I am migrating to free blog that allows advertisement. Yes, you've guessed it, I am moving to blogger.
Unless you guys have a better suggestion.
So far, I'm impressed by Wordpress.org, but it's more than I need and I don't want to pay for a domain anymore.
I have been using blogger for my other blogs and it serves me needs well enough. Which is basically:
-user-friendly
-SEO friendly
-free ( I know wordpress is free but I need to pay for a domain address)
-allows ads
So, do feel free to share your thoughts and suggestions.
I'll soon need to crack my brain to migrate the contents. With the more user friendly layout, I think I may just post more frequently from 2011 onwards.
Like him, I too work from home. Unlike him, I have a separate phone line from the rest of my family. Not because of my work, but because it has been a habit of mine to have a private phone line for my own personal calls. Except that these days, it serves my fax machine line too.
Of late, I am really thankful that I work from home and that my working hours are flexible and mine to plan. The MRT trains in Singapore are getting really crowded. It frustrate me sometimes when I have to take the train even around 4pm. And I can imagine the how torturous it can be to squeeze your way home after work.
For now, making and taking phone calls on my mobile will suffice. Avoiding the dreadful traffic is one huge plus point for working from home. And I'm thankful I can choose to travel during the off peak hours and stay away during the peak.
My business is a partnership and I'm happy that it is. I know many people prefer having a business partner thinking it's better to have someone to work alongside in a new start up. It also ensures company and provides affirmation when making difficult decisions.
But is a business partnership meant for anyone? I don't think so.
True, the entrepreneurial path less taken will be less lonely with a business partner.
But do consider these factors before entering a partnership:
Both partners' personality
Both partner's working style
Both partner's value
Integrity
A friend may not necessarily make a good business partner. Do realise that work ethics of really good friends may differ greatly. Just because you're comfortable with someone in a social setting doesn't mean you will work well together. Don't jump into the partnership because of convenience (your friend etc.). Try doing a small project or organise an event together to gauge the dynamics of your working relationship.
And of course, sharing similar values mean that both parties will move in the same direction. In times of difficulties, it'll be more manageable to come to an agreement and move the business in a certain direction.
Integrity is the most important factor in my opinion. You got to trust your business partner and know that he/she will always make decisions in the best interest of the business.
So far, I have been talking about partners in terms of 2 people. If your partnership is one that consists more than 2 people, it just mean that you have to think through the above several times over. ;)
Have you ever experience times when everything seems overwhelming and then, it just seem to settle comfortably because you've gotten use to the routine and the learning curve has reached a plateau?
Whenever I feel this way, I take it as an indication that it is time to push myself out of my comfort zone.
It doesn't have to be big major changes. It can be as simple as finding a new way to organize my time and work more effectively so that I can achieve more. And it can even be a small thing like controlling my "evil and toxic" thoughts so as to train my mind to think positively and have more faith in strangers.
I believe that it'll all add up if we challenge ourselves everyday. Step by step, inch by inch, one day, I'll be in a new and bigger pond even before I know it.
The challenge is to challenge myself daily. Be it emotionally, mentally or physically, I want to grow each day and be my best!
One in particular was unable to pay us the large amount that accumulated over 2009 Christmas sales.
After understanding their situation and the business owner's sincerity, we worked out a payment deal in which we would collect a fixed amount of money weekly so that our cash flow can improve and it will not be so taxing for our customers to pay us a one big lump sum of money.
5 months have since gone by and I'm happy to say that 70% of the debt is cleared.
We have been supplying goods to this customer the whole time throughout and they try their best to pay us, albeit having 1 or 2 weeks delay sometimes.
This arrangement has helped both of us to continue working together without much unpleasantness and more importantly, to serve our customers and grow together.
I guess different situations call for different debt collecting tactics. ;)
**My pictures were removed with the removal of my previous blog. Lesson learnt that I have to saved the pics as well...**
Anyway, it was a Singapore's Straits Time article about an increase in Taiwanese starting businesses and being their own bosses during the economic meltdown in 2007.
I saw this article in Singapore' Straits Times this morning and it reminded me of when we first started our business in early 2009.
We were in the midst of the financial crisis and many questioned my rationale for wanting to start my business then.
Out of concern, they forewarned that it may be safer to leave my well paying job in a year or two instead.
It has been said that entrepreneurs are a little crazy, for they have to cast aside their fears to take on the many risks that come along with being their own bosses.
