Saturday, 29 May 2010

ThinkBig Business Plan Competition 2010/2011

In my previous post about what makes money the most is Asset. Another form of assets are your ideas. Only ideas that are formed into reality makes money. If an idea stays as an imagination of human thought then it belongs nowhere in the accounting books.

So I would like to introduce to all Bruneians to come and join the ThinkBig Business Plan Competition held by iCentre. All you have to do is get a great big idea that is viable and able to make money out of it. Just like any entrepreneurs business ideas, you have to work hard on it. Write an executive summary and a business plan, do the sales presentation (ensuring that the potential investors would love to hear it and wants to invest in it) and then win. Now this is an annual competition, so if you didn't win this year, you get another chance next year and the year after that.

There will be cash prizes and an opportunity to aid you and your winning business plan from iCentre, KR Consulting, Accel-X company and probably from other varieties of investors.

For more information, go to www.icentre.biz and your business idea may be the winning idea. Last call for registration to the business plan competition is by the 19th July 2010. Hurry and sign up now!

Do you have what it takes to win?

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Assets Are Tools To Make More Money



Let's talk about Assets. Assets are things that brings positivity to your bookkeeping. A debit statement to your account. The possessions that can bring you cash. An object that has value and that is Assets.

"So what about it?" you may think. And some of you may already know this like how you can make better use of your assets and make them work for you instead. But in order to increase the number of assets in your accounts, you have to find the items or elements that brings in cashflow.


There are many items that we pay in our daily lives. Most of them are just our monthly leisure or other expenses. Whilst some items that we purchase are also our investments. We buy a car so we can get to work. Is it an asset? Not entirely. A car doesn't make money, we do. The only way a car can make money, is to sell car services like giving people rides (taxi style but illegal in Brunei), provide transport for item deliveries, etc. So if we are just buying a car for easy transport, that's fine but it only adds to your liability account.


Increasing your Assets column or account requires an investment. Buying shares, stocks, bonds and mutual funds are all assets. But do be reminded that the investment made in these can be risky due to the market being so efficient. An efficient market means that the information is readily available for public use. Whatever it is that you read on the Internet, Journals, Newspaper, listen to the radio, and watching TV can also be accessed by others as well. When you buy stocks, others follow. When you sell bonds, others follow through. When you invest in shares, others go ditto. Advice would be: monitor the market very closely and do not follow the herd. Be indifferent and be smart when investing.


Another way of increasing your Assets column or account is by adding owned properties to it. This usually works for higher-level income people. Able to afford a house or two or even a business take-over are assets. As long as there is money coming in, it is an asset. Houses can be in the form of real estate. Buying houses, setting them up for rent or sell them back. Businesses are the same. Buying a business, setting it up for operation or sell them off to someone else.


And then lastly, your main major focus of income is your job. You work on a monthly basis and you get paid for it. Whilst saving and investing that money to create more passive income through assets is the only way to go. And when you have any spare cash left and you have some expenditures to settle, do it immediately thus, ensuring steady cashflow.


Have you built your assets lately?

Entrepreneur Web Game

I have always wanted to create a game where it teaches users how to be entrepreneurs or how to make more money from whatever situation they may be. Unfortunately, somebody beat me to it. Robert Kiyosaki, the man and author who wrote "Rich Dad Poor Dad", created a web game for everyone to play. It's free and the best of it all, we all get to learn something out of it. The game is almost like Monopoly but instead of just owning properties and directly fighting against your opponents and getting them bankrupt. The objective is to see if you can reach your dream goal faster than your fellow players. The game is called "CashFlow"

So far, there are a few bugs in the 202 Cashflow game type. But 101 is smooth play so I recommend playing that first. You get to learn a thing or two from playing this game. How to invest wisely, how to make more money, how to ensure a wealthy living, etc. You can even play with your friends or other people because it is online.

Are you ready to achieve your dreams by increasing your assets and get rid of all your liabilities? Play it all now!

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Friday, 14 May 2010

The "Cure" For Fear

There are many ways to overcome fear. Some would prefer to avoid and run from it. Some would somehow get help and face the fear together. But for the other some who meets the some who fears something, they find a business opportunity.

What I mean is to find out how you can cure fears. If you go to a hospital or a library and ask for a book of the everyday fears, you would find a list and explanation of each. Figuring out how to cure a person's fear is a great product to commercialize.

