The Entrepreneur Media EXpose featuring upcoming women entrepreneur – Managing Director of True North Asia, Candice Lee.

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Courtesy of AKPK

“To Spend or Not to Spend…… that’s The Question!”

How many times have this question crossed our minds? Almost every time when we take money out of pockets, right? Have a day passed by without us having spent a single cent? Unlikely! The question is not whether to spend or not but rather, How Do We Control Our Spending Habits. Below are some smart spending habits to adopt in order to be financially healthy.

Spend According to Budget

There is a Malay proverb that says “ukur baju di badan sendiri” that we should measure our clothes on our own shoulders.

This is the equivalent of saying that we should spend according to our budget. We have already covered the topic on Budgeting in our previous article and to reiterate it: Budgeting is really a plan for us to spend without feeling guilty about it later. What is important here is that we need to have a “Spending Plan” in the first place. Without it, we would most likely be spending on impulse or what is commonly known as Impulse Buying. We can’t avoid impulse buying totally and it’s not wrong. There would be times when we just can’t resist that aroma flowing from that cup of Cappuccino or that pair of shoes or handbag which is on sale!

However, when it becomes the norm rather than the exception, we have to be wary of our spending habit. In preparing your Spending Plan, you should also learn to anticipate your needs. For example, if we are going to get ourselves new clothes for the coming festive season, get it earlier during the Mega Sale or whenever a good bargain comes our way (for example, during a warehouse sale or closing down sale). If we were to buy an umbrella each time it starts raining, we not only end up with too many umbrellas but may have to pay a premium for it. It is also advisable to budget for unexpected expenses like wedding angpows, car repairs, home repairs etc.

These items, if not provided for, may throw us off-budget!

Compare Prices

Do we make it a habit to shop around before buying something or do we just buy it? Some of us might argue that the time and cost of shopping around before buying a bottle of cooking oil or a tube of toothpaste may not be worth it. True and that is why we have to be a Smart Consumer – we should plan our purchases and have a record of prices of these essential items. Here, we could devise our very own “Price Book” to record down the prices of the items that we buy regularly and know exactly where and when we could get the best deal! For example, if Store A has the lowest prices for most of the items in our shopping list during weekdays, then we should plan our grocery shopping during the weekday there.

However, if Store B has the best bargains during the weekends and we are only free during the weekends, we should go there instead. The point is – have a Shopping List, a Price Book and Stick to them. In fact, we can make this entire process a fun family activity by getting our children help in doing a “price survey” each time they go shopping. Each family member can then compare notes to see who can find the best bargain in town! This would not only help us in comparing prices but also teach our children the value of money.

Branded Stuff

What’s in a Name? Everything and it may be worth more than the product itself and as consumers, we tend to buy the brands that we trust the most. This is well and fine but when we end up buying things that we don’t need or can’t afford, it becomes a problem. Some of us buy branded stuff because we are influenced by the images conjured and emotional appeal created by the advertisement itself and not because we need it.

As a Smart Consumer, we have to sometimes look beyond the brand and ask ourselves: “Do I really need it?”, “is it really worth that much?” and “Can I really afford it?” Don’t make purchases based on images or even what your friends have but rather on your needs and the merits of the product itself.

Buying Second-Hand Items

The thought of buying second-hand items might put some people off but this is a great way to stretch your Ringgit.

The greatest benefit of doing so is to allow the first buyer to take the initial depreciation of the goods, which is normally the largest. Take for example of buying a brand new car. Most of the time, the new car owner would suffer between 10-20% depreciation of the value of his new car the moment he drives it out of the showroom! If he sells it after 3 years, he may sell it for two-thirds of the initial purchase price, if he is lucky! Imagine if you’d bought it from him… it’s like getting a “discount”. Yes, you may not get that “new smell” of a car but does it really matter?

It may be worth the sacrifice as long as the car is well-maintained, accident-free and heavily discounted, don’t you think so? Another good example of products that we may not want to buy it new is baby products, especially clothing and toys. Some of us might cringe at that idea but it is not uncommon. Baby clothing is not cheap and your baby will most likely wear for short period of time as the baby will outgrow the clothing very fast.

Ideally, we could get hand-me-downs for free by dropping a hint here and there. Otherwise, we could either borrow or buy them second-hand from parents who will no longer need them anymore. Buying Second-Hand items can also include new items sold at a fraction of their original price because of product defects, factory overruns and clearance of old stocks. Unless you are a celebrity or some very important public figure, you do not need to be spotted with the latest fashion or newest model of mobile phones, watches etc. If we do not mind the slight defects or it being a slightly older model, there are bounds of opportunities to grab a good bargain.

