New Entrepreneurs Malaysia (Usahawan Baru Malaysia)

Do what you have to do so you can do what you want to do, later

2012-02-15T22:30:00.000-08:00

Hello readers,

Sorry for the long silence. I have been caught up with a myraid of things to sort and obstacles to jump over. Anyway, today I read an article which I cannot delay passing on to you through this blog. Read it if you have the time and please do comment if you share the views in the article, here.

http://www.entrepreneur.com/blog/222831

See you again soon

Yazdi

If you like the article above, please like us here. :-)The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.

Lastly, if there is anyone that you know who may benefit from reading this article / post please forward and share this posting by clicking the button "Share" below. Have a great day ahead.

ElixirEducate

Developing your business

2011-12-08T16:19:00.001-08:00

Hello friends,

I am sure most of us have growth as one of the top priority, if not the highest. No, I do not mean the waistline (although mine has a mind of its own) but your business. Simply put, most of us equate business development / growth as increasing profit and wealth.

Well, if you are going to do it yourself (as most entrepreneurs would), these are some simple steps that you could follow:

1. Where are you now? You need to know, precisely, what is your present business model, how much business is it generating and its corresponding size. Brainstorming together with your employees would be a great idea. Do you have strong strategy but weak operations? Or weak strategy but strong operations? What is lacking?

2. Where do you want to go? You need to be clear as to what you want to GROW. Remember, it is sustainable profits that you would want to grow, not simply size. The target should be 'Realistic" but multiplied by two, at least. Set high standards. Do not be afraid that you might fail.

3. How are you going to achieve it? Organic growth VS in-organic growth? Product development? Market development? Diversification? Market penetration?

4. How much it is going to cost? You need to be very clear as to how much is this going to hit your pocket. Find out any hidden cost.

5. How are you going to fund the cost? Own money? Borrowing? New investors? Equity? Hybrid? Convertibles? What is the art of getting funded?

6. Is it going to be worth it? Is the benefit going to outweigh the cost?

Lastly, keep it simple and doable. Do not make your growth plan complicated. Take action.

Related reads:

1. Growing successfully for small businesses
2. Growing to business failure
3. The Art of Getting Funded

________________________________________________________________________________

If you like the article above, please like us here. :-)

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.

Lastly, if there is anyone that you know who may benefit from reading this article / post please forward and share this posting by clicking the button "Share" below. Have a great day ahead.

ElixirEducate

Women in Business, now on air!

2011-11-30T15:50:00.001-08:00

Many moons ago, I wrote about the rise of ladies entrepreneur in Malaysia, and today we see another milestone. The sign are so clear, we cannot disregard it. The Star Newspaper reported:

Capital FM 88.9 - Malaysia's first women's radio station to go on air Thursday

By JADE CHAN

PETALING JAYA: Malaysia's first women's radio station Capital FM 88.9 is all set to sizzle the airwaves as it begins its broadcast from 6am Thursday.
Joining the stable of radio stations under Star Radio Group, the all-new Capital FM is the only radio station that provides women a voice and a hub to exchange thoughts and opinions.
Capital FM 88.9 features a handpicked line-up of celebrity presenters, namely Asha Gill, Joanne Kam, Xandria Ooi, Patricia K, Sheela Haran, April Kuan, Joey G and Liang, who will each bring their own flavour to offer different dimensions to the radio station.
Targeted at urban women in the Klang Valley aged between 25-35, the station aims to be a platform for women's issues.
"Capital FM has been tailored to meet the needs of women. To be a friend and confidante. Women empowering women in their daily lives,” said Star Radio Group deputy chief broadcasting officer C.K. Tan.
"Our driving goal is to connect with women by addressing their emotional and intellectual needs, to enhance the quality of their lives and their communities."
Star Radio Group chairman and Star Publications (M) Bhd group managing director/CEO Ho Kay Tat credited Capital FM's unique tagline Women - The New Capital - to Star Publications (M) Bhd executive deputy chairman Datuk Vincent Lee, who coined it as a tribute to and in recognition of the value and importance of women.

The success of this radio station will depend on the kind of values they instill in the womenfolks in Malaysia. I hope that it serves to eliminate the prejudice that existed in both men and women, letting people focus more on living better, peaceful and prosperous.

The only thing I don'd like is the tagline " Women - The New Capital". As I see it, women has always, always been a very significant capital since the beginning of mankind, since the beginning of trade. I was merely hidden away, not prominent. In Islam, Prophet Muhammad's wife, the love of his life, Khadijah was a WEALTHY businesswomen who had employed the greatest man that ever lived. And you don't call that capital? Women should give more credit to women.

Work Smart Everyone.

Related reading
1. Rise of Women entrepreneur
2. More on women entrepreneurs in Malaysia

________________________________________________________________________________

If you like the article above, please like us here. :-)

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.

Lastly, if there is anyone that you know who may benefit from reading this article / post please forward and share this posting by clicking the button "Share" below. Have a great day ahead.

ElixirEducate

You have got what it takes to be a successful entrepreneur

2011-11-29T15:12:00.001-08:00

Dear friends

I am dedicating this post to all my friends in direct selling and multi level marketing. And I wish that all those who has shunned away from direct selling friends to read this letter too so that we can all be friends again.

Direct selling comes in many form and provides different products, from insurance, unit trust, herbal products, vitamins, containers, household, shampoo and the works. I am not talking about the pyramid scam or get rich quick scam, but I am talking about the genuine multi-level sales channel. And direct selling has garnered a very bad name, such that people shuts down by the mere mention of the subject. It seems that someone would have a bad experience with a direct selling, with the way they are being pushed to buy or sign up. Direct selling entrepreneurs are being shunned, pushed away into a society of their own.

I say, what a waste of talents. MLM entrepreneurs can be successful and instead of shunning them away, I want to embrace them that with the right method, they can be the millionaire they wanted.

1. You have what it takes to be successful. The fact that you are taking action, meeting people and overcoming your shyness and fear is already a magnificent start. It is the quality that is required in all entrepreneurs. You are brave. Not many people have this, but you do. This alone can ensure success. You are taking action to achieve your goal, making changes in your life, sacrificing your time and energy to achieve what you wanted. Unfortunately, people has taught you wrongly and you ended up sacrificing your friends too. But you can fix this easily. Just email me and I will tell you how.

2. You have a dream and you dream big. That is another essential quality to become a millionaire. You are not happy with the status quo, you present situation. So you sell. You sell to achieve your dream. But you must not limit your dream to merely profits. You must dream bigger than a car, a bungalow and a holiday. You must dream to be a better person with a better life. To help other people in need.

3. You are building relationship. Whatever product you are selling now in MLM is just one product, but what you are building is a relationship between a product and a consumer. And that relationship is very valuable. If you build the relationship properly, you can use the relationship to sell other products and make more money. A happy customer who had bought vitamins from you would also be happy to buy some health equipment too, right? But build relationship the right way, build on trust.

4. You have a plan. Every MLM entrepreneur will start with a plan on how to reach the millions. But the plan is only regarding one product. MLM entrepreneurs must have a bigger plan, their own plan on how they want to achieve thier goal, not juston one product and not just on MLM alone. MLM entrepreneurs must have a plan to eventually become a true entrepreneurs if they really want to earn the passive income. Get an mentor, a coach or anyone who can help you get your entrepreneurship plan drawn out for you.

Finally dear friends, you can get there. You can buy your dream car, your expensive houses and your love boat. But you may need to make some minor adjustments to get there. Old tactics in a new world, a world of social networking and fast dissemination of information as well as disinformation, would not work. People are getting smarter and have more choices. You can be different, if you choose to do so.

And to all those who has lost friends in MLM, share this with them so that we can all be friends again.

Work smart everyone.

Related reads:

1. Marketing formula

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If you like the article above, please like us here. :-)

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.

Lastly, if there is anyone that you know who may benefit from reading this article / post please forward and share this posting by clicking the button "Share" below. Have a great day ahead.

ElixirEducate

Smart Marketing: Sales = f(Reach,Response,Conversion)

2011-11-28T15:58:00.001-08:00

Hello there, we meet again. Thanks for reading and remember, if you like what you read, share it please.

Now I am sure all of us have been approached by various marketing 'guru' offering a multitude of ways to boost your sales, make a million in two weeks, become a billionaire in two months. There is the 'Guerrilla' marketing method, the pyramid method, the relationship method, the direct selling method, the multi-level method, the blast method, the brand-centric method, the push sales,the pull sales, the customer relationship method.

And the study and books? I have learned them in school, in university and then when working. There were marketing books for dummies, morons and the insane. There were books on everything: branding, advertising, more advertising, budget marketing, some more branding; for experts, layman, and like I said earlier morons.

uh! uh! Don't forget that the Web 2.0 and the Social Media have opened a whole new can of marketing books and studies.

But wait. Hold on a second. Is it really that complicated?

Well, not really.

What I found was that after all these mumbo jumbo, sales must conform to the following formula:

Sales = f (Reach, Response, Conversion)

Sales is a function of reach, the response to the reach (also known as leads), and finally the conversion of those leads. All small business must know this by heart because if not, you could be wasting your marketing budget and your energy away. I hate to use the acronym ROI (because I have overused it in my days as an investment banker, trying to get best valuations), but this is how you maximise your marketing ROI.

Reach is your visibility and contact with the customers. Most people call this advertising, promotion or marketing. You have to maximise your reach with your marketing/advertising activities.

Response is the positive feedback that you get from your advertising. It is the percentage of those whom you reached decided to take an interest in your product. This rate is very important as it will determine your leads. Some would also immediately buy your products - that is when they are converted.

Conversion from being an interested party to buying party (customer) can happen on the spot, when you are reaching to them for the first time. Some customers take longer, they need to be 'touched' again the second and third time before that make their purchase. This rate is also very important as it determines your sales rate.

Many small businesses make the mistake of focusing too much on the reach, and ignoring the response and conversion rates. In this case, the entrepreneurs will find themselves working very hard to market their product, but coming home with little results to show. It would be very frustrating.

But there are ways to maximise your sales, now that you have the formula. One way is to create an ultimate customer, then create a brand (on a budget). The only way to make big sales with little money is to be creative and resourceful.

Work Smart Everyone

Other suggested reading
1. Start-ups advice
2. Building a business model
3. Entrepreneurs in distress

________________________________________________________________________________

If you like the article above, please like us here. :-)

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above or want to know more about our training, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.

Lastly, if there is anyone that you know who may benefit from reading this article / post please forward and share this posting by clicking the button "Share" below. Have a great day ahead.

Smart Marketing: Creating ultimate customer

2011-11-28T04:21:00.001-08:00

This is the preview of the presentation slides for the upcoming Smart Entrepreneurs Training: Smart Marketing Modules.

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If you like the article above, please like us here. :-)

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above or want to know more about our training, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.

Lastly, if there is anyone that you know who may benefit from reading this article / post please forward and share this posting by clicking the button "Share" below. Have a great day ahead.

How to be a succesfull at MLM and keep your friends

2011-11-27T21:50:00.001-08:00

Multi-level-marketing business isthe epitome of relationship-based business. Well, think about it, you haveabsolutely no control over what you can do with the product. If the customerdoes not like the taste, you cannot change it. If the customer does not likethe formula, you cannot change it. If the producer stopped making your bestselling item, you cannot do anything about it.

Therefore, the sale, the businessof multi-level-marketing or direct selling is purely based on relationship.Therefore, it makes every sense that a multi-level-marketing entrepreneur mustfollow the path meant for building relationship, rather than sales. By focusingon sales from the onset, you are indirectly forcing a relationship. You willnot build a relationship and eventually run out of friends; but that is whateveryone seemed to be doing (or at least that is how the industry is perceived).

Multi-level-marketingentrepreneurs can be very successful, can be rich and can be happy. But thebusiness must be carried out in its natural form; that is buildingrelationships. And relationships can only be built the way relationships arebuilt, beginning with trust.

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If you like the article above or would like to learn more, please like us here. :-)

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.

Lastly, if there is anyone that you know who may benefit from reading this article / post please forward and share this posting by clicking the button "Share" below. Have a great day ahead.

ElixirEducate

A letter to aspiring entrepreneurs, Part 3

2011-11-27T15:30:00.001-08:00

Helloo there,

How are things going with your new venture? I hope you are getting along fine. I am good too, despite having to work this weekend. Well, you know what they say about us entrepreneurs, "weekends are weekdays but our weekdays can be our weekends too, anytime".

To recap, in my last letter to you, I briefly mentioned about the need to follow your passion, to have the endurance, to be resourceful and to have an 'entrepreneurship plan'. We left off at how your business plan would fail you. Therefore, without further ado, I present to you lesson number 9.

Lesson 9. You Business Plan will fail you. What do they have in business plans? The important ones would be product description, target market, financial projection, swot analysis, competitor analysis, industry analysis, business model and marketing plan. And some people would produce 100 pages of this surefire plan and set off to build a business based on his plan. And one thing are 100% sure to happen: things would not go as planned. And even if you rigidly follow your plan, there is 90% chance your business will fail. No. It is not because you are not a smart planner, it is certainly not about your capabilities at all.

It is simply because the nature of the business plan. They are all a bunch of guesses and assumptions. Some might argue that it is an educated guess, but it is a guess nonetheless. And most of the assumptions are bound to go wrong. It could be overstated or understated.

But don't get me wrong. You must have a plan. But you must accept and be ready for the plan to fail and needing adjustments. That is the nature of a plan. It is its natural order of life. Have a plan and keep an eye out for feedbacks and be ready to make changes to your plan. Like the saying "roll with the punches", find ways to find the right plan; the plan that makes money.

And even when you have found the right way and are making money, do not take things for granted. Keep your ears to the ground, listen to the heartbeat of your business and competitors. Modify your plan if you have too.

My last piece of advice on this business plan thing is, keep it simple. 100 pages of business plan are for investors and bank. As for you, you must fit in on a piece of A4 paper. It must be easily understood by you, clearly and visibly. Making money, based on our plan, must not be complicated.

Well, that is all for now, I will write to you again soon, about Overcoming Your Fear of Failure. In the meanwhile, send my love to the family and make smart decisions.

Yours sincerely

Yaz

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If you like the article above, please like us here. :-)

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.

Lastly, if there is anyone that you know who may benefit from reading this article / post please forward and share this posting by clicking the button "Share" below. Have a great day ahead.

ElixirEducate

What's up with your BAG?

2011-11-24T22:07:00.001-08:00

Dear Friends

Yesterday a group of us got together and made MyBAG's first networking event happen. It did not just happen, it was brilliant. I could not begin to thank to all those who came and supported the event.I know that there are more out there that wanted to participate but was unfortunately held up by pressing matter. I say, do not worry, we will keep you in the loop and at the same time you can join us next time. We welcome you with arms open wide.

Back to the event. The event itself was simplicity at its best. Just tables and chairs, a little food, no projectors no fancy gadget. But we had great people who turned up, beautiful people. The atmosphere was electric. And everyone chipped in to make it fun and exciting.

But it was not all fun and games, as it turned out many new businesses were conceptualized and alliances forged at the very meeting itself. Entrepreneurs at their best, taking actions and capturing opportunities. It is indeed progressive.

And everyone was respectful of each other, keeping tract to their own time when making thier short presentation about their partner, allowing other the chance to do theirs. A lot of laughter but a lot more serious businesses.

Seasoned networking people like Zamara, Haslina, and Rica were there too to lend their expertise in handling the group. Lil, Camellia, Noni and other seasoned entrepreneurs and networkers helped out too, especially with the newer ones.

The guys, like Syam Edymart and Kamal the mushroom man, also contributed a lot to the success of the event.

The next event is coming up and the group will post the date soon, so please do check on us from time to time to get the info.

Thanks and work smart everyone!

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If you like the article above, please like us here. :-)

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.