For example, a long time ago, after the invention of fire, people used candles to light up their homes and even now, some still do use candles than the ordinary light bulbs. The discovery of light allows people to have a peace in mind to be able to work and play in the dark with light surrounding them. Need to work after dark, switch on the office lights. Need to play football after dark with your work friends, switch on the stadium lights. Need to study after school, switch on Tuition school's lights. The problem wasn't about the darkness (obviously we can't do much in the dark without light guiding us or proper perception) but the fear of it. We fear that if we cannot work on our project through the dark, we lose our client's interest or trust. We fear that if we don't practice our football skills at night or on dark days, we will lose the tournament after. We fear that if we do not study well without the light for proper learning, we will fail the exam. Fear was there and God who provided fire and Thomas Edison who invented the light bulb gave the solution for our modern days of prosperity.

Another example is health. People fear that they might get cancer one way or another. Provide a preventive solution to that fear and commercialize it. Making sure that everyone cares about their own health, staying away from bacterias, keeping clean and maintain personal hygiene are one way. The other way is to be well-fed with the right ingredients to protect our body from internal threats like; consuming a lot of vitamin C and fiber to remove toxins from our body. Exercising daily through gyms, marathons, sporting tournaments, etc are also other solutions to prevent oneself from being sick.

Fear itself can be your next business idea and plan to make money. So which fear are you going to tackle, cure and commercialize?

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Monday, 10 May 2010

Harness The Marketing Power Of Faxing

This article was written by Robert Imbraile.
Look around your office for a moment. Somewhere in there, you are going to find a clever little device that beeps and pings and creates paper output out of electrons. Yes, that’s the device, your Fax machine.

It’s perhaps the most under-used piece of office equipment, and it’s been in our offices for over 10 years!! What’s the problem? Well, as is the case with most of today’s technology, our imaginations have yet to catch up with the technology. While the Internet may have us dumbfounded, the fact is that lowly little fax machine sitting over in the corner of your office can be a gold mine, if you know how to really harness its awesome marketing power.

While many states now have specific laws against unsolicited faxing, and many more states seem ready to follow suit, the fax machine is still an very powerful marketing tool for most businesses. Let’s look at some of the ways in which you can take advantage of faxing to help grow your business, without violating any state or federal laws!

The first rule, play smart. Even though you may already feel certain that a particular client does not mind an occasional fax from you, always have a way for them to request that their name be removed from your list. I like to place a line or two of text at the bottom of every fax page I send to let the recipient know just what to do to get themselves off my list if they so choose. It’s best if you use a toll-free number or at least provide number where they can send a quick fax to request to be removed from your list.

The next thing to think about is who you are going to send your faxes to and why. You may decide to send a weekly or monthly fax to all your past customers to keep them up to date on the latest specials you are offering. Or maybe you would like to fax a single page newsletter to your customer list. By using your fax to keep in touch with your past clients, you keep your relationships alive and you have the rare opportunity to promote other products or services to your established customer base.
You might also use your fax to send a quick fax to a list of qualified prospects (people who have requested more information from your company in the past) to inform them of upcoming events such as sales, seminars, contests, giveaways, etc.

Your fax is the most cost-effective, and quickest way to communicate with your customers and prospects. When you compare the cost of the average fax to the price of postage, envelopes, paper, printing, and labor, there really is no comparison. In fact, faxing is so cost-effective that many companies today are renting fax lists of thousands of names and turning to faxing companies to send out their message to thousands of prospects.

The real power is that you know exactly when your message will be delivered and you know whether or not it was in fact delivered! With the mail, you have a window of between 5 to 7 days for first class mail, and up to 21 days for standard mail delivery. But one of the things I really like most about faxing is that more people read faxes than will ever read regular mail!

So let’s compare faxing to mailing a little closer. First, let’s say that we have a newsletter that we want to send to 1,000 of your customers. If we were to mail the newsletter, we’d have to pay for 1,000 printed copies of it. Then, we’d need to pay for 1,000 envelopes. Then we’d need somebody to fold the newsletter and insert it into the envelopes. Then we’d have to pay for postage. When it’s all done, it may be fair to say that the total cost may easily approach $1 per newsletter!! That’s about $1,000.00 of your money!

Let’s say that instead of mailing those 1,000 newsletters, we decided to hire a faxing company to fax the newsletter to our 1,000 customers instead. We’d still have to write it and make it look nice, so there’s no real savings at this point. But that’s where the similarities end. Once you deliver 1 copy of your newsletter to the faxing company, they will simply scan it into their system, merge it with your database of fax numbers and out it goes. You decide when you want it delivered and it will be delivered at precisely that time. If you wanted it delivered on a Tuesday morning, your fax company would send it through the night so that when your customers arrived at work Tuesday morning, your newsletter would be sitting on their desk ready to be read.

