at me, and but still handled me a dollar bill. Frantically, I went to an vacant empty land nearby, and start to dig hole, and then put a dollar note into it, and buried it with dirty earth. It may need some water, as I could not find water nearby, I drop my trouser and then let nature calling, flourish and water the dollar.

Does Money Grow on Tree?

Toys, Is there an Alternative to Get it?

It was a windy day, when I was strolling along a beach, during a recent trip in Melaka. I saw a couple was enjoying the beautiful beach with a baby (~ 2 years old) in a pram. What really caught my attention, is that she is making something out of leaves. I believed, it is the the type of leaves that we use to see when eating ketupat. I observed from far, but quite close by, and she noticed my observations. After a few minutes, Walla!, she made a windmill toy, and she showed it to the baby in the pram. The wind was strong, and the hand-made windmill was spinning very fast. The baby was delighted, giggled and smiled happily. I was curious, and I approached to ask her nicely to make one for me. Surprisingly, she obliged, and make another one for me out of ketupat leaves for me. Simple and yet environmental friendly.

Toys, Is there an Alternative to Get it?

Car, it is a want or a need?

One tea break, I was discussing with some fellow friends topics on owning cars.

Ashley was the type of fellow who want to chase after the trendy latest model.
He had a nice Honda Civic, and now he is thinking of changing to the latest
Toyota Camry, which he thinks is more executive stylish and suit his character.
He pays his car by the highest maximum installment as possible, to lower his monthly payment, and he is still doing that with his Civic installment.

Car, it is a want or a need?

Going to Get Married, but No House!

I encounter one colleague who is going to get married to a guy. She has a problem. Almost all of her salary that she earned, went to feed her own family, ie. her father, her mother and brother. However, she wanted to get married and stay together with her future husband in their own house, as she do not want to stay with the parents-in-laws due to her mismatch of characters to the mother-in-laws. So, this means, they got to buy a new house, new furniture, new stuffs and items that can make the house decently to live in.

Going to Get Married, but No House!

Multi level marketing

Image credit : Peaches & Cream
Years had passed by, and working in the factory does not seem to make enough money these days factoring the inflation eating away the value of money. So, what's next? What could I do to increase my earnings? One day, while I was pondering over this question, a friend came by and approach me, asked me whether I am interested in a business opportunities. Wow, what a great coincidence, and I thought god is being kind to me, when I ask a question, there sure bound somebody will give me an answer. So, I asked, what sort of business opportunities, my friend is talking about. He did not say much, but do ask me to come by tonight to a place for business opportunities meeting. I had to meet up at downtown, for a small gathering of people, in a shop offices.

7pm, sharp, I was there, but can't find my friend anywhere. I observed around, most of the men here wear very smartly in overall black coat and pants, and so the ladies here, in red coats and dresses. Hmm...,

Multi level marketing

An insurance date with a girl.

Years ago, after several months of working in the company, I came to know a new friend from the company I worked in. All of the sudden, he eagerly want to introduce his sister to me. Wow, I thought this is the chance of getting to know some girl, and I am the lucky guy to have a date. She made an appointment with me in a nice cafe in the town at night (What a bold girl!). I was excited and dress-up well to meet this girl. So, I made a call to her, and then we eventually recognized each other in the cafe. She dressed up neatly with her office coat, and was pretty with long hairs.

An insurance date with a girl.

Being broke at the end of the month!

After years of schooling and studying in university, then come to the time, I have to find a job, that is to earn an income and then hopefully I can feed and stand in life by own self. I work with a starting pay of $1,700 working in a factory. Thereafter, I purchased my first car, spending over half of my salary contributing to the car $900. Then, came in entertainment with friends, gas and maintenance, another few hundred more gone. Buy and eat things as per my liking, more cash gone. At the end of the month, I have nothing to show for myself for I have neglected the importance of financial education and adhering to the simple principles, of saving, investing and protecting it.

Is this the kind of life that you want? Share with me, your experiences, on being broke at the end of month.

Being broke at the end of the month!

Study in University "Lesson Learnt"

I recalled the days of studying in university, and it is a UK university. It was a lot of funs, joy, learning and mixing with different foreign students. Majority are from Britain, Singapore, Malaysia Hong Kong, with some from country like Pakistan, Germany, Sweden, China. Good life, and no need to worry about money. Leave the money problems to my parents. However, as I grew older, and a little bit wiser, I realised that money education is important. When I was in university, I spent money base on my liking. I never ever consider what is needs and what is nice to have? I do not know about frugality, as I have no worries of money problem (thanks to my parents). When I came back to my home country to work, I pick up the same usual spending habit I have gather in UK, with even my salary I earned from a company, hardly could survive me.
I started to do a self-reflection, and only I realised that I have to control my spending, then I will be able to save and get by. After practising this habit for some months, years, and now it is already ingrained inside me, I felt much better financially than compare previously before.

Have you any such experiences you had while you are studying? Share your experiences and lesson learnt.

Study in University "Lesson Learnt"

What is not taught at school, "Personal Financial Education"

Majority of us, who have the opportunity to get educated, learn about language, science and maths and other interesting subjects available and thought in school. You went to get your honours degree and some further specialisation to PhD. We celebrated out first graduation day from university, and got employed in a reputable company that pays you a decent salary to get by.You get our first car, first girlfriends/boyfriends (maybe not the first, but probably after a dozen of them, some do finally become our spouse), get our first marriage, home and children. Along, this path, there comes an issue, that is always not enough to get by. What is that? Money! Yes, money, “the paper which is back up by government” is not enough for buy you the things that you wanted, and the needs that you wanted as you live through life. Why it is happening to us? It all boils down to one important subject, that the school forgot to teach, that is Financial Education.We are not taught to how to keep, grow and protect our money, thus leaving us broke at the end of every month, thanks to powerful mega sales and attractive offers, we are always tempted to spend beyond our means.Therefore, I open up this blog to share, and also welcome sharing of others own experiences on personal financial education to live wiser, free of financial worries and happier. Learn from the experiences of others, get advise from those who had made it “Financial freedom”. So do you have any painful or bad financial decision that left you to a direstraits to be shared? Please do post it in the comment.

What is not taught at school, "Personal Financial Education"

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