There are numerous places to consider when buying these items, including warehouse sales, factory outlets, garage sales, junk stores and the flea markets. The process of bargaining can be quite fun and you will certainly sharpen your bargaining skills over time!

The Sleep Test

Shopping can be an addiction and is never easy to resist. We all know the symptoms when the buying bug bites… we feel the adrenalin rush that makes our hearts desire for it; then it goes right up our head and we start rationalizing about it. We tell ourselves that since we worked so hard, we truly deserve it and want to reward ourselves JUST THIS ONCE! Finally, it triggers our hands to dig into our pockets and out comes the “Plastic Card” – CHARGE IT! Our will may be strong but our flesh is weak!

After all, we are only humans, right? However, one effective way to counter this is through “sleeping over it”. This will be especially useful for big-ticket items like buying a new car, changing that old furniture set, renovating our home, buying that plasma/ LCD TV or even that home-theatre system or whatever else we are considering. Before committing ourselves to these items, sleep over it and take a closer look at our budget to see if the purchase fits into your current plan.

Discuss it over with your spouse or family and take all the time you need to think it through carefully because once the money is gone, it’s gone! Remember: When making your next purchase, ask yourself these questions: “Do I really NEED it?”, “Is it within my Budget?” “Is it the Best Deal?” “Can I find a cheaper Brand with the same value?”

“Can I find a Second-Hand item instead?” Be a Smart Consumer and let’s “Make Prudent Financial Management A Way of Life” today! “Make Prudent Financial Management A Way of Life” today!

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Courtesy of PowerHome Biz
It’s remarkably simple, does not cost much money, and pays off in many ways: strengthen relationships. Here are some ideas on how to do just that:

Focus on the clients you do have. When business is slow, it’s easy to become obsessed about gaining new clients. Reach out to your current clients by giving them a call or a face-to-face meeting.

You’ll be amazed at how often your clients can share with you any unmet needs or opportunities for themselves and in the community. Create consistent systems that will maintain the trust and connection in your client relationships and commit to using them.

Offer packages: Create a great deal on 2 services, so your clients can experience more of what you offer.
Referral incentives: Genuine, positive word-of-mouth referrals are a privilege. Show your company’s gratitude when someone refers you to someone they know.

1. Offer the very best to your company’s capability, but do not overpromise and always deliver on your word. This alone may be a way to outdo your competitor!
2. Network and broaden your inner circle. Get out of your office and meet people! See the Chamber website for networking events and local newspapers for community events.
3. Build alliances.
4. Explore how your company and another can build a mutually-beneficial relationship.
5. Volunteer.
6. Be a mentor.
7. Invest in your greatest asset: You and your staff. Now is a great time for training programs, business coaching, and workshops. Start an in-house mentoring program to benefit from the wisdom and experience already present in your company.
8. Connect with your team. Discover their strengths and be sure they are being utilized. Ask them what motivates them (surprisingly, it’s not always money) and adapt the leadership style that taps into this.
9. Start a no-tolerance policy for negativity. Now more than ever, a good attitude is essential across the board.
10. Have some fun! Schedule an Open House, organize a potluck lunch for the office, or invite a speaker who can present a fresh perspective.
11. Long-term, quality relationships are the future of business. With a little effort and some creativity, your company can have what it takes to thrive beyond the current economic situation. Be proactive by using downtime constructively and resourcefully. Get back to the basics and focus on what matters most: relationships. It doesn’t cost much and it always pays off exponentially.

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We need to leverage on business partners with the relevant skills and competency to support our endeavors. Entrepreneurs need to leverage on each other’s strengths to gain a better and stronger competitive advantage over the competition.

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N.D Lala, a singer and entrepreneur which made his millions doing e-commerce was interviewed by The Entrepreneur Media EXpose.

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Courtesy of ToiletPaperEntrepreneur

1. You Are Your Friends
How To Become An Entrepreneur: Someone who wants to become an entrepreneur should be hanging out with entrepreneurs. You are who you hang out with.

2. Planning Is Essential
How To Become An Entrepreneur: A business plan is essential for anyone who is trying to start any type of business! They’re not just for obtaining financing and shouldn’t be put onto a shelf once they are complete. It’s a tool that a business owner can use to help guide them in the right direction for their business.

