How Bali people doing business?

I just went to Bali this week. Is a great trip overall, awesome place. Too bad we have limited time to tour the whole island. If there a choices, i would like to go there again.

Now, what i observe when my vacation in Bali. Before i went, as i told you all before in my previous post where i went to this ASEAN talk about how great Indonesia will become in future. It might be true.

Most people in Bali do not come from a well-off family. Most are suffering from poverty and there a few beggars in the street. Not that Malaysia do not have beggars but their people are different from Malaysian.

In what way??

1. Attitude

2. Desire to Survive

Let's compare the attitude, people in Bali are seriously friendly. I mean they greet and smile to you where ever they see you. This show how welcome you are in their place. Not like in Malaysia well we treat everyone with a cold-shoulder.

Desire to Survive? In Bali, is the most hot spot for tourism and hot spot for businessman. You be expecting high-class shopping mall with expensive high-class restaurant. Well, you wrong. The economy mostly are control by the local. With small shop and self made businesses. They needed it to survive. As i walk by the beach i saw people want to rent surfing board to people who wanted to surf. I mean they make an investment to buy the board and rent it to people. I mean is an easy cash flow.

So that it on my experience in Bali. Is great overall.

Good Day. :) & Merry Christmas

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Why start a business?

To all business owner, i am sure you have cross this question when you doing your start-up. The big question WHY??

Many have their own reasons. Money, time, freedom and etc.

I had cross this question many time. On what my real reason to be an Entrepreneur and not be a normal geek who work 9 to 5(No Offence). Here are an article share about how NOT to start a business,

1. Don’t Start a Business for the sake of MONEY

Top on the list of reasons why people go into business is the strong desire to amass wealth. I have never known of a more ineffective way to think about business than this. As unpopular as it might sound, most business failures stem from this singular fact alone. Why? Because the moment making money becomes your primary focus as an entrepreneur, delivering value which is the foundation of effective business practice becomes secondary. And when this happens, no matter how great your business is, it automatically goes on a downward spin. Nothing kills a business faster than putting money first before adding value. So when next you’re thinking about starting up a business, I suggest you lose every possible thought about making money and focus entirely on delivering consistently superior value. Trust me, I’m talking from experience (of other people), starting your own business for the purpose of making money is a sure fire way of being highly indebted and having cardiac arrest!

2. Don’t Start a Business because you LOST your job

Closely related to the issue of money is going into business because you lost your job. As you’ve probably realized, this is how many people end up as entrepreneurs. At first glance, there might not be anything wrong with this approach of starting up a business, but taking a closer look will reveal a vital truth; people who lose their jobs are often driven by fear and to start a business because you are afraid is absolutely disastrous. The implication is often enormous; top on the list is that you will never exercise the due diligence starting a new business entails. Why? Because the fear of living without a regular income since you no longer have a job will keep haunting you and eventually start making you place unrealistic financial expectations on your new business venture. Second on the list is that you are emotionally unstable the first few months of losing a job, especially when you didn’t see it coming. The disappointment can be disheartening, the more reason why you shouldn’t go into business with such a mind frame. Why? Because in the world of business, disappointments are a natural prerequisite for success. Meaning, the more disappointments you get, the closer you are to success.

3. Don’t Start a Business because you HAVE money

I know you’re probably startled about this one. You certainly didn’t see it coming. Well, it’s as wrong as starting a business for the sake of making money. How? Here’s the thing most people with money don’t realize, it doesn’t take money alone to make a business work. Starting and running a business will cost you more than all the money you think you have. There are just too many things a business will demand from you that money can’t even buy, for example; how much does it cost to buy the passion needed to build a SIGNIFICANT (unique and useful) business? Have you ever seen passion being offered for sale? In fact, no university or institute of learning can even teach you passion (not even Harvard or Stanford). Here’s the truth, having money is good, but it’s not sufficient enough to make you want to start a business. Starting a business requires gut, passion, ingenuity, creativity, resilience and so many other personal character traits that all the money in the world is insufficient to buy!

4. Don’t Start a Business because you want TIME Freedom

The thought of not having to wake up early and rush off to work can be very enticing to would be entrepreneurs. But take it from me, I’ve been in the game now for 4 years; the fact that you didn’t wake up early and rushed off to work doesn’t mean you are not at work. Being an entrepreneur means working all of the time even in your sleep. That your fantasy of time freedom will naturally go sore once you choose to become your own boss. How do I mean? You see, it’s not that you wouldn’t have more time to yourself when you’re an entrepreneur, certainly you would. But the irony of it all is this; that time freedom is for you to do some creative work and not for you to be idle and indulge yourself in some unproductive activity. You left your job to have enough time to do what you really care about in life, that’s all the definition of time freedom you’ll ever get – having enough time to make a SIGNIFICANT contribution with your life to the world. True entrepreneurs hardly stay idle indulging in pleasurable activities just because they have time freedom. They are always in the creative process, picking up clues here and there of how they can make the world a better place by utilizing their time, money and life for something worthwhile.