I don't think I was that crazy a year ago. Afterall, if being an entrepreneur is about taking on calculated risks, I'd face economic downturns again in my entrepreneurial journey. This may be my first, but it definitely won't be my last. It'll be a good learning lesson.
I've discussed and thought this business through before the financial meltdown and didn't think want to put this idea off until when things look better.
And looking the bright side, companies were having pay freeze, pay cut, headcount freeze, bonus freeze, extra workload for staff etc., I've got less to lose then! Also, if I were in the pits then and could survive, it'll be a easier ride up when the economy turn around. And it is. ;)
I don't believe in price war. I don't want to position my company as one of the lowest prices ones in the market.
Simply put, I have put a lot of care in selecting the right kind of customers for my business.
And here's my story:
When we first started the business about a year back, we were feeling our way around and once in a while, we receive feedbacks from customers that they spot similar products priced much lower than our brand's.
Initially, we were concerned and worried that these lower price items will hurt our business. We tried to match the prices whenever we could and sourced from cheaper alternatives.
Later, we realised that we wouldn't want to compromise on the quality of our products and the way to go is to build a reliable brand name for ourselves.
This, we did. Today, I am happy and proud to say that our customers consist mainly of those who appreciate our designs and value good customer service. They are willing to pay a little more for the whole package and to have a better shopping experience.
Not having to compete primarily on price, I can focus better on giving the best value to my customers. Also, I don't have to spend my time with customers who haggle for a long time over pricing, like I used to do previously.
It certainly is more enjoyable to focus on great customer service and product quality than to handle a customer who keeps asking for more discounts.
Now, who are your target audience? Share with me your thoughts on this. ;)
Ok, let's face it, even if we entrepreneurs work because of our passion, we still need to bring in money to survive. Except for the lucky few who can treat their businesses as real hobbies, I'm sure we've all wonder how long it'll take us to earn our first million.
Find out how long it'll take for you to become a millionaire here if you let your money work for you:
I believe in the idea of abundance. We may be small but through right partnership and leverage, we will become bigger than we can be on our own.
The Beauty of Coming Together
I don't understand why some people think that to own the pie, they have to hog the pie. Maybe they can create another pie if they just open up and believe in the notion of abundance too.
The only limited resources is that of the man who is an island
I am naming this as case 1 because I am not that optimistic to think I'll never have to engage their service again. Am just keeping my fingers cross that it won't be anytime soon.
Anyway, there were a few reasons why we chose to go with the debt collector instead of going through the Small Claims Tribunal.
The debtor was closing down the retail shop in 2 months time.
It takes about 2 weeks before we can attend the hearing before the Registrar.
If there's any disputes and we cannot come to an agreement, it may take even longer to get the settlement.
The debtor is a retail outlet with no much of asset. Even the more "valuable" items in their shops have some flaws or damages.
It may even be a waste of our time and effort to pursue and file for a writ of seizure in the event it escalates to this stage.
The debtor owes a lot of suppliers money.
We figured that if we weren't one of the first to file the claims, we may not even get back our money.
Or that we may only get back a small portion of the debt.
We were drained...
We were exhausted from chasing and asking for payment day after day, week after week.
It was more worth it to pass on this frustrating job to the experts so that we can focus on generating sales and growing our business.
And so, we weighed our odds and it has proven a well-made decision! =)
When we chose to go with a debt collector, we received a lot of feedbacks that discouraged us from doing so. Basically, it was seen as a negative way of handling the situation.
From my own rationalization, these were the pros that outweigh the cons:
The debt collectors help to remove some stress in chasing for the bad debt; they saved us time and money and gave us a peace of mind.
They are experienced and have their ways to recover the bad debts which we were unable to do so. This third party involvement has proved very effective for us.
They allow you to combine the bad debts and collect the total figure on your behalf. (this would prove useful is you have very small amounts of debts from other debtors that would be a time waster to chase after)
The reasons why others dissuaded us are listed below and my rationalization are in blue:
They cost us money and it is not a guarantee that we would be able to recover our bad debts.
We had to pay a flat fee upfront and are charged a hefty commission on the amount of bad debt collected. I figured this was no big deal, I rather pay the debt collector to do his job than to give away my money to a dishonest business.
Doing business is all about weighing the risks and returns. Nothing is a guarantee and after accessing our situation, this was a risk well worth taking.
There is a risk that the debt collectors may use unorthodox methods to recover the bad debts and we risk our reputation as such.
An indemnity form was signed and it states that we did not request for the debt collectors to use illegal ways to recover the bad debts.
