Are there Secrets to Success in Business?

This forum is created to discuss broad Financial Principles pertaining to Personal Finance

Moderators: alvin, learner, Dennis Ng

Postby whye » Tue Sep 13, 2011 3:58 pm

Hi Dennis,

I'm interested in your sharing of business views, too!

I'm looking at the possibility of starting up Taiwan bubble tea franchise business locally. The trend is moving from HK, Taiwan & China to Southeast Asia in the recent years. I've tried it myself, the quality is much better compare to what we used to see at the food market. As we are now anticipating the next downturn whereby high inflation and high unemployment are potential issues, is it a good time to consider this option?

I know there is no right or wrong for many things. But I would like to hear your opinions if you can share them as this will be a big decision to make. Thanks!
whye
 
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Postby Dennis Ng » Tue Sep 13, 2011 6:35 pm

whye wrote:Hi Dennis,

I'm interested in your sharing of business views, too!

I'm looking at the possibility of starting up Taiwan bubble tea franchise business locally. The trend is moving from HK, Taiwan & China to Southeast Asia in the recent years. I've tried it myself, the quality is much better compare to what we used to see at the food market. As we are now anticipating the next downturn whereby high inflation and high unemployment are potential issues, is it a good time to consider this option?

I know there is no right or wrong for many things. But I would like to hear your opinions if you can share them as this will be a big decision to make. Thanks!


the product is just one of the many components of a business.

There are quite a number of bubble tea businesses set up in the last 2 years, looks like there is a revival of Bubble Tea in Singapore.

ALL businesses need to ask themselves this question:"Why should the customers choose your Business instead of other competitors?" What is the Unique Selling Proposition (USP) of your product or service?

Also one needs to factor in how much business needs to be done to achieve Break-Even and other factors.

Starting and Running a Business Successfully is NOT a simple thing. Over 60% of businesses registered in Singapore fail in the first year itself (statistics from ACRA) and about 80% of businesses fail within first 2 years.
Last edited by Dennis Ng on Thu Dec 29, 2011 10:08 am, edited 2 times in total.
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
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Postby danielcheng » Tue Sep 13, 2011 10:08 pm

Before starting your business, you may want to think about the personal strengths or qualities you possess, what is your passion & how it would help you be a more successful entrepreneur.

You may want to ask yourself some questions before you make the big decision:

1. Yourself:

Are you a self starter & problem solver?

Do u enjoy the challenges? What is your motivation of starting & are you commited?

What talents or skills(creativity/interest etc..) you possess that will assist you in running your new business?

What are your strengths and weaknesses?
Skills you need to learn or brush up on to run your business effectively

Is the business idea your passion & meaningful which will really interest and excite you?


The Business:

Is yours really a money making idea? Sustainable? Is Franchisor's royalty reasonable?

Who is your competition? SWOT analysis

What do I offer that the competition doesn't? Your Franchisor's USP/value add

Who are your target customers?

Do you have effective marketing and sales plans? Your Franchisor will assist?

Establishing your business goals?

Capital required to start business? And maybe able to sustain 6months to a year before seeing profit.

Have a business plan? At least know where you want your business to be in 3-5years. How long is the Franchise term?

Will u have contacts/resources to engage external help for things you cannot do effectively yourself?

What type of managerial and leadership skills do u possess?

What financial risks are involved?
Upside/downside. If things goes wrong, will you be financially ok? Is the franchise/tenancy contract in your favor?


Despite all these, you don't really need to have all positive answers to start & be successful in business, else you will never start.
But you need to know you have what it takes & really want to succeed & not kidding yourself after weighing all the options.
danielcheng
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Postby Dennis Ng » Thu Sep 15, 2011 10:52 pm

thanks for the very valuable sharing by danielcheng, who has many years of experience starting and managing a business.

Our seminar graduate community has expertise and experience from many different areas, and most importantly, many seminar graduates are selfless in sharing.

Let's keep up this spirit of selfless sharing in this forum.

Cheers!

Dennis Ng

danielcheng wrote:Before starting your business, you may want to think about the personal strengths or qualities you possess, what is your passion & how it would help you be a more successful entrepreneur.

You may want to ask yourself some questions before you make the big decision:

1. Yourself:

Are you a self starter & problem solver?

Do u enjoy the challenges? What is your motivation of starting & are you commited?

What talents or skills(creativity/interest etc..) you possess that will assist you in running your new business?