3. Get Discipline
How To Become An Entrepreneur: Someone who wants to become an entrepreneur should be sure they have the self discipline and work ethic before proceeding.

4. What Does Society Need?
How To Become An Entrepreneur: To become an entrepreneur, one should brainstorm about what societal needs are not being met and then develop a solution to alleviate one of those needs.

5. Interview The “Been-There’s”
How To Become An Entrepreneur: The aspiring entrepreneur would benefit by interviewing someone who is doing, what they hope to do.

6. Skip The MBA
How To Become An Entrepreneur: Don’t get an MBA. It will not help.

7. Keep It Simple, Stupid
How To Become An Entrepreneur: Someone becomes an entrepreneur by creating a SIMPLE solution to a specific problem that they have experienced.

8. Zero Overhead
How To Become An Entrepreneur: Someone who wants to become an entrepreneur should take something they’re passionate about and start thinking about it as a business by promoting through free services and social networks. That way business can be done with virtually zero overhead to see if they like it.

9. Work Harder Than Everybody Else
How To Become An Entrepreneur: Anyone can become an entrepreneur, just be prepared to work harder than anyone.

10. Get A Mentor
How To Become An Entrepreneur: Finding a good mentor will save you blood, sweat and tears. Seek out someone you admire and ask. You’ll be surprised at how generous great entrepreneurs can be with their time!

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ONLINE NEWS – Tuesday, 24th August 2010

HEADLINE: The Entrepreneur Challenge – NEW STRAITS TIMES

The Entrepreneur Challenge

Entrepreneur challenge THE Entrepreneur, a reality TV show which helps budding entrepreneurs achieve their dreams, is set to hit the small screen at year-end.

Created and hosted by TV and radio personality Ernie Chen, it will see eight contestants from various backgrounds compete in an elimination-style competition.

Only one winner with the best original business proposal will be The Entrepreneur, and he or she will win RM10,000 and business coaching from serial entrepreneur Chen.

In every episode, one contestant will be eliminated with Chen’s catchphrase “You’re done, get out!” The show is produced by OutLoud Studios, and more than 600 prospective participants have been screened since March. Hopefuls must be aged between 18 and 40, and be fluent in English and Bahasa Malaysia. The deadline for applications is Aug 31.

For details, visit www.theentrepreneur.my.

Courtesy of NST

Courtesy of SitePoint
Online start-up businesses run by young adults are an increasingly common phenomenon. A commonly overlooked demographic, however, are the real youth — those under 18 years of age. With online businesspeople facing very low barriers to market entry, many tech-savvy kids are getting in on the act and taking advantage of the opportunities that abound.

1. Be ready to handle the challenges of a business.
Running a business isn’t easy. With customers to deal with, clients contacting you at any hour of the day, products to maintain and possibly even staff to manage, operating a business is very intensive. Before you begin anything, consider whether or not you really want to be in business. Running a business isn’t for everyone — you may be technically minded, but running a profitable business is a different thing altogether. Look at the market leaders — Google, for example, is managed by three people: two technically minded founders, plus an experienced professional in the business-oriented role of CEO. Still, if you have an idea, and you really want to go into business with it, don’t give up now. You just might it make it big!

Another important issue you will have to deal with is time, or a lack thereof! With school, work, and everything in between, you could soon find yourself trying to get through 30 hours of work every day. Running a business is more often than not a full time job, and at some point, something’s got to give. Think about where you want to go in life, and make your decisions accordingly. For example, you could be part of a sporting team, or you could go into business, but you probably can’t do both. Often co-curricular and non-school (where applicable) involvements are the first to go; to maintain your social involvement, consider attending user groups, where you can also network and create opportunities for your business.

2. Plan your idea on paper and be ready to explain it to others.

When you’re running a small business, opportunities can come up at the most unexpected times. You may run into a potential client at a party, a conference, or even a bus stop. You can’t let everyone know about your new product or service but the more people who do know, the more opportunities you’re likely to get, and therefore the better your chances of making it through your first few months in business. Get the word out — you might just chance on a recommendation to a potential client!

Work out your business model and the most useful, concise description you can come up with for your goods or services. Let me take this opportunity to recommend my ingenious patent-pending project management system — I call it Pen and Paper. Working out a plan with pen and paper is often far more effective than typing it up, and gives you more time to think it out while you write. Be ready to explain your business to anyone at any time; with this plan in hand, you shouldn’t have any problems. Without a plan, your explanations can end up being inconsistent, sounding unconfident, and achieving little or no effect.