5. Don’t Start a Business because OTHERS are doing it

Anything that is popular has a way of being highly contagious. People just literally jump at it without any logical explanation. Believe it or not, this is how so many people ended up in the world of business. Since everyone they know is quitting their 9-to-5 jobs to go start their own thing, why shouldn’t they do the same? The down side of going with the bandwagon is this; you’ll lack the staying power critical to survival in the world of business. At first, the thought of being your own boss can be very enticing, but sooner or later you’ll realize it’s not a bed of roses. And when this reality sets in, you’re the only one who would be left alone to figure out a way of making it through the stormy days. So start a business because it’s what your soul desires and not what the society or your peers desires for you. Starting your own business is not about boosting your personal ego or winning a popularity contest, it’s a personal decision born out of an internal conviction!

6. Don’t Start a Business because you HATE working for others

Now here comes the tricky one; starting a business because you hate working for others. After wanting to make money, this is another popular reason people give for going into business. Listen, as popular as it may seem, here’s the truth; 99% of popular things are either totally wrong or mere misconceptions. That you hate working for others is no guarantee that you will succeed or enjoy working for yourself. In fact, there’s more work to do working for yourself than you ever thought you did working for others. So if you hate working for others, you might just as well hate working for yourself. What it turns out to be sincerely is this; you simply don’t like work in general and this is why starting your own business is the last thing you should ever think of doing. Why? Because business is the domain of unlimited work; there are no working hours like your regular 9-to-5 job. Welcome to the 24/7/365 days a year working schedule!

7. Don’t Start a Business just LIKE everybody else (Differentiate or Die)

In my field of business development, I have seen so many people go into business just because they saw somebody else succeeding in it. This is a higher form of going into business because others are doing (point #5 above). You observe a business and simply go make a clone of such business. So what do we get? The same kind of business but with different brand names. I don’t get it; “Why would any right thinking person choose to be a duplicate of another when it’s absolutely possible to excel being an original?” As a matter of fact, you have higher chances of succeeding going into business as an innovator than being a duplicator.

The business terrain is already overcrowded filled with countless number of companies doing almost the same thing you have in mind to do. Unlike in the past before the advent of the internet where you had only local or national competitors, such is no longer the case in this age of globalization. Now your competitors are all over the world and just one click away from your local or national target market. So why would you want to build a business just like your neighbor? Here’s the deal; if your business doesn’t stand for somethingSIGNIFICANT (unique and useful) there’s no need repeating what others have already done and giving it another name. Meaning, if there’s nothing positively unusual about your business, don’t bother going into business to offer the same old milk but now in a new brand skin or container. Doing this is the fastest way of route to extinction. In other words, differentiate or die!

8. Don’t Start a Business without SUFFICIENT planning

Business is a highly complex activity and therefore requires adequate planning. It’s been statistically proven that inadequate planning is top among the reasons why most businesses fail. I’m sure you already know that by now (that’s why it’s the second to the last point). Why then did I include it in the list? Because most times, the problem is not about what we don’t know but more of what we do know but never put to use or practice. There’s a phrase that best captures the essence of planning and it goes like this; “He who fails to plan, plans to fail”. And a key element of planning is having a long term perspective of things or as it is popularly called;seeing the big picture. Which intentionally, happens to be the subject matter of the next point to which we now turn.

9. Don’t Start a Business that cannot OUTLIVE you

One of the underlying principles of the Accounting profession is called; “going concern” which means that a business must be in perpetuity. That is, a business is meant to exist as far as there’s still a need to be met. It’s just basic human nature; I mean who wants to raise a child only to watch the child die before their eyes? In the same regard, you should never start a business that has a short lifespan. Starting a business from a short term or temporary viewpoint, as far as I’m concerned is the definition of selfishness. Why build something temporary when you have the potential to create something eternal? The joy of any creator is to see his/her creation rise above their widest dream and outlive the very existence of the creator. So here’s the ultimate question for you; “does your business have the capacity to outlive you?” OR “Would your business still be in existence long after you’ve gone?” Never start or go into a new business without asking and providing answer to either of these questions.

SO, what then is the RIGHT way to start a business?

Start a business because you have something SIGNIFICANT (unique & useful) to contribute to the benefit of the human race!

Why?

Because a business is a tool that entrepreneurs create in order to make a SIGNIFICANT (unique & useful) contribution to the world by addressing a particular problem plaguing the human race.

In case you’re still wondering how to use your business as a tool for contributing something SIGNIFICANT(unique & useful) to the human race.

