The initial starting point for any business is typically the most challenging phase. A new entrepreneur gas to grapple with numerous issues especially if you are working all by yourself.
So how to starting a business in Malaysia and get through this challenging phase?
1. Get an experienced mentor or a partner into your business
Getting a mentor or partner is a must if you have little or no experience.
However, how to get the right person to do business with you? For me, it’s essential take time to list down what you want and the quality of the person that you are looking for.
You also need to go out into the business world, explore, build network and connect with people to widen your options.
With that to be said, you’re not likely to find that person in your circle of friends.
Of course, the next question is how to get the person to be partnered up with you. As I have always share with my students, nobody will do anything without getting something in return.
What you need to work on is how to get the person want to work with you.
You need to excite the person with your compelling vision, humility and enthusiasm that would persuade him to work with you.
2. You need to do sufficient search and have a plan
It is not necessary to come up with an extensive detailed business plan but more towards business modelling as a must-do for any new business.
What kind of research do we need to do, you may ask?
It could be the basic ‘go-out-the-and-talk-to-people’ type of research. You should talk to the people who are your potential target market.
Recently I was working with one of my mentee who wanted to start a confinement home. I help him draft out a simple research questionnaire and he received 65 respondents’ feedback.
The information he received is invaluable to draft his business model and plan.
3. Build the right team of people around you.
The keyword is ‘leverage’ and that means ‘finding people who have what you don’t have.’
I have my students to use my R.I.C.E formula; Resources which refers to Time and Money, Ideas, Contacts and Expertise. You need all these five components to increase your chance of success.
The point is, these three ideas are just something to start with and it is by no means complete. However, it would be food for thought before jump into the business world.
“A journey of a thousand miles begins with a single step.” —Lao Tzu
Never be afraid to start something that could change your life. Be afraid when you’re in the same place and avoid changes.
Good reading? So if you have any suggestions, leave your comment in the section below..