Are You Ready For Year 2009 ?

The year 2008 has gone by in a whisk, reflecting back to what I have done for the year is a painful process because most of the resolutions I have made has not come true. However, I do know that there are some activities that I am doing right now, as a result of a decision made during the last quarter of the year, will be beneficial to me in the long term as long as I keeps doing it.

If we do not take Action for any ideas that pops up in our head, there will be no progress in whatever we want to do. Therefore, I feel the urge to work even harder in this new year. I strongly believed that everyone has new year Goals whether you like it or not but unless you do something about it, your life will continue to be the same as today for the next few years to come.

With the economy not looking any better for the next few months to come, it is still heartening for me to see so many people mingling around shopping centres, supermarkets or recreation centres during these 2 weeks of festive periods ( Christmas till New Year Day ). The positive aura projected by these people gives me a better outlook of the future. This scene of happiness instead of moodiness ensure us that despite what is going to happen in the months to come, they are going to confront it bravely.

As for me, I am stretching myself by engaging in more activities then I have done last year. I always remember the earlier days when I slogged for hours whole-heartedly on my computer business, the end result is that I am exhausted but very satisfying however over the last few years ( after working for some ), the enthusiam level has never been the same. I realised that as long as I do not push myself a little harder ( beyond my comfort zone ), the result achieved these years are so negligible that I accept it a part of my new life. This is not good for me in the long run.

Being in a Networking environment last year tells me that we can achieved more than we desire only if we put in our 101% effort to get the job done. There are many ways to make extra income for ourself, if only we do not find excuses not to do it. Some of the venture I am embarking on right now are as follows :

1. Computer Servicing ( been doing it for the past 20 years or more )
2. Network And Franchising Business (MLM)
3. Internet Marketing ( Prawfeed-Marketing.com )
4. Employer Consultancy For Chinese Worker
5. Marketing of Energy Saving Device ( Less-Electricity.com )

It is tough managing Time for the above activities, I cannot give excuse to myself if I don't generate any money as a result of not doing it !

For a rough idea about Internet Marketing and what it can offer to you, you can visit this website ( www.surefirewealth.com ) where you can join as FREE Member or become a Paid Member at a later stage. You can download Free eBooks or Articles for your learning purposes.

If you have no idea what extra thing to do this year, why not consider this option.

You have nothing to lose !

Bill Gate Retirement

When I was referred to this link regarding the video that was produced for Bill Gate's retirement I was not sure if I want to embed it here as a Blog content. However after viewing it, it reminds me of the day when I was leaving a company that I had worked for a period of time.

I feel reluctant and sad but at the same time, excited over my next opportunity that I am venturing on. My fellow colleagues become extra nice or attentive and I wonder whether I have made the right decision to leave the company.

Let me assure you that this is a natural part of life in the working arena. In due time, all these nice colleagues will "lost touch" with you as they go about with their daily life. Unless you are still in the same area of business where you still have to contact each other otherwise be prepared that you will start having a new group friends or colleagues after 3 to 6 months.

I have gone through this cycle so much that I no longer feel so emotionally attached regarding the situation. Life goes on with or without you !

Anyway, if you cannot fathom what I am trying to convey, see this video that Bill Gate played for his farewell CES note that imagined what life will be on his last day at work ( Jan 16th 2008 ). Its pretty funny and hilarious with so many guest stars and what-nots.



To retire very rich like Bill Gate is a dream that many people want and I personnally hope to be able to retire with some residual income so that I do not have to work till the age of 70 and onwards.

I hope you enjoy the video and Have A Wonderful Christmas !

Making Money Online

As more and more people realized that the economy is not going to recover in due time, they also found out that their job is no longer stable anymore. As such, these people are looking for alternative ways to generate income for "rainy days". Naturally, most of those with IT knowledge will explore Internet Marketing, thinking that its the easy way out. Perhaps with a little effort here and there, they might just strike it rich !

What they do not realize is that Internet Marketing is as tough as doing a Networking or MLM business. It really takes a lot of time and effort to prepare the ground work and the discipline to persist in the face of uncertainty.