Good Day. :)

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YCM & BQE

Over the week, i went to 2 great event. One is held in center of KL Young Corporate Malaysia and the other held in Midvalley, Garden. Both are great events. Organizers are friendly and lively. However, for the Young Corporate Malaysia i can't concentrate during the talk. Must be my tiredness just back from my Pangkor trip. Didn't pay much attention either so i left after the lunch. Got no mood to having networking with people either. Very odd for me.

However, just now went to another event where i find this talk are more interesting than YCM. BQE session is about You Economy. How the economy changes by you. Is really meaningful and i find it truth. What ever you do in life never give up. Is not only to be the right time and place but also need to be right person. Meet a few start-up founder there, able to share businesses and exchange ideas and opinions.

Here me in BQE session. Great presentation.

Many my friends had started their internship today while i being left out. Not really left out but i be starting late. Anyhow take this opportunity to rest and having a relax mind to think how to expand my business.

Good Luck to all my friends doing internship.

Good Day. :)

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Leaders Are Made, Not Born

This is something i read on Under30CEO just now. Is really inspire me on how a leader are to be made and not based on talent. This is totally true. Nobody are born perfect. It take hard work, experience and big damn of ego to be a top leader these day.

I like to give example from Kobe Bryant, he is one of the greatest player in NBA these time. Either he the best player in skills and talents is still a question. However, he the general in court. He able to control and build together his team into one. Take example on Lebron James, he the greatest rookie player ever in NBA history. Being scouted since young and shine when enter the pro. Is not an everyday people to do that. Is a born talent. However, for Kobe Bryant. He made himself what he is today. Lebron James have the skills but not leadership and having conflict with his team make him transfer to other team.

Because of Kobe leadership he lead his team 2 back to back championship. First ever since Shaq left the team.

Well, this topic is not about basketball and not about Kobe and Lebron but leadership in a person.

These questions are necessary for every leader to address in order to create a great organization.

1. Become a Great Leader: How will you develop yourself and hold yourself accountable as a leader?

2. Plan: What will it take to create a useful business plan?

3. Surround Yourself With Great People: How will you attract and honor your team?

4. Offer a Great Service: How will your products make a real difference?

5. Design Great Marketing: Why should this organization matter to others?

6. Perfect a Great Sales Process: How will you engage and educate customers to buy-in to your mission?

7. Create a Great Customer Experience: How will you engage them in a extraordinary client experience?

Being a Great Leader Means Not Doing it Alone

When Kobe lead the team to back to back champion, he is not alone. He have a whole team that eager to get that trophy. I won't be a teamwork unless there a team.

So who you want to be in your team?

You want a team that:

1) Owns the outcomes — has skin in the game — a vested interest in thinking, analyzing and delivering better results than ever before;

2) Builds confidence in others — and isn’t meek accepting or doing the job, but is turned on by the opportunity to prove something or have greater impact;

3) Understands what’s in it for them in everything they’re asked to do;

4) Demonstrates full engagement, and needs to have a voice and to be heard; and

5) Gets paid more, but is worth more, and has more options open and more untapped potential than ever before.

I'll do whatever it takes to win games, whether it's sitting on a bench waving a towel, handing a cup of water to a teammate, or hitting the game-winning shot. Kobe Bryant

BTW, i am a big fan of LA Lakers. So there might be some bias but i can ensure you guys that i state the truth. Bryant just Rocx!!

Good Day. :)

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Why young Entrepreneur FAIL

"Face it. Nothing will go as planned. Ever.

Failure is inevitable. Your world will be flipped upside-down on a daily basis, and even the best-laid plans--accompanied by the best intentions--can go belly-up.

To make it as a business owner in the real world, you need to learn to fail like a pro, adapt at will and pay attention to detail in order to make informed decisions that will keep your business moving forward. Your ability to plan for the worst-case scenario and maneuver around unforeseen circumstances will be the keys to finding success as your own boss."

Matt Wilson, Co-Founder of Under30CEO

There a saying, failure give you motivation to try harder. For my believe, i don't believe in failure. You fail because you don't try hard enough. Not enough motivation to be the best. There are many reasons for people to fail. The biggest is your own reason.

Unless you have your reason to fail than there should be no excuses.

For me, i do fail a lot of time in my life. Sometime is good, sometime is not suppose to happen but the fact it just did.

This few days make me realize something. I can't fail some more. There no more reasons for it.

Good Day. :)

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Sometime Quit is Right

There many quote that say "never give up", "do till the last", "Quit is for loser"

But today i have a new quote saying "Sometime, Quit is Right".

Why do i say such a thing? Am i a quitter? Of course i'm not but in some aspect you unable to change. In my circumstances, some time you need to retreat to attack the opponent. Being a wise general is better than a muscle, fighting type general.