Lastly, if there is anyone that you know who may benefit from reading this article / post please forward and share this posting by clicking the button "Share" below. Have a great day ahead.

ElixirEducate

VSS: Bane or Blessing? (Buang Kerja: Bala atau Rahmat?)

2011-11-22T20:11:00.001-08:00

I read this in the newspaper today (The Star):

Hong Leong Bank: No Bank Negara approval needed for VSS

KUALA LUMPUR: Hong Leong Bank group has clarified that the offer of the voluntary separation scheme (VSS) launched early this month does not need the approval of Bank Negara but will be undertaken in accordance with labour laws.
Hong Leong Bank Bhd group managing director Yvonne Chia told a briefing to introduce Hong Leong Islamic Bank Bhd’s newly-appointed managing director-cum-chief executive officer Raja Teh Maimunah Raja Abdul Aziz, that the central bank did not need to approve the VSS.
“I want to clarify that this VSS is a move to make the bank more efficient in a changing landscape. Being in a regulated industry and as a matter of courtesy, we informed Bank Negara of the VSS but we do not need to have the central bank’s approval nor the approval of the Labour Department,” she said.

VSS (or Voluntary Separation Scheme) is basically when they think they have too many staff and they don't need the staff anymore. The company thinks they can do without these people, stop paying them salaries and they will get to keep more as profits.

Well, accounting wise it makes sense, or at least in theory. But to those who will be opting and getting VSS, they are definitely going to have mixed feelings.

Being offered VSS means it is a signal they you are not wanted, but you can exit with compensation. Some of you would be worried about how the family is going to get fed, especially if you are a clerk with five kids in tow. The compensation amount is not going to last forever. My heart goes to them.

Undoubtedly, some you will opt to be an entrepreneur; and I, on behalf of New Entrepreneurs Malaysia, welcome you all with open arms and wish you luck and BEG you to be careful with your plan and your compensation amount. NEVER spend more than 10% of our compensation amount on starting a business. And you can read some FREE advice on new entrepreneurs in distress (here) and starting up advice for new entrepreneurs (here).

And I welcome volunteers to translate this into Malay because it is a known fact that the the clerks and lowly paids job in banks are dominated by them. And pls share this with them (or their kids on facebook)

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If you like the article above, please like us here. :-)

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.

Lastly, if there is anyone that you know who may benefit from reading this article / post please forward and share this posting by clicking the button "Share" below. Have a great day ahead.

ElixirEducate

Business Highlight No. 2

2011-11-22T15:30:00.001-08:00

Salam dear friends,

As you may have noticed, on the right hand side of this blog is a place to get a chance for a FREE business highlight, well more like website/blog highlight. It is quite simple, you leave your email and web/blog address there and our team would pick one each week to highlight.

And the business (or website) that we would like to highlight today is

http://www.alimkidsbookshop.com/.

When I visited the website, I found that it was filled with wonderful and colourful books and CDs for kids. There were literally tons of it. And on top of that, the bookshop also sold material for adults, I guess centered around grooming the kids to be pious (for parents and teachers). It was like a huge resource center that revolves around pious kids. And in addition to that, I found that they also sell clothes for kids, like robes, headcovers and the likes.

It is quite comprehensive, with links to blogs and information regarding other activities that the bookshop provide. Complete with playgroup and charitable activities (I like charity - a lot).

The layout of the website is again pleasing to the eye, easy to navigate and most importantly easy to make purchases.

On the whole, I find this business interesting and again, colourful

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You can read about our previous business highlights here, and register yours business here for a chance to get FREE highlight of your website, blog or facebook page of your product on this blogsite. You will enjoy free publicity and invite more traffic to your site. You can also register on the console on the right panel of this blogsite.

If you like the article above, please like us here. :-)

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.

Lastly, if there is anyone that you know who may benefit from reading this article / post please forward and share this posting by clicking the button "Share" below. Have a great day ahead.

ElixirEducate

A letter to aspiring entrepreneurs, Part 2

2011-11-22T05:21:00.001-08:00

My dear friend,

Good to be able to write to you again and I hope this letter finds you in the best of health. Heard that you have have tendered your resignation letter; I better hasten my letters to you then, lest you make the wrong step.

Where did we left last in my previous letter to you? Oh, yes, it is about having faith in ourself and your passion.

Lesson 5: Have faith in yourself and your passion. Do not aim to be a good entrepreneur. Instead KNOW and BELIEVE that you are already a good entrepreneur. You have to believe in yourself and your passion. For muslims, I would add believe in Allah, that Allah is there and is watching and taking care of you. Allah had made you as a human being, majestic t in every way, equipped with intelligence, compassion and empathy. You are wired to be successful; all you need to find yourself. And what about the faith in your passion. Well passion is required in entrepreneurship (which I will explain below) but sometimes doing what you like does not bring the immediate cash. It does not look profitable. But beleive me that you will only achieve greatness if you do something that you are passionate about. Get your coach or mentor to help you discover your passion. Remember, you skill is not necessarily your passion; therefore if you are an accountant, it is fine to end up being a fine artist.

Lesson 6: It is a marathon, not a sprint. Entrepreneurship more about the journey than the end. It is a marathon and not a sprint. The trick is not to look at the journey as something that you have to endure, but rather something you will savor slowly, because you are doing what you are passionate about. Every day you wake up as entrepreneur is like waking up to a clean sheet of canvas; nothing written on it, no punchcard not schedule. You are free to draw and be as amazing as you possible can, everyday. You face a problem? You manage the obstacle and you keep running; and while you do that, you amazes everyone including yourself.

Lesson 7: It is not the resources, but resourcefulness. You money that is with you is not going to help much in your business and if you just focus on your money, you are limiting your potential. Yes they will help to put food on the table while waiting for your venture to take off and roll in the big dough, but that is about that. As an entrepreneur, you must not be limited by resources. You must be resourceful, able to leverage and use other people's money, resources and ideas. Open your mind, be creative and the sky will definitely be your limit.

Lesson 8: Have a plan. Have a plan on your venture into the entrepreneurship world. No, not a business plan, but your entrepreneurship plan, your goals and the steps that you need to take along the way. This will keep you from wandering off the road; an entrepreneur has so many distractions because we are free, our time is also free. Here again a mentor would be handy as he could share with you the basic path that you need to follow. The path of bringing your idea into the market and start making money. Forget your business plan first, get your entrepreneurship plan out first.

Lesson 9: Your Business Plan is going to fail you.

I think we will continue this matter in my next letter. In the meantime, enjoy your last few days at work.

Sincerely

Your friend, Yaz

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If you like the article above, please like us here. :-)

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.

Lastly, if there is anyone that you know who may benefit from reading this article / post please forward and share this posting by clicking the button "Share" below. Have a great day ahead.

ElixirEducate

A letter to aspiring entrepreneurs, Part 1

2011-11-21T03:53:00.001-08:00

My dear friend,

I hope that my letter here finds you in the best of health and spirit.

I cannot begin to describe to you how happy I was when I heard that you wanted to become an entrepreneur. In a way, I am glad that many of those amongst us has decided to opt to chase our dreams, dreams of getting the financial freedom, dream of having a better life, dream of having a bit more.

Well, this decision could be the best decision that you have ever made in your entire life. No more bosses to answer to, especially stupid bosses. No more office politics with the guy in the next cubicle who is forever trying to find out what is your paycheck and compare it with his. No more limit to how much you can earn, capped by the salary your idiot boss thought you deserve (although you are doing all his work, deserving all his salary). No more punchcard, no more traffic jams. You would be free to decide which are your working days and which are your weekends. If done right, you don't have to 'work' at all, your business, your employees and your money work to bring you money. All you need to do would be to attend the gym classes, a little bit of yoga, hang out at the coffee shop and doing what you love best - whatever that may be (maybe write a blog about 'idiot bosses and stupid colleagues: the combo from hell'). This decision could lead you to financial freedom and independence, this decision could lead you to immense wealth and this decision could also make you a bankrupt (?). We will come back to that later, but at least now we have thing for sure, you are going to be an entrepreneur and you have tendered your resignation letter to your not so smart boss.

The path to entrepreneurship is certainly many, beginning with the level of commitment we are willing to spend. Some decided to take entrepreneurship as a part time vocation, working and at the same time carrying out a business on the side. Some decided to completely leave their jobs and put faith to the test, committing fully to the game of entrepreneurship. To each his own, I guess. And I am both happy and worried that you had chosen the path that I had taken.

That path to full-time entrepreneurship would mean that you would be leaving your job, as I had done, years ago. Putting faith in our ability, our assessment, our plan and our confidence that we will succeed. And why shouldn't we. We were brilliant employees. We were paid six figure salaries (our tax deduction alone was enough to pay a manager). If we could make that much money for our bosses, why can't we make that amount for ourselves. We have the confidence, we should have the skills to make it out there on our own. And some of us, would be fortunate enough to have a stash of cash, from either savings or gratuity or compensation. We have the capital, we have the product and service (ourselves); we are going to make it! Yes!

No.

We must realize that the only asset that we bring into this world of entrepreneurship is our confidence, and even that could prove to be our undoing. There is a fine line between confidence and arrogance, the latter being the surefire attitude for failure. You have the capital and you have the products? They don't really matter that much. That is your money to begin with yet the purpose of having a business is to get other people's money. Your money and your product cannot make money on itself. I am sure we know of some of our friend who lost all his compensation money on a 'surefire' businesses; and they were supposed to be intelligent, just like us.

But I do not want to put you off this decision to become an entrepreneur. I truly believe that this is your opportunity to achieve greatness, to attain financial freedom and live well beyond the means of your boss's boss. And because you are my friend, my good friend, I am going to do is. I am going to write to you regularly ;and in each letter, I will share with you the secret of making it our here in the entrepreneurship world. I have to write to you a few times because it is a long story and I am not getting paid for doing you this favour (oh, that reminds me, you still owe me a foot massage from the golf game last month, what gives dude..hehe)

Lesson 1: We don't know shit, dude

Whatever knowledge we had in us mean very little outside here. So if we come out thinking no one can teach us, we might as well file to be a bankrupt next week. We were best at getting a salary and play the corporate ladder, we know jack shit about getting someone else to pay for our product and service (remember, you no longer carry the brand of our esteemed employer any more). We must be humble and ready to learn from the word go.

Lesson 2: Get a mentor and training

Because we know jack shit (don't know anything), there are two ways to learn things; the hard way or the easy way. The hard headed ones will learn the hard way, by failing a lot; mostly failing on the basic things in business. The smarter ones gets a mentor, either professionally or informally from friends and family members who has been in business. I recommend a professional (ehem, like yours truly) because a professional coach have a structured way to guide you, although they come with a price. Informal mentors could be very good, but you might end up with someone who is successful but don't know how to teach. Plus, you can't get mad with the informal ones or you might lose a friend. And yeah, go for training too because remember, we know jack shit.

Lesson 3:Be confident, not arrogant

There is a fine line between confidence and arrogance. You want to have confidence yet be humble in your dealing and relationship with people. In business, you would need all the help you can get and being arrogant would definitely deny yourself that avenue, that aid from people. Good people are drawn to confidence and humility but hates arrogance. Those who love arrogance are arrogant themselves and they would rather help themselves rather than help another arrogant ox.

Lesson 4: Be brave, not reckless

Entrepreneurship demands courage. Courage to commit to a decision with unknown outcome (of course you hope it would be profit at the end of every decision but there is no guarantee). But that courage must not transform into recklessness, acting purely on impulse and gut feeling alone. Acting on blind faith with no research done at all, basically gambling. Being courageous or brave means taking that leap after you have considered the options, weighed the possibilities and build genuine confidence.

Lesson 5: Have faith in yourself and your passion

I think I will leave this in my next letter. My eyes are growing tired and I have an early appointment at the gym tomorrow.

Good night

Yours truly

Yazdi

p/s: golf next week?

________________________________________________________________________________

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.

Lastly, if there is anyone that you know who may benefit from reading this article / post please forward and share this posting by clicking the button "Share" below. Have a great day ahead.

ElixirEducate

Growing your business sucessfully: Understanding the Customer

2011-11-19T17:42:00.001-08:00

Hello dear friends,

Whenever I go and discuss about a business with any of my clients, especially new ones, I always ask them this question, "What is the single most important thing that you need if you want to start a business?" Not surprisingly, I would receive answers that would include "Capital","great product", "idea", "employees'. I would tell them that while these are important, the most important of all is the "Customer".

We go into business in order to get other people's money and that is inside the pocket or purse of the customer. The rest of the things mentioned above belonged to us anyway, so it mattered less. The money is with the customer, therefore rightly the focus when we want start or expand our business must be on the customer.

The following are some samples of what you would have to ask yourseff about your customer, your darling customer. How to pry that fingers off the wad of cash grasped tightly in their hands.

Who?

The first question you need to ask yourself is “Who are the people that you want to serve or help or provide value to” That means asking questions that describes who they are. Which segment do they belong to?
Do not be tempted to say I can and want to serve everyone, thinking that you want to expose yourself with all the possible prospects out there. That is a mistake for small businesses; even big businesses do not serve everyone. It is a mistake when you try to serve everyone because you will end up trying to be everything. You will end up being very tired and may get very frustrated too. So, try to narrow down your prospects to a more specific group.
Are they segmented by gender?
Who makes the buying decision?

What?

Next you have to understand are your prospects’ problems or needs. What are they looking for to be satisfied? No, don’t look back at your product and think what it can solve. Just think and put yourself in the shoes of the prospects that you have just described above and ask yourself these hard questions. Get your employees and prospective customers involved.
If you already have a business and repeat customers, get feedbacks from these clients that keeps coming back for more.
There also customers that bought from you and was never heard from again. They are also a very valuable source of information.

How?

After you know who there are and what do they need, you need to know the hows. And the first how is how do they want to be served. In this day and age, customers have a plan on how to they want to be satisfied.
You need to find out whether they are willing to drive to a shop / your location to get your products or they prefer to have it delivered?
How do they prefer to pay?
How do they prefer to be approached and have the products delivered / consumed? How do you reach them? Email?

Where?

You need to know where are your customers located. If you are targeting housewives, they could be found at home, school gatherings and other social activities involving children's. It your target are working women, they can be found in offices (obviously) and also at home in the evening. Next you need to know where Where do they live? Guys? Try the golf course and driving range. Teenagers? it will be at the malls, theme parks and schools.

When?

Timing is just as important as any of the information we found out about the customers above. Like the saying, you need to be at the right place with the right product and the right time.
When would they need your product most?
When are they most cash flush?
When are they at home surfing the Internet?

The answers to all the questions above would help you to plan more effectively, meeting them at the right time and at the right place with the right product. And chances are, your success rate in getting the customers to notice and buy your product would be very good.

But we are not going to settle for good. We want it to be great and in order for it to be great , you have to know these two additional elements. These two are crucial if you really want your customers to love and adore you and your product.

Who do they trust?

In order t have a great relationship with your customer, you must build trust. And the more effective mean of building trust in a person is through another person.

What are they emotional about?

This is a direct button to their heart. You need to find something they are emotional about. It could children (for mothers), anti-smoking, fighting cancer, single parent, entrepreneur struggle or anti-whaling.

The answers above are the akin to the keyhole in their heart. You now would have a good idea how does your prospect look like and what are her trigger points. All you need now is to look at your product and your business and find out if you have the key to their hearts (read ‘pockets’)

Work smart, everyone.

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.

Lastly, if there is anyone that you know who may benefit from reading this article / post please forward and share this posting by clicking the button "Share" below. Have a great day ahead.

ElixirEducate

MAS: Dream turned into a nightmare

2011-11-17T15:35:00.001-08:00

I went to Malaysia Airlines Training Centre in Kelana Jaya for a function one day and placed next to the information counter was this commemorative plaque.

