The Singapore Entrepreneur

The Importance of Setting & Reviewing Goals

noreply@blogger.com (Entrepreneur Stardust) — Sun, 25 Sep 2011 15:03:00 +0000

When I met up with an ex-colleague a few weeks back, she let out a chuckle when I told her that I too have half yearly business reviews.

My business may be a small 2 man show but it's important nonetheless to set goals and review them.

In retrospect, we subconsciously push ourselves harder towards our goals when we're not achieving them.

**Never underestimate the power of the subconscious mind.**

For example, once I set my 2011 sales target, I find myself working hard towards achieving it. When the ways to achieve it didn't work out as planned, the mind subconsciously think of new ways to achieve more sales.

And goals setting is important too as it's an anchor to let you rework and refine your game plan.

Free Up Time By Being You Own Boss

noreply@blogger.com (Entrepreneur Stardust) — Mon, 25 Jul 2011 14:49:00 +0000

I wonder how many entrepreneurs find their time freed up after starting their own business?

Of course, it's not always a bed of roses being your own boss, especially when you're first starting up.

But I must say, I find myself with more free time than before. So, what do I do with these precious time? I usually go for a good workout to keep myself healthy and de-stress at the same time.

Time is relative afterall.

The next time I cannot be reached, it's likely that I've gone swimming. ;)

What about you, fellow entrepreneurs?

Multiplying Through Partnership

noreply@blogger.com (Entrepreneur Stardust) — Sat, 28 May 2011 07:19:00 +0000

My friend asked me recently if I ever felt that being in a partnership make me feel like I am getting only half my share of returns.

I'm sure this has been on many people's mind before. I admit, initially I did feel this way especially for a start when the business was barely afloat.

But that feeling didn't last long. I know that partnering with the right person will bring about much more returns than if I were to run the business on my own. I believe that 1 x 1 doesn't equate to 2 in this case. It is 1 x 1 equals 3 at least.

In my case, we have complimentary skills and the same visions and goals. So, I am not losing my share but gaining more than my share. ;)

What Is The Best Kind Of Business To Do

noreply@blogger.com (Entrepreneur Stardust) — Tue, 08 Mar 2011 18:12:00 +0000

I get pretty amused when I hear discussions about the best type of business to strike it rich among friends. Often, people will point out something in trend with results to show already. (eg. shops sprouting out on every part of this tiny island)

Of course, catching the trend can be crucial to the survival for the beginning of small start ups but I can't help but think that one can make it big in any field if you can get it right.

Just take a look at BreadTalk, they revolutionalised the concept of bakery in Singapore. And who would have thought then that bread business can get one so far?

To me, it's about getting it right, be it the right niche, the right branding strategy, the right business model, or maybe just the right timing to ride the wave.

There's no right type of field or business; it's just take the right hardworking person with the right mindset and with a tinge of good luck to strike it rich!

Temporary Post To Claim Blog in Technorati

noreply@blogger.com (Entrepreneur Stardust) — Sun, 20 Feb 2011 06:22:00 +0000

97UDVF7D4KKR

Singapore Budget 2011 & How It Affects A Small Business Owner Like Me

noreply@blogger.com (Entrepreneur Stardust) — Sun, 20 Feb 2011 05:07:00 +0000

For the Singapore Budget 2011, how it'll affect small businesses like mine is:

Corporate Income Tax Rebate and SME Cash Grant

C.55. First, companies will receive a 20% corporate income tax rebate, capped at $10,000, in YA 2011.

C.56. However, many of our small companies may not benefit fully from the corporate tax rebate as they pay very little taxes. In fact, more than 85% of eligible companies will receive less than $5,000 from the tax rebate. Therefore, I have also decided to provide the option of a one-off SME Cash Grant this year, amounting to 5% of a company’s revenues in YA 2011, subject to a cap of $5,000. They must, however, have made CPF contributions in YA 2011.

C.57. Companies will automatically receive the higher of the corporate tax rebate or the grant when IRAS assesses their tax returns. In total, this will cost the Government about $560 million.

To put it simply...