Do select the right debt collectors to do the job; check on theirACRA statusand communicate with them to understand more before engaging them.
In my next post, I'll share more with you about how we access that the debtor was insincere in repaying our debts and why we choose to use a debt collector instead of bringing them to the Small Claims Tribunal.
It's the time of the year to file for taxes again and I like to do it fast and get it out of my way.
I called up IRAS today and found out a few more things regarding e-filing for my partnership company.
Just for your info, especially if you are a new company that may not know these:
Medisave contribution is compulsory for individuals who earned net income of $6,000 and above.
For eg. Profit is $10,000 and Partner A's share is 70%. Partner A will have to contribute to his Medisave but Partner B who is holding 30% doesn't have to.
Personal income tax filing (From B/B1) is required after you've filed Form P
This is even so if you've received the letter from IRAS informing that you do not need to file your personal income tax as it will automatically be done for you.
Only Entertainment for Others falls under Allowable Business Expenses
Which means that food and drinks you buy for yourself is not allowable. Hmm... hard to split right?
I love coming up with the overall branding direction of a product! I guess I truly enjoy this aspect of my business more than sales... It's fun, it's mind boggling and it's time to unleash my creativity!
Being your own boss means the new brand will be everything you want it to be, from the feel to the look, from the sound of its name to its target audience. It'll be your baby and it's satisfying when your brand gets recognize for its goodness.
And let me apologise for this week's infrequent posting before I start writing. I have been busy and a little lazy too. Will remind myself to stay discipline and be on track.
I was just speaking to a friend just now and we brought up the issue of people owing others money. It makes both parties uneasy and unhappy when one has to chase for payment, no matter how nicely it is done.
Yet, I have came across several debtors that have given me the attitude that I am wrong to ask for the money that is rightfully mine.
If you're one of those that behave as above, I urged you to stop doing so. Just stop to think how it'll feel if your boss holds back you salary even for a few days.
No matter what's the reason, do remember that most of us do not like to chase for payment too. It's simply something that's so vital to a small business owner that we just have to do.
Besides fulfilling the criteria listed in my earlier post, I have accessed my situation by considering these factors:
Whether the company will still be in business 6 months after I file my claim
Reason being that if the company closes down within 6 months, it may be harder to reach the respondent (debtor).
Also, by that by the time action is being taken, they may not have much assets left for me to seize since they are no longer in business.
Whether the company has assets worth seizing
For eg., my debtor was a retail company without valuable asset. Even with the writ of seizure, there may not be much valuable asset for me to seize.
The above is my own personal decision making process and it may not be the best course of action for your business.
Do think through and access your own situation thoroughly before taking any actions.
And if there's any other considerations or important points to note, I hope others out there will share and post their comments so that we can help one another out. Thank you!
If you intend to recover your bad debts through the Small Claims Tribunals, do proceed early as it may take longer than expected to recover your bad debts.
The claims must fulfil these criterias before you can file at the Small Claims Tribunals:
The amount claimed must not exceed $10,000.
The limit can be raised to $20,000 if all parties (Claimant and Respondent) consent in writing before the Registrar or Assistant Registrar.
Amount claimed must arise from
Contract for the Sale of Goods
Contract for the Provision of services
Arising in tort from Damaged of Property as a result of careless, reckless or improper act (except those cause by a motor vehicle)
Contract relating to a lease of residential premise not exceeding 2 years
Do also note that the claim must be made within 1 year from the date when the cause of action occurred.
I suggest that if you have any enquires, do go down personally to the subordinate courts to find out more. You'll probably need to go over to the Bailiffs’ Office which is situated right next to the Small Claims Tribunals to clarify any doubts about enforcing the order too.
Is anger an emotion that we should suppress or avoid altogether and is it really that bad an emotion?
No, it is not! It is merely a misunderstood emotion.
With all the anger management courses and damages done when people get angry, it's no wonder that anger is viewed as a bad emotion to have.
I can be real fiery when I am angry and have been told since young that anger is a bad emotion to have, until I read this from Anthony Robbins' book, Awaken The Giant Within:
"The message of anger is that an important rule or standard
that you hold for your life has been violated by someone else,
or maybe even by you."
- Anthony Robbins
How true the above statement is! If a partner, customer, supplier, employee angered you in the course of work. It is probably because he or she has fulfilled the above statement... unless you've misinterpreted the situation.