So, never say anyone a quitter unless you know their circumstances.

Having exam, next Monday. Able to relax and have a peace mind for a while.

Good Day. :)

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Sole proprietor or Partnership

Tomorrow is the day where start my first paper for my last exam in my University period. After having study for so long time to relax and do some sharing in here. What i am to share here today between sole proprietor and partnership. Well, we do have some memory back in school when we study the comparativeness of this 2 meaning.

The truth is those meaning back in school are totally useless in business world. Why i say that? When you are about to start-up some business you first on your mind is you want to do it alone or with someone with you.

This is very important. Especially when you looking for long-term operation. Being a one man shot is great, able to do thing yourself, being a one man boss but you got to know are you capable to handle all those stuff by yourself. Do you have the skills? That is why there are partnership in business.

Partnership business is not that good either. Not able to get all the profit. If there too little job to do. Job delegation is unbalance. Having disagreement and stuff.

So is all depend on how big your business is. If you think your business able to expand that big than having a lot partner is a good thing. However, my opinion is always depend on the character, type and finance of the business you involving.

That all for now, wish me luck for tomorrow.

Good Day. :)

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Youth Day

Few days ago, i went to an event in Midvalley, Garden, TedxYouth@KL. Great event participate by young generation. Listen to few inspired speaker on that day. Is worth my time and money thought the lunch is disappointing.

There a few talk that i really inspired with but most of all is the 1st speaker that is Niki Cheong. He really give a great talk on that day with the topic, Confession of a 1A student. He explain on how our education system has changed our youth today. Discuss on the topic is grade really that matter? Is really interesting topic and i pay 110% attention of it.

Here his profile and website : BangsarBoy

There also a few other speakers that give a really great talk too. Manage to take photo with some of the speakers,

Not really sure the name but he talk about passion of life and also his story.

This is photo with Mr.JFK

He inspired us with letting go his luxury life to archived his dream that is to be a pilot. Yeah, he now flying AirAsia's plane.

Check out his website and profile: JFK

Well, that if for now. Going to concentrate on my final exam for the next 2 weeks.

Good Day. :)

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What your plan after graduation?

As we know, we are upon to graduate soon. Even thought some are still long away but is no harm in thinking what your plan after graduation? What your real goal? I hoping to get opinion and discuss the issue as hoping to know what most of you all plan. :) Just a click won't hurt.

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Take Control of Your Future

Dream Big

Think of the most influential people you know. Jay-Z, Oprah, Donald Trump, Michael Jordan, Steve Jobs, Russell Simmons, Coco Channel… What do they all have in common?

They are Entrepreneurs

They’ve risked it all. They’ve failed, they’ve succeeded, they’ve made millions and they’ve given back. This group didn’t grow up to be doctors, lawyers, or accountants like everyone told them to be. Most entrepreneurs didn’t study hard, get good grades, and get a safe secure job. Instead, they forged their own paths and chased their dreams, they made things happen for themselves and live life on their own terms. I think we can all agree it paid off.

They Don’t Work for Their Business, Their Business Works for Them

Entrepreneurs create business systems, and the savviest business systems generate income while their owners sleep. Entrepreneurs leverage other people’s talent and capital to create systems that are far more powerful than they could ever create on their own while providing jobs that feed families and power economies.

How Do You Want to Be Remembered?

Each and every one of us have been giving the opportunity to do something with our lives and create impact no matter how big or small. It is up to us to decide upon the legacy we want to leave for our families, for our communities and for the world. One day our story will come to a close. Will it be a good one?

I believe entrepreneurship is a vehicle to create a better story; one that includes a life of fulfillment, doing something you are passionate about, one that creates change and affects those around you in a positive way. We believe you can make lots of money and also do lots of good at the same time. The days of cut-throat capitalism are nearing their end; trends are shifting towards creating businesses that are both lucrative in profit and socially conscious.

Stop Doing Shit You Hate!

Maybe, you are stuck in the 9-5 right now. Maybe you are about to graduate and all your friends are signing away their freedom to work in a cubicle and you are starting to panic. No longer are we forced into a situation where we are viewed as numbers on a spreadsheet where our job can be slashed at any second. We don’t have to work a job where our boss disrespects us or worse yet, where we are totally unstimulated by our day to day lives.

We’ve all seen how most people go through their entire lives fighting to get to middle management, just to work longer hours so they can leverage themselves into bigger mortgages. Why can’t we play during the day and make money at night? We are here to tell you how to get started playing by your own rules and controlling your own destiny.

Think This is For You?

Now that you’re all pumped up and ready to dive into your business it’s time to snap back to reality.

What did all of those entrepreneurs above have in common? Their success took hard work, time, sacrifices, dedication and most of all passion. None of them made a name for themselves overnight but rather they had a goal in mind and let nothing get in the way of it.

