The No Turning Back Point
It’s almost end of our funding period. Prototype has completed, and hence we were struggling to get Letter of Interest from various parties. Had been months meeting various audiences and potential clients and we were given good feedbacks from both sides. However, although feedbacks are good, now the only problem lies on our product price. The price mentioned by the clients didn’t manage to cover our product cost. And this is the most difficult challenges for us that we need to revamped our business model again. The cost of animations could be very high. 1 episode in 1 series can cost around RM40-60k. Given the feedbacks from clients and audiences, we knew that our product works. It just that how we can sell at a reasonable price and cover our cost and on top of that earn some money. So, we were now heading for MOSTI for a larger amount of fund for the upcoming months, however, MOSTI funds are ending this year. We are in progress developing a preview for pitching, and this only could be complete by end of October. and to get Letter of Interest within November, and hopefully submit my application on end of Nov. By then, I do not think that there will be any funding left over for us. I am frustrated now for not being able to help to built the preview but to do nothing until it is completed. Waiting, is mentally torturing me.
Although we were given good feedbacks from clients, but we knew the road in front is tough, we are left out with no more capital to spent, hanging in between. Looking at your friends and ex-colleague getting promoted with income raise, I have wonder why did I put myself in such situation, but I never regretted. I feel glad that I had a team that runs with me until now, and thankful for the support from my family from the beginning. Hence these only made me no choice but to continue to move forward even you knew the road is tough. I love pressure~!
Recommending HowStuffWorks.com (Must Read: for grant applicants)
Tech geek like me have not when for business schools, marketing nor finance classes. However, such information could be found over the Internet. There is this site called "HowStuffWorks" has started to become my favourite, introduced by my colleague, KC (it was his all time favourite), and I am now eagerly to introduced to all of you who are reading my blog. "HowStuffWorks" has almost everything on how something works, although it is not written in very detail, but it does benefits me in certain ways. for example, when someone proposed me an online Business, I will definitely look into this site for information, such as "How Creating an Online Business Works", crack into the online business giant such as ebay on "How eBay Works", learning the ebay way. Or, being the CEO of the company, I shall learnt the responsibility of CEO, then I read "How CEO Works". Hence, for business starters like you and me, we should read "Starting Business" in HowStuffWorks. The following list of links is essential for start ups and grant applicants to read:
- How Business Ideas Work - Grant applicant must read.
- How Business Plan Work - Grant applicant must read.
- How Start Up Capital Work
- How Does Venture Capital Work
- 10 Ways to Finance A New Business
- 10 Common Problems for New Businesses
- How Business Legal Structure Work
- How Marketing Plans Work
For those who are reading the my blog post on "Basic Tips and Guidelines for applying ICT Funding in Malaysia", the links above is a must read, specially the How Business Plan and Business Ideas Work.
Another lost talent from Malaysia - Pen Drive Founder Pua Khein-Seng
At the recent local newspaper, it has known that the founder of pendrive is a Malaysian. Yes, indeed, Malaysian is the one that invented the pendrive(a thumbdrive, usb flash memory, etc or whatever u named it), Mr Pua Khein-Seng, the pride and proud of an Malaysian Entrepreneur (click here for more info). I felt proud for the moment when I was reading the articles that how Pua made his way up when he started his company (PHISON ELECTRONIC CORP) in Taiwan while he was only 27. I googled around and search for his profile and I came out to a very ironic information (which i do not know how true it was), that Pua was a rejected student from the local university, and even though his proposal of his USB flash memory (pendrive) was also rejected by Malaysian authorities, and he was force to stay back in Taiwan to start his invention. a Malaysian Entrepreneur which was not in MALAYSIA.