No doubt there is money to be made online but we need to learn from the Basic first. First, we need to know what Niche we have that the market will want. Second, How to create that awareness so that people will come to you ? Third, How to capitalize on visits made by the visitors to your website ? Fourth, How long will it take before you see the 1st dollar of this venture ?

Beside this, you need to know the technicality of creating a website for it, what type and what kind of website ? How to promote your product and through what method ?
How to create a Sales Page so that people will be attracted to your promotion and what-nots ? How to make your website popular ?

Unless you are prepared to learn or re-learn this BUSINESS from scratch ( just like Networking or MLM ), most will give up halfway through the venture. What I like about this option of business is that it gives me freedom to do anything I want. No one is going to tell me whether I did it wrong or not. It allows me to constantly go back to my drawing board to fine-tune what I have done. The only sign of success you get is when the visitors rating goes higher or people start buying the product that you are promoting and you start making money.

I know there are plenty of people out there learning the rope like me and to me, it is a marathon race that will ultimately show my potential as long I believe this business option works.

I have gone through 3 recessions in my life time and I want to be financially rich enough before the next one comes along !



"Don't Simply Retire from something; have something to retire to" -- Harry Emerson Fosdick

Do You Plan For An Alternative Income ?

With the economic crisis looking gloomier day by day, there is a tendency for us to take things easy by spending lesser for our shopping, traveling and other activities that requires money. It is still bearable if you know that your job is still intact for the time being but there are some of these people out there who may not even understand the signal that the market place or work place has put in place that clearly indicate that they will lose their jobs in the near future.

With AIG almost going "broke" , there are many insurance agents out there who does not look worried or think that they will be the next victim just like their "Lehman" counterpart, partly because the Authority here says that it will not affect them. My question is how can they be so sure about this news ?

3 Months ago, if you tell a "Lehman" employee that their company may go bust, I will bet you to my last dollar that they will roll on the floor laughing because their July Financial Report was excellent. But what happen after that ? It just go bankrupt overnight !

In this uncertain time and economic condition, no one can predict when will these "recession" be over, as a matter of fact, has it started yet ? Like it or not, people are still doing what they are supposed to do as long as they feel its justifiable for them. And it is also at this point in time, there will be people who come to their sense and start to look for an alternative income just in case they lose the one they are holding on now.

Instead of spending time worrying what will come next, why not indulge in activity where you can upgrade your knowledge such as reading motivational books, attending courses or seminar pertaining to a specific trade or even embark on a new business venture. All these undertakings, if taken seriously, will make you a better person and it will be a greater advantage to you when the good times come again.

Allowing yourself to plan or look for alternative income shows that you are mentally prepared to start something new that might eventually become the main income earner for your family. You never know until you try. However, there will also be those who hope that tomorrow will be a better day, but that tomorrow may never comes.

"The man who does more than he is paid for will soon be
paid for more than he does."

- Napoleon Hill

Any Ways To Make Extra Income ?

"Is there any ways to make extra income without the huge capital outlay that a normal business requires ?" That is a question I have been asking for more than 10 years by now and the answer still eluded me. I am sure that there are also many people having the same thought process. I strongly believed that there are many ways to make money but it does not necessarily be suitable for everyone including me.

I can choose to sell Curry puffs or Newspaper and Magazines or Fruits such as Mango, Watermelon etc at the nearest MRT station but will it be suitable me ? I can also be a "karang guni" collector running from residential estate to HDB flats to buy those disposable items at a cheap rate and selling it to the Major Collector at some flatted factory in the industrial park somewhere ? Most people will give thousand and one excuse not to do any of the above as it can be "embarrassing", but my question will be "If you have no other choice, will you do it ?"

Frankly speaking, we all know money is important but there are still many people out there who want to save "face" by not doing any of the above-mentioned work. When I left the Army and become a Salesman in a Computer Firm 23 years ago, the look on some relative and friends face is that of bewilderment, doing sales sounded very cheapskate. Some people even avoided the issue by calling the sales that they are doing as "marketing". Isn't it the same ?

Its a lucky thing that I have learned a long time ago, not to let such things bother me. Can 'Pride' feed my stomach or my family ? Of course NO ! I will do anything as long as I honestly and seriously put in 100% effort to make that money I needed. Although I have not become rich in the process but I know that I have no worries when the time arrived for me to do those mundane jobs which many others will run away from.

