Monday 7 March 2011

NEVER TOO YOUNG TO START A BUSINESS

In a world where possibilities are endless and innovation knows no age limits, the notion that age is a barrier to success has been shattered by countless young entrepreneurs who dared to dream and embarked on their business journeys early in life. If you're a young individual with dreams of becoming an entrepreneur, let these real-life examples inspire you and reaffirm that it's never too young to start a business.

1. Mark Zuckerberg - Facebook At the tender age of 19, Mark Zuckerberg launched what would become a social media revolution: Facebook. Operating from his college dormitory, Zuckerberg's determination and belief in his idea led him to create a platform that now connects billions of people globally. His story highlights that youthful energy and a fresh perspective can disrupt industries and create lasting impacts.

2. Kylie Jenner - Kylie Cosmetics Kylie Jenner, part of the Kardashian-Jenner clan, ventured into the beauty industry at just 18 years old. Leveraging her social media influence, she launched Kylie Cosmetics and quickly built a billion-dollar empire. Jenner's journey teaches us that passion, combined with strategic use of resources and personal brand, can lead to incredible success.

3. Farrah Gray - Farrah Gray Publishing Farrah Gray's inspiring tale begins at the age of 6, when he started selling homemade body lotion. By 14, he had founded Farrah Gray Publishing, which went on to generate millions in revenue. Gray's story demonstrates that a strong work ethic and the ability to spot opportunities can help young entrepreneurs create thriving businesses.

4. Moziah Bridges - Mo's Bows Moziah Bridges started his bow-tie business, Mo's Bows, at the age of 9. With creativity and the support of his family, he turned a simple hobby into a successful brand. Moziah's story underscores the importance of pursuing your passions and continuously refining your skills to stand out in the market.

5. Isabella Dymalovski - Luvabella Isabella Dymalovski was only 13 when she founded Luvabella, a tech company that creates products to help children learn to code. Her entrepreneurial spirit and dedication to making a positive impact in the world showcases that age is no barrier to driving change through business.

These remarkable individuals have shattered the misconception that age is a deterrent to entrepreneurial success. Their stories are proof that determination, creativity, and a willingness to take calculated risks can lead to remarkable achievements, even at a young age. So, to all the young dreamers out there, remember that your ideas and energy are your greatest assets. Embrace the challenges, learn from failures, and always believe that it's never too early to turn your dreams into reality.


Your journey might just be the next inspirational tale that motivates future generations of aspiring entrepreneurs.

Dream big, start young, and make your mark on the world.

Sunday 6 March 2011

DOING BUSINESS IN SABAH

Many people find it surprising when I told them that there many Korean doing business in Sabah. They open Korean Restaurants, Korean mini markets and they even have Korean churches. I believe there are many reasons why they come here to do business.

I used to teach a group of Korean homeschoolers and the reasons why they come here to study is because the students in Korea go to school for long hours and the stress level is really high. (They used to joke that they came here because Malaysia has long school holidays and many public holidays. :) ) Some of the parents moved in here with them and started a business. 

Besides education, the tourism has also attracted many foreigners to do business in Sabah. The wealthy ones invest in beach or dive resorts, dive centers, travel agents, etc. The popular Sipadan Diving, Mount Kinabalu climbing, Cutural Villages, Turtle Island, Sepilok Orang Utan, Danum Valley, Tabin Bird Watching, Sabah's Lost World (Maliau Basin) are some of the attractions in Sabah. 

How ignorance when some west Malaysian still ask if Sabahan live on the tree when we actually have International Airport, Shopping Malls, 5 Star Resorts and internet access. Well, yes we don't have expressway yet and the public transport system is way behind but well, Sabah is still developing. Soon, we are going to have Hard Rock Cafe in Kota Kinabalu. :)

The culture in Sabah pretty much affect how people do business in Sabah. Sabahan people are friendly and the way they do business usually involve lots of personal selling and networking. It may seem like a waste of time for westerners who value efficiency. But hey, most of them are loyal customers if you provide good value for money and good service. Word of mouth advertising works best here but bad publicity also travel fast esp. with the wide use of social media. 

In order to protect the rights of Sabahan, West Malaysians and foreigners who wish to start a business in Sabah must apply for work pass. In order to get a work pass, they need a local to sponsor them and no matter what form of organisation you are going to set up, be it sole traders, partnerships or sdn bhd, you will also need to apply for trading license from the town board (Dewan Bandaraya).

** Previous article has been edited. :)

Friday 4 March 2011

WORK VS BUSINESS

Doing a business may not be a wise decision when you don't really know what it takes. When we look at the bright side, yes, you get the freedom, you get to control and make all the decisions. However, it doesn't mean you'll be stress-free. In fact, it would be even more stressful, tiring and time consuming.