What are your strengths and weaknesses?
Skills you need to learn or brush up on to run your business effectively

Is the business idea your passion & meaningful which will really interest and excite you?


The Business:

Is yours really a money making idea? Sustainable? Is Franchisor's royalty reasonable?

Who is your competition? SWOT analysis

What do I offer that the competition doesn't? Your Franchisor's USP/value add

Who are your target customers?

Do you have effective marketing and sales plans? Your Franchisor will assist?

Establishing your business goals?

Capital required to start business? And maybe able to sustain 6months to a year before seeing profit.

Have a business plan? At least know where you want your business to be in 3-5years. How long is the Franchise term?

Will u have contacts/resources to engage external help for things you cannot do effectively yourself?

What type of managerial and leadership skills do u possess?

What financial risks are involved?
Upside/downside. If things goes wrong, will you be financially ok? Is the franchise/tenancy contract in your favor?


Despite all these, you don't really need to have all positive answers to start & be successful in business, else you will never start.
But you need to know you have what it takes & really want to succeed & not kidding yourself after weighing all the options.
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng
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Postby danielcheng » Fri Sep 16, 2011 11:10 am

Hi Dennis

Pls don't mention. After years in business, I thot I learnt quite a few tricks. But by visiting this forum, I realize I've still got lots to learn & gained much from the postings by yourself & many others here. Thank you.

In my earlier years, I followed kiyosaki's cash-flow concept by becoming a business owner, built cash-flow & then became an investor to grow it further. Later I realize I can be in every quadrant as time goes & you had rightfully pointed out. Looking back, I was fortunate.

Good news is, all forumers here have a very good chance of becoming a millionaire just as an employee by learning from Dennis & apply his investment concepts. Infact, I see his methods as much lower risk & less stressful than starting your own business...I.e if you are well prepared.

Daniel




Dennis Ng wrote:thanks for the very valuable sharing by danielcheng, who has many years of experience starting and managing a business.

Our seminar graduate community has expertise and experience from many different areas, and most importantly, many seminar graduates are selfless in sharing.

Let's keep up this spirit of selfless sharing in this forum.

Cheers!

Dennis Ng

danielcheng wrote:Before starting your business, you may want to think about the personal strengths or qualities you possess, what is your passion & how it would help you be a more successful entrepreneur.

You may want to ask yourself some questions before you make the big decision:

1. Yourself:

Are you a self starter & problem solver?

Do u enjoy the challenges? What is your motivation of starting & are you commited?

What talents or skills(creativity/interest etc..) you possess that will assist you in running your new business?

What are your strengths and weaknesses?
Skills you need to learn or brush up on to run your business effectively

Is the business idea your passion & meaningful which will really interest and excite you?


The Business:

Is yours really a money making idea? Sustainable? Is Franchisor's royalty reasonable?

Who is your competition? SWOT analysis

What do I offer that the competition doesn't? Your Franchisor's USP/value add

Who are your target customers?

Do you have effective marketing and sales plans? Your Franchisor will assist?

Establishing your business goals?

Capital required to start business? And maybe able to sustain 6months to a year before seeing profit.

Have a business plan? At least know where you want your business to be in 3-5years. How long is the Franchise term?

Will u have contacts/resources to engage external help for things you cannot do effectively yourself?

What type of managerial and leadership skills do u possess?

What financial risks are involved?
Upside/downside. If things goes wrong, will you be financially ok? Is the franchise/tenancy contract in your favor?


Despite all these, you don't really need to have all positive answers to start & be successful in business, else you will never start.
But you need to know you have what it takes & really want to succeed & not kidding yourself after weighing all the options.
danielcheng
Investing Mentor
 
Posts: 137
Joined: Fri Jul 23, 2010 11:48 pm

Postby Dennis Ng » Fri Sep 16, 2011 12:02 pm

danielcheng wrote:Hi Dennis

Pls don't mention. After years in business, I thot I learnt quite a few tricks. But by visiting this forum, I realize I've still got lots to learn & gained much from the postings by yourself & many others here. Thank you.

In my earlier years, I followed kiyosaki's cash-flow concept by becoming a business owner, built cash-flow & then became an investor to grow it further. Later I realize I can be in every quadrant as time goes & you had rightfully pointed out. Looking back, I was fortunate.

Good news is, all forumers here have a very good chance of becoming a millionaire just as an employee by learning from Dennis & apply his investment concepts. Infact, I see his methods as much lower risk & less stressful than starting your own business...I.e if you are well prepared.