It says" Presented to Tun Dr. Ismail (Acting Prime Minister) in conjunction with official launch of Syarikat Penerbangan Kebangsaan (National Airline Company): Dated September 1972"

It was a year before I was born. And I can only imagine the joy, jubilation, pride and ambitions of the nation when this beautiful national icon was unveiled. My mom used to tell me, we had so little back then, so everything was grand. Everything was a about chasing a dream. Yes, I can agree that back in September 1972, this MAS with its kite logo was a dream of a nation.

I wished someone who had witnessed and experienced the euphoria could remind us all, especially those who are now ENTRUSTED to manage and run this treasure, from the Chairman, to the CEO, to the cabin crew and its pilots as well as the cleaning lady, look at this plaque and ask themselves, how

First, how did this dream turned into a nightmare? Why now, 38 years later, we hear news like this :

MAS taking longer than expected to unveil turnaround plan

PETALING JAYA: Investors and analysts are basically growing tired, having waited for nearly three months now for the new team at Malaysia Airlines (MAS) to announce some definitive execution plans to turn the ailing airline around.

In a report, Maybank Investment Bank said: “The first impression we get is that the new management is busy learning the ropes and dealing with internal matters first before unveiling their grand plan.''

The house expects MAS to report a net loss of RM242mil for the third quarter. It said the fourth quarter, which is traditionally a good period for airlines, would be equally challenging for the national carrier. “It has been more than three months since the announcement of the MAS-AirAsia tie-up. Unfortunately, not much progress has been made in terms of operational matters.''
The research house said: “We have lowered our earnings forecast to adjust for higher fuel prices, lower yields and lower capacity deployment. We are optimistic on the tie-up as it brings forth exciting opportunities with synergy potential in the billions, but execution plans are iffy and very slow.''

Be brutally honest with us. Was it the politician? Was it us? Was it because we are not using the airline? Was it because you were not listening to us? Was it because you were not competitive? Or because your top executives not doing thier work? Was it because they were not listening to the employees? Was it because the government interfering with your goals? Or you no longer have goals? Simply wanting to survive and get a salary. Was it because you were arrogant and forgot your roots? Please, please, just come out and say it. Forget the politically and economically correct terms.

Next, how can we ALL fix this? All means me, you and all the people of Malaysia. Please remember that there are still many that hold you, MAS, so dear in our hearts; despite not being able to afford your fares. Remember that you fly our flag and we take pride in what you are. Remember that you matter to us. You, Malaysia Airline, is a part of us.

This may seemed naive to the senior executives, drawing the six figure salary, but the point is this. In your industry, both the seller and buyer, you and me are human beings. Behind the planes, behind the airports (which is of course another naughty boy) MAS are made up people, the chairman, the cabin crew - you are all humans. And we are humans too. We are not numbers, statistics of those who rode on your planes, own your shares or merely watch you fly. We are the people of Malaysia. MAS, you existed because the people of Malaysia, represented by the leader back then, wanted and needed you. And as the people, we still do. We care. So, let's us fix this, shall we?

Work smart everyone

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Global Entrepreneurship Week

2011-11-17T01:11:00.001-08:00

"Global Entrepreneurship Week 2011 Kicks Off in 123 Countries Engaging More Than 10 Million Current and Aspiring Entrepreneurs Worldwide

Nov 14, 2011

WASHINGTON, D.C. (Nov 14, 2011) – Starting today, in 123 countries around the world, millions of current and aspiring entrepreneurs will kick off the third-annual Global Entrepreneurship Week (GEW) 2011, Nov. 14-20. More than 25,000 partner organizations will host 40,000 events in a week-long celebration that will drive awareness of and adoption for the world’s key economic driver – entrepreneurship.

“For one week each November, students, educators, entrepreneurs, business leaders and government officials come together to pursue one cause – to spread the power of entrepreneurship,” said Carl Schramm, president and CEO of the Ewing Marion Kauffman Foundation. “It’s during this time that we celebrate the innovators who bring ideas to life, drive economic growth and expand human welfare." http://unleashingideas.org/press-releases/global-entrepreneurship-week-2011-kicks-123-countries-engaging-more-10-million-curren

We at New Entrepreneurs Malaysia and Elixir Group of Businesses would like to wish all entrepreneurs in Malaysia and all over the world all the best and to never stop inspiring others.

Work smart everyone

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Please share this information with your entrepreneur friend who may benefit from this post. They could be an existing entrepreneur or someone who plans to start a business. Thank you and have a meaningful day.

AirAsia defense

2011-11-16T15:33:00.001-08:00

Fernandes sings the blues over MPs’ share swap remarks

PETALING JAYA: Low budget airline AirAsia Bhd group chief executive officer Tan Sri Tony Fernandes lashed out at several MPs for criticising him in the AirAsia-Malaysia Airlines share swap deal.
Taking to his Twitter account yesterday morning, he fired back at the four MPs who criticised him in the deal, telling them to train their guns on the rising airport fees instead.
“Four MPs have criticised me. Made it very personal for five years. One MP said I rape poor villagers.
“Villagers could never fly before.
“We have worked so hard to make flying affordable and 130 million people have flown due to us.
“Why are these member of parliaments not questioning the cost of airports and fighting for the people for lower taxes for the rakyat?” he asked in his tweets, taking potshots at airport operator Malaysia Airports Holdings Berhad at the same time.
Barisan Nasional MPs led by backbenchers deputy chief Datuk Bung Mokhtar Radin (BN-Kinabatangan), in Parliament on Monday, hit out at AirAsia for purportedly imposing exorbitant excess luggage fees on passengers as well as the lack of plans for aerobridges at KLIA2.
Independent MP for Wangsa Maju Wee Choo Keong also fired salvos at AirAsia, saying that safety must come first for passengers in deciding on having aerobridges.
The Finance Ministry had previously announced that the Securities Commission and Bursa Malaysia had launched an investigation into the swap deal.

I have my reservations on AirAsia. I agree on some yet sometimes I see them as being too much.

Firstly, I must take my hats of to Fernandes. He is good. He is a really good entrepreneur. He made things happen for his company and he leverages on whatever he can. But the means does not necessarily make sense to me or the general public.

Airasia is great in a sense that it introduced competition and carved a new market for itself. True, those who could not have flown before are now able to fly at sometimes for free (save for the airport tax).

But being low cost should be at your own creativity and ingenuity. Not through subsidies, especially in air flights. Getting the government to build a new terminal for low cost flights just does not make good sense as the existing one works fine. Crowded? A little bit inconvenient? That low cost for you.

And as for the penalty and fee, I think that will serve to punish AirAsia itself in the long run. People have been talking about this for a long time yet they still fly with AirAsia because it is the cheapest around. But given a choice, they may choose another (like Firefly - some absolutely loved them).

And I also sense that more and more people are beginning to feel that AirAsia is getting a bit over the top. Asking the government for this and that and quick to lambaste at MP or people who does not seem to agree with them. I begin to see them as being arrogant, as if AirAsia is the only business we and the government have to take care of. Richard Branson could have this 'rude' and public tiff with British Airways (like when they took a micky by saying that "BA cannot get it up") and publicly lambasting the policymakers if things does not go for Virgin Airways. It is one thing being a copycat of Virgin's business model and being a copycap of Branson's behavior. Our people, our culture reacts differently.

As for the share swap deal, I leave the regulators to do their job. But is not a crime to take advantage of a non-so-clever person. We really need a really clever person to deal with the likes of Fernandes because he is clever. Khazanah should be about nation building (originally Bumiputera building, sigh), not AirAsia building. When it comes to nation building, not all is about economics, about money. Because a nation needs pride, needs a sense of belonging. We comprise humans, not numbers. We have feelings and some does take pride that Malaysia Airline is Malaysian, it is ours!

Work smart everyone

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The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. He was an international investment banker, corporate financier and a business coach where he coaches entrepreneurs on building and growing their businesses. You can be his facebook friend here.
Please share this information with your entrepreneur friend who may benefit from this post. They could be an existing entrepreneur or someone who plans to start a business. Thank you and have a meaningful day.

Abandonment is a crime

2011-11-16T05:13:00.001-08:00

The Star 16.11.11

Abandonment of housing projects to be deemed criminal offence

KUALA KUMPUR: All licensed housing developers who fail to complete a housing project or cause the abandonment of the project shall be deemed to have committed a criminal offence under the amendments to the Housing Development (Control and Licensing) Act 1966.
Upon conviction, such a developer is liable to a fine of not less than RM250,000 and not more than RM500,000, or to be jailed up to three years, or both.
This is provided under a new section in Clause 9 of the Housing Development (Control and Licensing) (Amendment) Bill 2011.
The new section is among several amendments made to the Housing Development (Control and Licensing) 1966 (Act 118), which will provide more protections and rights to house buyers and to prevent the occurrence of abandoned projects

I would be interesting to find out how they are going to investigate and prosecute errant house builders. And I wonder if this is going to work, the fine seemed so little if compared with multi million house projects that have been left abandoned.

And what about abandoned government projects? Is it not a criminal offense to waste our tax money?

In any case, to my entrepreneur friends who are building houses, please take extra care, especially with the supplies, costing and financing. And keep good records because if I am not mistaken, you need 'mens rea' and 'mala fide' bad intention to qualify as a crime. If the abandonment was due to someone else's doing, have the records ready as your defense.

Work smart everyone

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The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. He was an international investment banker, corporate financier and a business coach where he coaches entrepreneurs on building and growing their businesses. You can be his facebook friend here.
Please share this information with your entrepreneur friend who may benefit from this post. They could be an existing entrepreneur or someone who plans to start a business. Thank you and have a meaningful day.

Business Highlight

2011-11-15T15:32:00.001-08:00

And the business (or website) that we would like to highlight today is http://www.setbersalinherba.com/. We haven't gotten the banner or approval to use the images from the site (which from now on is going to be automatic when you register) so while waiting, we will highlight the text.

The website http://www.setbersalinherba.com/ is selling herbal remedies for mommies who just had given birth, in confinement. I find the website, in particular colour and images, soothing and easy to use. The site is not cluttered and easy to navigate, read, like, buy. You can check it out yourself at http://www.setbersalinherba.com/.

Work smart people

_________________________

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If you like the article above, please like us here. :-)

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.

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ElixirEducate

Unemployed graduates

2011-11-15T07:25:00.001-08:00

Hello my dear friends,

I was about to go to sleep but I decided to write this while it is still fresh in my head. This is not about entrepreneurs per se, but i think we or people around us are affected by this. This is about graduates, college graduates.

I had to 'pen' this down as it is also a subject that is close to my heart and it bleeds each time I interview or chanced upon a wasted education on a young adult. It pains me each time I see a graduate who does not know how to carry himself well in an interview, let alone work, have absolutely zero work ethics or employment culture. I cannot but wonder, what are the so called education institution is doing, together with the government. Out of 20 candidates that I would interview, 15 would send a resume from names like 'blackspider345@gmail.com' or 'gigijongang@...' and the likes. Those did did get invited to the interview were totally unprepared and thought that just because they did the time in university, the DERSERVE a job and a good pay. What gives???

We need to save this situation. The majority of our youth are being sucked in the spiral of bad education system, which in my opinion are like this:

[Disclaimer: this is not regarding all students / graduates in Malaysia - only those I encountered. I suspect there could more, but I may be wrong]

1. The colleges are more interested to get as many students as possible and I cannot help but wonder if their motivation is simply money, profit. The LPKP (student) loan? They are processed by the colleges. And almost all students are eligible. So the more students signed up, the more money the colleges make. Sometimes the colleges will actually do the fighting to get the students loaned up to take their courses.

2. Students take the education for granted. why? they got the loan which is almost automatically approved. Well, they receive some but they are liable to pay all, including the tuition fees (Which is actually the bulk of it). They get into colleges because that is what everybody else is doing, and you get 'paid' with the loan money. They enter colleges without realising the value of being educated. But to blame young adults about not appreciating education is like asking why it rains, it is just the way it is. I believe the education system should play a more cultivating role, why else are they getting the tuition fees. And don't pass the buck to the parents, because if the parents could educate the children for work, they would not be bothered with the colleges.

3. I cannot help but think that the colleges did not do a thorough job based on the quality of graduates I interviewed. They were not prepared for the working world. They came out as if they had 'done their time' and now expects big pay for their time served.

I sympathized with the students, i really pity them. Not only are they saddled with debts, they were not adequately prepared. I feel that the education system has failed some of them (many if based on my ratio).

I think all colleges must be rated based on how many of their graduates actually landed jobs (where they last for more than one year ) and the feedback from employers who interviewed and hired them. If there is such a rating, I would love to find out.

My advise to would be college students:

1. Find out if the college teaches work ethics (because that is what you need to land a job. Your technical skill is not that great as a graduate, a lot more needed to be learned on the job).

2. Find out how many people from the college actually landed a job and don't just listen from the colleges. Ask around, ask friends and those who has left the college. Facebook is a good shoutout. Ask "can anyone tell me if this college is any good?". What is the ratio of those who got a job they wanted and those who did not or settled for any job (I have heard of accounting graduate from a university manning the checkout counter at McDonalds, alongside the Bangla)

3. Find out about the lecturers in the college. Are they any good?

4. Find out if the college has a good reputation with employers.

Please do the investigation above, otherwise you will definitely be saddled with a huge student debt but with no salary, no job and hope of paying those back. Then your name will be in the newspaper, your will be barred from going overseas (and they may get a professional debt management company to handle the debt). You will get stressed out. Make sure the college teach you well for the money you paid them, in fact DEMAND from them.

Work smart people

P/s: Please don't forget to register here for a chance to get FREE highlight of your website, blog or facebook page of your product on this blogsite. You will enjoy free publicity and invite more traffic to your site. You can also register on the console on the right panel of this blogsite.

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. He was an international investment banker, corporate financier and a business coach where he coaches entrepreneurs on building and growing their businesses. You can find more information on ElixirEducate on their facebook page, here. And be a facebook friend of Yazdi . Please share this information with your entrepreneur friend who may benefit from this post. They could be an existing entrepreneur or someone who plans to start a business. You can also join the growing business network of Entrepreneurs in Malaysia by joining this group. Thank you and have a meaningful day.

3.

Moms in the house, y'all!

2011-11-15T05:48:00.001-08:00

New Entrepreneurs Malaysia is very honored and proud to be associated with Moms In Business. We are both on each other's site. Check it out.

(our logo on the right hand side)

P/s: Please don't forget to register here for a chance to get FREE highlight of your website, blog or facebook page of your product on this blogsite. You will enjoy free publicity and invite more traffic to your site. You can also register on the console on the right panel of this blogsite.

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. He was an international investment banker, corporate financier and a business coach where he coaches entrepreneurs on building and growing their businesses. You can find more information on ElixirEducate on their facebook page, here. And be a facebook friend of Yazdi . Please share this information with your entrepreneur friend who may benefit from this post. They could be an existing entrepreneur or someone who plans to start a business. You can also join the growing business network of Entrepreneurs in Malaysia by joining this group. Thank you and have a meaningful day.

Green opportunity

2011-11-14T18:48:00.001-08:00

The Star reported today (15.11.11):

"Apec leaders identify three growth areas that will benefit three billion citizens

HONOLULU: The 19th Asia-Pacific Economic Cooperation (Apec) summit ended here on Sunday with the 21-member economies calling for the creation of a seamless regional economy that will benefit its three billion citizens.
The leaders, in their Honolulu Declaration, identified three specific areas to achieve this objective, namely, increasing trade and investment, promoting green jobs and streamlining regulations which would encourage trade and job creation."

This is the second time this week that I came across 'green' technology, 'green' industry and now 'green' jobs that is going to the business of the future. And I think I agree.

It seems that the green technology and green movement have a similar industry phase as the Internet age. The green industry has gone past the phase of skepticism, ignorance and non-confidence that is normally seen with any new business age (take the industrial age - most of the mechanics were regarded as black magic then) and the beginning of the internet age (in the 1970s).