Most important of all, I strongly believed that anyone will do their utmost best if they need that extra money to solve their daily expenses. Therefore, when I prospect people for my Network Marketing business, I will not waste my time on those people who gives me thousand and one reasons ( excuses ) why the business don't suit them. Instead, I will continue to find and invest time on those people who are sincere in wanting to make that extra $100 to $200 for their monthly expenses. With that in mind, I know I will find a handful of sincere and hardworking people that I can work together with to build OUR business.

Life is too short to be worrying about why people don't work hard or don't improve themselves or why when you stretch your hand to help someone, they will suspect that you have an ulterior motive in helping them.

I know what I want and I want to show anybody who need that simple know-how on generating some extra cash for themselves or their family. It does not matter if the "lobang" is tough or otherwise, as long as he or she wants to do it.

From now on, I will append any information's that can give us a thought on some money making opportunities and I hope that it will benefit somebody somehow.

A Vision of Success through Life Mapping

Success is more than economic gains, titles, and degrees. Planning for success is about mapping out all the aspects of your life. Similar to a Holiday trip, you need to define the following details: origin, destination, vehicle, backpack / travel bag, landmarks, and route.

Origin: Who you are

A map has a starting point. Your origin is who you are right now. Most people when asked to introduce themselves would say, “Hi, I’m William and I am a 48-year old, Freelance Computer Technician.” It does not tell you about who William is; it only tells you his present preoccupation. To gain insights about yourself, you need to look closely at your beliefs, values, and principles aside from your economic, professional, cultural, and civil status. Moreover, you can also reflect on your experiences to give you insights on your good and not-so-good traits, skills, knowledge, strengths, and weaknesses. Upon introspection, William realized that he was highly motivated, generous, service-oriented, but impatient. His inclination was in the service and technology field. Furthermore, he believed that life must serve a purpose, and that wars were destructive to human dignity.

Destination: A vision of who you want to be

“Who do I want to be?” this is your vision. Now it is important that you know yourself so that you would have a clearer idea of who you want to be; and the things you want to change whether they are attitudes, habits, or points of view. If you hardly know yourself, then your vision and targets for the future would also be unclear. Your destination should cover all the aspects of your being: the physical, emotional, intellectual, and spiritual. Continuing William’s story, after he defined his beliefs, values, and principles in life, he decided that he wanted to have a life dedicated in serving his fellowmen.

Vehicle: Your Mission

A vehicle is the means by which you can reach your destination. It can be analogized to your mission or vocation in life. To a great extent, your mission would depend on what you know about yourself. Bases on William’s self-assessment, he decided that he was suited to become a businessman, and that he wanted to become one. His chosen vocation was a Computer Servicing Specialist. Describing his vision-mission fully: It was to live a life dedicated to serving his fellowmen as a Computer Specialist in the country.

Travel Bag: Your knowledge, skills, and attitude

Food, drinks, medicines, and other travelling necessities are contained in a bag. Applying this concept to your life map, you also bring with you certain knowledge, skills, and attitudes. These determine your competence and help you in attaining your vision. Given such, there is a need for you to assess what knowledge, skills, and attitudes you have at present and what you need to gain along the way. This two-fold assessment will give you insights on your landmarks or measures of success. William realized that he needed to gain professional knowledge and skills on Computer Technology so that he could become a Computer Specialist. He knew that he was a bit impatient with people so he realized that this was something he wanted to change.

Landmarks and Route: S.M.A.R.T. objectives

Landmarks confirm if you are on the right track while the route determines the travel time. Thus, in planning out your life, you also need to have landmarks and a route. These landmarks are your measures of success. These measures must be specific, measurable, attainable, realistic, and time bound. Thus you cannot set two major landmarks such as earning a master’s degree and a doctorate degree within a period of three years, since the minimum number of years to complete a master’s degree is two years. Going back to William as an example, he identified the following landmarks in his life map: completing his studies and National Service by the age of 24; completing Sales and Computer Servicing knowledge by the age of 27; earning his specialization in Computer Servicing by the age of 29; providing Computer servicing and related support to his fellowmen since 1989 till today.

