Distractions in business

When we start or have a business, one of our biggest enemy is distractions. Distractions is bad as it derails us from our original and true intention; making us lose focus on what matters, normally leading to wasted money, time and resources.

Distractions come in many forms and guises. For those who are making progress, distractions could be in the form of lifestyle and fun; the women, men, frolicking and all the sweet things on earth. These kinds of distractions would come to those who started making money from their business. We see and hear these kinds of stories all the time; someone falling off his fortune because of a mistress, excessive travelling and lavish lifestyles.  These types of distractions are tests for those who has made it and wishes to either stay on top or go higher.

But those who just started business and have not made it yet are not spared from distractions. For those who just started a business, distractions can come in forms of new ideas and perceived opportunities. In the beginning, you business will have to go the 'budding' phase; it is a phase where the growth is not visible and it could be frustrating at time. During this phase, your impatience may invite you to be distracted with new ideas and perceived opportunities. These distractions are very dangerous as they would cause you to abandon your original plan, leaving it half-baked. Be careful of this distraction of perceived opportunities as it is very intoxicating. Why? Because it is filled with hope and hope drives an entrepreneur high; only that getting 'high' on hope is not going to get you anywhere.

Therefore, my advise is to always check if you are on the right track. I mean have a systematic method to check if you are on the same track and persistently moving along the track. The first thing is to write it down on paper - do not trust your brain with the plan. You need your brain for the execution of your plan; storing the plan itself should be on a piece of paper. make it a point to spare 1/2 an our each monday to go back and read that piece of paper to remind yourself of your goals and plans. Sit down and write what are the things that you are planning to do for the rest of the week and compare that list with your original plan. You would be able to spot clearly, once it is on paper, what are necessary actions and what are the distractions. Cross out the distractions and reclaim back the time and effort that your are planning for that distractions; the very least, you could use the time to be with your family.

Please do not mistake this with the adjustments that you need to make on your track due to reasonable and valid reasons. That adjustments is vital. You must know the difference between adjustment and distractions.



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Start a business to sell goods or services, not to get grants

Recently it was reported that PUNB has approved for an allocation of RM200 million to help bumiputera entrepreneurs. Great. But if you want to start a business, assume that your name is NOT in the list.

Many Malay entrepreneurs assume that a government grant is almost automatic for them if they have a business. Many went on to build an operation and make commitments based on the assumption that PUNB or some agencies would give them a grant/loan/assistance for their business. WRONG

One thing that you would need to realize, no matter how great you think your product is, how ingenious is your idea, how original your concept is, there will be a thousand others who thinks the same about their products/services. Therefore, there is no guarantee that your business will get the grant.

Build your business assuming that you will not get a grant; your business must be able to stand on its own. Ironically, once your business is proven to be able to stand on its own, he grants and loans will come pouring in. The rationale is simple, the grant officer wants to deliver success stories and proven business are less likely to fail.

But it does not mean that you should not apply for such grant. You should and must apply, but do not assume you will get it. And if you want to prepare your pitch, the following might  help (I do not own the copyright to the photo, it is reproduced under the Fair Use law, for educational purpose only)