Today, PenDrive or USB Flash memory, has revolutionize the era of floppy disk and storage in the world of computer. As an inventor, just only by receiving licensing revenues from different manufacturer would have made how many billions of dollars from around the world. However, the most ironic thing is this, it is claimed to be a “TAIWAN TECHNOLOGY” instead of “MALAYSIA TECHNOLOGY“. First of all, the technology is patented under a TAIWAN company, funded and invented in TAIWAN, hence, it is a TAIWAN TECHNOLOGY. This is just one “in your face” disgraced for MSC MALAYSIA, that has missed an opportunity to sparkle and polish Malaysian capabilities that all pendrive around the world is a MALAYSIA TECHNOLOGY. Apart from that, the millions and billions of dollars that has flown into the TAIWAN company which is worth RM4.1Billion, instead of a MALAYSIA company has really really sadden me off. Arggg…..I am so sad, so angry, the money, the pride, the proud~~ gosh, all gone to TAIWAN~! You can’t blame Pua. Now, whether is it for 1Malaysia, reporters has been running around to spot out entrepreneurs that has lost from malaysia, asking them, “Will you be coming back? do you still love your country? will you bring back your business?”, i think most will answered, yes, I love my country, i will be back. In terms of bringing back the business, hmmm, what will be the offer from the country? My business is well established out of malaysia, whats for the hassle to bringing it back?
I was wondering, if Pua managed to do this in Malaysia, will it be the same achievement as he has in Taiwan now? so? the pride, the proud or the shame?
Inspiring Video on Entrepreneurship
This video is really awesome. Although is an telecommunication advert, however it expresses and flourishes the value of entrepreneurship in one single video.
- You remember when you were a kid, and you thought you could do anything? You still can.
- Because a lot what we considered IMPOSSIBLE, is easy to overcome,
- Because incase you haven’t notice we live in a place where One individual can make a difference
- Want Proof? Just look at the people who built our country, our parents, grandparents, our aunts, uncles,
- They were immigrants, new comers, ready to make their MARK,
- May be they came with very little or perhaps they didn’t own anything, except for a SINGLE BRILLIANT IDEA
- These people were Thinkers, Doers, Innovators until they came up with the name, ENTREPRENEURS.
- They change the way we think about what is POSSIBLE
- They have a CLEAR VISION of how life can be BETTER
- For all of us , even when TIMES ARE TOUGH.
- Right now is hard to see when our view is cluttered with OBSTACLES,
- but TURBULENCE, creates OPPORTUNITIES for SUCCESS, ACHIEVEMENT, and pushes us to discover NEW WAYS OF DOING THINGS.
- So what opportunities will you go after and WHY?
- If you’re an Entrepreneur, You know that RISK ISN’T THE REWARD.
- NO. The REWARDS are DRIVING INNOVATION, CHANGING PEOPLE’S LIVES, CREATING JOBS, FUELING GROWTH, and MAKING A BETTER WORLD
- Entrepreneurs are everywhere, they run small businesses that support our Economy,
- design tools to help you connected with friends, family and colleagues around the world.
- and they’re FINDING NEW WAYS of helping to SOLVES OLDEST PROBLEM
- Do you know an Entrepreneur?
- ENTREPRENEURS CAN BE ANYONE, EVEN “YOU”
- so, Seize the opportunity to CREATE THE JOB YOU ALWAYS WANTED.
- Help Heal the economy, MAKE A DIFFERENCE, take your business to NEW HEIGHTS,
- But most importantly, Remember when you are a KID, when everything was within your reach,
- and then say to yourself quietly, but with DETERMINATION: IT STILL IS.
Yes, we have forgotten how innocent we were when we were young. Everything is possible, and we just do what we want to achieved. we are so determined. obstacles are never in our way. Is time to remind us we still CAN~ ENTREPRENEURS CAN BE ANYONE, EVEN “YOU”!
Malaysia - From Pride to Shame. We need more competitive awareness.
Read this article “From Hare Speed to Tortoise Pace“, from theStar Deputy Executive Editor Wong, telling his story in the golden days to the darkest night of Malaysia Broadband services. 10 years ago, Malaysia is proud with its broadband services where we have the most advance technology in the broadband industry compared to some of the countries in Europe, such as France where they have only dial-ups. With that moment, we definitely feel the pride and joy of being a Malaysian. However, with only one decade away, today France had a far more better and faster broadband service than Malaysia. and where we are now? Our broadband services has not improve at all for the past 10 years. I guess is either we fail to learnt the moral from the story of “The Tortoise and the Hare.”, or we are just too satisfied with the current situation. We are the Hare, we are sitting under the Tree, and we are still asleep.