Your business will require the same hard work, time, sacrifice, dedication and passion to get to where you want it to be. Not only will it be difficult, but it can actually be downright miserable. Starting a business will probably be the singlemost challenging thing you will do in your life.

Why do it?

We will tell you right here not start your business for the money but rather start it because it is something you are passionate about. Start it because you want to make a difference in the world by solving a problem. If the solution is good enough you will find a way to create an amazing living at it.

Why passion over money?

Quite simply, in the early days you won’t have any money! Don’t try and motivate yourself with something you don’t have because you will quickly burn out. Instead motivate yourself with the addiction you have to working on your business. We are addicted to helping young entrepreneurs and motivating people to make a difference in their lives. It’s time for you to get addicted to what you do.

Maybe you are addicted to snowboarding, partying, volunteering, dating, driving, drawing or something even crazier. That is the best part. The things that your friends see as weekend fun or after work activities are what you get to do each and every day. Putting 20hour days into your company becomes fun rather than work, especially when your business solves a problem.

You Are in Control

At the end of the day there is really only one thing that matters. You control tomorrow. You are not restricted by upper management or the mundane tasks that have been laid out for you. You also don’t have to wait 6 months for your evaluation to get your raise. If you work hard and make things happen you can get that raise tomorrow.

It is all up to you. It won’t be easy and you will go through ups and downs, but there is a reason people put themselves through the insecurity and uncertainty of entrepreneurship. You learn, you improve, you keep pushing and when you find the right solution nothing feels better.

The reality is entrepreneurship is not the key to riches but the key to whatever you put your mind to.

This is an article i read moment ago from Under30CEO. Hope to share it with you guys. Take control of your future, not the future control you. Most of my friends already got placement for their internship, that a great news but i really hope to do my own business during internship but that never happen. Maybe because is the period we needed to learn from the others. So i ask most of my friends here, what your plan upon graduation, some aim for MNC, some aim for small company in their hometown. Not one thinking on having their own business. My plan is to work for few years and will stop and set up my own company, but plan may changes. Hope my intern able to help me decide this.

Many people do have great potential in their selves but they did not realize it. They have the idea to make it happen but do not dare to take the step. I meet a person who said, if you have an idea, believe in it and just make it happen. That what i intend to do.

Anyhow, hope you guys enjoy your intern. My next topic, does education really important?

Good Day. :)

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Wall Street

Have you watch this latest movie, Wall Street: Money Never Sleep? I did. Is a awesome movie. Recommend to you if you guys are into trading stock and stuff. Seriously is really awesome. When i get back home only i realize that that movie is actually an sequel to the 1st Movie that is also the same name. So i went home and download the 1st Movie and watch, really damn cool also. Most of people watch the movie will say rather boring or would not understand what are they saying, cause they using a lot of financial term than really deep only people who study finance would know. Luckily i am finance student. Watching both the movie realize me why i study finance in the 1st place, knowing something that would be benefit in the future.

Hope you guys enjoy it, here some pic from google:

However, study finance and involve in finance is 2 different matter. Most people would be shock for me not doing finance job during my intern. My principle is learn for knowledge, my interest to be involve in marketing during my work growth everyday. I not a finance guy, might never be one but i can be the guy that know finance.

1 more thing, today is Depavalli. Happy Depavalli to all. Hope you guys enjoy the holiday well.

Good Day. :)

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Path to Success

Hi there,

Is been a long time since i post here, around a month i think. Being busy for the last month in my last semester in my campus. My last moment to be a college student. Even thought busy with dateline and stuff but yeah i not going back here to study again. Continue my master? I rather take another degree.

So what i up to for this whole month. Starting my latest business that focus on Advertising and Marketing industry. Is not really easy, take few months to plan this out and is almost ready to run. 1 thing i realize to be in a Marketing industry you got no product to sell, you sell your services. Either my services is good or not, my backbone is depending on that. I will update here when it launch that time.

Either this business will continue to be in long term? I don't know. Why i not confidence on my own business? Having able think a lot since i return to my hometown. Can't find a way to start it is the 1st reason. There a few more that i rather not say at here. But hey, there no hard in trying. Budget of RM150 only, where can you reach? Facebook.com was created with minimal budget once.

I now actively on Twitter, http://twitter.com/#!/alvinyeo07. Do follow me if you have an account too. I hope to meet and share my ideas regarding about business to you all.

Would be great if able to pull off a gathering to meet inspired people.

Till than for my next post.

Good Day. :)

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Challenges and Risk

Hello,

Is been a while since my last time here. Today thinking of writing the challenges and risk you face handling your business. Most business hoping for a minimal risk and small challenges so they can play safe. However, most big company are having risk everyday, that why they have risk manager to control their risk.