For not so profitable SMEs

Revenue - $100,000

Expenses - $90,000

Profit - $10,000

Tax(17%) - $1,700

Government 5% Grant of revenue = $5,000

Tax Payable = $5,000 - $1,700 = $3,300

Receive cash of $3,300 (Total gain of $5,000)

For more profitable SMEs

Revenue - $1000,000

Expenses - $500,000

Profit - $500,000

Tax(17%) - $85,000

Government tax rebate of 20% to a cap of $10,000

Tax Payable = $85,000 - $10,000 = $75,000 (Total gain of $10,000)

Also,

C.41. To support such initiatives, I will grant tax deduction to eligible companies that make voluntary contributions to the Medisave accounts of their SEP partners, up to $1,500 per SEP per year. I will also exempt SEPs from paying tax on these contributions. This will take effect from YA 2012.

Bye Bye January: Time to realign my business goals

noreply@blogger.com (Entrepreneur Stardust) — Tue, 01 Feb 2011 14:23:00 +0000

And so one moth has flown by... really fast.

Are you on track for the goals you've set for 2011? I am... albeit a little behind.

I watched a documentary recently about a Japanese businesswoman who is really successful in the cotton industry and she wakes up at around 4am every morning to clear her email, then she'll go for her morning walk to think about her business direction and major business matters. After which, she'll prepare breakfast for her daughter before going to work.

I was totally inspired and impressed by her discipline. Reflecting, I realised that I work without a fixed schedule and if I do plan my work schedule, I may just be able to achieve more in a day.

With 11 more months to go, I'll buck up and make the changes. It's not too late still with only 1 month gone. I'll want to be able to look back in Dec 2011 to know that I have done all I can to achieve what I have set out to do!

Welcoming 2011: Almost 2 Years & Going On Strong...

noreply@blogger.com (Entrepreneur Stardust) — Mon, 03 Jan 2011 16:29:00 +0000

The start of a new year is usually a time for goals setting and also a time for reflection. And it's been almost 2 years since I started being my own boss.

I remember many dissuading me when I wanted to venture out and many being skeptical that I'll be doing this for long. And I'm glad I'm one of those who'll not listen to others.

Happy New Year!! May 2011 be the year that bring you much closer to your dreams!! C=

Migration

noreply@blogger.com (Entrepreneur Stardust) — Wed, 01 Dec 2010 23:12:00 +0000

I am migrating to free blog that allows advertisement. Yes, you've guessed it, I am moving to blogger.

Unless you guys have a better suggestion.

So far, I'm impressed by Wordpress.org, but it's more than I need and I don't want to pay for a domain anymore.

I have been using blogger for my other blogs and it serves me needs well enough. Which is basically:

-user-friendly

-SEO friendly

-free ( I know wordpress is free but I need to pay for a domain address)

-allows ads

So, do feel free to share your thoughts and suggestions.

I'll soon need to crack my brain to migrate the contents. With the more user friendly layout, I think I may just post more frequently from 2011 onwards.

Stay tuned for my new website! =)

Working from Home, I Like.

noreply@blogger.com (Entrepreneur Stardust) — Wed, 15 Sep 2010 00:07:00 +0000

I read this post by a fellow Singaporean entrepreneur and was inspired to write.

Pic taken from here.

Like him, I too work from home. Unlike him, I have a separate phone line from the rest of my family. Not because of my work, but because it has been a habit of mine to have a private phone line for my own personal calls. Except that these days, it serves my fax machine line too.

Of late, I am really thankful that I work from home and that my working hours are flexible and mine to plan. The MRT trains in Singapore are getting really crowded. It frustrate me sometimes when I have to take the train even around 4pm. And I can imagine the how torturous it can be to squeeze your way home after work.

For now, making and taking phone calls on my mobile will suffice. Avoiding the dreadful traffic is one huge plus point for working from home. And I'm thankful I can choose to travel during the off peak hours and stay away during the peak.

To Partner Or Not?

noreply@blogger.com (Entrepreneur Stardust) — Wed, 11 Aug 2010 00:03:00 +0000

My business is a partnership and I'm happy that it is. I know many people prefer having a business partner thinking it's better to have someone to work alongside in a new start up. It also ensures company and provides affirmation when making difficult decisions.

But is a business partnership meant for anyone? I don't think so.

True, the entrepreneurial path less taken will be less lonely with a business partner.

