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.
Video Sharing: The Secret of a Serial Entrepreneur
I found out this inspiring videos on Entrepreneurship. It really blown me up. The public speaking is so amazing and the topic extremely interesting. hope you enjoy….
Summarise of the video:
- In a Public Speaking session, 30% audience will follow the talk, 20% will be day dreaming, and the 50% will be engaging in sex fantasy.
- 6 phases of entrepreneur: Start -> Innovate -> Sell -> Hire -> Partner -> Finance
- Common mistake of entrepreneurship, they don’t see "Marketing", "Building Brand".
- Start Part
- Am I passionate enough, do I think I could make a difference.
- What you are trying to do is UNKNOWABLE by its nature.
- There is NO EXIT STRATEGY for entrepreneurs, the end game is to earn lots of money, and you won’t know how much…
- Entrepreneurship is about the Start, is not about finishing. you start you learn, is a marathon.
- The will, passion and determination that the only thing entrepreneur has.
- Innovate Stage
- What is the key insights, unique, and sustainable advantages in the model?
- Rapid development and iteration.
- Galvanizing events.
- Sell ( this is the part I don’t really understand)
- Marquee Account, Referenceable User….
- New pain point – Finding out your real business.
- Cost of customer acquisition and LTV
- Does it scale?
- Hire
- Big companies, hires extraordinary people and force them to do ordinary work. Startup hires ordinary people and inspired them to do extraordinary work.
- Established company, will hire 3 people to do the job of 1. Startups will hire 1 person to do the job of 3. (the 1:3 rule.)
- Fire yourself and contract everyone. Hiring long term employees are more costly for startups….
- Work is more important than advice.
- leveraging on "Client Development Programs".
- To keep your contractors fire up with work, advertise every position in the company every 6 months.
- Partner
- Finance
I am lazy to write… the rest is up to u to explore. 
Can my ideas work? Can my business model work?
Can my ideas/business model work? From time to time I may feel doubtful on the ideas that I am working with. I believe every startups may have the same question as I do. Not to mention, for those who has an idea and are still afraid to make the move to face the challenges, maybe the following tips that I used to self hypnotize myself may ease you in making your decision.
If Thomas Edison did not invent the light bulb or if Graham Bell fails to create a telephone. Do you think you still could still see in the dark without wood and fire, or do you think you could communicate with your loves one over a far distance. How many times do you think they have failed?
If you said you wish to fly in the sky today, no one will annoys you, because the teasing has been ended since the The Wright Brothers invented the first airplane.
Thomas Edison started today’s world famous General Electric and Graham Bell owns a Bell Telephone Company that has evolved into today’s AT&T (American Telephone & Telegraph Company). Hence, there must be something in common that these inventors/entrepreneur possess to make them what they are today. There are 3 things that I always keep in mind, which I am still learning to master it.
- Thick Face – Prepare to be called an Idiot. Are you ready to face the laughter, annoys, teasing, and harassment from your loves one and friends.
- Passionate and Determination – Are you able to accept failures! Fail and Restart all over again? Do whatever it takes to make things happen?
- Believes - Do you believe in what you are doing? do you believe in your idea? Do you believe everyday is a great day?
When someone pointing at you saying that your ideas won’t work. Are they really saying that the ideas will not work? or are they saying that they themselves are not able to do it? or is there a flaws in your ideas like for example, the targeted market, competitive advantages, the niche in your product that you have miss out? So, you should be glad that some one is telling you that your ideas don’t work, because opportunities still lies ahead of you.
The above mentioned items is generally known by everyone, however, how many did manage to master it? Saying is easy, Mastering is hard. Starting is always the hardest part, to really kick start an idea, first must master the above mentioned items. Next you should look at your approach, strategy, marketing, product niche and etc that will determine and strengthen the success to your ideas.
Some story to share
Just to share a story that I read in the papers which I felt very inspiring. The story is in chinese, I manage to Baidu the story from a china website, and I translated it with Google Translate…. I hope it inspires you too.
