When we think about making movies, we usually think of huge capitals or funding. This guy came up with a great idea. It is just like making a movie with no money down. This is what I call true Entrepreneurship! … Continue reading
Before you quit your job?
A very interesting book that shows Entrepreneurs can be trained! This book highlight the failures that Robert encounters and give us an overview if Entrepreneur is really for you.
What have I learn from the book:
Starting your own business does not means that you are an entrepreneur ! you can be self-employed entrepreneur because when you stop your business your income stop… Just like what steve blank mention in his blog, successful entrepreneur build scalable business.
Successful entrepreneur follows through the startup, they failed they stand up again, nowadays people cannot accept failure, because when they finished their highly sought education, they are debt ridden by the school loans (just like me!) I feel that I let zyy down because if I had stay thoughout the project and not be worried my the medical bills, family bills and school loans Maybe I would be in happier now. Now the stress that follows might be high, it would be a challenge but it is also a challenge that would change a man. I wonder what will happen if I bring my sport mentality of never say die into business,
I will treat the current environment as an learning opportunity, because “Work to Learn Not to Earn” concurrently you can also start a part time business while you are working many are doing that. Take a look the aount of blogshops in Singapore, and people who are doubling up as insurance agent after work. It is hard work but you will learn good sales skills from meeting more people.
The book also highlights that there are 3 kind of income:
Earned, Portfolio and Passive
Earned is from work thus it will never be enough
Portfolio is from investment- currently appling what I haved learn from rich dad poor dad to construct my own portfolio
Passive is a form of income – that streams to you without working
While reading the book, an idea strikes me and currently the project is in progress and I am using the BI triangle that is taught in the book as an reference.It serves as a good guide for writing business plan (my 2 cents)
Product-what is your product?
Legal – is it patented?
Systems – how is the operations like? easy to implement?
Communications – how to reach market?
Cashflow – $$financial projection$$ Sales = Income
Team – creative people/ functional people
Mission – ?
Leadership – I remember reading the hardest job of a successful entrepreneur is the ability to fire an employees – also you also need to be the Best Sales person in the team.
Next comes the 5Ps (*writing this to help myself remember)
Overall the book gives me the motivation to create start up again and I love this sentence – “The best answer lies in your heart and not in your head” so Take Action.
Like I mention in previous post, after my discussion with zyy.sg. I decided to read up and understand more about the importance of business models for Startups. So I picked up the book bu Joel Kurtzman “Startups that work”.
This is a pretty basic book, it runs through the research that the author conducted for Startups during a 4 year period and tries to determine the 10 critical factors that make or break Startups. if you are thinking that you would be getting in-depth insights from this book, than I think you can just easily browse through the book and you will have a good idea of the 10 factors > no need for detailed reading or simply google > would be a better idea too and you would find steveblank.com > he gives very interesting insights on startups
Here I like to share what I think I understand after reading the book.
- you got to have a map >(means) you need to have a direction, an objective ie how to use my funds efficiently, what should I do in 1st phase
- Nothing ever happens without great people > you need a great management team of dynamic abilities, ie a sales person and a technology person
- Boards must create value > VCs also plays an important in Startups, they do not just pump in $$ but they must also contribute in mentoring the founders
- Cashflow > most Startups die NOT because of lack of funds but because of the MISUSE of funds
- you can only grow as big as your market > determine your market size, a good example UNICA software building a system for system
- Competitive positioning > understand your competitors
- Business models > it is not what you do but how you do > it is also one of the factors which will allow a Startup to excel out from its competitors even if it does not have a 1st mover advantage Eg. Google > they started out later than yahoo!
- product development > innovations!
- customer acquisition > CRM > know what your customers wants > talk to them research !
- channel alliances > partnerships > you dun walk alone eg. a start-up in china call No1. Shop > they do online grocery they first started out poorly but once they managed to develop a partnership with sina.com their customers starts to grow.
Another item that I would like to share is why soleilwater fail to startup? > with reference to the factors above but I think I will do it in another post. Because I am tired now
Eat to live another day… I will be back
After a few attempts on Vivobarefoot Evo, and a few attempts on Newton Distance S.
There is no going back to cushion shoes. Minimalist shoe brings me to a whole new level in running, and I truly feel good when I am in Evo, feet is lighter, no heel strike and I could feel the ground.
So now I decided to sell my Newton Running shoe (and Newton was on my wishlist) for Vivobarefoot’s Evo.
Model: Distance S
Going for 50% off retail price – SG$100