There's nothing wrong with being angry. But if you allow anger to take control of your actions and behave in a irrational manner, you may end up doing more harm than good. And this is definitely not the best way to address your anger. Here's an article I've written on just one such experience.
I rather much acknowledge my emotions because I know full well I don't get angry for no rhyme or reason. And to reflect and think about what whether it is the root of the cause has helped me make much better decisions in my business life.
It's your choice to let anger destroy or turn it into a constructive emotion to help you make better decisions and take the right course of action. It's about doing some reflections after getting angry to know what exactly have violated your own important rules in life.
So, the next time someone make you feel wrong when you get angry, just remind yourself that if you take control of your anger, it can be a constructive emotion too. ;)
Recently, I feel that I have been and am in a few business battles. Maybe it's the last debt collection episode, maybe it's behaviors of some competitors.
It certainly can get draining and even discouraging at times being a small business owner. In the course of over about a year. I've met many new business owners too and most times, it's everyone for themselves.
Of course, we do have very nice customers and partners who are the precious rare few. And it's these people that make the entrepreneur journey a delightful one. And I'm thankful to have met them and work together with them.
I wonder to myself whether it's my outlook and attitude. Will I behave in a menacing way when my business is more established? Will I try to kill of competition by snubbing out the little breathe of life in them?
I'm sure all businesses have their battles; it's a fight to keep your business alive. But I'm sure there's many ways to grow a business in corporative manner too. And I want my businesses to be like that.
Maybe I should view these "battles" as "negotiations" and opportunities to better myself at negotiating. It'll be more meaningful a fight then!
"When you discipline yourself to do the things you need to do when you need to do them, the day will come when you can do the things you want to do when you want to do them."
I believe in that above saying though I haven't master it. To be an entrepreneur, you must be disciplined to do the things you have to do each and every day. Simply because the time is all yours and business activities only happen when you want them to.
In the first few days of my entrepreneurial life, I slept in late and relish my new found freedom. Before long, I found myself waking up later every morning. And once in a a while, I 'll slip into this pattern again.
To remind myself this very important trait to be a successful entrepreneur and person too, I have printed out the below New Year resolution sheet in front my work desk.
Self-discipline is very important for anyone, not only entrepreneur, to succeed in life.
To able to do the necessary and delay anygratifications so that you can achieve more earlier definitely takes a strong will person to see it through. To help yourself stay disciplined, visualize the future that you can achieve if you stay on the right course. I'm sure it'll help to keep your discipline.
Sometimes, I just commit myself publicly (by announcing it) to a project or a promise, thereby forcing myself to see through it.
What about you? How do you remind yourself to be discipline when you slip? Any special techniques you employ? Do share if you have.
I must admit, I am not a natural salesperson. When I had my first sales job in Espirit @ Crown Prince Hotel several years back, I resigned after a week vowing never to be a retail salesperson again.
And needless to say, I don't enjoy sales call too. It should be the fear of rejection that is holding me back and seeing it as a dread whenever I have to do sales call. And being your own boss means that you have to overcome the fear and even handle sales calls successfully to sell your business and yourself!
Here's a few tips that i find useful:
Prepare yourself mentally by being positive and knowing what to say when you make the call. Smile and the person over the phone will "see" it and you won't want to receive a call from a bored, unsure or negative sounding person yourself.
Introduce yourself.It irks me when people rattle off without me knowing who they are.
State the purpose of your call and check whether it is a good time to speak with them. Once again, it can be irritating to be interrupted by a sales call when you're busy. I rather have the person call me back when I am in a more relaxed mode. If not, no sales will be made anyway.
Do not take rejection personally. Find out the reason if you can by listening well. Remember that people are busy and there may well be many reasons why the person is turning down the sales or proposal.
Review what went well and what can be improved and call again. Move on with improvements!
Now, I have one more important sales call to make. The lady has rejected us several times and she has been real busy with her new shop opening. It's time to practise what I've mentioned above!
Did you know that from a survey done in UK, 47% of SMEs have no provision in place for bad debts or unpaid invoices? 34% will rely on legal action should they find themselves in such a situation, 27% would use their bank overdraft facility and 15% even plan to cover their shortfall with their own savings!
Unfortunately, even with good working relationship with suppliers and customers, every businesses will still experience bad debts. For the rare few that don't, they should count themselves very lucky. And for the rest of us, you can either seek solace that you can claim deductible expense when you file for tax or you can TAKE ACTION against your debtors.