And I think that the trend of going 'green' and organic is coming to Malaysia in a big way. The population is getting more opulent (although they may not have realized it) and more informed. Going green, while it was trendy before, is soon going to be the norm.

What can we do about this opportunity? Any thoughts?

Work smart everyone

P/s: Please don't forget to register here for a chance to get FREE highlight of your website, blog or facebook page of your product on this blogsite. You will enjoy free publicity and invite more traffic to your site. You can also register on the console on the right panel of this blogsite.

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. He was an international investment banker, corporate financier and a business coach where he coaches entrepreneurs on building and growing their businesses. You can find more information on ElixirEducate on their facebook page, here. And be a facebook friend of Yazdi . Please share this information with your entrepreneur friend who may benefit from this post. They could be an existing entrepreneur or someone who plans to start a business. You can also join the growing business network of Entrepreneurs in Malaysia by joining this group. Thank you and have a meaningful day.

1000 visitors mark

2011-11-14T05:23:00.001-08:00

Alhamdulillah and I want to extend my BIG THANKS to all of you readers, my friends. Due to your support, our blog New Entrepreneurs Malaysia has crossed the 1,000 visitors mark today. It is certainly beyond my expectation and I can only thank Allah and you all. Thank you again my dear friends, from the bottom of my heart.

Muhamad Yazdi

Turning ugly problems to beautiful opportunities

2011-11-13T18:22:00.001-08:00

The following is an excerpt from the Star Newspaper today 14.11.11

"Rising number of complaints scarring beauty and wellness sector

By LIM WEY WEN
wwen@thestar.com.my

KUALA LUMPUR: The desire to look and feel good is feeding a billion-dollar wellness industry but it remains one of the least regulated sectors in the country.

There have been many reported complaints on cheating, overcharging and botched jobs resulting in permanent disfigurement.

To overcome this problem, the Health Ministry is introducing guidelines next month on the do's and don'ts for the beauty industry, particularly involving invasive procedures."

I am confident that the majority of the beautician and spa are run by responsible people who want's to make honest living by making people better, feel better and look better. However, because of a few bad apples, the whole industry is going to get a severe backlash. Like the Malays say " Kerana nila setitik, rosak susu sebelanga" Because of a drop of dye, the whole contained of milk spoils.

Our advise, in you are a beautician in a situation like this is:

Think of your customer first. They must be feeling worried. You must sympathize with them first before they can sympathize with you and your business. In situation like this, it is best if you have the email address of your customers or any means to get in touch with them (like a website or blog or Facebook page).
Do not be defensive. Accept the report to be true; tell your customers that there are bad apples in the industry and of course you are not one of them. Appeal to their emotion, saying that this fiasco is affecting your business badly; but despite all this malady your priority is still your customers, them.
Educate your customer. This is another great chance to 'market' because the customers are really listening. Tell them some of the reasons why beauty process botched up, like allergic reactions, improper advise and the such. ADD how you and your business have procedures to minimize this risk. Don't sell yet, just educate them on what they should look out for when visiting a spa. Be an adviser, be their friend.
Strengthen your ties with the supplier of your products. Again, you supplier will be hit bad too because people will not be buying the beauty products. This is the time to demand for improvement in the product education and certification. Do not demand bigger margin yet, be a friend first. Margin comes when you have improved the sales for your supplier. Ask for all the certificates, information an promotional materials to help re-EDUCATE the customers

Work Smart Everyone

This article is the joint ideas of Muhamad Yazdi and Wan Muhd Nuhairi of ElixirEducate.

P/s: Please don't forget to register here for a chance to get FREE highlight of your website, blog or facebook page of your product on this blogsite. You will enjoy free publicity and invite more traffic to your site. You can also register on the console on the right panel of this blogsite.

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. He was an international investment banker, corporate financier and a business coach where he coaches entrepreneurs on building and growing their businesses. You can find more information on ElixirEducate on their facebook page, here. And be a facebook friend of Yazdi . Please share this information with your entrepreneur friend who may benefit from this post. They could be an existing entrepreneur or someone who plans to start a business. You can also join the growing business network of Entrepreneurs in Malaysia by joining this group. Thank you and have a meaningful day.

Branding for small businesses

2011-11-11T17:21:00.000-08:00

Branding is the personality of your business. And the purpose of branding is directed at how you want people to feel when they encounter your brand. You want to touch their emotion with your brand. Think of big name brands like KFC and McDonalds, the mere mention of this brand will invoke the feeling that you trust the food and service will be a certain way, everywhere you go. When you think of AirAsia, you trust that the price is amongst the lowest you can get. And you want your prospects to feel a certain way about your business whenever they encounter your brand, your personality.

Most small business try to be everything for everyone. Money may be a goal then so these small businesses try to do anything everybody wants, a multiple businesses of sort. Jack of all trades yet master of none. IT is of course a necessity for start-ups as they search for identity and a profitable business model. However, they must remember that the brand/value of the businesses must be something in common, especially for the entrepreneur who is representing all different businesses. Small business owners who has a multi personality must know how to carry the right personalty at the right time, otherwise it will be very confusing to your prospects. Imagine wearing a suit with sneakers on and a clown tie and hat. You might want to convey the message that you are professional, sporty and funny but doing it all at the same time just makes it weird.

But branding is also a whole package. You can arrive at a date wearing Armani Suit, but if you had not taken a shower and your armpit’s emitting near-toxic odor, you are not going to nail the date. Everything must deliver the same message, the same value. It has to jive.

Branding is a promise of what you are about, it is a promise to your client about what they will feel when they deal with you. What your brand is up to you to decide. It must be something that really matters to both the prospect and you. Some examples: ‘health’, ‘low-cost’, ‘value’, ‘integrity’ and ‘quality’.

It is vital for you or your company to be genuinely passionate about you’re the value that you carry in your brand. If you are not passionate, your prospects can see right through it and would pass you off as a fraud.

Next comes the cost of branding. Branding does not have to be expensive, really. It is not all about billboard advertisements, expensive design agents and TV commercials. For a small or medium sized enterprise, your branding exercise must not be expensive but instead it should be creative. So, how do you do branding when you are a small or medium sixed enterprise?

Remember, you brand is your personality and it must appear in all these basic elements first even before you start dreaming of designing the first advertisement. The elements are:

You and your employees. Yes, this include right down to the receptionist and tea lady. They must carry your values, your brand. Especially you, yes you the owner, your individual personalty is your brand. So take notice of how you are carrying your brand. Selling health products means you exercise everyday too, not appearing in meetings in tight yoga pants and a sweater, especially not if you have less than a model-like shape.
Business card. Very simple but the first formal contact some people might have with you. Do not cramp it with too much information. Be creative, be simple. Invite people to ask more about your business. Hint - ask your employees and other people about how your business card really look like, especially if you are designing them yourself. And don't be afraid to copy the IDEA and FEEL of a well-designed business card (don't simply copy the design, it may be copyrighted).
Website or Facebook Page. My dad always say, the louder you are the more people will know whether you are good or bad. The Internet is like a megaphone, a huge megaphone that would make your 'voice' of personality globally. For a business person, especially entrepreneurs, being on a social media requires creates huge visibility of your personality, and going by item 1 above, your brand. All your fancy fliers, million dollar websites will be worth nothing, for nought, if you were callous, rude, whiny, childish, emotional, self-centered, problematic (we all are too familiar about people facebooking thier problems, right?) and cynical in your 'status updates' , comments etc. You prospective customers would not correct your improper behaviour on the social network, they will simply will NOT BUY anything from you.
Email Signature. Always has an email signatures that request for referrals.
Stationery. Invest a little bit to make your stationery looks nice and well designed. With the word processors nowadays, you can preset them in your computer for FREE and only pay when you print.
Packaging. If are in the business of selling goods, invest a little but in making the packaging looks nice, with a small sticker with your logo and address. Keeping it simple is good.
Brochures / Flyers. Create your fliers and email them. Print in black and white but design something that would suit a black and white concept. Don't simply photocopy a colour poster in black and white.
Newsletters. People hate spam but love receiving letters. Write newsletter but try to keep the selling at a minimum. Make it more letter than flier.

Work Smart Everyone.

P/s: Please don't forget to register here for a chance to get FREE highlight of your website, blog or facebook page of your product on this blogsite. You will enjoy free publicity and invite more traffic to your site. You can also register on the console on the right panel of this blogsite.

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. He was an international investment banker, corporate financier and a business coach where he coaches entrepreneurs on building and growing their businesses. You can find more information on ElixirEducate on their facebook page, here. And be a facebook friend of Yazdi . Please share this information with your entrepreneur friend who may benefit from this post. They could be an existing entrepreneur or someone who plans to start a business. You can also join the growing business network of Entrepreneurs in Malaysia by joining this group. Thank you and have a meaningful day.

Managing and growing multiple businesses

2011-11-10T22:35:00.000-08:00

Salam on this beautiful, gorgeous, bright Friday morning (in Malaysia :-)) It feels so full of hope.

Last night a member of the Entrepreneurs Malaysia Facebook Group posed me a question on how to make 3 different businesses successful. I am assuming that she is a small/medium sized businesses owner and she has to be actively involved in all three businesses. I might be wrong, she might be a multi millionaire (and if so I apologize for my assumption), but for the sake of discussion let's assume that to be the case.

She went on to quote a famous Malay proverb "Yang dikejar tak dapat, yang dikendong berciciran', loosely translated as "not catching what you chase, what you carry leaking away" or something like that.Which I totally agreed.

And before I proceed with my opinion, I would like to thank and congratulate all the respondents who shared their views on the matter, Raja Azam Baezah, Zamara, Desmond, Faina and I am sure more later by the time I finished writing this post. Kudos to you all. They have their points and they are all valid in one way or another; let's face it, they are all entrepreneurs too. You can go to the group and search the thread there.

So back to the small business owners with multiple business.

First you have to understand how did you arrive at the situation. Most small business owner, especially when they are just starting out, the main goal is money -cashflow. And by putting cash as the passion and goal, the owners tend to grab whatever opportunity that comes their way. Who can blamed them, the mantra that has been fed to them were "Grab the Opportunities", "Opportunities are everywhere", "Problems are opportunities", "Opportunities are money" ad nauseum. While the mantra is true, you have to be able to differentiate between opportunities that you can handle and those which are not meant for you. Bill Gates; when he started, it was only in one categories of opportunity - computer software and that was the case until the end. Being a conglomerate comes later.

But when small businesses start grabbing opportunities from different categories of business, that is when they start having multiple small businesses (There are other reasons, like having different partners, that causes multiple businesses but we are not going to discuss it here). What happened in this case is that "small business owners tried to be everything for everyone".

This is well understood and accepted nor. This goal for money started as a "must", especially in the beginning when you have not found your core. You need cash more than anything and you are trying out which business models is going to work for you. That is fine, that is natural. But you have to remember that you have to find your core, you have to build a business - like Zamara said, it is your reputation, it is you. Only if you find you core, which would always work along your the line of your passion, would you be able to be a great entrepreneur and build great businesses.

Well some of you might say, the problem is that the one that is bringing money is not what you am passionate about. My answer to that is: passion does not have to be about your product. Passion is about what you like to do. What you like to promote, what you like to talk about, what you love to do. For example, you are passionate about children but you a contractor. And the contracting job brings in money. Well in that case, you could create a trust/foundation for distress children and sit on that trust/foundation. Give some shares of your contracting company to the foundation, not much but pledge some meaningful amount. Then you work to grow that construction company so that it could support your passion. When it is big enough, you hire best CEOs and employees to run your company while you monitor them as a board member and rep from the children's trust - your children's trust.

The point is: you can start from passion (which I prefer) or your can start with cash but weave your passion back into your business. You do not have to be everything in the company. Get your employees to do it and you focus on what you love to do - you will be more productive and happy.

But if you have this problem of being a serial entrepreneur, a problem that I have, where I love building businesses and being part of multiple organizations, you need these basic things:

1. A good system to monitor where your money is everyday. I have a simple system that forces my 'generals' (employees managing my businesses) to report to me daily a snapshot of the cashflow movement. I know where my money is everyday, and I check form time to time to make sure it is there. Having this system freed up a lot of my time and mind. I could do other things when I know the system is making sure my businesses are making money or if not, I would know about it immediately.

2. Have trusted generals. Employees and partners that can share your activities and your burden. In order to do this, you must have a very clear picture of your business models and map out the critical activities and resources and who is responsible for each. If you are flying solo, you will find you name everywhere - try to delegate some less critical to someone else. You are the owner of your business, not the slave of your business.

3. Prioritize the businesses depending on what stage you are in and your needs. If you are a start-up, while it is best to start with doing something you are passionate about, it is not wrong to focus on the cash first - the cash cow. Work to build the system around that business so that it will run automatically and you can monitor it from far, effectively. Once the system is up and running, then you can focus on the next one. If you already have the cash, then you may want to start on something a bit closer to your passion.

4. Do not be afraid to sell out some equity to get value-add partners or employees. Encourage your employees to think like an entrepreneur and reward them based on performance. Then they will sell the products and business for you, freeing up more of your time to manage the other business. Get professional help when you want to do this - it is not as simple as it looks.

5. Multiple business are actually a business model of an investor rather than entrepreneur. You need to get properly acquainted with becoming an investor, eventually.

Work Smart People

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. He was an international investment banker, corporate financier and a business coach where he coaches entrepreneurs on building and growing their businesses. You can find more information on ElixirEducate on their facebook page, here. And be a facebook friend of Yazdi . Please share this information with your entrepreneur friend who may benefit from this post. They could be an existing entrepreneur or someone who plans to start a business. You can also join the growing business network of Entrepreneurs in Malaysia by joining this group. Thank you and have a meaningful day.

Plunging with passion

2011-11-09T00:29:00.000-08:00

Yesterday I met with a good friend of mine. He was, like I was before, an international investment banker. He just finished his stint in Saudi Arabia and now back in the trade with an investment bank in Malaysia.

After the customary hi and small chat, he said that he is now back to square one, working until the wee hours of the morning, completing the corporate proposals. I reminded him that his square one is worth a lot. He agreed but that is not the point. We went and discussed some more and alluded to the fact that he would like to venture out on his own, taking his father as an example of a successful entrepreneur, but do not know where to start. He wants to take the plunge but do not know where to the plunge, in which area?

I offered my advice.

I told him do something that he is passionate about. Entrepreneurship is not an easy game. It is laboriously hard at times. The number of opportunities are almost equal to the number of risks. He has to put in the effort, the energy, the time and the mind - for a long period of time. It may take months, it may take years before he makes a decent living or create a decent cashflow. It is really a test of endurance. I was about to sugarcoat it. I was being frank.

And I went to tell him that the only way he could endure this harsh winters of entrepreneurship is bu venturing and doing something that he loves. Money? It must be in the equation but it should not be the reason.

You have to venture into something that you are passionate about. Imagine when you are in love, the endless travel on the bike, endless rounds in the shopping malls, all seemed effortless when you were doing it for your loved ones. You loved doing it. Well it is the same thing about business. Why? because business are also run by us, human beings. We do not transform ourself into an android when we become an entrepreneur (although we work like one), we are still human. And humans thrive on love and emotion.

And humans strive for a value that is higher than money. Find something you are passionate about and do that. Find opportunities that revolves around your passion.

He lamented, "Well, I don't know what I am passionate about. I love everything. "

I said impossible. There must be something that you love more than the rest. Something that makes you smile whenever you think about it. Something that makes you feel lighter after doing it.

We went through the process of finding his passion, with a series of guided questions. In the end, he left the coffee shop with a pretty good idea what his real passion was geared up to find the opportunities that share that value/passion of his. And wished that he will do well in his trade.

The moral of the story is, never do something that you do not like as a long term activity, especially in entrepreneurship. Never be everything for everyone. Yes you may pick up the odd money-grabber here and there but your core business, your brand, your business' personality must remain the one and same. It must be based on your passion will you truly succeed and reach heights that was higher than your dreams before.