Anticipate Turns, Detours, and Potholes

The purpose of your life map is to minimize hasty and spur-of-the-moment decisions that can make you lose your way. But often times our plans are modified along the way due to some inconveniences, delays, and other situations beyond our control. Like in any path, there are turns, detours, and potholes, thus we must anticipate them and adjust accordingly. In the case of William, he realised that the Computer Servicing industry is no longer as lucrative as before therefore he is exploring the potential of doing business in the web which is growing at an exorbitant rate as well as finding a network marketing business which can grow through a concept known as Time and Effort Compounding.

5 Easy Steps To Staying Motivated

Lately, with all the tensions generated by the financial institution worldwide, its no wonder that many workers are worried if they were going to be the next "victim". Some might have already lost plenty when the share market slides up and down like a Roller-Coastal ride. Nevertheless, we must still look forward to tomorrow earnestly by staying motivated

Motivating yourself to excel at your job or to be an example to your employees, should not be something you do only when the spirit moves you. It’s an ongoing process that should include every facet of your business or working life. This means your mental attitude, physical well-being and appearance, work atmosphere, your interaction with others (clients and employees alike), and your off-the-job environment.

Motivational experts get paid big bucks to tell professionals, striving for success, that they must constantly examine these factors. How do you do that? Follow the 5 tips that follow, and watch the changes.

1. Maintain a Positive Attitude – Let’s realize that life is only 10% of what happens to us and 90% how we react to it. We’re responsible for our own actions and attitudes, and changing them when appropriate. When you’re around people/things that are uplifting and positive, you will feel the same way. You have more confidence in yourself, and know you can change whatever needs changing. If you can make your workplace such a place you’ll find happier workers and higher production. You might even find your employees look forward to coming to work!

2. Leave Personal Troubles Home - Everyone has problems, but they don’t belong at work. Turn your attention and energy entirely to your on-the-job tasks. This will actually be good for you because you’ll get a mental break from your troubles.

3. Create Positive Affirmations - The reason for writing goals for your business is the same as creating positive affirmations on paper. What your eyes see and ears hear, your mind will believe. Try it! After you’ve written them down, read them aloud to yourself – and do it every morning when you get into work. You’ll be amazed at what happens. Come up with a set of new ones every month. Statements such as, “I’m an important and valuable person,” or “I know I’ll make good use of my time today.” Repeating them out loud everyday at a set time will help reinforce positive actions. There is also a saying "Speak NOT what you have that you DON'T WANT but speak what you DON'T HAVE that you WANT". Its also known as the Power of Spoken Words.

4. Break Times Are Really Break Times - This is an area where most bosses/entrepreneurs fall down. You become so intense about the project or situation you’re working on that you don’t ease up. Thinking that it’ll be solved in the next few seconds, and then getting a cup of coffee can lead you right up to quitting time. Regularly adhering to a specified break schedule, even if you’re the boss, releases the tension. The worse is working on a Computer because before you realize it – you’ve been working in that same position for hours. The best thing you can do is to set yourself a reminder on your appointment calendar for every 2 hours, so that the alert will remind you to move around.

5. Exercise, Exercise, Exercise - I know that lately it seems that “exercise” is the cure-all to every physical ailment or your love life, but despite that there is some truth to that ugly word. By “exercise” I don’t mean that you should go out and join a gym and spend your lunch-time, 3-days-a-week there working out. What is really beneficial and workable is that at those chiming alerts from your computer, get up and walk around your desk or room.

Maybe go outside and get the mail and enjoy the sunlight (if you’re an entrepreneur that has a home office), or just get up and do a few stretches. Concentrated, tense thinking – typing - plotting plans - or whatever your work, makes all those muscles tighten up and knot up. Then when we move we “ooh” and “ouch” because we’ve knotted up into a ball of tension.

Periodic stretching, even at our desk, or just getting up and walking over to the window and getting a different view can help. One of the greatest disservice modern business décor has done to us, is making our offices pristine, sleek, unencumbered spaces. There is nothing more relaxing than getting up from your desk and walking over to a peaceful, serene, seascape or pastoral painting and just drinking it in visually. Momentarily transporting your mind out of work and into that place does wonders. A few good paintings and less shiny chrome in offices would benefit us all.