But do consider these factors before entering a partnership:

Both partners' personality
Both partner's working style
Both partner's value
Integrity

A friend may not necessarily make a good business partner. Do realise that work ethics of really good friends may differ greatly. Just because you're comfortable with someone in a social setting doesn't mean you will work well together. Don't jump into the partnership because of convenience (your friend etc.). Try doing a small project or organise an event together to gauge the dynamics of your working relationship.

And of course, sharing similar values mean that both parties will move in the same direction. In times of difficulties, it'll be more manageable to come to an agreement and move the business in a certain direction.

Integrity is the most important factor in my opinion. You got to trust your business partner and know that he/she will always make decisions in the best interest of the business.

So far, I have been talking about partners in terms of 2 people. If your partnership is one that consists more than 2 people, it just mean that you have to think through the above several times over. ;)

When You Get Comfortable, It's Time To Stretch & Grow Again

noreply@blogger.com (Entrepreneur Stardust) — Tue, 22 Jun 2010 00:06:00 +0000

Have you ever experience times when everything seems overwhelming and then, it just seem to settle comfortably because you've gotten use to the routine and the learning curve has reached a plateau?

Whenever I feel this way, I take it as an indication that it is time to push myself out of my comfort zone.

It doesn't have to be big major changes. It can be as simple as finding a new way to organize my time and work more effectively so that I can achieve more. And it can even be a small thing like controlling my "evil and toxic" thoughts so as to train my mind to think positively and have more faith in strangers.

I believe that it'll all add up if we challenge ourselves everyday. Step by step, inch by inch, one day, I'll be in a new and bigger pond even before I know it.

The challenge is to challenge myself daily. Be it emotionally, mentally or physically, I want to grow each day and be my best!

Is Your Business Radar Switched On?

noreply@blogger.com (Entrepreneur Stardust) — Wed, 09 Jun 2010 00:22:00 +0000

As an entrepreneur, do you feel like there are days whereby your business is growing too slowly for your liking?

I like to remind myself that I am doing the groundwork now, building my base for something that will grow bigger.

If I don't do, my business radar will not be switched on and I won't be able to locate opportunities and vice versa.

The more I do, the more groundwork I am setting for opportunities to arrive and I hope it'll be explosive when it does!

More Company Debts

noreply@blogger.com (Entrepreneur Stardust) — Fri, 04 Jun 2010 21:52:00 +0000

Company debts are a norm in businesses and as small business owners, we all know a healthy cash flow is vital to a business.

Although the stressful period of retrieving my bad debt is over, I still have many customers that cannot pay up in full or delay the payment by 1 month or so.

One in particular was unable to pay us the large amount that accumulated over 2009 Christmas sales.

After understanding their situation and the business owner's sincerity, we worked out a payment deal in which we would collect a fixed amount of money weekly so that our cash flow can improve and it will not be so taxing for our customers to pay us a one big lump sum of money.

5 months have since gone by and I'm happy to say that 70% of the debt is cleared.

We have been supplying goods to this customer the whole time throughout and they try their best to pay us, albeit having 1 or 2 weeks delay sometimes.

This arrangement has helped both of us to continue working together without much unpleasantness and more importantly, to serve our customers and grow together.

I guess different situations call for different debt collecting tactics. ;)

Hard To Be Own Bosses In Hard Times?

noreply@blogger.com (Entrepreneur Stardust) — Mon, 17 May 2010 22:30:00 +0000

**My pictures were removed with the removal of my previous blog. Lesson learnt that I have to saved the pics as well...**

Anyway, it was a Singapore's Straits Time article about an increase in Taiwanese starting businesses and being their own bosses during the economic meltdown in 2007.

I saw this article in Singapore' Straits Times this morning and it reminded me of when we first started our business in early 2009.

We were in the midst of the financial crisis and many questioned my rationale for wanting to start my business then.

Out of concern, they forewarned that it may be safer to leave my well paying job in a year or two instead.

It has been said that entrepreneurs are a little crazy, for they have to cast aside their fears to take on the many risks that come along with being their own bosses.

I don't think I was that crazy a year ago. Afterall, if being an entrepreneur is about taking on calculated risks, I'd face economic downturns again in my entrepreneurial journey. This may be my first, but it definitely won't be my last. It'll be a good learning lesson.

I've discussed and thought this business through before the financial meltdown and didn't think want to put this idea off until when things look better.