Bad debts usually mean that small businesses would be hit with cash flow problems and face immediate pressure on the business. And cash flow problems is one of the main reasons for failure of small businesses.
Also, chasing bad debts can be a very mentally exhausting process. It is frustrating and time consuming. When faced with our first case of bad debt collection, our normal work process was put on a slow down mode as we tried to contact our debtor every few days to follow up. It was totally time wasting! Moreover, it can be demoralizing and draining, affecting your performance at work.
There's a few option for bad debt collection. Before you proceed with the best course of action, you got to assess the situation and weigh your options carefully as every case is different.
Do keep in mind to start recovering your bad debts within 6 years or you chance of recovering the bad debts will be close to zero.
I'll touch on the few options in my upcoming posts:
ACRA Bizfile- to purchase company's & people's profile
You'll need to know whether the company is Pte Ltd because if so, they may be liable only up to a certain amount of the debt and debt collectors may not be able to get much from them after they declare bankrupt
Yeah, finally! I just checked my account online and it's good news! Although it's not the full amount (it's the full 2009 amount), it is already about 75% of the debt! The debt collector will be chasing them again now that this first cheque has just cleared.
I feel so happy about this. It's no longer about the money but more of showing my debtor that I will not be pushed around anymore.
I was right about the hiring the debt collector. These people must have thought that we were pushovers and when we hired debt collectors, they simply handed the money over real quick. Money that was owed 4 months was simply paid up over 1 weekend!
This bad debt was money deemed as lost initially but the situation has turned around! It's victory in my opinion.
I rather pay a the debt collector who are so much more deserving of the money than these unscrupulous businesses who take advantages of small businesses.
I've started a category on 'Debt Collection' on this site to share more about my experiences and the steps you can take to increase your odds of collecting back your bad debts. You can also view the category on the right side of this page. I hope this will be of help to businesses in the same situation.
It may mean that the customer has lost credit with another supplier and is ordering more from you to fill the gap
Payment become increasingly slow
The customer may have cash flow problem
Groundless complaints about shipped orders or excuses about invoice misplacements etc.
The customer may be stalling time to delay payment
Makes partial payment instead of the agreed full payment
You receive numerous excuses on non-payment
For e.g. change of accountant, management, busy festive period. misplaced invoices etc.
Makes payment for smaller amount even though earlier outstanding invoices are not cleared according to date
The customer gives excuses about mixed up invoices such that they can pay off the smaller amounts instead
So, if you see any of these bad debt warning signs, do exercise extra caution in extending additional credit to your customers.
And I'd like to hear from others too who have experienced bad debts. Do share your comments so that we can all learn and avoid getting ourselves into bad debts situations.
It has taken me a few days to find the perfect wordpress template to use for this new site and I am very satisfied with this current one that is easy for a beginner like me to tweak and customize.
Do go to this site for free wordpress themes download. They have several nice ones which can be easily customizable.
This red and brown coloured wordpress template rightly convey my passion in running my own business. I like the warm feel it exudes and I also wanted to put in my own picture in the header.
Why so? Becuase the books represents my interest in reading and the apple, my appetite for knowledge.
As any entrepreneurs will know, this is a path of contant learnings and challenges.
Now that the basic setup is done, let my sharing begins.
I had an eventful day 2 days ago. As you may already know, I have been chasing a bad debt for some time already and we finally took action 2 days ago. Yeah!
When I first realised that the debtor has been pulling our noses along all these while, I decided to go all out to claim back my rightful payment. But there were many routes to take and being really green at bad debt collection, we needed to consult our other working partners and weigh our options carefully.
We didn't want to rush into the situation, neither did we want to lose time as time wasn't on our side. Our debtor was closing down very soon. I knew deep in my heart that this time I want to go with my gut instincts. I will weigh all odds carefully, do my homework and let my gut decide. And my gut instincts told me that these are not nice people who are sincere in repayment and we should not play fair with them anymore.
The decision making process was one filled with a fury of emotions and arguments.In the midst of this mini crisis, I came to realize that many would dish out advices out of good will to influence you to see things their way. Everyone thought they knew better. In times like this, being the owner of your own business, you must do this:
Learn how to weigh the odds and take calculated risks
It is imperative that an entrepreneur is willing to do the above
If something is bound to happen for sure, anyone will know what to do next. In uncertain times, you just have to weigh the odds and go with the course of action that will most likely lead to your desired outcome.
Have the courage to take responsibility and trust in your own judegment
When you have made up your mind after careful consideration, there's no need to fear your decision is not the best one. It is simply the best one at that moment if you have done your homework well and explored all options.