It only takes a little concentrated effort on our part to keep motivated and productive, which leads to success. I know you’re going to hate hearing this, but it’s true anyway – and that is, “WHEN LIFE GIVES YOUR LEMONS – MAKE LEMONADE!”

ORGANIZE YOUR TIME TO DO A HOME-BASED BUSINESS

Almost everyone needs or wants more money to be made, and with this desire most would like to start some sort of extra income producing project. The trouble is, not many of these people seem to be able to fit "a second job" into their time schedules.

It's true that most people are busy, but putting extra time for some sort of home-based extra income producing project can always be found. It could mean giving up or changing a few of your favorite pastimes -- such as having a couple of beers with your Buddy's or watching TV -- but if you score big with your extra income project,you will have all the time you want for doing whatever you want to do.

Efficient time management boils down to planning what you're going to do, and then doing it without backtracking. Start by making a list of the things you want to do tomorrow, each evening before you go to bed. Schedule your trips to the store or wherever to coincide with the other things you have to do, and with your trips to or from work. Organize your trips to take care of as many things as possible while you're out of the house. Take stock of the time you spend on the telephone and eliminate all that isn't necessary.

Whatever chores you have to do at home, set aside a specific time to do them, and a specific amount of time to devote to them. For instances, just an hour a day devoted to yard work would probably make your property the envy of all your neighbors. Don't try to do a week's work in one big flurry. Whether it's painting your house, fixing leaky faucets, or mopping your floor and trimming your plants, do a part of it, or one particular job each day, and you'll be amazed at your progress.

Take care of all your mail the day, you receive it. Don't let those bills and letters pile up on you. If you're unable to pay a bill immediately, file it in a special place that's visible, and note on the envelope the date you intend to pay it. Answer your letters the same day you get them.

Once you start listing and planning what you want to do, and then carry out your plans, you'll find plenty of "extra time" for handling virtually any kind of home-based income producing project. People in general may not like routines or schedules, but without some sort of plan as to what is supposed to be done, the world would be mired in mass confusion. Laws, ordinances and regulations are for the purpose of guiding people. We live according to an accepted plan or way of life, and the better we can organize ourselves, the more productive and happy we become.

The secret of all financially successful people is simply that they are organized and do not waste time. Think about it. Review your own activities, and then see if you can't find a couple of extra hours in each day for more constructive accomplishments.

When you begin planning, and then when you really become involved in an extra income producing endeavor, you should work it exactly as you have organized your regular day-to-day activities --- on a time basis. Do what has to be done immediately. Don't try to get things done in a hour that's realistically going to take a week. Plan out on paper what you have to do--what you want to do -- and when you are going to do it. Then get right on each project without procrastination.

Finally, and above all else, when you're organizing your time and your business, be sure to set aside some time for relaxation. Be sure to schedule time when you and your spouse can be together.You must not involve yourself to an extent that you exclude other people -- particularly your loved ones -- from your life.

Taking stock of the time you waste each day, and from there, reorganizing your activities is what it's all about. It's a matter of becoming more efficient in the use of your time. It's really easy to do, and you will not only accomplish a lot more,you will also find greater fulfillment in your life.

"Maximum Exposure on Low Cost Internet Ad"

Why do people advertise on the web pages that they are hosting ? To make money of course !

But how do they make the most of a low cost Internet advertising method ?

Advertising had long since been a major determinant of a business' success. This would include the presentation of the product / service to the consumers. What really matters is how it is presented to the target market to be able to capture it.

Whatever the package, the ad media also plays a great role in determining the success of the product or service awareness.

What may be its advantages over other proven medium like the best-selling TV ads?

Advantages

1. Low Cost

Even though the Internet ad might be viewed as "classy" or far-reaching, as compared to other medium, this is far cheaper than other kind of advertisement. Internet Ad Packages are offered for as low as $29.99 for a one-month run-time period.

2. Capture market

When your product / service are designed to cater to the younger generation or the corporate-oriented ones, using of Internet ads would be best option since most of the time they are always "hooked-up" in the net. The links to your site will greatly enhance the number of "hits" on your site! If they are converted to sales, then you would be making money from it.

