Archives for December 2015

Remember the jingle “Who wants to be a millionaire? I do!”
Here are the top 10 traits of successful entrepreneurs:
1) Unwavering self-belief; never take “no” for an answer; back themselves! Relentless in pursuing their goals whatever the barriers/challenges that are in their ways!
2) Their business is a top 3 priorities in their lives (for many of them is the number one priority). They are obsessed; they focused!
3) Know their market; know the persons they are marketing to intimately; what is in their head; what do they want! All you need to do is to look at Apple. Entertainment on the palm of your hand!
4) They have the ability to craft an irresistible and unique offer which stood out in a crowded market. It will only take one good offer to make money. Take the example of Dominos. At the time, Pizza hut virtually dominate the market; how did Dominos compete and stood out? They have an irresistible offer – hot, fresh, deliver within 30 minutes, otherwise is free. Another example is FedEx – absolutely positively will get there the next day.
5) Know their numbers. Be obsessed over the numbers. Text books principles – when it can be measured, in can be improved! Focus on the key metrics of the business.
6) Willingness to take short term losses for the long term gain.
7) They only know one speed – fast! It is all about the speed, about scaling their business fast. It’s not about greed, it’s about growth/scale. Always asking what’s next?
8) Shameless promoters. They have a brand! Everyone and anyone could have recognised it/them. Take Kim Kardashian for example. She is a “walking commercial”. She markets everything about herself! What about Floyd Mayweather – earns $83K/sec for a fight. It was not the fight, but the marketing and the publicity of the fight! Coca cola; Apple; Harry Potter; Star Wars…. the list goes on! People follow a brand; they will pay more for the brand! Avoid being in the “sea of sameness”; always differentiate yourself from others. Branding trumps products!
9) They change the rules of the game; evolution vs revolution. How do they change the rules of the game? Take Uber for example. Turn the taxi business upside down. MOBE pays high commissions on the back end sales.
10) Think big, think bigger! Take the Donald for example. Real estate, casino and now, the President of United States. Sir Richard Branson – taking passengers to the moon!

Starting a new Business is a very scary thing to do, especially for someone who has been sheltered under the concrete jungle for many years! There are so many things to consider, time, money, relationships!

There’s so much to learn and at the beginning I was completely overwhelmed and frozen with fear! What do I need to do now and what do I have to do next! I have no idea! A part of me was so excited but the other part of scared out of its wits! Can those of you who started a business relate?

It takes a lot of courage and focus on the purpose – why did you do this. It requires a change of mindset from the known to the unknown. In the beginning, I procrastinate a lot. I prefer to focus on my job because it is something that I know and I waited until the week end to work on the business, making the excuse that I was busy at work.

Further, every business requires capital and investment, ie spending money. I had anxiety attacks when I paid my first instalment for my business. When I was an Accountant, I used to releasing hundreds of thousands of funds, but when I was paying for my  $1000 of deposit, I broke into cold sweat!

It takes guts and courage to start a business. It requires a complete different mindset and at the end of the day, it is what I love about it! After almost 30 years in the corporate world, the Online Marketing Business presents different challenges and open my eyes to all the opportunities created in the digital economy. I felt that I have finally taken control of my own life, my own destiny. I am not subjected to restructure or change of management. I create my own structure and I am my own management. I’m in control of my financial future!

At an Online Marketing Mastermind in Phuket, Thailand, a very renowned speaker asked this question “what is money?” Immediately my brain was scrambled and recoiled! A commodity to exchange goods and services with? Its too simple, must be something much deeper? So what is money? What will your answer be to this simple question?

The speaker provided an interesting definition – Money is an an idea backed by confidence.

I have been thinking about this definition since Phuket. I did not have good relationships with money. I grew up believing that money is the root of all evil. When my dad was simply a struggling medical intern he still spent time with him. But when he became a doctor and had his own practice, I hardly get to see him. Growing up in Hong Kong, the rich can be extremely rich and wasteful and the poor can be desperate and desolate! I felt an injustice to capitalism thus my dislike of money.

I did not place too much “value” on money. I used money to fill a void. When I feel depressed, I would go shopping, buy something in the hope to feel better. Ten out of ten I felt more anxious and nervous when I made the purchase, yet I did the same thing when I felt depressed again! It’s a vicious cycle to self destruction!

I recently read a book by Lisa Messenger “Money and Mindfulness – Living with abundance”. It really resonates with me. She said “money is a means to fill my life with positive experience – and to extend that positivity to people I love and the inspiring community growing around myself….” And ‘it’s okay to allow money to be the driving force of my life….”

Thank you Lisa! I finally get it! I do not need to view money in a negative way. I now focus on how money can fill me life with positive experience, like renovating my husband’s family home, which is his life long dream! Or paying for my daughter’s university veterinarian science degree which is her passion and choice of career!

In Lisa’s book, she wrote “…it’s okay to allow money to be the driving force of your life” and “I stopped seeing money as a root of all evil and saw it as a fuel to fulfilment…” Again, it really resonate with me!

Every morning when I wake up, I meditate how happy my husband would be when this house is brought back to its formal glory! I imagine my daughter having a great future as a veterinarian (like the Bondi Vet) That is what money is to me!