Moms in the house, y'all!

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)

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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 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

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

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

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:

1. 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).
2. 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.
3. 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.
4. 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

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:

1. 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.
2. 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). 
3. 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.
4. Email Signature. Always has an email signatures that request for referrals.
5. 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. 
6. 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.
7. 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.
8. 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

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

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.