My experience is good to challenges the risk but make sure what you really intend to do. Is true that some business are a mistakes but if they do not make that mistakes i don't think he/she will go further. Is not easy especially in Malaysia, sorry to say that but Malaysian are the type of people who play safe. They follow other people as if they do not have their own path to follow. Is a typical Malaysian. However, i believe someday we will changes. We are not following other peoples anymore but we are taking the steps our own self.

Few days ago, i having debates with my friends on how we going to 'survive' in this country being not this certain races. Most will say "lets migrate, go singapore or canada". That is how all people are trying to say but not really doing. I always believe the same thing few years back when i was young and naive.

My new opinion is be smart. Smarter than anyone, the goverment, minister, rules maker. Running is not always the option you will have later in life. Is either you face it now or than.

Good Day. :)

P.S: not to be racist or anything but is to be open minded as Malaysian are so Closed minded.

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Marketing

1 of my experience doing this few small businesses. I realize that marketing is damn important. Without it, you might as well dead. Thousand of small company usually got wrong idea on their marketing scheme. They did mistake on how marketing actually work.

When my 1st and 2nd business, i focus on marketing as i know that when you do a business and nobody know is useless. So what i focus is hoping everyone can come in and know my stuff. That is my major mistake. What the reason, continue below.

I went to this SME solution expo in midvalley last Friday, and i can say is a fortune for those businessmen and women. There are many thing to learn about and many new online solution for small based company. While i was there, i listen to this talk given by founder of this Singapore based company, more to advertising company where focus on marketing. He shares about on how marketing actually work and most we do is not working.

Here a few of his idea :

When it comes to developing a marketing concept in small business marketing, most small business owners do not have a clear idea of what they want to achieve through marketing. They ended up spending a ton of money to roll out the marketing concept, and yet do not generate the return they desire.

There are three marketing misconceptions that often occur when it comes to marketing small businesses.

1. Monkey See, Monkey Do

Arising from the lack of good marketing advice, small businesses often look at what their competitors are doing, and simply do more of the same thing!

If the competitor is giving out flyers, they will give out more flyers. If the competitor advertises in newspapers, they will advertise more in newspapers.

But doing what everyone else is doing,

isn't going to get you very far ahead of your competitors!

And all this while, they will have no idea what is the return on investment for that competitor. Everyone just assumed that it works, and more often than not, the truth may just very well be the opposite.

To really get ahead, you need to get creative and leverage on alternative marketing channels such as social media marketing, that your competitors may not be utilizing.

2. Branding Vs Marketing

While Fortune 500 companies can put up 30-sec TV commercials to do branding, with no website addresses to visit or phone numbers to call, it would be suicidal for small businesses to do so.

Instead of just branding, small businesses should instead focus on Marketing-Driven Branding. Because marketing can be tested, measured and improved on. Marketing can deliver an immediate return on investment.

3. Drill bits Vs Holes

Have it ever occurred to you that, of the millions of people who bought a drill bit this year, none of them actually wanted a drill bit?

They wanted a HOLE!

The drill bit is just a means to an end. What people want is the benefit (a hole), not the product (the drill bit). If there is something else that does the same job, they'll probably consider buying that something else too!

My point here is, most small business are marketing their product's features and price. This can be ineffective because...

People are NOT looking for your product,

They are looking for a Solution to their Problems!

So, what you should do is, instead of describing the product features, describe the benefits the product can give to the customer. In other words,

Stop Marketing the Product,

Start Marketing its Benefits!

Hope those who doing business out there find this useful.

Good Day. :)

P.S: hope to share with you all a video i found in youtube that i think is rather interesting on how Marketing involve throughout the year. Awesome animation.

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Entrepreneur??

So what actually is Entrepreneur ? This the question...

Businessman and Entrepreneur are not the same. There a slight different between this 2 meaning. However, their common goal of course is to make money.

There are a million ways to do that. Me myself did a few of those million ways.

I did a trading business on selling fashion clothes through online. Reason cause it save cost. However, is not really a business yet cause i did not register it. Is something like through an agent.

Besides that, my University convocation happen last week and i got to knew from my friend of this place selling cheap doll. I know this market is a bloom market since 2 years in Uni. So i ask my friends to join in together. Learn a lot within this 1 week. However, is just a short term business.

My real business is yet to shine is still under planning and is about to bloom in market about few more months. Can't wait for it. Is a blue ocean business where nobody did it before.

This is so far my Entrepreneur adventure. I hope to bloom more but facing short of capital. All it takes now is time and money.

Good Day. :)

P.S: Congrat to my seniors who had graduated.

"Graduation is just the beginning"

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Dream Business

I believe everyone do have their own dream on having their own business and also dream of what business they wanted to do. I myself do have it. In this post i hope to share with you all about my dream business that i hope to realize it one day. There is nothing impossible in this world. We need to work hard to get what we want.

