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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The Importance of Goal Setting

I bet everyone here have their own goals. It can one or more than two but the thing is goals play important tool to get you motivate. Usually when you doing sales, your supervisor will set a goal for you to sell the product until a certain amount.

You might know my first few post on fail to plan, plan to fail. This is how goal setting will play it role on planning process. All company should have their own goals. It can be short or long term. This goes together with individual. I myself do have my own goals. The goal i focusing now is to get my first million before i turn 25. I know is unrealistic but this is the challenge. With the goals you have, you will think million of way to have you get the million dollar.

Here a article i found, is quite useful :

Goal setting is a powerful tool, whether applied to one's professional life, personal aspirations or health objectives. In fact, goal setting can make the critical difference between success and failure.

One obvious goal of many may be to simply stick to your diet and/or exericse program in the context of a busy, overscheduled daily routine, but effective goal setting goes far beyond this fairly elementary ambition.

While life may seem out of control at times and that you're a passenger in life rather than the driver, remind yourselg that YOU hold the greatest power of all, that is the ability to design your own life. You can wake up every morning and decide to exercise, lift your own spirit through positive affirmations, and eat a nutritious breakfast, or you can choose other options that may be detrimental to your emotional and/or physical health. Ultimately, the decision is yours and yours alone.

Here are a few TIPS to make lifetime commitments through goal setting:

1. Don't compare yourself with anyone except your self. This is not about winning or losing. This is about making your life better - whatever that means for YOU.

2. Focus on the present - How will you feel after your exercise session today? Will your ability to resist that danish fill you with a sense of accomplishment?

3. Imagine the results - literally. How you picture yourself is often a self fulfilling proficy. Day dream in detail about how you would like to look. Athletes picture themselves performing their event over and over again in ther minds until they finally perfect it. If you see your self as soft, sloppy, weak, tired, or stressed, this may very well become yoru reality for just thinking it. Picture yourself standing tall taking deep breaths, confidently striding forward as you approach life head on.

4. Take small steps - they DO count! It's impossible to stop smoking, start drinking 64 oz of water, and exerising 5 days a week. Start slowly, one attainable goal at a time. Begin with taking a short walk and slowly work your way up.

5. Be patient - it make take weeks before you start noticing you have more energy, your clothes are fitting more loosely and you aren't getting short of breath walking up a flight of steps. When you do recognize these signs of achievement, revel in the glory.

6. Put holes in your excuses. When you find your self coming up with an excuse not to exercise, go back to the reasons why you want to exericse in the first place. Put a stop to the negative self talk and obstacle formation. Grab that mental sledge hammer and break through!

7. Journal - If you do just one thing related to goal seetting, begin journaling. Tracking your progress can help you stay focused. Write down not only your goals, but what exercises you did, how you are feeling and what small changes you are noticing in your everyday life like, not being short of breath or lifting something with ease, or having less pain. Writing your goals in front of your journal would help you to review them daily.

Hope you enjoy and find it useful in your daily life.

Good Day. :)

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The 90 to 10 Principle

Today i hope to share with you a meaningful theory that my friend introduce to me few years ago. I still kept the article in my laptop and look at it if i got time.

Here the article all about :

The 90/10 Principle .... Good in Theory ... Dumb in reality

It will change your life (at least the way you react to situations).

What is this principle?

10% of life is made up of what happens to you. 90% of life is decided by how you react.

What does this mean?

We really have no control over 10% of what happens to us. We cannot stop the car from breaking down. The plane will be late arriving, which throws our whole schedule off. A driver may cut us off in traffic. We have no control over this 10%. The other 90% is different. You determine the other 90%.

How? ……….By your reaction.
You cannot control a red light. but you can control your reaction. Don't let people fool you; YOU can control how you react.

Let's use an EXAMPLE :

You are eating breakfast with your family. Your daughter knocks over a cup of coffee onto your business shirt. You have no control over what just happened.
What happens next will be determined by how you react.

You curse.
You harshly scold your daughter for knocking the cup over. She breaks down in tears. After scolding her, you turn to your spouse and criticize her for placing the cup too close to the edge of the table. A short verbal battle follows. You storm upstairs and change your shirt. Back downstairs, you find your daughter has been too busy crying to finish breakfast and get ready for school. She misses the bus.
Your spouse must leave immediately for work. You rush to the car and drive your daughter to school. Because you are late, you drive 40 miles an hour in a 30 mph speed limit.