Work smart people

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. He was an international investment banker, corporate financier and now serial entrepreneur and business coach. You can find more information on ElixirEducate on their facebook page, here. And be a facebook friend of Yazdi . Please share this information with your entrepreneur friend who may benefit from this post. They could be an existing entrepreneur or someone who plans to start a business. You can also join the growing business network of Entrepreneurs in Malaysia by joining this group. Thank you.

The Story of NENA (For entrepreneurs in distress)

2011-11-04T18:34:00.000-07:00

Last night I read a posting on one of my participant's site; it shook me to the core. It was about how her daughter of 10 years old, sold her favorite Angry Bird toy and gave all the money to her mom to help make ends meet, accompanied by a piece of note.

I was so touched and inspired by the little child's act that I decided to do two things:

One - I am creating a program within ElixirEducate which I am naming NENA, after the blessed child (the mom is blessed to for having such child). NENA stands for (N)ew (E)ntrepreneurs (N)eeding (A)dvise. And this would apply to all those who were forced into entrepreneurship out of necessity or hardship; that would include single parents, laid-offs, homeless and the poor at home. And what it means that I will give coaching at heavily subsidised rates (I will not cheapen it by disclosing further) and you only pay when you have - later, when you make the money from your business. I do not want a single cent until you are successful. (But please bear in mind that I cannot help everyone until I get more volunteers).

Two - I am going to give this advise for those who are forced into entrepreneurship out of necessity rather than choice.

Don't tell yourself to be positive, instead KNOW that the Almighty has decided to give you the best gift in life, entrepreneurship. It is a field that even religion regard as the 9 out of 10 doors of fortune. There is no doubt about this.
Have faith that the Al-Mighty have the power to change your situation and make it better. For Muslims, pray and ask from Allah and don't be vague - be specific. Remember and know that mightiness of the AL-Mighty is beyond your comprehension and his knowledge and generosity is beyond what your human mind can conceive. Rezeki is not determined by your boss, your company or your project - Even their 'rezeki' is determined by Allah; so ask yourself who have been you REALLY been asking rezeki from all this while?
Read and find the book, La Tahzan (Don't be Sad, Jangan Bersedih). It has helped me and millions other really pick ourselves up. Ask any bookstore or go to the library. Find it now.
Know that your universe is about to change and be proud with yourself (proud, not arrogant). Prepare yourself for the change and open your eyes wide of the possibilities. Walk tall; for the final determinant is the Al-Mighty Allah. LITERALLY walk tall, as you are reading this, sit straighter! Get up and stand taller, lift your shoulder and open up your chest. Try it now. You will feel stronger. Now DON'T change that posture.
Have a dialog with yourself. Go to a mirror or even a puddle of water and see your reflection. Tell that person, "form now on, you and me, together we will change our fate, our destiny. Together we are going to make a fortune and help others who are like us. Let's DO THIS".
In business, mental toughness is a MUST and the real KEY to success. Enlist all help to do this but the first help must be from the Al-Mighty, from God. How? Pray, even if you have not prayed for the last 30 year, pick up a clean towel, lay it down, find a general direction of the Kaabah and pray. Allah is the best of judge and the most knowledgeable and he KNOWS your imperfections. I strongly suggest that you pray NOW. Break from reading this and go pray, two rakaah will do. I am going to do my Solah Dhuna now.
See, less than 10 minutes. Next is to take action. Prayers is not likely will land gold at your feet (anything possible with Allah though), mostly it will be answered through your actions. You are not dead yet. So let's get cracking.
Before starting anything, improve yourself first. Make yourself more productive. Sleep half and hour earlier than usual but wake up an hour earlier. After Prayer and reciting surah Waqiah, READ. READ about your trade, your product and your business. If you have the internet that is great, rather than spending that time lamenting your state in a chatroom, browse and search for information. Spend at least forty five minutes READING and listening to instructional videos on Youtube. I do that everyday. Do it before the kids wake up.
Then list the things you need to do that day. When you do not have money, time is your most important resource. Plan it properly and get more things done within that day. Any free time? READ!
Get help. Find a business coach or a friend who has been in business and ask for advise. Don't be afraid that a business coach might be expensive, just go to them and tell them your situation and I GUARANTEE that any GOOD BUSINESS COACH will be more interested to help you rather than the money. A good business coach also believes that Allah decides his rezeki, not from you and your fees.
Find out your strengths and weaknesses (a friend or coach can help) and what is your product and value proposition that you can offer? It could be anything, Serunding Sambal to your mom's favorite recipe. Find someone who can give you a good picture and plan on how to make money.
DO NOT INVEST in anything that guarantees return and ask you to do nothing (except maybe get more investors). YOU WILL LOSE MONEY. Money never makes money, only you do. Spend wisely. Spend to be actionable.
Genuine Multi-Level-Marketing is a good business to go into for a start. You can gather income steadily by using genuine and honest tactics. Do not manipulate and lie to get customers as words will get around and soon no one will want to see or buy anything from you.
If you have a product of your own - go out and sell it. Products are never perfect first round so don't wait for it to be perfect but make sure you continuously improve them. Be honest with your customers; they will buy something with 60% perfection level.
Be humble and smile always. Life has thrown a spanner so being humble should be easy for you. Be humble and smile - that always got me jobs. Humble, NOT PITIFUL. Do not slouch or look sad, humble is being proud at what you are doing but nor arrogant.
Focus, Focus, Focus...
If you have a family - they are your sources of strength. Do not worry for their rezeki is in the hands of Allah too. Not all is on your shoulder. Allah will take care of them too. Hug your child/spouse with smile and vigour. Tears are okay once in a while, but most effective when in prayers (that means you too, menfolks).
Help others whenever you can in whatever way you can.

I have no intention of making this into a spam but please do forward this to someone who you know would benefit from this advise, share this on your FB. It could be your family member, your friend or your next door neighbor. Don't spam it, send it to someone who needs this and may Allah reward you for your kindness.

Work Smart People

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. He was an international investment banker, corporate financier and now serial entrepreneur and business coach. You can find more information on ElixirEducate on their facebook page, here. And be a facebook friend of Yazdi . Please share this information with your entrepreneur friend who may benefit from this post. They could be an existing entrepreneur or someone who plans to start a business. You can also join the growing business network of Entrepreneurs in Malaysia by joining this group. Thank you.

1 in every 4 readers are from the United States: We are international!

2011-11-04T05:47:00.000-07:00

Our readers came from all over the world and I am happy to note that 25% of our readers are from the United States. Praise to the AlMighty

Tips on improving cash-flow /Tip-tip untuk menambah-baik aliran tunai

2011-11-04T02:10:00.000-07:00

Business is about cash-flow. If you have bad cash-flow management you will face difficulties paying your suppliers, employees and even yourself.

But cash-flow is not profit. It is not the same. You can be making millions in profits but still ended up not being able to pay your suppliers. And if this happens, you have to pay attention now as cash-flow problem is one of the most common reason profitable business fail.

1. Check your financial model and system and make sure you have a cashflow-positive model.

This means that you cash inflow and cash outflow are matched or in the favour of cash inflow. If your customer has a longer credit term that your own credit term with your supplier that is a problem. This also means that your are cashflow positive AFTER taking into consideration all other hidden cost like interest cost, storage cost and penalties etc.

2. Check for leakages

Entrepreneurs, especially the small and medium sized ones, usually fly solo and have skeletal staff. Leakages do happen if we are too busy chasing for new deals and customers. Fix the leak fast. Plug it before it sinks your ship.

3. Lower margin, high multiplier

Profit = margin x multiplier

Say for every RM1.00, you make 10 sen or 10%. But if the customer takes 6 months to pay you, that one Ringgit will generate 20 sen (two multiplier) a year. But if you aim for lower margin (say 8%) but make the customer pay you every month, then your profit is 96 sen or 96% (12 times multiplier). If you have an invoice which takes 60 days, use factoring or other means to get the cash back fast. When you have the cash faster, you can roll it more times. (I will talk more on factoring in the next posting)

4. Pumping more cash is not the solution

Raising capital to fix a cashflow problem is not necessarily the solution. In fact, it is never the first solution. Check and fix your financial model first and then if you need more resources, follow these steps: (a) List down what you need (b) negotiate the cost with yourself (c) Use internal funding strategies (d) use factoring (e) seek outside funding. If you have not done this, do not borrow or invest more money - it may be wasted away.

Work Smart People.

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. He was an international investment banker, corporate financier and now serial entrepreneur and business coach. You can find more information on ElixirEducate on their facebook page, here. And be a facebook friend of Yazdi . Please share this information with your entrepreneur friend who may benefit from this post. They could be an existing entrepreneur or someone who plans to start a business. You can also join the growing business network of Entrepreneurs in Malaysia by joining this group. Thank you.

VERSI BAHASA MELAYU

Perniagaan adalah aliran tunai. Jika anda mempunyai pengurusan aliran tunai yang tidak bagus, anda akan menghadapi kesukaran membayar pembekal anda, pekerja dan juga diri sendiri.
Tetapi aliran tunai positif bukanlah bererti keuntungan. Ia tidak sama. Anda boleh membuat keuntungan berjuta-juta tetapi tidak mampu untuk membayar pembekal anda. Dan jika ini berlaku, anda perlu memberi perhatian sekarang sebab masalah aliran tunai merupakan salah satu sebab yang paling kerap menyebakanb perniagaan yang menguntungkan gagal.
1. Semak model dan sistem kewangan anda dan pastikan anda mempunyai model aliran tunai positif.
Ini bermakna bahawa aliran masuk tunai dan aliran keluar tunai dipadankan atau memihak kepada aliran masuk tunai (masuk lebih kerap dari keluar). Jika pelanggan anda mempunyai kredit jangka panjang melebihi kredit anda dengan pembekal anda sendiri, ini akan menjadi masalah. Anda juga harus memastikan aliran tunai adalah positif SELEPAS dengan mengambil kira semua kos lain yang tersembunyi seperti kos faedah, kos penyimpanan dan penalti dan lain-lain
2. Periksa untuk kebocoran
Usahawan, terutama yang bersaiz kecil dan sederhana, biasanya terbang solo dan mempunyai kakitangan yang sedikit. Ketirisan/kebocoran berlaku jika kita terlalu sibuk untuk mengejar tawaran dan pelanggan-pelanggan baru sehingga tidak memantau aliran tunai. Betulkan bocor segera. Sumbat kebocoran sebelum ia meneggelamkan kapal anda.
3. Margin yang lebih rendah, pengganda yang tinggi
Keuntungan = margin x pengganda
Katakanlah untuk setiap RM1.00, anda membuat 10 sen atau 10%. Tetapi jika pelanggan mengambil masa 6 bulan untuk membayar anda, ini bermakna satu Ringgit akan menjana 20 sen (dua pengganda) tahun. Tetapi jika anda menerima margin yang lebih rendah (katakan 8%) tetapi membuat pelanggan membayar anda setiap bulan (lebih kerap), maka keuntungan anda adalah 96 sen atau 96% (12 kali pengganda). Jika anda mempunyai invois yang mengambil masa selama 60 hari, gunakan pemfaktoran atau cara-cara lain untuk mendapatkan wang tunai dengan lebih cepat. Apabila anda mempunyai wang tunai lebih cepat, anda boleh mengunakkannya dengan lebih banyak kali. (Saya akan bercakap lebih mengenai pemfaktoran dalam posting yang akan datang)
4. Mengepam lebih banyak wang bukan penyelesaian
Penjanaan modal untuk menyelesaikan masalah aliran tunai tidak semestinya berkesan. Malah, ia bukan cara penyelesaian yang pertama. Periksa dan pastikan model kewangan anda terlebih dahulu dan kemudian jika anda memerlukan lebih banyak sumber anda ikutlah langkah ini: (a) Senaraikan apa yang anda perlukan (b) berunding kos dengan diri sendiri (c) Gunakan Strategi Pembiayaan dalaman (d) Pemfaktoran (e) cari pembiayaan di luar. Jika anda tidak melakukan ini, jangan meminjam atau melabur lebih banyak wang - ia boleh menjadi sia-sia.
Berniagalah dengan bijak

Pengarang adalah prinsipal ElixirEducate - Pusat Latihan Siri Usahawan Bijak. Beliau adalah bekas pegawai bank pelaburan antarabangsa, pembiaya korporat dan kini adalah usahawan dan jurulatih perniagaan. Anda boleh mendapatkan maklumat lanjut mengenai ElixirEducate di laman facebook mereka, di sini. Dan jadilah kawan facebook-Yazdi. Sila berkongsi maklumat ini kepada rakan usahawan anda yang boleh mendapat manfaat daripada post ini. Terima kasih.

Advise to new entrepeneurs with a lot of money / Nasihat untuk peniaga baru yang BANYAK duit.

2011-11-03T07:03:00.000-07:00

NOTA: Versi bahasa Melayu di akhir versi English ini.

ENGLISH VERSION

Do you or anyone you know:
1. Newly pensioned and has lot of money. Planning to do business - rearing sheep maybe?

2. Newly VSS'ed and also have a lot of money. Open a franchise maybe?

3. Made a personal loan with a bank, RM100,000 and planning to put it all in a business?
Good intentions. But you loose all your money if you don's take heed of these advises:

1. Most of the people above are educated or experienced.
Yes, you may be an engineer who is extremely intelligent, but this enterprise business is another field altogether. The formula for businesses is not like the formula for employment - In employment, you do the work get the money and the more intelligent you are the more you get, sometimes. Business other hand, work will not necessarily get the money but if you do it right do not need to work but still get the money. Do not invest all your money in the first business. 9 / 10 start-ups fails. Accept that you are new in this area and start small.

2. Do not be arrogant.
The biggest mistake is when you think that you are wise and have the business acumen considering that you have a degree and once worked in a multinational company. You do not need to learn from other people. Be humble, to your employees, to your customers generally everyone around you. Do not dismiss people's advise on running a business easily, just because he wears a slipper into your shop.
3. Get trained
Money does not make money. Only you do; so get trained. This is a must. If you do not go, you are really looking for trouble

4. Get a business coach
You are putting RM150, 000 in your business. My advise is : do not bank it all on your work experience for 0 days. Get a business coach and he would be able to show the potholes of businesses before you fell into it. If you fall, the extraction price is very expensive.

5. Do not stingy with workers
Diligent and honest employee MUST be held on to tightly. Pay him more and treat him as partners and always discuss - not direct.

6. Pay your Zakat and give to the charity
A must. Businesses are fulled with risk as it is, you would not want to risk the wrath of the Al-mighty.
Work Smart Everyone

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. He was an international investment banker, corporate financier and now serial entrepreneur and business coach. You can find more information on ElixirEducate on their facebook page, here. And be a facebook friend of Yazdi . Please share this information with your entrepreneur friend who may benefit from this post. They could be an existing entrepreneur or someone who plans to start a business. You can also join the growing business network of Entrepreneurs in Malaysia by joining this group. Thank you.

VERSI BM

Adakah anda atau sesiapa yang anda kenal:

1. Baru pencen dan ada banyak duit. Merancang untuk berniaga - ternak kambing ke?

2. Baru dapat VSS, duit banyak dan juga nak berniaga. Buka francais ke, kopi tiam ke?

3. Baru dapat buat personal loan dengan bank RM100,000 dan nak laburkan semuanya untuk berniaga?

Niat bagus tapi anda mungkin akan hangus semuanya kalau tak dengar nasihat ini.

1. Kebanyakan orang yang pencen dan dapat VSS adalah orang yang terpelajar atau berpengalaman. Memnag anda mungkin seorang engineer yang teramat bijak tapi perniagaan ini amat lain. Formula perniagaan tidak seperti formula pekerjaan - buat kerja dapat duit. Berniaga pula lain, buat kerja belum tentu dapat duit tapi kalau beturl caranya tak payah bekerja tapi dapat duit. Jangan laburkan semua duit anda dalam perniagaan pertama. 9/10 kebarangkalian perniagaan pertama anda mungkin hancus atau perlu dirombak/dibaiki besar - walaupun anda buat francais.