Do your own homework
Do not rely on others in difficult times because you yourself will know your own business better than anyone else. You will know what is the best thing to do.
But do still keep your mind open before coming to a decision. The key thing is to be selective in seeking opinions and practise critical thinking. More often then not, most people will dish out textbook advices which sound right in theory but not of much value in a practical situations.
Now that our decision has been made and action has been taken, I'll keep you readers updated of the outcome. I'll also share more about bad debt collection information that I have gathered in the process in my upcoming posts.
I feel happy and liberated. Previously, I was reactive and had to respond to what the debtor do or tell us. Now, I feel that we have gain control of the situation and it is a truly liberating feeling. Have a restful weekend everyone! =)
Recently, I have been plagued by the feeling of defeat. It feels like I have stumbled and stumbled and just as we're about to take off, we're stumbling again.
When things don't go your way in business and when others have deliberately set out to take advantage of you, do you feel like it's a game that you haven't master?
I must remind myself that defeat starts in the mind. It's my attitude and reaction to this situation and the best course of action to take that will determine the odds of winning.
And the game has not ended; I'll remember to bite back twice as hard this time and GET EVEN!
I wished I knew about this book before I started my own business. It made me rethink my whole business model and pointed accurately what we have felt was lacking in our current business.
Some key learnings from the book that I found useful:
Difference between small business owner / self employed vs big business owner
I do agree that if you have to work in your business for it to continue operations, it is hard to grow it and basically, you're still working for someone; your customers. The key thing is to work onyour business.
Plan your business model properly before you start a new business so that it can have the potential to grow to become a successful one.
Get some real life experience before starting a new business
So that you will have a better understanding of all aspects of running a business.
Hard work cover up poor design
A poorly concieved business will hold up as long as the entrepreneur works hard in it. The moment the entrepreneur stop working hard in it or stop out of sheer exhaustion, the business will fail.
3 kinds of money
We are all born with a gift an to discover it and give your gift in business is a choice to be great.
Where do you earn your money from?
Corporative: partnership and teamwork
Competitive: most peple work for this kind of money
Spiritual: money earned when a job is done in response to a higher calliing
B I Triangle
what make up a sound business model:
I strongly recommend you read this book if you have the intention to become an entrepreneur. There'll be more details about what I touched on above and I'm sure you'll find something useful in it too.
Making money is of course one of the reasons why businesses exist. However, I don't think it is the main reason that makes a company successful.
We've heard many times that it is actually passion that drives a great business. And money is a measure of how well you play your game in business; it is a measure of success.
So, should an entrepreneur be hungry to get rich? I think it is an absolutely must! If not, you might as well call the business a hobby instead if it doesn't generate sufficient cash.
Recently, my partner and I have decided to come up with a new business idea to generate 1 more stream of income. We brainstormed about the new business model such that it'll be a more sustainable and profitable one. We also thought through the up and coming trends that'll make big bucks for us. After narrowing down our choices, we did more intensive research and fine tuned this new idea.
2 days ago, we met up to discuss about how to go about executing this new business idea when we found ourselves in a limbo. Somehow, something was not right and we could not proceed further in every angle that we turned.
That was when I suggested that we take a step back and put this new idea aside for a while. We had to think about what moves us instead and visualize what we'd enjoy doing if everything can fall into place nicely. We had to find our calling and mission.
I realised at this point that we have moved away from our passion and centered our new business ideas on making money instead. Maybe this is why it didn't work out as we expected it to. And when we refocus our thoughts on a totally new idea that the both of us were more passionate about, everything seems to flow more freely. This 2nd new idea seems to have a higher chance at succeeding.
So, be hungry! But do realise that there's a difference from being hungry to get rich and being hungry to get rich from your passion.
You need to combine your passion and the desire to get rich to succeed. 'Coz when you do reach there someday, it'll mean that you have succeeded in playing your game well. That's our goal too. ;)
I have mentioned in a post below that I did not go with my gut feeling when I should have. And reading about learning to trust your gut instincts got me thinking.
For the bad debt that we can't collect, I have a bad feeling about it. Although the customer reassured us that he will not disappear and that the management is already making plans to pay back all the debtors, I don't trust that he was telling the truth.
Maybe it was the way he rolled his eyes up to the side when thinking of what to say to us. It seem as though he is putting in a lot of effort to frame this thoughts.