So is it better to be employed or to be your own boss? Both have pros and cons.

Being employed would give you the security and you can probably sleep through the night knowing that you would get your paycheck to pay your bills and daily expenses. If your work is also your passion then you are really lucky because most people work just to get three meals a day. That's why they may view work as a burden and they may not enjoy it. Furthermore, you may have very bright ideas but your superior may not appreciate it and worse they would take credit for it. Not to mention other office politics that you are going to deal with as you climb the corporate ladder.

Being your on boss, on the other hand, can let you pursue your dreams or passions. You would be motivated to work harder because it is your own business and the harder you work, usually the more you could earn. However, it would be risky because you don't know if you can cover your expenses from the revenue you earn. So you have to be frugal in your spending, manage your finance properly and be able to face and respond to changes.

I believe one should try to do business at least once in their lives. It is a good experience and when your business is successful, you will get the self fulfillment apart from the monetary rewards.

HOW TO COME UP WITH A GOOD BUSINESS IDEA?

"Find a need and fill it". It sounds so simple yet not easy to do it.
People have limited needs but unlimited wants. So how do you transform their wants to become their needs? Your creativity plays an important role here. That's why Einstein says "Imagination is more powerful than knowledge".

Some people may be skeptic. As Walt once said "I could never convince the financiers that Disneyland was feasible, because dreams offer too little collateral."  Genting Highlands is another success story.The idea of creating a hill resort located in proximity to Kuala Lumpur came up in the late Tan Sri Lim Goh Tong's mind during a business trip to the Cameron Highlands in 1964. At that time, people would probably think that the task to transform a remote mountain into Malaysia’s premier holiday destination seemed impossible, but not for Tan Sri Lim. As you can see now, Genting Highlands has become one of the popular destinations in Malaysia.

So for those of you who likes daydreaming like me :), it's probably time to make it come true because 'Nothing is Impossible'.

Thursday 3 March 2011

Zero Cost Business

It is possible to start zero cost businesses nowadays, thanks to the invention of the internet provided you have free internet connection and free laptop with free modem. So it is not free after all. LOL

Many wholesalers have re-seller plan where you can resell their products with almost no capital because only when your customer order from you then you order from the wholesaler (pre-order) and ask them to send the order to your consumer. (drop shipping) This is low risk business and of course the return is likely to be relatively lower. However, it is probably a good way to jump start your business because you can do it during your free time and you still get your paycheck from your normal job so you would still be able to pay your bills.

It's good to start by selling to your friends and relatives through Facebook and other social networking and blogs or create your own website. When your customer base is expanding, it's time for you to consider keeping some stocks. Now, you need a little more capital and your risk is slightly higher because your money could get tied up in the stocks if you cannot sell them.

Some people could earn very good income by doing online selling alone.
In Sabah, however, most people still prefer to be able to see, touch and feel the products before they make a purchase. But I believe more and more people are going to buy online in the future. It is quick and easy. And if you have insomnia like I do, you can 'go shopping' online and get some retail therapy. :)


P.S.: Our company Maju Jaya (wholesaler of handbags, purses and accessories) offers an attractive re-seller program. Kindly contact us at kkjayatrading@gmail.com for more info.

Being an Entrepreneur

When I was young, I was dreaming of becoming a teacher, a lawyer, a doctor, an accountant but I have never thought of becoming an entrepreneur even though my family is doing business. My dad used to take me to his company’s meeting when I was about 12 years old and asked me to contribute my ideas and fill up questionnaires. To my surprise, he said he liked my ideas because it is very matured and comparable to what his other employees had written.  During a school holiday, when I was about 15 years old, I helped him with account for one of his companies. I had never even learnt account at that time. So I went practical before I even learnt the theories.
However, my life didn’t sail smoothly. When I was in college, I couldn't even decide what major I should take.  I have tried various subjects like Interpersonal Communication, Psychology, Multimedia, Advertising and even Politics. I could do all the subjects well but I didn't have any special interest in any of the subjects that made it hard for me to specialize. At last, I ended up taking Accounting as my major and Marketing as my sub major and 4 other electives.
It seemed that I have broad interest and knowledge. So I guess being an entrepreneur would be a good choice for me because I would get to learn everything practically from how to form a company, how to manage a company, how to market our product or service, how to survive during recession and how to expand my business. Well, I have learnt all the theories, read many business books and get my Bachelor of Business.
The question is what business I should start? Where can I get other sources of finance for my business if my saving is not sufficient? How do I get customers to buy my product or service? How do I compete with my competitors? Where should I locate my business? How do I conduct market research? The list goes on and on.
Well, it is really not easy to be an entrepreneur. It takes huge courage, risk taking ability, frugality and perseverance. And of course, knowledge, information and money would be essential in running the business as well.