2. Jangan jadi sombong.
Ini saya nampak sendiri dikalangan engineer yang dapat VSS. Kebanyakannya orang yang terpelajar tapi syarikat nak lepaskan mereka, jadi bagi pampasan. Kesilapan terbesar iayalah apabila anda merakana diri bijak dan tak perlu belajar dari perniaga lain. Apalah susah sangat nak jaga kedai makan berbanding jaga enjin kapal dulu. Susah jaga tu mungkin tidak, susah nak buat duit tu ya. Jadi, mestilah rendahkan diri kepada pelanggan, rakan and juga semua orang. Kat pekerja pun tak boleh kita bersombong, nanti diludah dalam beehoon tu pulak, susah.

3. Pergi krusus perniagaan
Ini mesti. Kalau tak pergi, memang cari masalah

4. Dapatkan jurulatih perniagaan
Anda akan letakkan RM150,000 dalam perniagaan anda. Jangan letakkan semuanya keatas pengalaman bekerja anda yang selama 0 hari. Dapatkan jurulatih perniagaan dan beliau dapat tunjukkan lubang lubang perniagaan sebelum anda jatuh kedalam. Kalau dah jatuh, harga nak keluarkan anda tu lagi mahal.

5. Jangan kedekut dengan pekerja
Pekerja yang rajin dan jujur MESTI dipegang dengan seerat-eratnya. Bayar dia lebih sikit dan layan sebagai rakan-kongsi dan selalu berbincang - bukan mengarah (ingat, anda pun baru bermula berniaga sedangkan dia sudah lebih lama bekerja)

6. Keluarkan zakat dan bersedekah
Wajib buat dua dua ni. Berniaga had ada cukup banyak risiko, anda tidak mahu risiko Allah marah!

Bekerjalah dengan bijak.

Pengarang adalah prinsipal ElixirEducate - Pusat Latihan Siri Usahawan Bijak. Beliau adalah bekas pegawai bank pelaburan antarabangsa, pembiaya korporat dan kini adalah usahawan dan jurulatih perniagaan. Anda boleh mendapatkan maklumat lanjut mengenai ElixirEducate di laman facebook mereka, di sini. Dan jadilah kawan facebook-Yazdi. Sila berkongsi maklumat ini kepada rakan usahawan anda yang boleh mendapat manfaat daripada post ini. Terima kasih.

Idea BESAR untuk peniaga KECIL

2011-11-03T06:13:00.000-07:00

Alhamdulillah, saya amat teruja dengan sabutan yang anda semua telah berikan. Dan untuk memenuhi permintaan sesetengah pembaca, saya membuat keputusan untuk mebuat dua versi bagi setiap 'posting'. Tetapi saya akan mulakna dengan memaparkan tulisan tulisan yang dahulu, tetapi dalam Bahasa Melayu.

Hi there, berikut adalah beberapa idea-idea yang telah terbukti berguna untuk perniagaan kecil:
1. Letakkan usaha tambahan untuk benar-benar memahami pelanggan-pelanggan anda.
Kenali sentiasa pelanggan anda dan dilakukan secara rutin, katakan setiap dua minggu sekali. Anda harus mempunyai cara yang berstruktur untuk menilai dengan cepat "Siapa, Apa, Bila dan Bagaimana" pelanggan anda. Dan kemudian semak semula usaha pemasaran anda dan saluran penyampaian untuk memsatikan ianyan masih relevan dan menepati kehendak pelanggan. Contohnya, pelanggan anda sekarang sudah mula meluangkan lebih masa mengunakan facebook, bebanding dulu yang mungkin lebih berminat dengan sms. Jadi, usaha pemasaran anda juga harus berubah and mengikut pelanggan anda.

2. Pintar mencari Sumber
Kepintaran mencari sumber (resourcefulness) adalah lebih penting daripada sumber-sumber itu sendiri. Ingatlah bahawa wang hanya salah satu daripada sumber-sumber yang diperlukan oleh perniagaan dan terdapat banyak cara untuk menggantikan wang. Sentiasa cuba untuk mencari sumber-sumber dalaman sebelum mendapatkan pembiayaan luar. Sumber dalaman termasuk pra jualan dan perkongsian pintar. Sebaik sahaja anda berfikir bahawa anda perlu mendapatkan wang untuk membeli sesuatu, tahan diri anda sebenta dan berunding dengan diri anda - Apakah sumber sebenar yang anda perlukan dan bagaimana anda boleh mendapatkan percuma atau kurang.
3. Teleskop

Sentiasa pastikan bahawa anda mempunyai kemampuan untuk melihat ke dalam butir-butir setiap aktiviti dan juga mampu untuk 'zoom' keluar untuk melihat gambaran yang lebih besar mengenai perniagaan anda. Salah satu cara untuk melakukan ini adalah untuk melakar model perniagaan syarikat anda. Jurulatih perniagaan biasanya membantu banyak dalam bidang ini.
4. Belajar untuk berunding
Kebolehan untuk berunding adalah penting kerana ia membolehkan anda untuk mendapatkan apa yang anda apa, bagaimana anda mahu dan apabila anda mahu.
5. Aliran tunai, aliran tunai, aliran tunai
Tidak memahami perakaunan? Tidak mengapa. Tetapi anda mesti tahu di mana wang anda dan bagaimana melakukan ia aliran. Berhati-hati kebocoran aliran tunai, ia akan meneggelamkan perniagaan anda dengan cepat.
6. Berkongsi untung, berkongsi risiko
Dapatkan rakan-rakan perniagaan yang baik untuk menceburi projek. Tidak, saya tidak bermaksud rakan kongsi ekuiti, tetapi lebih kepada rakan-rakan rantaian bekalan. Benar, keuntungan anda lebih kecil tetapi risiko anda juga lebih kecil. Ianya juga dapat mengurangkan bebanan sumber anda dan membolehkan anda mebuat lebih daripada satu projek dalam satu masa. Dan mendapatkan seorang peguam yang baik yang boleh membuat satu perjanjian yang baik.
7. Gunakan media sosial, dengan bijak
Web 2.0, internet, adalah satu platform yang cemerlang untuk memasarkan produk anda - HANYA jika pelanggan-pelanggan sasaran anda berada di sana. Yang penting adalah untuk bermesra dengan pelanggan-pelanggan yang menggunakan media sosial. Penggunaan membuta-tuli laman web, facebook dan emel tidak akan berguna. Ia mesti menjadi sebahagian daripada strategi keseluruhan anda untuk mendapatkan pelanggan, tidak strategi-satunya.
8. Dapatkan pekerja yang bagus
Carilah pekerja yang mempunyai budaya kerja yang baik. Kemahiran boleh diajar tetapi budaya kerja dan perangai sangat susah untuk diubah. Ambillah 5 orang pekerja untuk bekerja seperti 10 orang tetapi upah mereka untuk 8 orang .
Bekerjalah dengan bijak

Pengarang adalah prinsipal ElixirEducate - Pusat Latihan Siri Usahawan Bijak. Beliau adalah bekas pegawai bank pelaburan antarabangsa, pembiaya korporat dan kini adalah usahawan dan jurulatih perniagaan. Anda boleh mendapatkan maklumat lanjut mengenai ElixirEducate di laman facebook mereka, di sini. Dan jadilah kawan facebook-Yazdi. Sila berkongsi maklumat ini kepada rakan usahawan anda yang boleh mendapat manfaat daripada post ini. Terima kasih.

Growing succesfully for small and medium sized business

2011-11-02T02:54:00.000-07:00

Those who expanded their business and make a lot of profit have these common attributes:

1. Know what they are growing.

They know the business model of what they are growing. They are clear that the business model that they are expanding is the model that have proven to make money. They grew income, not size. Growing your previously mostly retail, personalized business by investing heavily on project-based business has much lower chances of success as it is a new business model and has to be given time to mature.

2. Grew the customer base first

They expanded the customer base of their existing model by making their product better and reachable by many more. This would involve increasing the delivery channel to the customers as well as retaining more customers. Growth companies would focus more on retaining customers and the acqusition of new customers would be done indirectly by old customers.

Buying more stock and machinery is an expansion of size and cost - only worthwhile if you have the staying power and able to grow your demand to capitalise the resources.

3. Improve margin first, then numbers

Successful growth stories are about increasing profit margin by adding value propositions to the products and nurturing customer loyalty. Apple products do not shed price to capture, it constantly improves its products and increases/maintain its margin.

4. Leverage

They leverage on other people's resources. They do not expand solely by using their money or borrowings (borrowings is not necessarily other people's resources, it is merely your future resources). They expand by having smart partnerships and sub-contracting

5. Hold resources later and separate

Only when they have reached a critical mass do they expand to hold resources, raw materials. But the expansion is normally done through a different company because the business model and risk element is totally different from the original production-and-sales based business model.

6. Strong financial feel

Small and medium sized companies are very cashflow sensitive. Successful gworth stories always have an entrepreneur who has a strong financial feel for her company and able to detect possible cashflow problem before it happens. Strong financial feel also include being able to identify the cost/revenue mis-match as well as fraud loopholes. Weak financial feel would sink a company faster than a ton of brick in a lake.

7. Strong system and control

The existing business model must be robust and the key variables in the expansion/growth must be under absolute control of the entrepreneur. Any uncontrolled elements, such as pricing, delivery or product, which is left unmitigated (like insured and product liability clause) is a disaster waiting to happen.

8. Rely on professional

Big business cannot be run/operated like a small business. There is a reason why big companies hire expensive accountants and managers to work for them- because the nature of big business require them. Growing big without proper advise and support is not advisable at all.

9. Treat expansion plan like a start-up

Do invest and grow, but go through the process. And have plan B. If your expansion plan consumes so much resources that do not have room plan B, think ten times before you do it. In most cases, the expansion imploded.

Work smart everyone

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. He was an international investment banker, corporate financier and now serial entrepreneur and business coach. You can find more information on ElixirEducate on their facebook page, here. And be a facebook friend of Yazdi . Please share this information with your entrepreneur friend who may benefit from this post. They could be an existing entrepreneur or someone who plans to start a business. You can also join the growing business network of Entrepreneurs in Malaysia by joining this group. Thank you.

BIG Ideas for SMALL businesses

2011-11-01T02:48:00.000-07:00

Hi there, here are some of the ideas that have proven to be useful to small businesses:

1. Put a little extra effort to really understand your customers.

Find out constantly about your customers and do it regularly, say every two weeks. Have a structured way to quickly assess the Who, What, When and Where of your customer. And then check back against your marketing effort and delivery channel to see if they are still relevant.

2. Be resourceful

Resourcefulness matters more than resources. Remember that money is just one of the resources and there are plenty to replace money. Always try to find internal resources before seeking external funding. Internal resources includes pre-selling and smart-partnerships. The moment you think that you have to buy something, hold back and negotiate with yourself - What is the real resources that you need with that money and how can you get it for free or less.

3. Think big and small

No, this is not about the lottery. Always make sure you have the ability to look into the details of each activities and yet able to zoom out to look at the big picture. One way to do this is to have a business model of your company. A business coach normally helps a lot in this area.

4. Learn to negotiate

Negotiation is vital as it allows you to get what you what, how you want it and when you want it.

5. Cashflow, cashflow, cashflow

It is okay not to understand accounting but you must know where your money is and how does it flow. Be careful of cashflow hole; it will sink you fast.

6. Share fortune and share risk, intelligently

Get good business partners to venture into the project. No, I do not mean equity partners, but more of supply chain partners. And get a good lawyer who can draw up a good agreement. If the project is big, the lawyer would want to do it for the gain later too.

7. Use social media, intelligently

Web 2.0, the internet, is a brilliant social platform to market your product - ONLY if your target customers are there. The key is to mingle with the customers using social media. Blind utilization of website, facebook and emails would be useless. It must be part of your overall strategies to get the customers, not the only strategy.

8. Pay peanuts get monkeys

Hire the ones with the best working culture. Skills can be taught but changing culture tales a long time and expensive. Hire 5 person to work like 10 people but pay them for 8.

Work Smart People

The Author is the principal of ElixirEducate- a training house for Smart Entrepreneur Training Series. He was an international investment banker, corporate financier and now serial entrepreneur and business coach. You can find more information on ElixirEducate at their facebook page, here. And be a facebook friend of Yazdi . Please share this information to your entrepreneur friend who may benefit from this post. Thank you.

Welcome, Encik Mushthaq

2011-10-31T16:23:00.000-07:00

News: Encik Mushthaq Ahmad Ibrahim has joined ElixirEducate as Special Adviser.

On 1 November 2011 (010111), Encik Mushthaq Ahmad Ibrahim has came on board Elixir synergy Group as its special adviser.

He is currently the Executive Director of Ferro Mining Sdn Bhd (“Ferro”). He is a founding member and shareholder of Ferro, a company that specialize in Iron Ore Mining and trading.

Prior to setting up Ferro Mushthaq was the Chief Executive Officer of Wasatah Capital in Riyadh Saudi Arabia, a company specializing in Private Equity, Asset Management and Corporate Advisory. Before leaving for Saudi Arabia, Mushthaq spend over 20 years in the financial industry in Malaysia and Singapore and held various senior management positions like Chief Executive of a Unit Trusts company, Chief Investment Officer/Director of MIDF-Asset Management and General Manager- Special Project, Amanah Capital Partners and many other Senior Management positions within Merchant Banking groups like Bumiputra Merchant Bankers Berhad and Amanah Capital Group of companies, specializing in Funds Management, Venture Capital and Private Equity. He also sat on various Board of Private Companies that spans over different industries IT, Waste Management, Oil & Gas, Manufacturing, Asset Management and Private Equity.

He holds a Masters in Business Administration and Bachelors of Science in Business Administration (Majoring in Finance) from the United States.

Who moved my purse?

2011-10-30T08:45:00.000-07:00

I am sure many of you have read the book titled "who moved my cheese". Well today we are going to talk briefly about the purse, and who moved it.

Your customer is your purse; they are your money/income. Your product is not your money, it is your cost - it is a liability until you get it our of the door and get someone to pay for it. Therefore, if your customer is your purse, it is really important that you know how to make sure your purse is always fat and always with you, regardless of how much you take from it.

1. Understanding your customer is like getting to know the purse

You have to know how and where the purse is in order to get to it. You have to really understand your customer; and when I say customer I mean those who had paid for your goods, not some prospects with no buying experience from you. Understand how they look like (male or female); what do they do (housewive, working mom, professionals, loafers); what is their characteristic (teenager, middle aged and grumpy etc); which segment do they belong to; where do they normally hang out, work or live; what do they like to do; what is their problem; what are their needs. You have to know the purse because if you lose it you need to know how to find it back.

2. In most cases you misplaced your own purse

You do this when you change your 'delivery channel' to your customers. For example, moving from direct selling to in-store selling or online sales. In this case, your direct selling purse is left behind somewhere and you are now holding an in-store purse. Most of the time you will be wondering why is the purse empty, no customers, when in fact you are holding a new purse- the fat direct selling wallet is left behind. You have moved your own customers, you moved your purse.

Therefore, the point is whenever you are expanding, check if you are moving onto a new purse and if so, make sure the connection to the old purse is maintained in the same momentum as before while you work to build the new purse. It will be hard work at first but if you plan properly and accordingly, you will achieve success and avoid the unnecessary frustration and angst.

3. Put a string on your purse

Pareto rule states that 80% of your income will come from 20% of your customers. Always, always have means to keep in touch with your customers, old and new. This is like having a string to your wallet. If you are a cleaning company, send them and email or sms every thursday asking if they need house cleaning. If you are a cake company, a week before someone's birthday, send their friend a message suggesting cakes (you can get it from facebook nowadays or some other ways). And always make sure that the customer can get 'in touch' with you easily, either through web or otherwise.