Now, we can only think of ways to minimize our loss and I hope my gut is wrong.
From the time I first discussed about the possibilty of running my own business., it has taken me less than half a year to make up my mind and plan for my exit from my previous job.
So, what made me decide to leave a job I love to start out on my own?
I felt that I was no good at office politics and didn't know how to use it to my advantage. I couldn't foresee myself working for someone else in the long term. If office politics were pulling me behind instead of propelling me ahead, maybe it's time to start my own company and build my own culture.
The timing happened to be right.
So, here's a list of reasons that pushed me ahead:
Self-Starter
Freedom, it's my call!
Being totally in charge of a business means I get to decide its culture, directions, customers and even down to simple things like the working hours. I'm not a morning person and ever since starting my own business, I really do enjoy sleeping in late.
As a woman myself, I believe that at least 1 parent should be around during children's formative years. The flexibility to manage my own timing when I eventually have children is very attractive and important to me.
Potential to significantly increase my income
You have to realistic if you want to start your own business. Do a projection to estimate when you'll start to earn sufficiently and don't even start if you're not comfortable with the timeline.
If I were to continue on my corporate path, I would be able to safely gauge my comfortable future earnings. But I know that if I can manage my business(es) well, I'll be able to earn many times more, in addition to doing things I truly love and with the freedom to do it my way.
Excitement & Challenges
I thrive on challenges; constant learning and growth is paramount to my mental health.
We excel in whatever we're passionate about. I knew that if I were to start a business, it'll be build around my passion and be my baby. I was sure that I'll experience satisfaction in the process of learning all the aspects of running a business.
Support
The support from my family members and boyfriend definitely gave me peace of mind. Both my paternal and maternal grandfathers (and my father) are businesses owner and this may have helped. My boyfriend have been ever so encouraging and is still helping me out whenever he can spare the time.
For those of you who are thinking of starting your business, do speak with your loved ones and share your plans. It'll save you the headache to manage any conflicts to on top of your business and financial challenges.
Timing
I don't want to live with the thought of "What if?" for the rest of my life. Since I have not much of obligations currently and had gain some work experience, I felt that the timing was right to pursue my dreams.
Finding the right partner is of great importance to the survival of any business. It was just the right timing when my good friend brought up this idea when we were both ready.
What about you? Do drop me a comment and let me know what prompted you to start your own business?
Ever since I started my own business, I have been more serious about my financial education too. Not that I wasn't previously but now being fully in charge of making sure I can bring money home without relying on someone else's company, I am even more serious about it!
So, while surfing around for ideas, this cute website caught my attention: OneShare.com
I think it's a really good marketing move! Packaging the stock ownership such that it actually looks attractive and friendly to children (and some adults). What a fun way to receive your first share of a company. And I think it'll be an effective way to introduce stocks and share to children.
I know many of you out there would probably think this is all fluff and silly. But I personally like the idea. The gift of a financial education and money (stock in this sense) makes a great gift.
A good salesman can build rapport by mirroring the speech and talking in the language of his client. So, to get children to warm up to the boring idea of stock investment, why not use this as a tool to get them interested?
It'll be cute to receive a piece of Walt Disney like that, don't you agree?
I enjoy reading Donald Trump's books. I used to think the books merely provided ego boosting opportunities for him but he does give some solid advice inside and of course, being a billionaire, his thinking is very different from many. Nonetheless, I think that's lots to learn from him.
One of the advices he dispense is when someone intentionally harms you or damaged your reputation, you must GET EVEN!!, go after them and fight back. It certainly doesn't sound like the typical advice but I do see his point and agree that sometimes we just have to fight back. In doing so, you'll let the other party know that you won't let unfairness and unreasonable behaviour off so easily. This will probably deter future disturbances from them.
Being a small start up, I definitely have had my fair share of bad experiences and big bullies.
One in particular stood up in my short entrepreneur career so far. My partner and myself had made the mistake to approach a big book store chain here in Singapore before we are ready. After a few weeks from the first meeting, they started to chased us for our account opening payment. Even though the executive that we liaised with changed her words quite a bit, we still went ahead with the payment.
I did had a bad feeling about them and should have trusted my gut. That feeling was that the person wasn't a nice person and not someone very reliable. True enough, more fees were needed soon after. And when we failed to deliver our first product on time. We thought that we had better talk to them and let them know that we're truly sorry. We did indeed want to show our sincerity by working out other promotions or deals with them.