How much would each newsletter now cost you? Hold your hat!! How does about 20 cents sound to you? That’s about 80% LESS than it would cost you to mail that same newsletter and you get the added bonus of knowing exactly when it will arrive! Response is always higher with a fax than it ever is with direct mail because nobody is using faxing in this way!!

So what are you waiting for? Here is an excellent opportunity to dust off your fax machine, build a database of fax numbers, or rent a list of fax numbers from your list broker, and begin reaping the benefits of the massive marketing power of the fax machine today!

Here’s some information to help get you started. It’s easy to collect fax numbers from your existing clients. Simply contact them and tell them that you are updating your records. Verify their mailing address, telephone number and ask them for their fax number, if you don’t already have it. You may also want to ask them if they would mind receiving an occasional fax from you to inform them of special pricing. Very few will ever refuse an offer like that! Another idea is to run a contest and collect the names, addresses, phone and fax numbers of the people who stop into your business.

You may just raffle off a product or a dinner for two at a local restaurant, but the goal is to capture as many names and fax numbers as possible. If you can’t build a database yourself, you can always call your list broker and rent one. Prices vary, so I’d suggest shopping around before you make a decision to rent any list. After you have built your database or rented one, you are ready to create your fax and decide when it will be sent.

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Sunday, 9 May 2010

The Differences Between Enterprise And Corporate

By: Zahreddine Mannai
Enterprise culture:
Enterprise culture consists in an organizational or social environment that encourages and makes initiative and innovation. An organization with an enterprise culture is usually more competitive and more profitable than a bureaucracy. Such an organization is believed to be more rewarding and stimulating to work in. A society with an enterprise culture facilitates individuality and requires people to take responsibility for their own welfare.


Characteristics:
· Enterprise culture is useful for small businesses.
· Enterprise culture is characterized by innovation, creativity, dynamism, and risk.
· It usually requires several of the following attributes: flexibility, initiative, problem solving ability, independence, and imagination.
· Enterprises flourish in the environment of nonhierarchical organizations but can be stifled (stopped from being developed) by bureaucracy.


Corporate Culture:
Corporate Culture consists in the combined beliefs, values, procedures, and atmosphere of a large business. This culture is often expressed as "the way we do things around here" and consists of largely unspoken values, norms, and behaviors that become the natural way of doing things. This culture is typically created unconsciously, based on the values of the top management or the founders of a business.


Characteristics:
· Corporate Culture is useful for large businesses.
· Corporate Culture is more natural and unconsciously created.
· In large businesses there is an unavoidable bureaucratic hierarchy.
· The leader has a very pivotal role.

Main Differences:
· The size of business in a corporate culture context is larger than in an enterprise culture context.
· In a corporate culture context there is an obvious hierarchy whereas in an enterprise culture context this obviousness does not exist.
· Corporate culture is so much associated with dress code, titles, and organizational structure whereas enterprise culture is concerned mainly with the output regardless of the rest.

People who work in small businesses or in small corporate divisions are more likely to start a business than those who work in a large firm because they gain more familiarity with the whole business process, which makes starting a business seem much more feasible.

About the Author

(ArticlesBase SC #720066)
Article Source: http://www.articlesbase.com/ - The Differences Between Enterprise Culture and Corporate Culture

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Saturday, 8 May 2010

What's In It For Me?

I enjoy LinkedIn. It has so many interesting professional individuals. Especially on the side of entrepreneurs. Over the few discussions by several groups, I stumbled upon an article by Olessia Smotrova-Taylor, a Capture and Proposal Management Consultant and President/CEO of OST Global Solutions Inc. have this to say:

What's In It For Me?
My 5-year old this morning didn't want to put on a dress. I guess she had a different outfit in mind... Perhaps a pair of shorts, or a skirt - but not the sun dress with cherries on it that I handed to her. But that's not what she told me.

Instead, she looked at me with one eye squinted and said - "Do you really want me to get this nice dress dirty? With syrup, or paint, or playground dust?"

It was very clear to me what she was doing. In fact, this technique is directly applicable to government proposals. She was gaining leverage for what she wanted (or didn't want), while expressing it in the language that was relatable to me. She was also pointing at my hot button - wanting to keep clothing clean, and do less laundry. She took herself and her wants out of it and instead was relating the whole issue to me. It was about me only: what was in it for me if she didn't wear the dress.