After a 15-minute delay and throwing $60 traffic fine away, you arrive at school. Your daughter runs into the building without saying goodbye. After arriving at the office 20 minutes late, you find you forgot your briefcase. Your day has started terrible. As it continues, it seems to get worse and worse. You look forward to coming home.
When you arrive home, you find small wedge in your relationship with your spouse and daughter.

Why? ….
Because of how you reacted in the morning.

Why did you have a bad day?
A) Did the coffee cause it?
B) Did your daughter cause it?
C) Did the policeman cause it?
D) Did you cause it?
The answer is “D".

You had no control over what happened with the coffee. How you reacted in those 5 seconds is what caused your bad day.

Here is what could have and should have happened.

Coffee splashes over you. Your daughter is about to cry. You gently say, "Its ok honey, you just need to be more careful next time". Grabbing a towel you rush upstairs. After grabbing a new shirt and your briefcase, you come back down in time to look through the window and see your child getting on the bus. She turns and waves. You arrive 5 minutes early and cheerfully greet the staff. Your boss comments on how good the day you are having.

Notice the difference?
Two different scenarios. Both started the same. Both ended different.

Why?
Because of how you REACTED.
You really do not have any control over 10% of what happens. The other 90% was determined by your reaction.

Here are some ways to apply the 90/10 principle. If someone says something negative about you, don't be a sponge. Let the attack roll off like water on glass. You don't have to let the negative comment affect you!
React properly and it will not ruin your day. A wrong reaction could result in losing a friend, being fired, getting stressed out etc.

How do you react if someone cuts you off in traffic? Do you lose your temper? Pound on the steering wheel? A friend of mine had the steering wheel fall off) Do you curse? Does your blood pressure skyrocket? Do you try and bump them?
WHO CARES if you arrive ten seconds later at work? Why let the cars ruin your drive?
Remember the 90/10 principle, and do not worry about it.

You are told you lost your job.
Why lose sleep and get irritated? It will work out. Use your worrying energy and time into finding another job.
The plane is late; it is going to mangle your schedule for the day. Why take outpour frustration on the flight attendant? She has no control over what is going on.
Use your time to study, get to know the other passenger. Why get stressed out? It will just make things worse.

Now you know the 90-10 principle. Apply it and you will be amazed at the results. You will lose nothing if you try it. The 90-10 principle is incredible. Very few know and apply this principle.

The result?
Millions of people are suffering from undeserved stress, trials, problems and heartache. We all must understand and apply the 90/10 principle.
It CAN change your life!!!
Enjoy….

That the end of the article, no matter how many time i read it. I feel inspire by this theory. We need to control our emotion and not let our emotion control us.

This is all for today. Hope you find this useful.

Good Day. :)

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Nelson Mandela

Why on earth i would talk about Nelson Mandela for ? This is a business page right ? What he got to relate with that ?

That are some question you might ask me if you see this post.

Who is Nelson Mandela, some might ask. For that, feel free to look at here :
http://en.wikipedia.org/wiki/Nelson_Mandela



Invictus

That is the movie that i just watch. Just 1 hour in the movie, i already been so touched and inspire by him. How can he reunite the nation that always have racist war and hatred toward 2 kinds ? Is easy, let them won the world cup.

Why i post this in my business blog is because of his leadership. How can he inspire 42 million people? How can he inspire the rugby team to be 1 team and fight for 1 country. Nelson Mandela could be the most respectful man on earth.

Many businessman today have poor leadership, there do not have enough courage and spirit and the sure win spirit. Self motivation is most important. You can't give up that easy because your opponent is so strong your leg are already weaken.

The movie name Invictus is actually a poem wrote by William Ernest Henley. Nelson always keep this poem as his inspiration when he was in prison for 48 years.

Out of the night that covers me,
Black as the Pit from pole to pole,
I thank whatever gods may be
For my unconquerable soul.

In the fell clutch of circumstance
I have not winced nor cried aloud.
Under the bludgeonings of chance
My head is bloody, but unbowed.