Get business cards printed and carry them around. I’ve been handing out cards since I was 13, and they’re very effective client-winners. At the very least, they give you something on which to scribble the contact details of potential clients. If you bump into anyone who might be in the market for your goods or services, let them know what you do; briefly explain your business using the plan you prepared earlier and give them a card. When you meet in person, some people simply won’t take you seriously; a business card demonstrates that you’re serious about what you do.

3. Make good use of all the resources available to you.
Often, young entrepreneurs don’t have a lot of capital, but there are still many resources available to you. For example, if you’re building a web application for the financial services industry, do you (or more likely, your parents) know any accountants of economists? If you need to quickly undertake a photo shoot for an advertising campaign that a friend has offered to help out with, could you set something up in your parents’ garage? For some, imposing on friends and family to help get things moving can be awkward, but learning to take advantage of the available resources is going to give you a huge advantage as a young entrepreneur.

Lack of access to capital can often become a challenge for young entrepreneurs — basic business development resources such as ad campaigns can become a problem if you don’t have a budget. With a bit of thinking, however, many of these problems can be alleviated by taking advantage of the resources at hand.

4. Build your product to be as complete as possible before seeking financial assistance.
So, you’re developing your whiz-bang product, and suddenly you realise that the Flash charting library you’ve been using in your application actually costs $1200 for commercial use. You pick up the phone, call Uncle Rob and ask if he can lend you the cash. He politely declines. A series of calls to your other relatives end in a similar fashion.

As an entrepreneur, you have ideas with a lot of potential. Just as you will eventually sell your product to potential customers, selling your product to potential financial backers is even more important, and this makes explaining and clarifying those ideas a priority. Develop your product as much as you can before seeking financial support; if possible, put together a demonstration video. The more you can demonstrate your idea, the more convincing you’ll be. Building on the advice that we discussed in point 2 above, potential financial backers — especially venture capitalists — are very important to the success of your business, and deserve an appropriate amount of your attention.

5. Maintain a professional communication channel.
When dealing with clients, you may find yourself working with mature professionals who are high up in their respective corporate hierarchies. Getting them to take you seriously is the tricky part.

If at all possible, live locally, but work globally. Run your life in your local neighbourhood, but until you’re older and feel confident to deal with clients in person or over the phone, you might consider restricting your customer base to offshore clients (although for US-based entrepreneurs this isn’t always an option). Assume the role of a mature industry professional, and you’ll be treated like one. When you go professional, age won’t matter unless you make it matter. Preparing stunning introductions and speeches always helps for the times when you have to work locally; keep a standard speech in mind and make sure you can deliver it confidently as needed.

When you’re working globally, keep communication to email — definitely don’t offer instant messaging as a method of communication. With email, you have a chance to gather your thoughts, and to work out how to respond to clients. As a young entrepreneur, you often have to tread carefully and make sure you don’t lose anyone from your limited customer base. With email, you can take the time to prepare a professional response that conveys your intended image. Instant messaging should be avoided at all costs, especially if you plan to contact clients using the same instant messaging profile you use to contact friends — this creates all sorts of opportunities for revealing your lack of experience.

6. Monitor progress and keep track of tasks.
The last thing clients want is for you to miss a deadline because you were out on a date or partying with friends. Keep a reasonable separation between your professional and social lives — the so-called work/life balance — but keep track of your progress in your life as an entrepreneur, and maintain a close eye on your daily operations.

Often a dedicated calendar and marker pen are sufficient, but develop a system that works for you and allows you to keep track of deadlines, pending tasks, and goals. Importantly, establish many goals, and give each a definite deadline; then make sure you achieve these goals within the time frame you have given yourself. Of course, this is easier said than done, and requires a lot of self-discipline.

Make sure you keep an eye on the big picture, of course. Work out when you expect to start generating revenues, when you want your products and services to be ready, when you aim to secure your first customer, and so on. If you see progress in general sliding, consider putting in a few extra hours here and there, or (if possible) hiring some help — reliable offshore freelancers are plentiful, and the kid next door might not mind helping you out here and there in return for a bit of pocket money (although again, this might be a bit too close to home).