Daniel


Hi Daniel,
yes, indeed.

Over the years I realise that very few people are actually suitable to start their own businesses. 80% of businesses fail for that reason.

Each of us are good at and suitable for different things. Most people probably are more suited to be employees, than employers.

For myself, the first 7 years, year 2000 to year 2007, I didn't make much money at all...if I had stayed in the bank, (with my higher income), I probably might have reached my first million dollars earlier.

However, I started business NOT primarily for making more money, and I would say that I would still resign from bank in year 2000 if I get to choose all over again.

The questions and tips you raised are very valuable and I might incorporate them into the content of "Secrets to Making Money in Business" Seminar. In fact, I might even want to invite you to conduct/share a segment of this seminar, which might happen in year 2012.
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng
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Location: Singapore

Postby Dennis Ng » Sun Sep 18, 2011 3:57 pm

Learn from successful Overseas Chinese Entrepreneurs. This link is shared by seminar graduate valen248.

http://jingji.cntv.cn/special/huashang/ ... ndex.shtml
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng
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Joined: Tue Nov 29, 2005 7:16 am
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Re: Are there Secrets to Succeeding in Business?

Postby Dennis Ng » Fri Oct 21, 2011 11:52 pm

Dennis Ng wrote:I own 3 businesses and make over S$400,000 last year from these businesses. If u can learn from me in 1-full Day Seminar, where I share Secrets to Succeeding in Business, how many would be interested in that?

Please respond by replying in this thread. If we can have at least 20 persons interested, I will go ahead to share Secrets to Succeeding in Business.


Good News!

We are going to launch the Secrets to Success in Business as early as Feb 2012, which is likely to be a 2 full-day Seminar with lots of Active Participation where attendees are likely to apply what they learn as they go through the entire 2 days and will be setting up, running a "business" in the 2 day Seminar and competing in a "Business Competition" where at end of the 2-days Top Winning Group will be announced...

The seminar will benefit those who want to consider starting a business in future; those who already own business (but want to make their business even more successful) and including those who are self-employed, eg. Insurance Agents, Financial Planners, Property Agents etc.

Why we start this seminar? As usual, I have reached the Point that I cannot stand some of these seminars on Business currently available in the market place anymore and I think it is time for me to share Real Life Experience of my 11 years of Entrepreneurhsip Journey plus what I learned from my multi-millionaire sifus who own Successful Businesses. I will be getting experienced Business Coach who will even provide a 12 Month Follow-Up Business Mentoring Sessions (at a Separate Fee) after the seminar. Not part-time Business Coach but Full-Time EXPERIENCED Business Coach that can really value add to any entrepreneur.

This Business Mentoring Sessions is something that is currently NOT being offered by any seminar providers in the market place becos most of these seminars are run by people with Making Money as their main objective of running seminars.

We are still in the curriculum design stage and once everything is finalised, details will be announced again in the forum and there'll be Special Offer for Seminar Graduates before launching to the Public.
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng
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Joined: Tue Nov 29, 2005 7:16 am
Location: Singapore

Postby Dennis Ng » Tue Oct 25, 2011 9:19 am

The Straits Times
Oct 25, 2011
Eu Yan Sang chief is top entrepreneur
Award recognises his modern approach to traditional health care

By Esther Teo

A MODERN take on a business steeped in tradition has garnered the head of traditional Chinese medicine (TCM) firm Eu Yan Sang International a top business award.

Group chief executive Richard Eu, 63, was named the overall Ernst & Young (E&Y) Entrepreneur of the Year at an awards gala at Ritz-Carlton Millenia Singapore last night.

The prize followed Mr Eu being named the E&Y Entrepreneur of the Year for the traditional health-care category last month.

The top award recognises his work in transforming the company that began as a family business in 1879 into an industry leader offering a modern scientific approach to TCM health-care and wellness products, making it more accessible to modern consumers with retail stores.

Mr Eu will now battle it out with more than 50 other entrepreneurs from around the globe for the E&Y World Entrepreneur of the Year Awards in Monte Carlo next June.

Previous winners have included Cirque du Soleil's founder, Canadian Guy Laliberte; and Singapore's Ms Olivia Lum, the group president and CEO of Hyflux, who this year became the first woman and the first Singaporean to clinch the global award.

Deputy Prime Minister and Minister for Home Affairs Teo Chee Hean told the 500 guests at the awards ceremony that Mr Eu has revolutionised the concept of traditional Chinese medicine.