Malaysia needs more competitive awareness, and I personally still feels that Malaysia has not awaken from its comfort zone. The best example that the recent abolishment on implementing English in Maths and Science has raised a critical issue in the region where the authorities are over protecting the inability of rural areas and the insufficient knowledge of the poor educators and has forgotten of who we wanted to be in the global position. In my personal opinion, applying sufficient pressure in the education system is the only way to improve our competitive advantages in the global industry. Stop protecting and stop giving excuses to yourself for not improving. Its only a matter of whether you want to be improved or not. I came from a Chinese independent school, and I remember the horror in learning English, Chinese and BM in both Science and Maths. Get over it, Malaysian~!
Bridging the fear of Cold Calling
To Technopreneurs and Technology geeks, Calling up a stranger and attempting to pursuit them over the phone to be interested with your product or to schedule a meeting is just not what you do. It doesn’t runs in your vein, doesn’t run in mine tooo~~~.
I have delegate most of the responsibility of sales call and meeting schedule with clients to my marketing partner, kc. However, I decide to take up the challenge to learn something which I don’t always do - A cold call to a potential clients. Yes, is my first Cold Call, which I think is a skill that needed to mastered in the path of becoming an entrepreneur.
So, I listed down a list of potential customers and their contacts in a piece of paper. I put the phone in front of me. then…. oppps , of all the sudden, I felt thirsty, so I go make myself a cup of tea. Ok, the tea is ready, I suppose if I talk too much I still get to clear my throats with the tea. Hmmm, I think not enough contacts in my list, so I when google for more contacts, in between, facebook for a while, and listed down extra 10 contacts to my list. Ok, now I should be ready~! I pickup the phone, suddenly, I felt shit right at my ass, and I head to the toilet and make it big~! Ok, I think almost everything should be ready, the list of contact, the tea, my throats are clear, there is no shit in my ass. Oh ya, I forgotten to write a script for my call. So, I spent some time to write the script. Ok, now everything is prepared. Set to go. What the Hell, I am still freaking nervous when the phone is on my hand. And, 2 hours gone~! I have been shouting at myself - Make the Call ~!!! you Fucking Idiot~!
What happen to me, why am I so nervous. I am able to faced the 10 panels from MDeC and now I am so chicken~! So, I told myself, If I don’t make the call now, I will be eating bread for life!!! Hence, I get myself calm within minutes, pick up the phone, and dial the first number on my list. A lady pick up the phone, hence, I read my script.. “Hi, I am Chee Hoong. Calling from Joove Enterprise Sdn Bhd”, then the lady answered~ “WHAT IS THIS REGARDING~!”, oh gosh, the sound on the other sides seems having a period, I felt very uninvited, my brain just got a shock, stunned for a second. And I repeated the script again “Hi, My name is Chee Hoong, calling from Joove Enterprise Sdn Bhd. We are doing bla bla bla. and blablabla. Are you able to spare me some time for a meet up?”. Wow, I read that script in one breath~! and I hope she gets my message. She replied. “SORRY, WE ARE NOT INTERESTED!” slammed the phone. There goes my first call. Oh, is sounds so hurt, is like being dump by your girlfriend. OK, get on with the second call with the better feeling, still tense up, half recovering from the previous rejection. Second call, heart brokening. Third call, Failed. Something is not right some where.
So, I call up my partner, get him to call some clients on my list, and I observe his conversation. The next day, I make my second attempt, imitating the way my partner did, these time without scripts, no tea, and with shit in the ass. I converse in a way like how you talk to a friend, gentle, nice and honest. Finally, One appointment made, YES~! That moment, I felt so over joy. I am happy that I am able to overcome the fear, and successfully getting an appointment via the phone. Then the second call, third call, forth call, is so exciting, and I got it all through and appointments are set. I believe, there are still much to learn from cold calling skills. A lot of practice needed on me. Hence, Geeks, all you need is to overcome the fear. Start calling now or you will be eating bread for life.