7. Be prepared to fail.
Let’s be honest — most start-ups just don’t take off. However, this eventuality shouldn’t be confused with “failure.” Every time you start a business, you gain a new raft of experiences, extend your skill set, and learn valuable lessons for your future enterprising.

In the event that your business doesn’t make it big, and you end up pulling out of it, look back on what you’ve learned and consider what you plan to do next time. Chances are that you intend to start another business in your lifetime; when you do, you’ll be one business the wiser, and ready to deal with new challenges. There’s always another opportunity; dust yourself off and keep on going! You haven’t failed; you’ve progressed.

8. Have fun!
You might have built a fantastic product and sold it to half of your target market. Perhaps it even made you rich and famous and put you on the cover of TIME magazine at 16! But at the end of the day, the question is: did you have fun?

It may be the case that your product doesn’t take off, you can’t find any suitable buyers, or the world simply isn’t ready for your product or service. In any case, always keep an eye on the big picture, and make sure you enjoy what you’re doing. Entrepreneurialism requires a lot of enthusiasm — you can face some serious challenges if you don’t take pleasure in your daily business activities.

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Use your contacts, use your employee’s contacts and use your contact’s contacts. Do not be surprised if you find out that less than 30% of your contacts are actually useful to you. This is because you may have plenty of contacts, but most of those are probably just general contacts, not contacts for important people in their respective organizations. Remember to thank all the contacts that help you, because chances are they’ll probably be helping you again in the future.

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Courtesy of TenOnline

Too much work for little or no benefit.The process of producing a business plan is, in and of itself, a beneficial undertaking. It facilitates management’s focus on the future as well as the present. In the process of preparing the plan, they have a chance to step back and assess where they are now in terms marketing, production, and finances. This assessment can be cause for “pats on the back” and honesty about past errors.

Looking to the future, the process allows a business person to look out five or ten years and say, “In my dreams, this is where I want this company to be”. The business plan forms the road map to get to those dreams. It gives interim targets to hit. It highlights the many challenges. It points out the company’s strengths and how to capitalize on them. It does all this by forcing the business person to objectively think things through. When they think through one area, the process requires them to think through the impact on other areas of the company. For example, given sales targets, they must now consider equipment and personnel requirements to reach those targets. Next, they must realistically analyze how they can finance these necessary resources.

The most significant benefit of a business plan is in the periodic review of actual results. A manager/owner should take out the business plan on a quarterly basis and review their actual results to the forecast. In financial terms, this involves comparing actual numbers to budget numbers. In marketing, it involves comparison of unit sales, department sales, penetration of targeted markets, etc. This feedback allows the person to assess what worked, what went wrong, and proactively make changes to move toward their goals.

Business plans are for larger, fancier companies.

Business plans do not have to be fancy documents full of charts and graphs. They have to be documents useful in communicating what the business person has in mind. As such, they can take the form of a simple outline with budgets attached. Several key areas to include are:

Goals. Obviously long term goals are necessary. Just as importantly, include interim goals that form the milestones of progress. It is critical that time lines be stated for the accomplishment of each goal.
Functional Strategies. A basic strategy in each functional area of the company will show how to accomplish the goals. A well developed marketing plan will show how to achieve the sales goals. An operating plan will show how to fill the sales orders. A financial plan will show how to pay for it all. Each of these plans can be written up as simple outlines with little integrating text. The content and thought process are what is important, not the form and complexity.

Budget and Cash Flow Projections. This is where small business people feel most intimidated. It is, however, the most important reality check on the rest of the plan. Can we pay for it? In the simplest form, analyze revenue and expense accounts under the projections of the plan. Given recent payment and collections history, extrapolate the impact on cash in the bank. This simple analysis will uncover any glaring critical financial problems well in advance.

Business plans are useless in the everyday survival grind we face.
This is the most damaging misconception. It is precisely in the everyday survival grind that a good business plan provides the business person the most benefit. Regular reviews of the goals, objectives, and interim targets bring everyone back in focus with what they are trying to accomplish. It provides a point of reflection. It redirects actions that have strayed. It facilitates proactive management of the chaos, rather than allowing the chaos to manage the company.

Business plans are for small companies as well as large. The small company can benefit from even a simple plan that is prepared in earnest. To facilitate completing the plan, an objective third party can effectively guide a business through the process. Thus the company gets the benefits without the administrative burden. In the end, planning to open for business tomorrow is a plan. A good business plan just takes that process to a higher, more useful level.

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