'He hired English-speaking staff, launched easy-to-prepare herbal products, and distributed products in supermarkets and online stores to appeal to the younger generation,' he noted.

Mr Eu represents the fourth-generation of the Eu family, whose patriarch was the industrialist Eu Tong Sen.

He started his career in the financial industry but after spending 18 years dabbling in merchant banking, stock broking and venture capital, he volunteered to join the family business in 1989.

In 1993, he took over the reins and, under his leadership, Eu Yan Sang soon became a household name in Asia with about 186 retail outlets locally and in the region.

Mr Eu noted that businesses must always evolve with their environment and consumers to ensure they stay relevant.

But small steps should be taken rather than embarking on a big gamble.

'Everything should be evolutionary. You can't change a business so radically, it becomes something totally different. For us especially, when you're talking about a traditional business.'

The next step is to take larger strides into Chinese cities such as Shanghai, Mr Eu said. The firm has five to six stores in Guangdong province.

He added that he will 'try to do my best to keep the Singapore flag flying' at the global awards next year.

Three other winners were presented with awards last night. They were Tung Lok Restaurants executive chairman Andrew Tjioe for the lifestyle category, Wee Tiong director Tan Wee Beng as the 'emerging' entrepreneur, and Serial System executive chairman Derek Goh for the electronic components distribution award.

esthert@sph.com.sg
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
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Postby Morningstar » Tue Oct 25, 2011 11:32 am

hi Dennis,

Please count me in.

God bless you, MS
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Postby Dennis Ng » Wed Nov 02, 2011 12:09 pm

Below is extracted from my 3rd book entitled "What Your School Never Taught You About Money"


Common Misconceptions Taught in Personal Finance Books.


Go into business to get rich?
In Rich Dad, Poor Dad, Robert Kiyosaki mentioned that it is faster to make money
if you are to run a business. And so under the impression that running a business
is indeed the path to riches, some of my friends actually left their jobs to start a
business right after reading the book.


Driven by the desire to get rich, many of them failed to take into consideration
the fact that 80% of businesses do not last for more than five years. They do not
realise that just because one is a good cook, he or she does not naturally succeed
in running a restaurant. In this instance, cooking a good dish is just one of many
factors needed to run a successful restaurant.

Apart from having a good product or service, you need to learn how to market and
promote your products or services. As a business owner, you need to know how
to turn enquiries into sales, how to plan and manage your finances and cashflow,
how to make customers come back to patronise your business and how to build
customer loyalty, among other skill sets. If you have employees, you would also
need to know how to lead and manage them. That is on top of knowing how to
motivate them to provide excellent customer service, so as to make your business
stand out from competition.

In Singapore, for instance, there is no lack of restaurants and food stalls selling
chicken rice. So if you want to start a business selling chicken rice, you would need
to have a strategy to differentiate your business, in order to survive in this highly
competitive business environment.

What is most worrying is that many people who know next to nothing about
running a business decide to invest all their life savings to start one. Perhaps this is
why over 80% of businesses fail within the first five years of its operation.


Contrary to what Robert Kiyosaki said, I believe that it is not necessary for one to
go into business to reach financial freedom. All you have to do is learn how to plan,
manage and grow your money wisely through other means.
By doing so, you can
most certainly achieve financial freedom by the age of 60.
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng
Site Admin
 
Posts: 9781
Joined: Tue Nov 29, 2005 7:16 am
Location: Singapore

Postby Dennis Ng » Wed Nov 02, 2011 12:33 pm

Hi Seminar Graduates,

I just like to share a good news and another Real Life Example that CBA really works.

I participated in an Entrepreneurship Award, called SME1 Award, this year is the first time this award is being given out.

I participated under the Emerging Entrepreneur Award, representing MasterYourFinance.com Pte Ltd, (for newly set up company that achieved over S$1 million revenue in 1st year).

www.MasterYourFinance.com

After nomination and selection process, including an interview by judges, I was chosen as the TOP 5 Winners of Emerging Entrepreneur Award Category.

Without you (seminar graduates), this Award is NOT possible. So I like to dedicate this award to all of you and also to once again, thank you for the support you have given to me all this time.

Below is more info on the SME1 Award.