And looking the bright side, companies were having pay freeze, pay cut, headcount freeze, bonus freeze, extra workload for staff etc., I've got less to lose then! Also, if I were in the pits then and could survive, it'll be a easier ride up when the economy turn around. And it is. ;)

Top 10 iPhone Apps for Business Owners

noreply@blogger.com (Entrepreneur Stardust) — Tue, 11 May 2010 20:48:00 +0000

I came across this post from sgentrepreneurs.com and thought I'd share it.

I'll review after trying some of them out.

Do you happen to know of any fantastic apps for business owners too? Do share if you do! ;)

Select Your Target Audience With Care

noreply@blogger.com (Entrepreneur Stardust) — Mon, 10 May 2010 21:01:00 +0000

I don't believe in price war. I don't want to position my company as one of the lowest prices ones in the market.

Simply put, I have put a lot of care in selecting the right kind of customers for my business.

And here's my story:

When we first started the business about a year back, we were feeling our way around and once in a while, we receive feedbacks from customers that they spot similar products priced much lower than our brand's.

Initially, we were concerned and worried that these lower price items will hurt our business. We tried to match the prices whenever we could and sourced from cheaper alternatives.

Later, we realised that we wouldn't want to compromise on the quality of our products and the way to go is to build a reliable brand name for ourselves.

This, we did. Today, I am happy and proud to say that our customers consist mainly of those who appreciate our designs and value good customer service. They are willing to pay a little more for the whole package and to have a better shopping experience.

Not having to compete primarily on price, I can focus better on giving the best value to my customers. Also, I don't have to spend my time with customers who haggle for a long time over pricing, like I used to do previously.

It certainly is more enjoyable to focus on great customer service and product quality than to handle a customer who keeps asking for more discounts.

Now, who are your target audience? Share with me your thoughts on this. ;)

When Will You Become A Millionaire?

noreply@blogger.com (Entrepreneur Stardust) — Tue, 27 Apr 2010 20:51:00 +0000

Ok, let's face it, even if we entrepreneurs work because of our passion, we still need to bring in money to survive. Except for the lucky few who can treat their businesses as real hobbies, I'm sure we've all wonder how long it'll take us to earn our first million.

Find out how long it'll take for you to become a millionaire here if you let your money work for you:

http://www.e-accountsuk.com/common/calculators/millionaire.html

Have fun!

Let's Learn To Leverage

noreply@blogger.com (Entrepreneur Stardust) — Mon, 19 Apr 2010 00:27:00 +0000

I believe in the idea of abundance. We may be small but through right partnership and leverage, we will become bigger than we can be on our own.

The Beauty of Coming Together

I don't understand why some people think that to own the pie, they have to hog the pie. Maybe they can create another pie if they just open up and believe in the notion of abundance too.

The only limited resources is that of the man who is an island

Why We Choose The Debt Collector - Case 1

noreply@blogger.com (Entrepreneur Stardust) — Wed, 14 Apr 2010 22:12:00 +0000

I am naming this as case 1 because I am not that optimistic to think I'll never have to engage their service again. Am just keeping my fingers cross that it won't be anytime soon.

Anyway, there were a few reasons why we chose to go with the debt collector instead of going through the Small Claims Tribunal.

The debtor was closing down the retail shop in 2 months time.
- It takes about 2 weeks before we can attend the hearing before the Registrar.
- If there's any disputes and we cannot come to an agreement, it may take even longer to get the settlement.
The debtor is a retail outlet with no much of asset. Even the more "valuable" items in their shops have some flaws or damages.
- It may even be a waste of our time and effort to pursue and file for a writ of seizure in the event it escalates to this stage.
The debtor owes a lot of suppliers money.
- We figured that if we weren't one of the first to file the claims, we may not even get back our money.
- Or that we may only get back a small portion of the debt.
We were drained...
- We were exhausted from chasing and asking for payment day after day, week after week.
- It was more worth it to pass on this frustrating job to the experts so that we can focus on generating sales and growing our business.

And so, we weighed our odds and it has proven a well-made decision! =)

The Pros and Cons of Engaging A Debt Collector

noreply@blogger.com (Entrepreneur Stardust) — Tue, 30 Mar 2010 14:07:00 +0000

When we chose to go with a debt collector, we received a lot of feedbacks that discouraged us from doing so. Basically, it was seen as a negative way of handling the situation.