At that meeting, we saw their true colours and lack of character. Both the executive and the manger started to show us their high and mighty attitude. There were no smiles and all smirk on their faces. The manager kept insisting that their is a big company and that we had no moral / ethics in delaying the product (it was delayed by our irresponsible agent by the way). Initially, we did speak to them nicely and explain that it was due to an unforeseen circumstance and that we were truly sorry. We even offered to work out some other deals as our form of apology.
We also highlighted some of the additional fees and rules that we were not informed of beforehand even though we clarified the details before signing the contract with them. The executive merely insisted that we were informed already.
So, this torturous meeting dragged on for about another 15 mins of incessant insult by the manager. I felt it was totally uncalled for for him to insult our character even if they were angry. I can understand their anger and displeasure but I will not stand up to their insult.
Well, the meeting ended in the end when I could no longer put up with this bullying attitude from them. As I was sitting there and fuming like crazy, I broke his incessant insult by telling him off that if we already knew of and read about all the additional fees and rules, we wouldn't have signed the contract too. They were not stated in the contract in the first place and neither were we informed of the additional requirements. So, there was no need to keep insisting that we were informed beforehand and was now backing off without morals etc.
With that, the manager kept quiet for a while before saying "Too bad!" to us. I replied with "Yes, it's simply too bad for us." Seriously, that wasn't the kind of response I expected form someone his level. Being a manager and a middle age person, I would expect him to be more in control of his emotions and speech too. And being me, someone who is quick and hot tempered, I found myself pretty collected throughout the whole process.
We left the meeting shortly, with them insisting that we deliver our first batch of products as soon as they arrived. Of course, that never happen. We wrote an email telling them that we won't be able to work with them for now as we foresee more upcoming problems. It was a relationship I definitely wanted to end fast! I am surprised that they even thought that we would still want to work with them with that kind of attitude. We may be a small company but we are not that desperate.
Although we lost out in this deal, but it was my way of getting even. And it's definitely a well learnt lesson. After talking to more people in the industry, we realised they already had a very bad reputation. It was a blessing in disguise that we did not place our products there and end up with more mess to clear.
My take away lesson? Stand up to bullies but do not lower yourself to their level by insulting others and losing control of your emotions.
How many of you out there loved the cartoon, Pinky and the Brain? I use them as my profile picture because of my background in Science and my past as a lab rat.
I was sucked into the propaganda that life science was the next big thing and I've imagined myself to be a cool brainy researcher.
*Dwang* back to reality, I was merely one of the lab rats trapped in the cage like those 2 above. I had worked in a hospital laboratory and also a forensic science laboratory. CSI was hot then and many thought I had a cool job in a forensic lab.
Only 3 days into a new lab job, whch was also my last lab job, I called my good friend and cried as I saw my future. It was bleak and a big clockwork routine. I couln't accept that thought. To me, that was the end of my growth and the start of my brain decline.
If there are defining moments in everyone's life, that was definitely one of mine. I spent 2 months pouring through books, reflecting on my strengths, weakness, loves, dislikes and talking to a lot of people before realising what I wanted out of my life.
In the end, I decided on marketing as my next career move. Next came the 2 years relentless pursuit of getting good job interviews, upgrading my skill sets, numerous rejections (from potential employers and from my end too) before I finally got a marketing role as a marketing executive.
I took a pay cut, gave my heart to the job and am thankful for that opportunity.
And today, I love being where I am in life. And like the 2 rats, you know what I want to do each morning right? Yeah, to take over the world!
Pinky: Gee, Brain, what are we going to do tonight?
Brain: The same thing we do every night, Pinky - try to take over the world!
I hope to achieve a kind heart like Pinky's and the brain size of The Brain.
Some may find it ominous to start my first post about a bad situation. But it is exactly this that prompted me to start a new blog about my entrepreneur journey. I hope to share and get to know more with like minded friends here.
It has been an eventful 11 months since I've left my job I love at a MNC to start my own business. Business is finally growing to the level where we feel more comfortable but the bad retail scene in 2009 has created a lot of bad debt situations for my company.
Today, we were informed by one of our retailers that they'll be closing their doors after Chinese New Year. We still have 6 months of outstanding payment from them and this is definitely worrying. With the constant bad news that we've been hearing, I'm kind of prepared that we will be in this situation and there's no point in worrying. What we can do now is to limit our risks and continue to ask for what is rightfully ours.
I'll keep my fingers crossed and just remain cool. It's time to relook at the business model since it's very flawed in my opinion.
