Hard To Be Own Bosses In Hard Times?

**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. ;)

Top 10 iPhone Apps for Business Owners

I came across this post from sgentrepreneurs.com and thought I'd share it.

I'll review after trying some of them out.

Do you happen to know of any fantastic apps for business owners too? Do share if you do! ;)

Select Your Target Audience With Care

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. ;)