Small tips for cold calling. 1st, Prepare a Script but Never read from the Script. 2nd, Identify your objective. 3rd, focus on your objective. 4th, converse in a smooth way. 5th, Just enough information will do. 6th, Ask for appointment. 7th. PICK UP THE PHONE AND DIAL AND KEEP A SMILING FACE~!
Links to share:
- http://sbinfocanada.about.com/cs/marketing/a/coldcall.htm
- http://ezinearticles.com/?Top-10-Tips-For-Cold-Calling-Success&id=80590
- http://www.bytestart.co.uk/content/marketing/articles/cold-calling-guide.shtml
- http://www.microsoft.com/smallbusiness/resources/marketing/customer-service-acquisition/7-tips-for-turning-cold-calls-into-hot-leads.aspx#tipsforturningcoldcallsintohotleads
Zoo Negara is a Non-Governmental Organization
I was reading on theStar online that a frustrated visitor urge to saved our Country Zoo, claiming the animals are not well treated, looked under-fed, dirty and unhappy, surrounded by untrimmed bushes and uncut grass, incomplete renovation and expansion work, filthy walls and drains and other unsightly scenery (details read here.) . Yes, indeed the Zoo “Negara” needs our help. Is sad to say, Zoo NEGARA is an NGO, Non-Governmental Organization. I was surprised too when I first known this off when I tried to approach Zoo Negara as our potential advertising clients weeks off before the news came out from the paper.
Holding the word Zoo “NEGARA”, a Country Zoo, I bet everyone thinks that the Zoo, is supported and funded by the country government. And is very sad to hear that, our country government is not doing anything with it, and the Zoo is not listed as a tourism spot in Malaysia. The management for Zoo “Negara” are looking for sponsors for to feed the animals in the Zoo, sponsors for their advertising campaign, and sponsors to renovate the zoo. and I was wondering, why in the first place it is called ZOO “NEGARA“.
Why is Singapore Zoo so crowded with tourist, Jurong Bird Park is so pack with visitors? and our Zoo, you don’t even need to queue to get your tickets. First of all, the location of the Zoo is Not strategic (don’t expect someone going up to Genting will drop by the Zoo), secondly, there are no special performance that will attract the visitors (I prefer to go Genting to watch the White Tigers that performs Magic), and the Zoo is barely surviving itself.
Someone and Some department under the government has to do something about it, or find someone to put his head in the tiger as a key attraction to the zoo. Instead of spending such a huge amount of money in promoting Malaysia Tourism via EPL, why can’t that amount be used to improve the countries properties! Malaysia has lots of attractive tourism spots, jungle tracking, water fall that needs to be well maintained, and yet you see rubbish stacking up everywhere. Tourism Malaysia has over focused on foreign markets, and have neglected the local markets that will also indirectly steer the economy in within the country itself. If our own nation does not even support the local tourism, why do you expect the foreigners will?
Tough time ahead but an Exciting one for Joove
It has been long since I updated my blog here. Had been busy with work to keep progress on schedule when man power are in short. My company currently in the most critical condition where everything is in concern. It is coming to the last quarter of our fund disbursement from MDeC Technopreseed Fund. I have been missing in most entrepreneurs event organized by MDeC and I have started laying out plans to counter what happen next when the pre-seed project ends on coming August 2009. By then, a tangible product should be ready for demo. The problem now is how do we survived the tough time when we are not supported by the funds. The needed marketing cost, operation cost, continues development cost, expenses and expenses and expenses etc. Our product, , which is not like any products that will be sold for an immediate revenue. So Hell we go again, Fund raising campaign is needed. However, after speaking to a few clients and audiences to gather interest from their side, it is happy and excited that we are in the right directions and right timing, that our product does interested them, but, the only problem from both site is the “Chicken and Egg” issue, the common glitch and headache that most entrepreneur faced. The clients wants a confirm mass market to be ready, and you need the time to build that huge market. Apart from that, small players like us need to strategically plan the time for product launching …. so everything is in concern~~~ Hell we go again~~~ Will I survived ???