This is a case of building customer loyalty, retaining them from competitors- those people who want to steal your purse. Remember, first there is customer acquisition and then retention. Acquisition is much harder than retention but the result from retained clients is many times higher than customer acquisition. Retained customers not only will keep buying from you, they would refer other customers to you - doing the customer acquisition job for free. Therefore, keep the string to your purse strong.

Work smart people

-end-

The Author is the principal of ElixirEducate- a training house for Smart Entrepreneur Training Series. He was an international investment banker, corporate financier and now serial entrepreneur and business coach. You can find more information on ElixirEducate at their facebook page, here. And be a facebook friend of Yazdi . Please share this information to your entrepreneur friend who may benefit from this post. Thank you.

Dilema usahawan melayu

2011-10-29T20:16:00.000-07:00

I wanted to write this in Malays but the ideas are flowing in English, so please bear with me for a while. I will make a translated version soon. Tapi saya akan selitkan penerangan dalam bahasa melayu sekiranya the 'point' itu lebih bermakna dalam bahasa melayu.

Whenever I refer to Pengusaha Melayu, I am not referring to any individual entrepreneur, but the community and the majority as a whole. As this is my opinions, readers are free to disagree and I welcome comments.

I intend to write as frankly as possible, hence I apologise if the manner goes against our grain as Malays. Have not doubt though that I am writing this because I love the Malays and Malaysia. I believe that Malaysia would be free from this bickering, project jostling, distrust, suspicions and prejudice if everyone have equal skill, knowledge and resourcefulness to succeed in entrepreneurship.

1. No depth in entrepreneurship knowledge

Orang melayu tidak mempunyai sejarah peniagaan yang mendalam, tidak sedalam sesetengah bangsa yang lain. This is a fact. The majority of Malays have little knowledge and skills of entrepreneurship. The culture of entrepreneurship was not there - hence the NEP (we will talk how this backfired). We do not, as a community, have a long history of entrepreneurship culture. But there is hope. In recent years, the rise of Malaysian entrepreneurs are getting more imminent; with the women leading the rise in mass entrepreneurship, in terms of numbers. The pasar malam and bazars also helped spur the growth of usahawan melayu. But because of the lack of knowledge, very few were able to lift their enterprise above the small/petty trader level. Many would be quick to blame lack of capital and government support.
I disagree. We lack knowledge and community support. Now that we know how to make a business in a small way, we must learn how to make a business in a big way - they are different models. And we need effective business networking that is both wide and deep. But rather than depending on the network for projects, we should use the network to generate ideas and collaborate.

2. The effort to empower the Malay Entrepreneur backfired

The government tried to create entrepreneurs by giving them projects. It backfired because most of these people who received the projects became 'handout-managers' not entrepreneurs. It also created a mindset that the only way to make it big, and fast is by getting government project.   Very little of those that who received the projects actually use the profit to build and own resources; to be part of the value chain. And that caused many malay entrepreneurs to lack dept in their area of expertise. On top of that, the absence from the value chain weakens the community.

3. To much focus on politics, to little focus on real power

Orang Melayu ni bijak. Orang melayu dulu dulu pun bijak. Mereka mengeluarkan pepatah "Menang Sorak Kampung Tergadai". This is another dilema of the Malay Entrepreneur. Because of item 2 above, most tend to think that real wealth are really in projects from governments. We then focus too much on politics. We support people who can supposedly get us closer to getting the multi million dollar projects. Granted that some succeeded this way but the number is so small and the number of those who expended their time and money and failed are much more. Real entrepreneurs have products and is a part of the value chain. They actually produces things, regardless it being kerepek, baju kebaya, spare parts, cranes, cement and what not. Entrepreneurs are part of value chain, they control the resources. And the lesser the time, energy, effort and ideas an entrepreneur devote on politics, the more they have to devote on acquiring and building value - resources. Lobbying, getting multi million dollar project and swiftly handing it wholesomely to the sub-contractor is not entrepreneurship - it is handout-management.

4. Many forgot about the empowerment of faith

I always say this, "ramai yang percaya kewujudan dan keesaan Allah, tapi tak ramai yang yakin, have faith in the ability and the power of Allah to direct change in their lives on this earth." Memang Allah suruh kita berusaha tetapi dia mengatakan dia yang menetukan and ALLAH KNOWS BEST! Allah's ability to know and his knowledge transcends even our ability to think how knowledgeable Allah is - because we use our HUMAN brain to imagine. Ramai yang meletakkan rezeki tu kepada boss, kepada syarikat, kepada projek dan kepada produk. "I kena lobby orang ni betul betul, baru dapat projek, baru dapat duit" I have heard that so many times. That is wrong and weakens an entrepreneur as he is now placing his faith of wealth to that lobbyist and project, willing to break the laws and compromise integrity in order to achieve that goal. Don't get me wrong, lobbying is okay, so long as you do it the right way - by making sure your products and services have the values that meets the needs of the consumer; that you ensure success; that you will deliver the project in satisfactory form.

Yes, I almost hear, "Get real Yazdi, you have to grease the palm to get the job". I say, it will be that way if you think that way. Your business will be as how you wish for it. Anthony Robbins once said "Life will give you what you ask of it". If all the malay entrepreneurs puts their faith in Allah's ability and finality to determine fortune, they will not be afraid nor intimidated by the need to compromise integrity in their business. And when you are not afraid, have no fear of the worldly obstacles, then you become the ultimate entrepreneur - liberated, creative and urgent.

From homemade to the world

2011-10-28T17:54:00.000-07:00

J.P Dejoria is an entrepreneur I admire. He built a hair care products business from $700 to now making over $1 billion per annum.

"After his discharge, a brief marriage left young J.P. alone to raise his son as a single parent. Times went from bad to worse. “It was one of the most frightening times in my life,” says DeJoria. “I was homeless twice, mainly because I was too proud to ask anybody for help. In my early twenties, when it was just me and my son, we had no place to live. I used to go out and collect Coke bottles at night, then cash them in at the corner drugstore for two to five cents. We lived on a very simple diet of rice, potatoes, lettuce, cereal, canned soup, and macaroni and cheese, but we managed.”

He took on a variety of odd jobs to make ends meet from pumping gas and repairing bicycles, to selling encyclopedias door-to-door, then copy machines, and even insurance. As luck would have it, he was offered an entry-level marketing position with Time magazine. Before long, he found himself the Los Angeles circulation manager, well on the way to his next brush with fate. By 1971, he went to work for Redken Laboratories, then the leading professional hair salon product company in the U.S. Within 18 months, he was promoted to national manager overseeing their schools and chain salons, eagerly learning everything there was to know about the business.

Then in 1980, DeJoria jumped at the chance to join forces with longtime friend, and famed hair designer, Paul Mitchel. Neither had much in the way of material wealth at the time, but they managed to scrape together $700 to initially bankroll the company with Paul doing the hair shows, and J.P. overseeing all the sales, marketing, administration, and everything else. The rest is, as they say, history.

Today, DeJoria heads the multi-million dollar hair empire of John Paul Mitchell Systems with annual retail sales well over $800 million, offering more than 90 products sold in 105,000 hair salons throughout the U.S. and in 75 countries abroad. When not working to expand the JPM brand, JP travels the globe with wife, Eloise and son, John Anthony as stuards of the planet

I will give the link to the website of the above at the bottom of of this article.

I would like to share one thing about him with you, especially ladies making homebased products.

When J.P started, he went door to door of saloons, trying to get them to buy his product and recommend it to the patrons of the saloons. It was tough because his product was unknown and there were a host of branded items on the shelf at the time. But he persisted and eventually managed to get a few saloon to use his products.

In the Malaysian context, there are many entrepreneurs who invented foodstuff and have homemade business. The products are made with passion, affection and determination. The reasons are varied, some because the producers themselves are housewives or women trying to assist the family - working passionately to make sure the product is good; some simply love their mom's recipe. In the end, just like J.P, you have a good product.

Then some would appoint agents to sell these products, either on direct selling basis or opening up stalls at marketplace and bazaar. These are your channels (for those who attended the Money-First Business Model). Just like J.P, he has his saloon.

But what J.P did next was amazing. He promised his saloon that he will NEVER sell his product directly to the consumer. It will always be and only be sold to saloon. It will never be on the shelf of supermarket or pharmacies. If the consumer wants to buy, they can buy it only at the saloon. This means that J.P would only get rich if the saloon gets rich. And the saloons appreciated that. They began to promote J.P's products more based on this premise and the rest is history.

The idea that I want to throw is this. Remember who made you the first profit. If it is the agents, appreciate them and don't undercut them. Appreciate your partner and your partner will appreciate you. Some of us would be tempted at the prospect of selling to the big supermarkets directly to the customers. We THINK there would be better margin there. But we forget that not only it is a different model (which we are not familiar with), it can result in us losing focus on the partners and team that was printing money for us.

I am not saying going big with the supermarket consignment is not the way, I am just saying that there is another way to grow. And the growth path for your home-made biscuits is different than Nestle. You follow Nestle's path to the supermarket without the resources and business model Nestle use, you can lose the shirt on your back.

Work Smart People
-end-

The Author is the principal of ElixirEducate- a training house for Smart Entrepreneur Training Series. He was an international investment banker, corporate financier and now serial entrepreneur and business coach. You can find more information on ElixirEducate at their facebook page, here. And be a facebook friend of Yazdi

J. P Dejoria Article

More on lady entrepreneurs in Malaysia

2011-10-27T06:27:00.000-07:00

I came across this study by a few university experts, titled

"Improving Women Entrepreneurs in Small and Medium Enterprises in Malaysia: Policy Recommendations
Wendy, Ming-Yen, Teoh, Multimedia University, Malacca, Malaysia, myteoh@mmu.edu.my
Siong-Choy, Chong, Putra International College, Malacca, Malaysia, scchong@iputra.edu.my"

And I was intrigued by their observation on the lack of training which is depriving these entrepreneurs to grow and excel. I am checking online with actual entrepreneurs through facebook and would be interested to find out their feedback. If you would like to give your input, you may answer the facebook poll here. Anyway, here is what the article said:

"Education, Training and Counselling, and Growth of Women Entrepreneurs
The combined impact of globalisation, changing patterns of trade, and evolving technologies such as
ICT call for skills that women entrepreneurs on the continent do not for a large part possess, as many
more women than men lack the requisite level of education and training, including business and technical skills and entrepreneurship training.

Nevertheless, women are often disadvantaged in terms of access to training. They are often unaware
of training opportunities and are less likely to be able to afford the cost of training provided by the
private sector (and subsidisation of training is limited by the willingness of donors to support this).
According to a report by the International Labour Office, African Development Bank and Private
Sector Department [26], even if women could afford to pay for the training, they have difficulty in
travelling to central locations to participate in training programmes, and quite often cannot afford
time away from their enterprises and family responsibilities to attend weeklong programmes – even assuming their husbands give them permission to be away from home. In fact, some husbands often
object to training offered by men in certain countries.

In addition, most entrepreneurship training programmes is too general in scope and does not offer a growth strategy orientation. Many of them focused on the start-up process with very limited effort on the part of the training providers with regard to doing any post-training follow-up. In addition, women tend not to use supporting government programmes [34] including the training programmes provided. This might be a problem pertinent to Malaysian women entrepreneurs as generally there is a lack of entrepreneurship training and skills development in Malaysia where most women entrepreneurs acquired their skills and experience through their family members, friends and previous experiences [3]. Efforts are thus needed to increase the level of awareness among women entrepreneurs of existing training opportunities."

-end-
The Author is the principal of ElixirEducate - a Smart Entrepreneur training house. He was an international investment banker, corporate financier and now a serial entrepreneur as well as a business coach. You can find more information on ElixirEducate at their facebook page, here. And you can also be a facebook friend. Yazdi welcomes any questions (you just need to message him on facebook) that you may have regarding your business and will reply to your questions as soon as possible.

How my auntie expanded her business and lost everything

2011-10-26T21:46:00.000-07:00

I have two aunties who, being Kelantanese, sell jewelries, real jewelries gold and diamonds. They had this business since I was very young. They were not in this business together; each was on her own. And they were doing this since I was very small, like at least 25 years ago. Let’s call them Mak Ae and Mak Bee (Codenames – have to because they are still my auntie, nanti nak jumpa masa raya…)

Mak Ae, started much earlier than Mak Bee, and her business were much bigger. However, they both have the same modus operandi, same business model. They purchase the jewelries and sell them to buyers on installments, with reasonable profit margin. Their target consumers are also the same, mostly teachers, government servants and entreprewives (a term I coined to refer to housewives who are entrepreneurs). They would have small gatherings at their homes or at the client’s house. It is exactly like selling Tupperware, but instead of containers, it was gold jewelries, bracelet, necklace and the works.

Their business progressed well over the years, growing steadily as demand continued to increase. Their business model provided the ideal solution to the customers who want to have the jewelries as both investment and adornment. The installment method allows the customers to secure the investment and enjoy the benefits that they otherwise couldn’t with their limited income.

Business went so well and both of them made a lot of money. They made so much that Mak Ae decided to be another Habib and opened up a jewelry shop. Mak Bee decided that she would stick to her ways. Mak Ae obviously thought that by opening up a jewelry shop, she would make more money. The shop was opened and Mak Ae hired her son to manage the business. Everyone had a grand day at the opening and hopes were running high! This is going to be the money making machine.

Mak Ae’s business swiftly dived! It was a disaster and she had to close the shop after only 5 months opening the shop (true story!). They were at a good location in the city and they were selling jewelries just like any other jewelers in town. And these jewels are excellent products; they were GOLD and sold with installments too. And Mak Ae had so many years of experience (at least 20 year if I remember correctly).

I was so young at that time I could not understand it completely but it was a big issue then. Everybody was dumbstruck and could not figure out why. But now I know why.

Mak Ae was focused on the quality of her product and service. She did not know that she was moving to a new business model. She did not know that it is not her products that brought her money; it was her business model. Her original direct selling model had all the elements for her customers, the needs of the customers were met, the delivery channel was perfect and all the other seven business model elements were working fine.

When she opened up her shop, it was a new business model and the elements of the new business model are not the same as the previous one. By not understanding her new model, she spend too much too early and ran out of cash. Her old customers’ needs were no longer being satisfied so they did not buy from her shop.

She could have saved her millions opening up her jewelry shop, even more likely to be very successful with her shop, if only she knew that profit comes from business model- not product alone. A business model is a complete system of getting the product to the consumers and getting PAID. If she had learned about her new business model, she could plan her actions accordingly and employ the correct methods to satisfy each element of the business model. She would know how to target the new customers and what do they need. She would also know how to plan her resources accordingly. By learning about business model, she would have made millions.

My Auntie Bee? She still giving out the BEST duit raya until today!

NOTE: Elements of Business Model

1. Customer

2. Value Proposition (Product and Service)

3. Delivery Channel

4. Relationship with Customer

5. Revenue Stream

6. Key Resources

7. Key Activities

8. Key Partners

9. Cost Structure

The Author is the principal of ElixirEducate- a Smart Entrepreneur training house. He was an international investment banker, corporate financier and was involved in raising a total of over RM1 billion during his tenure. You can find more information on ElixirEducate at their facebook page, here. And be a facebook friend

The Art of Getting Funded

2011-10-26T06:10:00.000-07:00

They say you need money to make money. Well those are the people who makes lemonade when they are given lemons. But Smart Entrepreneurs makes a helicopter when life give them lemons, so to speak.

While you Smart Entrepreneurs out there are resourceful, you would undoubtedly need resources to propel your business forward. And more often than not, you need cash. you need cash to hire that smart and hardworking employees to do your marketing for you, you need money to purchase more stock so that you can sell more, you need that extra sewing machine, you need money to grow your business and make more money, hopefully.

