I started my biz on 1 April 2008. Time flies... today is Alliance's first year anniversary. What a year! We started with 3 sales staff and 1 admin. Today we have 4 sales staff and 1 admin. In-between, we ever had 15 staff.
Stanley gave us a bottle of champagne on the opening day. We told ourselves that we will pop it when we earn our first $100,000. Well, the bottle remains unopen...haha... maybe we will pop it today. Afterall, I think both our efforts put in this biz is remarkable... we deserve it!
Unknown to our staff, our fund can only see us through this month if zero revenue comes in. I decided to leave it in the hands of the Lord. However, we will still continue this biz ....just the two of us.
Though I lost my life saving, I gain a lot of knowledge which I think no MBA course can offer. I am feeling sad not because I lost my saving.... I dun really care abt having money or not. I am just feeling perplexed that why we put in so much effort and yet no result. I can help my ex-companies earning millions of dollars...why not my own. What did I do wrong or what did I have not done? A few golden lessons: -
1. Never start a business you are not familiar with. I thought I have done enough research on my biz. I have not. I forgot to talk to business owner of the same business. That's why we lost so much money due to our carelessness or inexperience.
2. You need to have 200% of your capital in your bank as backup funds.
3. Contacts contacts contacts.... you need to have plenty of contacts to give you business
4. Choose your employees carefully
5. Put every agreement and transactions in black and white. Even if you are dealing with your best friend.
6. As a business owner, you must be very hand-ons. Prepare to slog for the first few years.
It is actually very addictive once you start your own biz. I think the only reason why I will go back to work is because I got no more money. As a biz owner, there will be a lot of opportunities presented to you. A lot of remarkable people you will meet. Really open up your mind.... It also trained you to think strategically. I have learned so much... well, no regrets.... jia you jia you...
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Can i just share something? This is something that i learned from a book many years back.
The author said: "it is hard for a employee (esp high income earners)to be converted into a business owner or self employed, because they are too used to getting fixed amount of money into their bank account every month. But once they can overcome that fear of one day they might not have regular income into their bank accounts, they will be able to continue to persist on."
Work towards your dream, and it does take time, effort, hardship and luck.
Just remember, 2 things:
i) if it is easy, everyone else will be doing it, and it will not be profitable then.
ii) the more difficult it is, the better the reward. Look far, long term reward (passive income) is far more better than short term income (monthly paychecks).
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