总裁的昨天
一个城里男孩移居到乡下，从一个农民那里花了100元买了一头驴，这个农民同意了第二天把驴带来给他。第二天，农民来找男孩说：“对不起，我有一个坏消息要告诉你——那头驴死了。”男孩回答说：“好吧，你把钱还给我就行了！”可农民告诉他钱花掉了，男孩想了想，就让这位农民把那头死驴给他。
几个月后，那农民又遇到了男孩，农民问他后来如何处置死驴的，男孩说：“我举办了一次幸运抽奖，并把那头驴作为奖品，我卖出了500张彩票，每张2元。”
农民好奇的问：“难道没有人不满吗？”
男孩说只有那个中奖的人表示不满，所以我把他买彩票的钱还他，这样我就赚了998元。
许多年后，长大了的男孩，成为了一家大公司的总裁。
经营需要智慧
The Past Story of a CEO
A city boy moved to the countryside, he bought a donkey from a farmer at the price of 100 yuan, the farmers agreed that the next day to bring him a donkey.
The next day, farmers came to the boy and said: “I am sorry, I had a bad news for you- the donkey is dead.” Boy replied: “Well, you just need to return me the money will do!”. However, The farmer told the boy that he has spent all his money, the boy thought for a while, and ask the farmers to give him the dead donkey.
A few months later, the farmers met the boy and asked him what did he do with the dead donkey, the boy said: “I held a lucky draw, and I put the donkey as the grand prizes, I sold 500 tickets, each ticket at 2 yuan. Farmers curiously ask: “Will there be anyone satisfied with a dead donkey?”
Boys said that there will be only one person that will feel dissatisfied with the prize, so I repay back his ticket, and in total I earned 898 yuan.
Many years later, the boys grown up to become a big company’s CEO.
Business Managements needs Wisdom
Translated with Google Translate, and refine by CheeHoong:
There is no harm to share your ideas
Despite of doing my own project and managing my business, I have been listening to new ideas from friends to motivate and encourage them into business where the country has provide such good opportunities with grants and funds to the nations. Although I may not classified myself a true business man or entrepreneur in-terms of experience, but I would be glad to brainstorm ideas with friends to actually train myself up to think and act like one.
Lots of people will tend to put their business ideas as secretive as possible, because they are afraid that their ideas will be stolen. Yes! That may eventually happen, and that is the risky part you need to manage, and sometime when it needs to take the risk, take it! As earlier mention, I have shared my ideas with friends and family, even CEOs and Business Man. I am not afraid that the idea will be stolen by others, because I always asked and tell myself…..
- First of all, My Ideas are still in the Idea Stage, it’s not even proven that is profitable.
- Even your Idea is proven profitable, how many hassles, time and risk do you need to take to execute an idea, to change an idea into a profitable one?
- Execution and Strategies are more important than your ideas! One may have great ideas, but bad executions and strategies may bring down the whole business.
- How many of your friends are real entrepreneur? How many will really sacrifice their day jobs, commitments and luxuries life to start a business on their own?
- How many could really sees the potential of your ideas? I will say, 10 out of 9 will turn you down, and they will make you feels like an idiot. And the only 1 that sees the potential of your idea will definitely become your business partner.
- Throwing an idea to a business man is most risky? Yes, business man may sees the potential of your business. Seeing the potential doesn’t means he will steal your idea. First of all, business man is already very busy with his own business. He/She will need time and extra effort to start a new one, and to really start an idea, it needs approximately 3 – 6 months of hard effort, 1 – 2 years to really secure the business.
- Business Man thinks differently. Your idea may be a rubbish to him. Feedbacks from business man are the most valuable information you could get.
- Business man can be a potential investors to your idea. Successful business man will try to reduce hassles to start a new ideas on his own, because he has gone through the difficult stage. He/she will most rather invest in a potential business and guide you as a mentor in order to secure his investment.
- Carefully selecting business man to throw your ideas with is important. Try to avoid proposing to a direct competitor. Try to look for a potential investor to guide you along.
Last but not least, Don’t ask me what my ideas are. Cause I am in the Execution Stage, which my idea has been recognized, it’s time for me to prove my idea to be profitable and to reduce competitors. Kekeke…..
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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.
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