So, what is my dream business ??

To own a McDonald Restaurant.

Yes, the world famous fast food chain. Most people will say: huh.

For me, i am inspire for McDonald's marketing style. They really press on quality and customer value. This do touch me a lot. Yes, is true i love McDonald but than it would be a fortune to able to own them.

To realise my this dream, i need gain a lot lot of capital. To starting own them roughly need around RM2million. That is the minimum also.

So i should start by having small business 1st.

I also want to introduce my new business that i just venture on few months ago.

I selling fashion clothes through online,

Hope you all can visit my website, highstreetgal.weebly.com/

Can visit this blog to get more products too, yiyibushelovely.blogspot.com/

Thanks and have a Good Day. :)

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Weakness

I believe everyone do have a weaknesses in their self. We can't avoid this but instead have to find way to overcome it. Many people do not admit they do have their weakness. Thinking is part of their self. Self confidence is very important, however we do need to know that not all accept this.

What my weaknesses ?

There are a few, but i only talk about the main. I have problem in communication. How come my communication is so bad ?? Is because i can't properly speak or understand my ethic language properly. This could be small thing for some people but in business world is a very big issue.

I just meet a company director that from Taiwan just a moment ago to discuss about suppling stock for my business. I can only understand 20% what he is saying. At last i being criticize for not being business minded enough and how to work together. Really disappointed but is not the end of it. There is always a solution in any problem. I faced this since i was in schooling time. Just during that time i do not take it seriously.

China is emerge to become the biggest market in the next 10 years. I am a Chinese, but i can't communicate with them. Look like i need to think of a solution for this but is never easy.

Wish everyone able to improve their weakness too.

Good Day. :)

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Real Estate Business

Hi,

Is been 2 weeks since i last post at here. Being busy with other things. I finally get a job as a Real Estate Negotiator at Hartamas Properties. The company is very big in Klang Valley. Hope i able to learn more during my working time in there.

People usually ask me, why i wanted to work so early. I have another half a year more to enter the working line. What the rush.

Well, my answer to them is for experience. I hope to find what i love to do for my career. I admit i in love with property. I hope to set up a development company in the future. This is just my 1st step to gain more knowledge on property. So anyone who have property to sell or wanted to look for property can contact me. :)

I next month will turn 21 and i still have another 4 years to archive my dream. Can i do it ?

Here a inspire video my Apple CEO, Steve job talking about his life journey. I admit is really inspiring and hope he can inspire you too.

Good Day. :)

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Magic of Mistakes

Seriously, who in here do not make mistakes in their life ? I bet everyone make mistakes. They would whine on how stupid they were thinking either to sit a time machine to reverse that mistakes. Well, today i would like to tell you all about how grateful you make that mistakes.

This theory i got from Rich Dad's theory. The educational people, do not make mistakes. The street people often make mistakes. So which do you prefer ??

Based on the answer given by Rich Dad. Yes. Make a lot mistakes as many as possible. Why ??

Learnt from your mistakes.

As example, when you were young and want to learn how to ride a bicycle. Normally most people would fall down. Yes, you are still learning and is normal for you to fall down. Remember the frustration you went through as you struggle to learn how to ride the bicycle. You make mistake after mistake. Then suddenly, you stop falling off, you begin to peddle the bike begins rolling, and then suddenly like magic. That is the magic found in mistakes.

Lets put some example, everyone should know who is Warren Buffet, the world richest guy. Beat Biill Gates few years back. He is a great investor and own Berkshire Hathaway, manufacture textile business. Back than, the business of the company gone down few years back and people speculate it would go bankrupt within a year. Warren Buffet have different opinion, he purchase more than half of the company share and become the owner the company. Back than, everyone know that what Warren Buffet did was his biggest mistake in his life. His plan is to bring back the business in U.S but eventually textile business in the country are all moving out and is a trend that not even Warren can control. However, inside the company failure he able to turn around into a new industry and today Berkshire Hathaway is one of the most expensive share in the market.

There are many more example but i put the famous Warren Buffet so it can be a inspiration to everyone. Mistakes can be look by many view, it can be bad or can be good. Is all depend on YOU.

Good Day. :)

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Blue Ocean Strategy

Hello my fellow reader, is been a while since i last post. Currently lack of idea on what i should write. This idea came around when i was thinking on how to expand my business( have not launch yet) recently. Every time when you about to set a new business there are always million of strategy or way to do your business. One of the best and now most people are talking are the Blue Ocean Strategy.

So what is this concept really about ? The true is, the title of blue ocean strategy is actually a book written by W. Chan Kim and Renée Mauborgne. So what is this book really about ?