Entrepreneur vs Business Man
Have you ever think of being an entrepreneur? or your are just being a business man? How do you differentiate that? I do ask myself that? Hence I have a quick search through the Google and the following is the summarization of the little research I did.
Entrepreneur
- Initiates, Innovates and converts an Idea into a tangible product/trends
- Creating a product/business model/services/trend from nothing, zero, or something that does not exists.
- Higher Risk of failure. The entrepreneur will not know if their new idea or a new concept is acceptable by the market.
- earn little from the start, multiplies by millions.
- looking for a Long term goal and profits
- Utilises Business man to expand and distribute and grow their licensed product.
- Live at a greater cause.
- Entrepreneur possess the characteristic of business man and Innovators.
Business Man
- Follow trends and utilized a product that was created by the entrepreneurs to meet their short-term goals
- Do not create products/trend/services.
- Lower risk of failure as in the idea and product has been recognized by the market.
- Focusing on Short-term profit. Earns direct cash and money by selling the product of an entrepreneur.
So…What you are? Entrepreneur or Business Man ?
Reference Links:
- http://entrepreneur2007.pbwiki.com/Entrepreneur%20vs%20Businessman
- http://www.millionaireacts.com/473/businessman-vs-entrepreneur.html
- http://globalwealth.wordpress.com/2008/08/28/entrepreneur-vs-businessman-pros-and-cons/
MSC Malaysia Status - The 10 Point Bill of Guarantees
MSC Malaysia Status, famous for its beneficiary on 5 Years Tax exemption, and that is the reason most companies are drawn to apply for the status. However, how many does know what MSC Status are offering? The below “10 Point Bill of Guarantees” are what MSC offering that will really excites you. The points was grab from http://www.mscmalaysia.my/.
- Provide a world-class physical and information infrastructure. - MSC Status companies will required to move into office area which was awarded with MSC Status. There are now approximately 14 office area are classified as MSC, namely Bandar Utama, Cyberjaya, KL-Sentral, KLCC and more will be coming in within the next 1 year. World class infrastructure really sounds great, however the cost is respectively high as well.
- Allow unrestricted employment of local and foreign knowledge workers - as from what I know, MSC has direct collaboration with the Immigration department to speed up the process for hiring foreign knowledge workers, which reduces your hassles in foreign employments.
- Ensure freedom of ownership by exempting companies with MSC Malaysia Status from local ownership requirements. - is this means by foreign investor are able to take up majority ownership? I will have to check this out.
- Give the freedom to source capital globally for MSC Malaysia infrastructure, and the right to borrow funds globally.
- Provide competitive financial incentives, including no income tax for up to 10 years or an investment tax allowance, and no duties on import of multimedia equipment.
- Become a regional leader in intellectual property protection and cyberlaws.
- Ensure no Internet censorship.
- Provide globally competitive telecommunications tariffs.
- Tender key MSC Malaysia infrastructure contracts to leading companies willing to use the MSC Malaysia as their regional hub.
- Provide an effective one-stop agency - the Multimedia Development Corporation.
Being an MSC Status company, you will also enjoy the services such as Business Matching provided by MSC. MSC will collaborate with agents of MARTRADE, MIDA and etc around the world to match your business with other businesses in foreign country, providing you an opportunity to venture into the foreign markets. Middle East countries are very favourable to MSC Malaysia Status. Apart from that, employment of internship will also subsidized by MSC with an amount of RM500 each.
As a recipient of Technopreneur fund, our company is eligible to apply for the status, however, not all Technopreneur recipient are qualified for the status. MSC will look into your business model, and the revenue source as the based line, specially your revenue model. If your revenue model are too complex or too exaggerate and it does not matches your business model, or it sounds too un-logical to them, your chances are limited. God bless me, hope my company are qualified for it.
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About
Life is interesting, its all about experimenting, trial and errors and self improvments. This blog is all about my personal experience. I am full with ideas, and i will achieve every one of them step by step.