Sunday, May 02, 2010
This blog has moved
This blog is now located at http://business.financialplanningmalaysia.com/.
You will be automatically redirected in 30 seconds, or you may click here.
For feed subscribers, please update your feed subscriptions to
http://business.financialplanningmalaysia.com/feeds/posts/default.
Sunday, August 20, 2006
How Much It Takes To Start a Business?
The answer from the survey of the Wells Fargo/Gallup Small Business Index (on approximately 600 small-business owners nationwide) is that small-business owners spend an average of US$10,000 to start their businesses.
73% of business owners surveyed funded their businesses with their own personal savings. You can read the full report here.
Translating the above into Malaysian context, the average startup amount should be RM17,750. This is based on purchasing power parity of 1.775 deriving from Big Mac prices in US and Malaysia as at 25 March 2006.
However, this is just an average number serving as "nice-to-know" number. It is definitely not a yardstick as every business is different.
73% of business owners surveyed funded their businesses with their own personal savings. You can read the full report here.
Translating the above into Malaysian context, the average startup amount should be RM17,750. This is based on purchasing power parity of 1.775 deriving from Big Mac prices in US and Malaysia as at 25 March 2006.
However, this is just an average number serving as "nice-to-know" number. It is definitely not a yardstick as every business is different.
Thursday, January 26, 2006
Resources to own businesses
Check out the business section of our directory.
Toolkit for starting businesses. A very focus and well-written directory for owning businesses. Another site on tools for owning a business.
Seven things you must know before starting a business.
Toolkit for starting businesses. A very focus and well-written directory for owning businesses. Another site on tools for owning a business.
Seven things you must know before starting a business.
Ready to start a business?
Seven things you must perceive correctly before starting a business...
1. Owning business will cause you a totally different lifestyle. It is not just about changing your career. It is about changing lifestyle. You may have to work 12 hours a day and 7 days a week.
2. It is not about job security. There is no security. You are either making money or losing money...every moment. (Don't forget your fixed cost is running along side with time...)
3. Your customers are your bosses and you now have more bosses than you ever could have if you stayed at your pay job.
4. Do you realise that you probably have to attend to details like banking, write forms, wash toilets (well...), filing, bookkeeping, etc.?
5. Competitors want you to lose money for them to earn more. And you want your competitors to lose money so that you can earn more.
6. Business succeess is determined right at the beginning when you setup your business. How sure are you with your market? Some of them who succeeded "jumped" into their business only AFTER they had acquired their clients. They did not take market risks, they had the clients before starting the business...
7. There are two types of backup plan. One is backup plan for the business, another one if backup plan for yourself if the business fail. In your backup plan for the business make sure the plan will not make you use the second backup plan.
1. Owning business will cause you a totally different lifestyle. It is not just about changing your career. It is about changing lifestyle. You may have to work 12 hours a day and 7 days a week.
2. It is not about job security. There is no security. You are either making money or losing money...every moment. (Don't forget your fixed cost is running along side with time...)
3. Your customers are your bosses and you now have more bosses than you ever could have if you stayed at your pay job.
4. Do you realise that you probably have to attend to details like banking, write forms, wash toilets (well...), filing, bookkeeping, etc.?
5. Competitors want you to lose money for them to earn more. And you want your competitors to lose money so that you can earn more.
6. Business succeess is determined right at the beginning when you setup your business. How sure are you with your market? Some of them who succeeded "jumped" into their business only AFTER they had acquired their clients. They did not take market risks, they had the clients before starting the business...
7. There are two types of backup plan. One is backup plan for the business, another one if backup plan for yourself if the business fail. In your backup plan for the business make sure the plan will not make you use the second backup plan.
Friday, January 06, 2006
Want to be an entrepreneur?
I came across this article that reflects quite accurately on how I think about being an entrepreneur and starting, running and owning a business. It is interesting becuase the author does not hail the idea of starting one own business, yet it is so well written and informative for those who seriously considering to be an entrepreneur.
We all, in a way, want to be an entrepreneur and to own money making businesses. This is what you must read before quiting your job and taking the plunge..."Why I Quit Entrepreneurship and Got a Real Job...and what I learned from the experience." by Rob from BusinessPundit.com
This article is one of the top articles in del.icio.us
We all, in a way, want to be an entrepreneur and to own money making businesses. This is what you must read before quiting your job and taking the plunge..."Why I Quit Entrepreneurship and Got a Real Job...and what I learned from the experience." by Rob from BusinessPundit.com
This article is one of the top articles in del.icio.us
Subscribe to:
Posts (Atom)