2. Hassle free

All you really need is a PC (and with some knowledge and bright ideas in forming a site of your own.) You can search for the best Internet Ad package that is available in the net, by affiliating your site to theirs, you are able to check or update the status of your ad. For the technical savvy users, you can even design your own Ads before posting for usage.

3. Updated ads

Unlike the TV ads that need to be updated on a regular basis, Internet ads may run for quite some time without the need for change. If so, change in the site is very minimal and can be done easily at home.

Disadvantages

1. Scope

Limited market can be captured if one solely rely on the use of Internet Ad for advertising. Although most people now are into the use of technology, i.e. surfing the Internet, still, majority of the average consumers still relies on the old form of advertising as a means of gathering information about certain products / service.

2. Additional cost

If one would enlist the help of professional or establishment to produce the site for their product or service, this would incur additional costs on the part of the entrepreneur. The cost to produce an advertisement can be very costly.

Given the stated list of advantages and disadvantages about low-cost Internet Ad, an entrepreneur still find it viable to advertise on the web for 2 main reasons :

The target audience is huge ! There are billions of Surfers out there searching for information on the products that they want.

b. The exposure of your website becomes international and all these business can be carried out at the comfort of your home.

Internet ads allows "Maximum Exposure" of the whatever product or service you are marketing at a minimal cost.

Google Ads . Google Adsense

I am sure by now you have seen the various advertisement applets in this blog by Google Ads and must be wondering why is it there ?

This an utility catered by Google Adsense that allows us to advertise on subject matters that is closely similar to the Blog articles that I am offering. For example, if my Blog article is focusing on businesses or how to become an entrepreneur or what is a home based opportunities etc, the ads that is displayed could link you to some other websites with similar contents as well.

By clicking on these ads, I will "earn" a token sum of money ( cents ) and after a period of time, I can withdraw it from my Paypal account ( which is my Internet Bank Account )

With the availability of such money generating gadgets, many users today are contributing information's BIG TIME in the hope that they can draw visitors to their webpage and indirectly making some money as well.

What to consider when ready to do business

When you have registered your business, you actually upgraded yourself to an Employer or a Business Owner status. You will start to do things that will benefit your business plan and you will be extremely conscious with your spending ( expenses ).

Whatever you do, your ultimate aim is profitability. It is a long process and it usually takes quite a while for you to break-even or to start making more money.

Your utmost concern is to identify where and how to start the business proper.

The usual considerations are as follows :

Your Workplace

• Choosing and setting up an office can be challenging. You might want it to be situated near your home or perhaps in a presentable and prime area such as the business district. However, Cost usually is the main factor here.

• What kind of office equipments will be required for your operation ? Do you need transportation for the type of your business you are providing ? E.g. Computer System, Printer, Telephone, Fax Machine or a Truck.

• How to keep the place safe from people you are working with you ? E.g. Buying Fire or Home Protection Insurance, Workman Compensation Plan, Safety Goggles or accessories etc


Inventories, Taxes, Payroll and Bonuses

• How are you going to keep track of your documents for the following matters :

Income, Corporate and other business taxes
Insurance
Employment ( Records of Employee )
Sales and Marketing
Financial Control, operations and transportation
Contractors and Suppliers
IT and e-Commerce
Importing and Exporting
Minutes of Meeting for your business
Trainings or Seminars
and much more……


Most of these new owners or entrepreneurs usually get over-whelmed in the beginning because the Number One concern they have in order to satisfy the above is to have more money.

Very often, when they are new in the market, the trust level of customers may not be high and this affects the profitability of the business. However, as time goes by, they will eventually get more businesses when the customers trust them more and more.

When the going gets tough, these enterprising businessman will usually look at their business plan to make modification where necessary. Some will reach their goal faster than the others.

Meanwhile they always remind themselves the purpose for doing the business as well as the outcome they can derived from doing it. Some of these purposes are :

• The satisfaction of owning their own business!
• The ability to work as much, or as little, as they want!
• The flexibility to set their own work schedule!
• The pride of a job well done!
• The joy of helping others!
• A chance to spend more quality time with family and friends!
• The power to control their financial future!
• The option to take vacations whenever they feel like it!
Plus much, MUCH MORE!


William Siong

Here is Napoleon Hill's take on living our dreams:

” First comes thought; then organization of that thought, into ideas and plans; then transformation of those plans into reality. The beginning, as you will observe, is in your imagination.”