There'll be a special supplement in Business Times on 1 Nov 2011 and also some announcement via Channel News Asia for this Award.


http://www.channelnewsasia.com/stories/ ... 23/1/.html

http://www.sme1.asia/masteryourfinance



http://www.sme1.asia/awards-categories

http://www.sme1.asia/judging-process


http://www.sme1.asia/award-winners-2011

Emerging SMEs Award

MasterYourFinance.com Pte Ltd aims to be the Leading provider of Financial Education seminars/traininig in Singapore and the region. Our mission is to help 1,000,000 people achieve S$1 million, at least.



We do not want to be just another seminar provider, but we want to help create a close-knitted community of like-minded people, who are interested in continuous Personal Development and learning, who believe in improving ourselves so that we can contribute more to the society at large.



Our company, MasterYourFinance.com Pte Ltd aims to:

1. inspire and encourage more people to find their Mission and Passion in life and to Pursue their Passion.

2. Be the best they can be in their area of Chosen Field, so that they can Contribute the most to Society

3. Educate that wealth and Riches and Financial Freedom will definitely come if you are really good at what you do and if you learn how to Grow your Money (savings).


4. share with seminar graduates that when they become Wealthy, then it is time for them to think about what they can do for the less fortunate and the poorest in the Society...

For more details about our company's books and seminars, please email to seminar@MasterYourFinance.com or call us at 6339 9255 today!


Cheers!

Dennis Ng, founder of
www.HousingLoanSG.com

www.TradedEndowment.com

www.MasterYourFinance.com
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
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Postby danielcheng » Wed Nov 02, 2011 4:43 pm

Hi Dennis,

A big congrats to you & team for the achievement! I applaud your passion & determination in pursuing what you believe in & making a difference.

Cheers!
Daniel
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Postby Dennis Ng » Wed Nov 02, 2011 5:14 pm

danielcheng wrote:Hi Dennis,

A big congrats to you & team for the achievement! I applaud your passion & determination in pursuing what you believe in & making a difference.

Cheers!
Daniel


thanks.

I'll be overseas in Taiwan for a learning trip from 3 Nov to 11 Nov 2011. So may not be logging in while I'm away. Cheers! Some people talk about continuous learning, I simply do it.
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng
Site Admin
 
Posts: 9781
Joined: Tue Nov 29, 2005 7:16 am
Location: Singapore

Postby Dennis Ng » Thu Dec 22, 2011 4:30 pm

Many years ago one of my multi-millionaire sifus said to me:

Are you in business?

Dennis: yes, I'm in my own business.

Millionaire sifu: if you are not in office for 1 week, anyone call the office, who answers the call?

Dennis: I answer the calls, calls will divert to my mobile phone.

Millionaire sifu: so if you're NOT working for 1 month and do not come to office for 1 month, what will your business earn?

Dennis: if I stop working, I stop earning.

Millionaire sifu: Dennis, you are NOT in business, you're just self-employed.

Dennis: ...(yes, now I realised this).

Millionaire sifu: do you know what is a business?

Dennis: an enterprise that makes money?

Millionaire sifu: a Business is an Enterprise that makes money WHETHER the Business owner is around or not, whether the business owner is working or not working...

It is an enterprise that works without the business owner.

This is what you should aim to build your business.

4 years ago, in year 2007, we had only 2 staff. My wife and I were in Hong Kong Disney Land enjoying our holiday with our 2 young children....then suddenly, I received a call from my Singapore office

Staff: Dennis, we can't handle the situation, you need to take this call, the client insist that you assist him immediately over the phone...

I answered the phone, spent the next 10 minutes helping the client resolve some issue.

After that, when I put down the phone, I told my wife:"looks like we still do NOT have a business yet..."

Recently, we went to Taiwan for 7 days holiday. Throughout the 7 days, we didn't receive even 1 call or SMS from office. Basically, our business works without our presence and I know that NOW we truly are in business and we are business owner and not self-employed.

So anyone thinking of starting a business, do you think you would gain alot by learning from me, that by doing so, you can avoid many pitfalls in business, many mistakes that can be costly both in Time and Money?

Or do you think you're better off trying to figure out how to Start and run a business successfully by Trial and Error?

I am still considering whether should I teach all these knowledge/experience I gained in 11 years of business...as some of these are very precious experience and tips that maybe used by competitors...
Last edited by Dennis Ng on Thu Dec 29, 2011 9:58 am, edited 2 times in total.
Cheers!

Dennis Ng - When You Master Your Finances, You Master Your Destiny

Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng
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Posts: 9781
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