Here is a brief summary about the book,

The book is divided into three parts:

The first part presents key concepts of blue ocean strategy, including Value Innovation, the simultaneous pursuit of differentiation and low cost, and key analytical tools and frameworks such as the strategy canvas, the four actions framework and the eliminate-reduce-raise-create grid.

The second part describes the four principles of blue ocean strategy formulation: how to create uncontested market space by reconstructing market boundaries, focusing on the big picture, reaching beyond existing demand and getting the strategic sequence right. These four formulation principles address how an organization can create blue oceans by looking across the six conventional boundaries of competition (Six Paths Framework), reduce their planning risk by following the four steps of visualizing strategy, create new demand by unlocking the three tiers of noncustomers and launch a commercially-viable blue ocean idea by aligning unprecedented utility of an offering with strategic pricing and target costing and by overcoming adoption hurdles. The book uses many examples across industries to demonstrate how to break out of traditional competitive (structuralist) strategic thinking and to grow demand and profits for the company and the industry by using blue ocean (reconstructionist) strategic thinking.

The third and final part describes the two key implementation principles of blue ocean strategy including tipping point leadership and fair process. These implementation principles are essential for leaders to overcome the four key organizational hurdles that can prevent even the best strategies from being executed. The four key hurdles comprise the cognitive, resource, motivational and political hurdles that prevent people involved in strategy execution from understanding the need to break from status quo, finding the resources to implement the new strategic shift, keeping your people committed to implementing the new strategy, and from overcoming the powerful vested interests that may block the change.

So is really a interesting theory indeed. I haven't purchase the book yet but look forward of having one. If anyone have it, hope can lend it to me.

Good Day. :)

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Coffee shop Business

COFFEE SHOP


Simple yet nice.

Who would actually think of it. Almost half of Malaysia love Coffee. We can see the rising of coffee shop business in the country. Remember the old time when there is only a kopitiam business. Old table, with old chair, the cup is like antique cup. That the old good day, there have kaya toast bread and perfect spot for breakfast.

However, day have change. There are a lot coffee shop such as old town, papa rich, station 1, starbuck, coffee bean and many more but the thing is the price is like triple from the old day. By making it more high class and make the coffee look interesting but actually is the same. This is the evolution of coffee shop in this country. Although there are still old timer coffee shop in outskirt of the town but only few in town area.

Even so, coffee shop business is a very good good business. Malaysian usually go these place to hang out, have breakfast, chit chat, online, reading book, and many more. If i had the chance i will do my own coffee shop myself. Just wait 1 day of course.

Other products besides coffee.

So here is a few steps i found online doing some research and more if you want to set up your own coffee shop :

Start with a Business Plan for the Coffee House

1. Every new business should consider making a business plan, which is a report that shows everything possible about the planned business, including start up busness financing, and how it will operate.
2. Potential coffee shop business owners can look online, at the library, or at a book vendor for information on making a formal business plan.
3. A business plan includes everything about the business, including location (perhaps the most important decision), city regulations, start-up costs, an advertising plan, hourly cost of doing business (overhead), top income possible (considering customer seating, employees, etc.), and such.
4. A business plan may be necessary for business financing with a bank loan, city approval, etc., as well as acting as a “map” for running the coffee business in the future.

Business Advice from a Coffee House Owner

1. Talk to your city and find out about impact fees, regulations, and permit obligations.
2. Be in love with your product; get the best product you can get.
3. Know your customers; know their wants and needs and the demographics of the clientele you will be serving.
4. Be involved in your community; support the local sports programs with fundraiser advertising, for instance.

I love this design... people really will attract to it.

What Customers Like in a Local Coffee Shop

According to customers, some reasons for the popularity of this particular coffee house are:

1. Friendly small-town service
2. Good drinks and food
3. Fun and funky atmosphere set in an old house
4. Good location in the center of town
5. Pleasant mix of background music
6. Outside seating for sunny days
7. Frequent customer reward stamp-cards
8. Comfortable seating
9. Free Wi-Fi for getting work and emailing accomplished

Other Things to Think About Before Starting One's Own Small Business

1. Owning a business is often more work than it is glamorous.
2. Expect to put in a lot of hours to get a business running, especially in the first year.
3. Consider finances carefully. Permits cost money. Machinery breaks. Employees quit.
4. Most new small businesses fail in the first year. Have a back-up plan or two, especially business financing.
5. Rejoice at small steps like the first dollar earned, the first month making a profit, and the one-hundredth customer. These memories will help get through difficulties.Instant success is rare. Owners need tough skins and a can-do attitude.

This design is Starbuck in USA. Really nice and costly right ? That why their coffee is so expensive but yet people still go there.

So here is the plan i found in the internet. Anyone have more idea can share with me. Or if anyone also have the passion to do this business also can come and share your idea. The more the merrier. That the end of my topic, hope you enjoy.

Good Day. :)

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