Beyond this place of wrath and tears
Looms but the Horror of the shade,
And yet the menace of the years
Finds, and shall find, me unafraid.

It matters not how strait the gate,
How charged with punishments the scroll.
I am the master of my fate:
I am the captain of my soul.

Believe in yourself, no matter who you are.

Good Day. :)

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Economy

Is been a while i wrote something at here. Just back from oversea and settle some stuff. Today, i would like talk about the Economy.
Economy play a very big role in Business. If the economy is bad so does your business. However, how do we know ? Either the economy is bad or not ? We usually know by newspaper, friend, parents and many more but actually what is the cause of the BAD economy ? There is a few reasons why, first of all is cause of the exchange rate. Many country depend on the country exchange rate to do their trading with other international business. If the country will always have good exchange rate than is good business for local people as we can do trading in oversea.

Besides that, other reason can be anything. Such as politics, our country politics are worsen from days to days. The aims is to have a good economic, why need to argue for power. (I have been too personal since so many issue create after the Sibu-By election).

Most of the economy are control by the government. We do not have the power if we want to change it. However, we do have the power to criticism it. So i suggest you guys to start pick up a newspaper and look what actually our economy turn into.

Good Day. :)

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Business Foundation

What is the foundation of every businesses ??

It is important to build up the foundation before start the business. Reason ? As a goals, as a trademark, as a tool for promotion. Today i had discuss with my business partner, Justin and KC and i able to learn lot from them, from tag line to credo.Most business fail because they do not have strong foundation. Most blame other thing for the failure, like capital, resources, human capital, ETC. However, is their foundation is the problem. Good planning will always advance. There is all for my idea on foundation.

Something to share on my personal stuff, just know that my friend had just pass away. May his soul rest in peace.


Good Day. :)

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Derivative

Today i am going to talk about the lecture i went today, Derivative. According to some sources, This course is the more difficult finance paper ever. After enter for the 1st class don feel so.

However, what is Derivative ?

In my own knowledge, i come across from my pass finance paper, that it is some kind of a Bond. That all i know.

The true meaning in finance term is a financial instrument or more simply, an agreement between two people or two parties that has a value determined by the price of something else that is called the underlying.

So what actually we understand in that meaning ? Seriously it take me half and hour to understand it.

However, this course does't seem that hard as what i thought and the lecture do not provide slide show but instead use his knowledge and just tough us what he know.

Anyhow, there is no risk in any challenge. That what i learn in class today.

Good Day. :)

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Investment

What is the word Investment mean to you ?

Most common meaning is like you can earn extra money if you put some money in some business or fund. Or it can be like a activity to increase your income in near future. I had just attend my first Investment lecture today. To tell the truth, i was disappointed. The class is more a less about general topic of finance. What i hope to learn is "What is the process", "What is the best investment" and many more but instead we are here to study about money market where i can ensure you that i study this before in my pass finance paper. The faculty should not always repeat the same thing but instead try to go outside the box. Make people really thing what investment is all about. I bought a book of rich dad, poor dad- guide to investment. I haven't really finish it yet due to my tight schedule in semester 3, but i can say that book is really cover the real thing of investment. It show about the real market, property, the process in getting it without coming any dollar. There are so much you can learn from Robert Kiyosaki, and i admit i really admire him. Well, to those who wanted to widen your knowledge can try purchase the book today in any bookstore.

Good Day. :)

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Fail to plan, plan to fail

I had seen this quote in a. forum today. Feel is very meaningful. Every move you wanted to take need to plan. Plan can be basic or complicate. Depend on what you want to archive. Some people think that planning is a waste of time, energy, resources but what actually planning is the most important thing to do. Without it, you might as well just fail. Planning is never easy. I remember back my experience in organizing a national event where i took 6 months to plan my event. Is not easy as it seem. You need to take all the pros and cons in every expect of your movement. Anyhow i would suggest for everyone to take 5 min of your time to sit down and write down what you plan to do in future. It can be goal, objectives and many more.

Good Day. :)

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Welcome

I would like to greet you all for visiting my new blog. This blog is all about any business mind that cross over my head and i will blog it at here. So i won't forget any brilliant idea and also able to share my idea to people who had view my blog. Besides that, anyone who want to share idea with me can do so. Just comment it on my post.

Thanks,

And good day.

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