From my own rationalization, these were the pros that outweigh the cons:

The debt collectors help to remove some stress in chasing for the bad debt; they saved us time and money and gave us a peace of mind.

They are experienced and have their ways to recover the bad debts which we were unable to do so. This third party involvement has proved very effective for us.

They allow you to combine the bad debts and collect the total figure on your behalf. (this would prove useful is you have very small amounts of debts from other debtors that would be a time waster to chase after)

The reasons why others dissuaded us are listed below and my rationalization are in blue:

They cost us money and it is not a guarantee that we would be able to recover our bad debts.

There is a risk that the debt collectors may use unorthodox methods to recover the bad debts and we risk our reputation as such.

In my next post, I'll share more with you about how we access that the debtor was insincere in repaying our debts and why we choose to use a debt collector instead of bringing them to the Small Claims Tribunal.

It's Tax Filing Time in Singapore

noreply@blogger.com (Entrepreneur Stardust) — Thu, 11 Mar 2010 13:15:00 +0000

It's the time of the year to file for taxes again and I like to do it fast and get it out of my way.

I called up IRAS today and found out a few more things regarding e-filing for my partnership company.

Just for your info, especially if you are a new company that may not know these:

Medisave contribution is compulsory for individuals who earned net income of $6,000 and above.
- For eg. Profit is $10,000 and Partner A's share is 70%. Partner A will have to contribute to his Medisave but Partner B who is holding 30% doesn't have to.
- The rates can be found here.

Personal income tax filing (From B/B1) is required after you've filed Form P
- This is even so if you've received the letter from IRAS informing that you do not need to file your personal income tax as it will automatically be done for you.

Only Entertainment for Others falls under Allowable Business Expenses
- Which means that food and drinks you buy for yourself is not allowable. Hmm... hard to split right?

A Brand New Brand

noreply@blogger.com (Entrepreneur Stardust) — Mon, 08 Mar 2010 15:56:00 +0000

I love coming up with the overall branding direction of a product! I guess I truly enjoy this aspect of my business more than sales... It's fun, it's mind boggling and it's time to unleash my creativity!
Being your own boss means the new brand will be everything you want it to be, from the feel to the look, from the sound of its name to its target audience. It'll be your baby and it's satisfying when your brand gets recognize for its goodness.

Image taken from here

We will soon have a new product line and in the midst of this lazy and hazy afternoon, I shall churn my brain juice for some nice sounding names.

It's time for my brand new brand! =)

Someone Owe Me Money

noreply@blogger.com (Entrepreneur Stardust) — Sun, 07 Mar 2010 23:54:00 +0000

Yes, it's happening again... Oh well...

And let me apologise for this week's infrequent posting before I start writing. I have been busy and a little lazy too. Will remind myself to stay discipline and be on track.

I was just speaking to a friend just now and we brought up the issue of people owing others money. It makes both parties uneasy and unhappy when one has to chase for payment, no matter how nicely it is done.

Yet, I have came across several debtors that have given me the attitude that I am wrong to ask for the money that is rightfully mine.

If you're one of those that behave as above, I urged you to stop doing so. Just stop to think how it'll feel if your boss holds back you salary even for a few days.

No matter what's the reason, do remember that most of us do not like to chase for payment too. It's simply something that's so vital to a small business owner that we just have to do.

When To Recover Bad Debts Through The Small Claims Tribunal?

noreply@blogger.com (Entrepreneur Stardust) — Mon, 01 Mar 2010 11:48:00 +0000

Besides fulfilling the criteria listed in my earlier post, I have accessed my situation by considering these factors:

Whether the company will still be in business 6 months after I file my claim
- Reason being that if the company closes down within 6 months, it may be harder to reach the respondent (debtor).
- Also, by that by the time action is being taken, they may not have much assets left for me to seize since they are no longer in business.

Whether the company has assets worth seizing
- For eg., my debtor was a retail company without valuable asset. Even with the writ of seizure, there may not be much valuable asset for me to seize.

The above is my own personal decision making process and it may not be the best course of action for your business.

Do think through and access your own situation thoroughly before taking any actions.

And if there's any other considerations or important points to note, I hope others out there will share and post their comments so that we can help one another out. Thank you!