Here is typical proposal language (from a recent proposal I was tasked to review) that doesn't use this clever technique. It doesn't start with the customer, or what's in it for them. Instead, like a petulant kid, it screams: "me, me, me - let me get this contract!"

"FedContractor (I am not going to share the culprit's real name) is pleased to submit the enclosed proposal in response to solicitation number N12345 as a prime contractor. FedContractor is a Service Disabled, Veteran Owned Small Business (SDVOSB), minority owned company. Founded in 2002, FedContractor successfully provides a full range of quality Program Management and Systems Engineering products and services to a variety of customers in the Department of Defense (DoD), Federal Government and other departments and agencies within State and Local Governments. FedContractor is an ISO 9001:2008 Certified company. Our mission is to use our broad employee experience base to deliver timely and tangible solutions to our customers. We continuously strive to build strong, long term relationships based on mutual trust, respect and commitment."

As you can see, there is no customer's name in this whole paragraph, and this language is so generic that it could introduce almost any government proposal on any subject, to any customer. And, its effect is bland. It makes the customer's eyes glaze over - and definitely doesn't prompt them to select you.

Instead of doing this, consider using a technique my five-year-old used on me this morning. Try to start with showing understanding of the pain that this customer is looking to avoid by issuing this request for proposal, and what this project would enable them to accomplish. Keep asking the question: "what's in it for them?" Make your proposal customer-centric instead of your company-centric. You may just get what you want.

Do your proposals read like the example shown above? If so, my webinar series, "Blueprint for Winning Government Contracts for Small Businesses" (30 hours over 12 weeks) starts on Wednesday, May 12 - so if you are considering registering, there is not that much time left: http://www.ostglobalsolutions.com/blueprint . Also, if you would like to delve into more detail on how to make your proposals customer-centric, get my "Executive Summary Secrets" self-study course - http://www.ostglobalsolutions.com/execsumsecrets-embed

So to those who are interested in closing a sale or even getting your Business plan make it worth its value, what's in it for them?

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Saturday, 1 May 2010

1 Invention Plus 1 Invention Equals 1 Invention

Through the course of History, mankind has always taken the best of all practices and inventions together to form something even better. Being innovative and creating something out of nothing is fantastic but sometimes the most risky. Let us take a look at the creativeness of communication itself.

First there were mails. People send letters and messages to each other via a messenger (a guy riding on a horse) or a postal officer from one location to the other. Then came science to explain how to communicate with each other through strings or wires. It was fine until everything gets tangled up between houses and people can listen in onto different conversations at once. Then came the telephone by Graham Bell, the inventor of the telephones. Built inside homes and offices where people would not have to wait anymore for mail to arrive but instead communicate directly and secured line. Today, we have the mobile phone.

Now let us talk about the modern inventions and how it came to be a successful solution:

  1. Addressing the problem - In every analyst point of view, everything has a problem. All they have to do is, find the problem in which that if it is solved, it would benefit the user greatly.
  2. Prioritize the problem(s) - Sometimes there is more than one problem to solve. For example, a car has a problem of breaking down too many times, consuming the fuel too quickly and whether it can be commercially available in the next 40 years. Solving one problem at a time and attention should be taken in effect.
  3. Usage of other technologies/inventions - Some inventors like to take some bits and pieces of other technologies or inventions to the problem to create a solution. For example, radio communication plus telephone line equals mobile phone.
  4. Testing - Once a prototype is created, it needs to be tested in all sorts of situations and conditions. This is to ensure that the prototype invention is viable, beneficial and ready to enter the market.
The last example about how mobile phone was created to be very useful was because of researchers, analysts and tech scientists found a problem, prioritized it, used another invention and solved it.

I watched the Discovery Channel the other day and I get amused and inspired by those inventors who can actually solve a problem with an invention they thought would benefit anyone or any user. The show was called "The Inventors" or was it "The New Inventors". Examples that they have made was: MP3 Lounge Chair, Stand-alone Bulb Recycling Unit, Universal Control Panels, etc. And in each show, they display 3 inventions, do a little bit of a sales pitch, get the judges to agree on one invention and win a prize "The Inventor of the Year Award".

It was interesting that every single one of their inventions require 2 or more inventions put together to create a solution. So 1 invention plus 1 invention equals 1 GREATER invention.

So what problems do you or others experience in your or their daily life and how would you create a solution?


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