Steps to forming a business of your own

If you want to be an entrepreneur, welcome to the crowd. Every month there are thousands of people creating new businesses around the country but to start a business can be a complicating, risky effort. Only about 60% of these businessmen survive for 2 years and less than 50% of them survive for at least 4 years, according to a study by the U.S. Small business Association.

A typical business setup will include the following considerations. However, you can always look for a business consultant or an online free advice on how to prepare for it :

1. Am I an entrepreneur or businessman ? or a Wannabe ?

• To have a successful business, you need a certain set of characteristics. You must be willing to take calculated risks, be optimistic, and enthusiasm

• You must be prepared to play many roles i.e. Being a chairman of the company but still willing to fix the toilet when its broke.


2. Which business is suitable for me ?

• There are lots of ways to find a business idea. You can read about it on Newspaper, Magazines, Internet surfing or Forums. But for most people, they begin with their interest first.

• Back in 1989, when I found out that I was really interested in computer servicing while working as a Salesman, I left the company and started a business that provides Computer Servicing for companies that need to outsource their personal computers or monitors for repair.


3. Is the business still viable in the market ?

• Find out if the business is still viable by talking to potential customers, suppiers and distributors. You can even attend Trade-show or Seminar to guage if the cake is still hot. You are merely exploring the opportunity.

• If you have a product at hand, make some tiny sales in fair or local outlets to get feedback, good or bad, so that you can fine tune your business concept or other matters.


4. Write a business plan.

• No business can proceed without a game plan !. It should describe why and how you want the business to be carried out and by when will it be consider successful.

• It address concern such as : What kind of product or service am I providing? Who is my potential customers ? How can I make money out of it ?

• A plan can be fine tune as many times along the way so that it keeps the company growing in the projected direction.


5. How much do I need to start a business ?

• Most entrepreneurs start their business with the savings they have, or they also loan some funds from their family and friends.

• You also can get a loan with a bank provided you have assets e.g. your home and a very sound business proposal plan.

• The best advice is always to start small, and slowing building it up along the way.


6. What choice of business do I have ?

• For detailed business choices, you might want to read my September 24th post.

• The most basic choices are Sole-proprietor, Partnership and Private Limited. Each offers different legal protections, tax savings and ownership requirements.

Which business is for me ?

There is basically a few types of businesses a person can choose to embark on. It very much dependent on his financial standing, skills and business knowledge and much more.


Common Types of Business


Sole proprietors / traders

Most people who start in business do so as sole proprietor or traders, working on their own, often from home. They alone receive the income and are therefore liable for any losses or debts. Having no colleagues can be liberating, but might equally be isolating with no one to provide motivation or inspiration.

E.g : home-based online traders, ABC Computer Services


Partnerships


You could set up in business with one or more colleague(s), relative(s), or friend(s). This form of business relationship is usually known as a ‘partnership’. Each partner might be equal or some may have a larger share of the business. Your income and liability are proportionate to your share in the business.

E.g : ABC Computer Services ( does not reflect a Pte Ltd at end of name.)



Limited companies


As a limited company, the business is registered with ACRA ( Accounting and Corporate Regulatory Authority ). There are more regulations associated with running a business this way but these are generally offset by tax advantages. Those directing the company have shares proportional to their involvement.

E.g. XYZ Freight Forwarding Private (Pte) Limited


Franchises


Two type of people here :

Franchisor

They expand by getting other people to buy into their established business which provides equipment, raw materials, training and a well-known commercial name, thus allowing the franchisee branch make an individual profit. An obvious advantage is that it presents a ’best of both worlds’ scenario. On the other hand, initial outlay can be high and income is not guaranteed.

Franchisee

People who are wants a faster way into a proven business system. Their initial investment can be very high although it comes with training and support including setting up of branch. The franchisor makes a monthly Royalty income from the business generated.

E.g. of franchise business : MacDonald restaurant


Buying a business

Also commonly known as Merger & Acquisition.

Taking over an existing business is still better than starting up on your own, but make sure you do your research! It will be much easier to invest in an established firm with a solid customer base and a motivated workforce, rather than one with liabilities or a poor reputation. You can find a business to buy through local press, estate agents, trade associations and websites dedicated to this sort of provision.