I am a clear advocate of cash-last method of doing business, where creativity and resourcefulness are more important than the resources itself (money, time, energy etc). With creativity and resourcefulness, you can find that extra time, that extra energy, that extra money. But when it comes with money, you cannot run away from its culture and structure.

Getting funded has its culture and structure, especially with investors and banks - it is an art. Funders are everywhere, from family and friends to financial institutions and private investors. The key is knowing what they want and how they want it so that they will give their money to you.

Different investors behave differently. Angle Investors looks for passion and works on empathy and gut feeling. They need simple and clear business model as well as their exit strategy and upside. Done right, they would not be as hard when the business fails to deliver. If you do deliver, Angle Investor will own a large chunk of your company though.

Financial Institutions and such wants form and structure. Since the decision makers are committees and people, they need to be certain of key areas - mostly to cover their ass and job. Your multi-million dollar ideas are worth much less to them compared to secured contracts, unlike the angle investors. They want business plans and the works. But they are less heavy on the equity side, preferring solid repayment instead. Here you can make more return as you get to keep more of your business.

Initial Public Offerings are huge and you can get millions based on ideas and compliance. It is not rocket science but you still need a professional investment banker to advise you.

Different businesses requires different type of investors at different stage in their life, getting the wrong investors at the wrong time could prove to be distressing and at times fatal (for the business). Choose your funder carefully.

Work Smart People

The Author is the principal of ElixirEducate- a Smart Entrepreneur training house. He was an international investment banker, corporate financier and was involved in raising a total of over RM1 billion during his tenure. You can find more information on ElixirEducate at their facebook page, here.

You might also want to give the seminar below a chance:

Upcoming Boardroom Seminar

2011-10-25T08:23:00.000-07:00

The rise of lady entreprenuers in Malaysia

2011-10-25T01:31:00.000-07:00

What do you call a women entrepreneur? Entrepreneuress? Lady entrepreneur?

Call them by what you like but they are fast becoming a force to be reckoned with in the economy. Not that they never were, but now they are more visible now. Especially in my beloved country, Malaysia.

I guess I have noticed this a long time ago but never had the urge to really look into it, to study this phenomenon. My mom and dad are both teachers and despite my dad being a few levels up from my mom throughout their careers, my mom is always the one with the extra cash; it came from her clandestine jewelry-pay-by-installment business. (What can you say? it is in her blood. At one stage, my siblings and I were made by her to sell 'budu' from our house - well the business provided the much needed supplement to care for six of my siblings as well as my uncles and aunties that my parents took under their care. Praise to the Almighty, we all turned out pretty well in life).

Like I said, I observed that this natural enterprising skill getting more and more prevalent among women since I was very young and now the Facebook and Blogs are inundated with online purveyors sellling tudung, scrafs, imitation handbags, trinkets and many more undertaken by YOUNG female entrepreneurs. But I never had the urge to look deep into it until my seminar on Smart Entrepreneurship last Sunday.

At the seminar there was this wonderful lady that exudes confidence and anyone could tell that she is a seasoned entrepreneur the moment she walked into any room. Let's call her Puan Zam (because I did not ask for her permission yet). Anyway, after a short chat with her, it confirms and validates my intuition that the womenfolk are fast rising and filling up the entrepreneurship room. And they are filling up the important parts, the value chain.

Some of them work from home and some have a few businesses running. They run as fast any businessmen, as creative and as resilient. They appear more optimistic and leans more on the positive sides of any situation. It may be difficult for me to admit this, but they are cool. They seem to handle failures and rejections, that are aplenty in entrepreneurship, much better than some men that I know. They seem to be quite tough.

They are more humble and their propensity to learn is immense. They soak up information and knowledge like a sponge; fast turning those information into skills. No longer are them the quietest in the class. They are at the front and speaking up.

And they have a GREAT support system. A genuine support system that aims and deliver assistance. That alone is the most powerful weapon for any entrepreneur. They have clusters, they meet regularly and they keep the clusters disciplined and urgent - actions oriented. I guess this is the benefit of MLM and Direct Selling businesses that have mushroomed in the country for the last couple of decades; and it was embraced, almost 80%, by women. This business gave them structure.

Well I guess, being a man, I feel duty-bound to find some form of credit to us menfolks. Some of it must be due to us, men (please take this part as more of a jest than anything):
1. They are tougher and handle failures and problems better because many other men (not us, others) have given their wives and girlfriends problems at home. With the children in tow, and moral pressure from the society, women are more often than not forced to face the problems provided by these men (not us, some other men). To face the husband (problem) at home day in day out. Some men (not us, others) would rather leave the house than face the problem. Sad but true (for others, not you readers)

2. The cluster and structure is also a by-product of the above. They bond together as they console each other in dealing with the problems. Their cluster are therefore a bond created by trust and the intention of improving their situation. Unlike women, whenever men have their clusters, usually it is up to no good, hehe. Unless it is in the mosque, even that could give the wife headache at times.

Anyway, that is my observation. Women entrepreneurs are a force to be reckoned with very soon and I congratulate them as I congratulate my mom.

NOTE
The Author is the principal of ElixirEducate is a Smart Entrepreneur training house. You can find more information on ElixirEducate and their upcoming seminars on
http://www.facebook.com/pages/ElixirEducate/136633746433836 . You would find other useful entrepreneurial tips too.

Start-up

2011-10-19T20:02:00.000-07:00

Startup. What is a startup.

Well, startup is generally a new venture or enterprise, initiated to undertake business actions with the hope that it will generate value. Please note here that I use the word 'value' instead of profit/money or such reference. This is because for social entrepreneur, profit is not the main game, change and impact are.

Anyway, I have been doing a lot of research on business start-up and what I found out was startling!

1. Almost 90% of start-up failed in the sense that they did not measure up to the business plan built for it. (My experience: True)
2. In almost all start-up you have to make changes to your original plan (My experience: True again)
3. Because of fear of failure many people fail to start their businesses, and that is a shame because many of the fears are based on assumptions and unfounded.
4. People make start-up more difficult that it actually is: No capital, No idea, No office, No staff bla, bla bla.
5. People give embarrassment to much credit, way too much.
6. People tend to discuss start-up with co-workers, who is equally blind with the start-up business. The case of the blind leading the blind.
7. A lot of start-up are blind-startup (without going through a professional coach or sometimes even basic research). They ended up making basic mistakes
8. Successful start up must be lean, agile and resilient. The brightest and smartest do not necessarily survive drastic environmental changes, those who adapts would.
9. Thick business plans may get you an MBA, but in the the real world, if you cannot put your business plan and model on one sheet of paper you are in trouble.
10. Existing education system fails to prepare a lot of entrepreneurs for the real world.

Work smart today, people.

First mover advantage or disadvantage

2011-10-16T16:58:00.000-07:00

I stumbled upon an interesting article on whether one should be an entrepreneur or not. It was placed in the Star Newspaper written by a regular columnist. The first paragraph reads:

To be or not to be ... an entrepreneur

ON YOUR OWN By TAN THIAM HOCK

MY big aunt once told me that I should be very proud of myself because I built a business from nothing.
I told her I would have gladly exchanged places with my cousins who went straight into their big family business upon graduation and became major corporate players by the age of 30. I spent 10 years of my life looking aimlessly for that one Big Idea that will instantaneously transform my business life. I never did find one.

I will give you the link to the article at the end of this posting.

I gathered from the article that the columnist tried to warn (and rightly so) of the hardship an entrepreneur had to endure and the disappointment he had to face. And one of it is the absence of that one big idea. He then went on to state that not a single one of Malaysia's success story came from one big [original] idea.

Well, the thing is, we must realise that there is no real first mover advantage. Creating something original does not equate to money. Best example is Thomas Edison; the genius invented electricity but was never rich by it. The one big idea, original it may be, bringing along the first mover advantage is not only elusive, but could prove to be unprofitable.

However, it is very valuable. Value does not equate just profit. It includes many other things, like the durian parties, flexibility and freedom of time, time with the kids, the positive impact your customers had when dealing with your novel products, changing their lives forever. Entrepreneurship done right, while might not be profitable is certainly valuable. Just ask the social entrepreneurs.

And entrepreneurs must realize and accept that improving on the status quo is innovation. It is also part of the entrepreneurial trade. There is no shame or wrong in improving others and certainly not exclusive to Malaysian too. Just look at Google (predecessor yahoo, Aol search), Facebook (predecessor MYspace, Friendster) and a host of other entrepreneurs' success stories.

So to aspiring entrepreneurs out there, the question of whether you should be an entrepreneur should be phrased as "whether you want the opportunity to be amazing". Plan your way ahead and be creative - if you find the need to borrow from Along , YOU ARE NOT READY YET. Otherwise, go forth and prosper (and don't forget to pray too, you need all the help you can get).

Work smart everyone.

http://biz.thestar.com.my/news/story.asp?file=/2011/10/15/business/9677356&sec=business

Compete, not envy

2011-10-15T19:32:00.000-07:00

This would sound a lot catchier in Malay "Bersaing, jangan berdengki".

In our lives as entrepreneurs, massive luck and fortune would most of the time miss us altogether, only to hit our dear friends and foes smack in the face. They were landed with the multi million dollar job and you are left with none. No luck getting some from your foe and sometimes your friends decided to keep it all to themselves.

I must admit, that feeling of disappointment can sometimes lead to envy and jealousy. And that is wrong.

One of the key elements of a Smart Entrepreneur is creativity. Creativity is so essential to Smart Entrepreneurs today that not having one is like driving a car without the rubber tyre. Yes, the car could move forward but it will be very noisy and painfully slow. On certain terrain, it would just spin uselessly in the sand, leaving the car static.

And nothing kills creativity like envy and jealousy. It is a sickness of the heart and blocks the mind. Envy would lead you to focus on him or her rather than you, your situation and your goal. Envy would occupy your time in finding faults with the other person, how he may have bribed, how bad his products really are, how unfair and stupid the world is.

To be creative, the mind and heart must be focused at the situation that needs to be solved, resolved and improved. That would be you, your situation and your goals. Only when you have all your faculty focused at yourself could ideas start building up; on making you, your product and your enterprise better. The world would look much much bigger and promising; the path to success much clearer.

So next time someone you know, love or hate received a windfall of good fortune, say "Congratulations!" and mean it. Then move on to make your own event that would merit such exclamation. It may not be as big an event as theirs, but it will be a position that is a whole lot better than your present situation. By doing that, by improving yourself, you have been enterprising - you have done amazing!

Work smart people!

When equal is not equitable amongst founders

2011-10-10T23:29:00.000-07:00

Hello world.

In this maiden post, I would like to discuss a common yet not much discussed issue regarding equity split at the beginning of an enterprise or venture.

This is a very touchy subject, especially to us Asian. This touches on trust and the perceived ability of the partners and founders to be equitable, to be fair and honest to each other. Many would simply decide on an arbitrary figure, say 50:50, especially amongst friends, later to fail miserably and friends become foes. Not all, but many.

Sometimes we are so caught up with the idea, the excitement of projected profits the opportunities and possibilities. It made us very optimistic, abundantly confident that the partnership is rock solid and equal is equity.

This is indeed a very difficult subject to discuss between partners or prospective partners. Especially if the partners are friends. Many of us would feel extremely awkward and uncomfortable when it comes to discussing money and wealth and splitting it up, especially when we have not even embarked on our journey. While we do not want to be seen as being greedy, we equally do not wish to be taken advantage of; but the taboo of discussing money upfront is such a taboo. So, many ended agreeing on whatever was first suggested, without giving it much thought on the implications later. To disagree and negotiate feel so unnatural and untrustworthy.

But if partners cannot sit down and thrash over this hard issue early on in the venture, what hope does the partnership looks like when actual money starts coming in and there are actual values/ringgit/dollars assigned to those percentages. It could be $50 or $50 million. The equal split suddenly does not very equitable as each partners feels that have put in more value into the venture.

Well, equal is not equity. Different partners brings different values to the table, before and after the incorporation. Resorting to cash injection as the sole determinant is erroneous as it excludes intellectual property and a host of other non-tangible assets.

Having said that, there is not fixed formula on equity split. It is an art, not science. However, there are some methods applied by many, including Vesting, Stock Options and others.You can get some answers here too.

Sometimes it is also worth getting a professional to step in and assist you in coming to a conclusion. It is much easier to keep a friendship when you have a third party to blame (needless to say, the third party gets paid well for this).

New Entrepreneurs Malaysia (Usahawan Baru Malaysia)

Do what you have to do so you can do what you want to do, later

Developing your business

Women in Business, now on air!

Capital FM 88.9 - Malaysia's first women's radio station to go on air Thursday

By JADE CHAN

You have got what it takes to be a successful entrepreneur

Smart Marketing: Sales = f(Reach,Response,Conversion)

Smart Marketing: Creating ultimate customer

How to be a succesfull at MLM and keep your friends

A letter to aspiring entrepreneurs, Part 3

What's up with your BAG?

VSS: Bane or Blessing? (Buang Kerja: Bala atau Rahmat?)

Hong Leong Bank: No Bank Negara approval needed for VSS

Business Highlight No. 2

A letter to aspiring entrepreneurs, Part 2

A letter to aspiring entrepreneurs, Part 1

Growing your business sucessfully: Understanding the Customer

Who?

What?

How?

Where?

When?

Who do they trust?

What are they emotional about?

MAS: Dream turned into a nightmare

MAS taking longer than expected to unveil turnaround plan

Global Entrepreneurship Week

"Global Entrepreneurship Week 2011 Kicks Off in 123 Countries Engaging More Than 10 Million Current and Aspiring Entrepreneurs Worldwide

AirAsia defense

Fernandes sings the blues over MPs’ share swap remarks

Abandonment is a crime

The Star 16.11.11

Abandonment of housing projects to be deemed criminal offence

Business Highlight

Unemployed graduates

Moms in the house, y'all!

Green opportunity

The Star reported today (15.11.11):

"Apec leaders identify three growth areas that will benefit three billion citizens

1000 visitors mark

Muhamad Yazdi

Turning ugly problems to beautiful opportunities

The following is an excerpt from the Star Newspaper today 14.11.11

"Rising number of complaints scarring beauty and wellness sector

By LIM WEY WEN wwen@thestar.com.my

Branding for small businesses

Managing and growing multiple businesses

Plunging with passion

The Story of NENA (For entrepreneurs in distress)

1 in every 4 readers are from the United States: We are international!

Tips on improving cash-flow /Tip-tip untuk menambah-baik aliran tunai

Advise to new entrepeneurs with a lot of money / Nasihat untuk peniaga baru yang BANYAK duit.

Idea BESAR untuk peniaga KECIL

Growing succesfully for small and medium sized business

BIG Ideas for SMALL businesses

Welcome, Encik Mushthaq

News: Encik Mushthaq Ahmad Ibrahim has joined ElixirEducate as Special Adviser.On 1 November 2011 (010111), Encik Mushthaq Ahmad Ibrahim has came on board Elixir synergy Group as its special adviser.

He holds a Masters in Business Administration and Bachelors of Science in Business Administration (Majoring in Finance) from the United States.

Who moved my purse?

Dilema usahawan melayu

From homemade to the world

More on lady entrepreneurs in Malaysia

How my auntie expanded her business and lost everything

The Art of Getting Funded

Upcoming Boardroom Seminar

The rise of lady entreprenuers in Malaysia

Start-up

First mover advantage or disadvantage

To be or not to be ... an entrepreneur

ON YOUR OWN By TAN THIAM HOCK

Compete, not envy

When equal is not equitable amongst founders

By LIM WEY WEN
wwen@thestar.com.my

News: Encik Mushthaq Ahmad Ibrahim has joined ElixirEducate as Special Adviser.

On 1 November 2011 (010111), Encik Mushthaq Ahmad Ibrahim has came on board Elixir synergy Group as its special adviser.