Wednesday 30 May 2012

Survey says....

* The key to business success is business knowledge.

* The best competitive advantage is experience.

* Customer awareness is essential to marketing

* Word of mouth is the most important advertising for small business owners

* The largest potential trouble spot is too fast growth.


When is a good time to start a business?

Ironically, the best time to do business is when the economy is on the wane or on the rise.
Many people were forced out of job and started their own business during the financial crisis.
It is kind of a blessing in disguise. :)

Many Chinese businessmen believe in Feng Sui and thus they would usually consult a Feng Sui Master before they embark on their business.

But others can't really tell you when is the good time to do business.

The question should be how well prepared you are to start a business.

1. Are you ready to forgo your family time, social time and leisure time for business?

2. Are you ready to put your money into the business at the expense of new clothes or fancy   
    restaurants?

3. Are you ready to be told that you can't do it and keep telling yourself you can do it and prove it to others?

4. Are you ready to walk the extra miles, to learn new things even things you hate to learn at school?

5. Are you ready to change when required?

6. Are you ready to accept critics and learn from your mistakes?

7. Are you ready to work 7 days a week 18 hours a day?

 Last but not least, are you ready to fail and get up again?




Tuesday 29 May 2012

Opportunity or Threat?

Sometimes it's really hard to differentiate between opportunity and threat. When it may seem like a threat, it could be an opportunity. So how can we be sure that it is an opportunity that we shouldn't miss? I guess it's really a matter of perception and how you deal with it. Some people may be able to turn a threat to their business into an opportunity so they  may regard threat as an opportunity.

New technology brings with it new challenges and while online business can expand and develop your organization in new and exciting areas, it will only be successful if managed sensibly and effectively.

So opportunity or threat? Well, online business is a thriving business but it poses fraud threats as well.
I guess whenever there are opportunities, there will be threats as well. It is like the two side of coins.
They coexist.





It started with a simple idea...

It's been many times we read stories about successful business people who started with simple ideas or even ideas that they discover by accident or learn from failure.

Somehow, it makes us wonder if they are just pure lucky or are there other factors that contribute to their success?

I guess apart from luck, it is their determination, integrity, and focus that set them apart from their less fortunate counterpart.

In a small town where I used to live, whenever there is a new business opportunity, there will be many new players enter the same field, but only a few would actually survive. I guess the lack of imagination & creativity and simply emulate what others are doing may not be really a good idea after all.

To be persistent in our business, it is better to come up with something that we really have passion in it.
Either it is a hobby or a skill, or something that you enjoy doing even without being paid.

It doesn't make sense to make so much money if you don't really enjoy what you are doing.
Well, we work to live and not live to work, right? Why wasting your whole life doing something you don't like?

Do you have to force yourself every morning to wake up to work? Or does thinking about work sending the butterfly in your stomach?

Then, maybe you should consider your options because it is not healthy and health is our number 1 asset.
Maybe we should stop working, find a place to relax and start writing our options and make self assessment.

In the book "Why Aren't You Your Own Boss", it says 'the changes in the economy make it possible for people to carry out unique niches doing rewarding kinds of work that no one would ever hired them to do in the past.'

So whatever your choice is, it doesn't really have to sell to many people. As long as it has sufficient market to make profit, then it is good enough.
Well, with limited capital, it is not possible for us to fight the big players.
However, as small players we do have many advantages too. We are flexible and usually, the small players are the ones who survive the toughest economy.