Social enterprise

This is an expanding area and has evolved from a desire to help the disadvantaged, providing much needed resources or services in disadvantaged areas and offering employment to those who would otherwise be unwaged.

E.g : http://www.bizlink.org.sg/ for the Disabled.


Charities

Charity Portal, http://www.charities.gov.sg ,provides you with all answer regarding charities matter in Singapore. Certain trading activities are barred to organizations with charitable status.


Freelancing


Quite similar to Sole Proprietor or Sole Trader.


Freelancers offer a skill or service to other businesses which employ them as needed for particular projects or for set lengths of time. They may be given office space or work from home, delivering work to (often tight) deadlines. Some freelancers will actively market themselves. Others may obtain work through agencies or by a direct approach from employers.

E.g. : Computer Support or Monthly Nannies



It is therefore not an easy choice for anyone to start a business; however, with proper considerations and decision making, anybody can start to do something that can literally change their life in the near future.

Factors that make people want to do a business !

The past few days was not a very typical day due to the turmoil in the financial markets…….and probably for many of the readers out there too…..

Some people may feel that this is not the right time to commit to attending any event that claims to be able to change your future.

The truth is just the opposite!. With so many unforeseen circumstances happening in the market, the banks and even many others industries … it is the right time that you MUST make a commitment to building your own financial future through some form of business.

Remember, nothing happens without action.

To find out why there are people who want to do business or what is your Life’s purpose, this simple Quiz will show you where you’re at the moment :

1. I sometimes feel that there is something missing in life.
2. I don’t felt much joy in my life.
3. I feel there is something I am supposed to do but not sure what it is.
4. It’s difficult for me to relax; I feel like I must do something.
5. There are things I want to do but I am afraid to embark on it.
6. I don’t enjoy what I am doing but I don’t know what else to do.
7. I’ve all the things that are supposed to make me happy but I’m not.
8. I believed I can contribute more than I could do

If you have answered YES to any of this questions, then either consciously or subconsciously you’re searching for your Life’s Purpose, or you haven’t figure out a way to align your Life’s purpose with your ACTION.

What are the motives that makes a person want to do a business ?

Make an idea happen
Develop a hobby
Make more money than before
Freedom to choose approach to work
Be my own boss
Get more respect
Dissatisfied in previous job
Challenge myself
Lead and motivate others
Continue family tradition
Been out of work
Make a lot of money
Follow example of admired mentor
Better position in society
Pursue personal Dream
Change into a Positive Environment

Surveys has shown that almost 80 – 90% of people who started their own businesses actually selected Freedom in approach to work as their most important motive followed closely by Make more money than before.

Why ?

In our society today, many of us are paid a salary to perform a certain role in a company for a period of time. We called it a Job, Employment or Occupation. However, the way things are right now is so much different from the earlier days.

Many soon realize that in order to save cost, these companies make them do more works to justify their salary that they were getting. They perform several tasks or roles in their daily activities so much so that they don’t have any time left for themselves or their families.

Many of these works that they are doing can be very boring, yet many of them keep doing it because they don’t know what else to do.

There are people who works for 10 to 40 years thinking that they have “job security” but is the job really secured ?

Look at recent events in the world, we can see or hear news of :

1. Companies going bankrupt without much warning,
2. Companies axing workers worldwide to save cost,
3. Tension between citizens and government,
4. Real Estate is not as promising as before,
5. Stock market is in a roller-coastal and many more.

The repercussion effect on these people, who are trading time for money, is so bad that it affects the country economy as well.



Hi, my name is William, my purpose in starting this Blog to is generate some sort of awareness amongst people whom I knew as well as those whom I am about to know that :

Life is always a struggle but to struggle and knowing what you get in return is better than struggling and not knowing what you get out of it.

I will endeavor to append as many informative articles on Business related issue, opportunities or discussion so that it can helps us directly or indirectly to improve our knowledge or our live.

I encourage anyone, who is reading this Blog, to participate in this program should you find it interesting. Let’s do it for the sake of ourselves or our family.

P/S: You are welcome to email me any articles that you want to be posted here. Just send to : kksiong@singnet.com.sg