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 For Small and Medium Business Owners, Come In and Share Your Biz.

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cynthusc
post Jan 15 2010, 05:30 PM

On my way
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Junior Member
503 posts

Joined: Nov 2006
I agree with the posters that say: start small.

My other tips:-
1. Substantially reduce your personal expenses. Before starting up, try to live on 50% of your current salary. So if you earn 3K, learn to live with 1.5K.
2. Build a 6 months personal emergency fund and a 6 months business emergency fund (6 month's salary + 6 month's overheads for your business)
3. Do a business plan. That will give you direction when you seem to be scrambling.
4. Marketing plan is essential
5. If you have never sold a product before in your life, I suggest getting some experience first (eg. be a part time telemarketer or MLM selling). Overcoming rejection is an important skill.

Before I started my business, I had problems accepting rejection. So I joined a hotel telemarketing programme and sold memberships over the phone. It really helped in building a thick skin and teaches one how to get your client or customer to say "Yes" instead of "No"
cynthusc
post Mar 5 2012, 02:44 PM

On my way
****
Junior Member
503 posts

Joined: Nov 2006
QUOTE(SunofaBeach @ Feb 24 2012, 09:30 AM)
Guys, I am quite a business lover but chose engineering to study few years ago due lack of interest in commerce subjects laugh.gif

Now my study is soon finishing and what I am struggling a bit is whether to return homeland and work for people (expecting to accept low pay but aiming to learn and seek for business opportunities) or stay back and work in the UK.

Currently I have had a few companies rung up to discuss job opportunities, who offers me their standard pay for graduate, around £25k per annum, some give 25k£ plus 1k - 2k£ welcome bonus. Quite a stable for income  around RM 10k per month and can live quite comfortably in UK with that pay.

However that doesnt seem to be my liking because I am aiming to do business in my homeland,  working in the UK may be completely out of my field of interest, I could be an R&D engineer in a lab or a Mechanical design engineer in an office doing drawings and stuff that sort of thing.  rclxub.gif

Based on my experience last year, working 12 months internship with one of the world's leading cereal manufacturer - Kellogg, I quite enjoyed the company benefits, working environment and culture, people are real good to work with and more importantly good pay too for a student laugh.gif However, due I was part of the maintenance team, hence throughout the year was basically working in most of the time, hardly travel around hence i thought that would be less better if I am aiming to learn more about business opportunities?

So I am just wondering if I am actually gambling my future if I choose to come home after study at the end of this year? Or there are still lots of good business opportunities around in Msia and definitely worth giving a go?

Would appreciate to hear any ideas  notworthy.gif

Experienced businessman are most welcome to give some advice  notworthy.gif  notworthy.gif

Cheers
*
You have a keen interest in business but do not like commerce subjects? Hmm then business may not be your forte.

Anyway, I started my own business 5 years ago and this is my opinion:

1. Take a job first to learn the ropes. Try to get a job in an industry you are interested in. You mentioned Kellogs which is the FMCG industry. When you join, learn all you can of every department: sales and marketing, admin, accounts, research and development. Learn the process, talk to mentors, build relationships, find out how they build relationships etc. Know that when you start a business anywhere you will not be getting the benefits, working environment and culture that you enjoy in Kellogs as an intern. Entrepreneurship is often a lonely journey and at the very beginning you often have to go at it alone.


2. When you start a business, know that you need a working knowledge of human resource, marketing & sales, accounting, law etc. Of course you can learn all this from scratch when starting a business but be prepared to face many obstacles and failures. You can minimise these obstacles by learning the ropes as an employee at a company.

3. There is always business opportunities here or even in the UK. It depends on which environment you are comfortable in. Business is often about relationships both with business partners, associates, suppliers, vendors and ultimately your customer. Which environment are you more comfortable building these relationships? If you want to eventually build your business in Malaysia which is local specific then I recommend working in Malaysia.


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