Online & Offline Biz Comparison Chart

Here's a little summarized table of how similar both businesses are (as the way I see it):

In the next post, "Online & Offline Business Set-Up Price Comparison"

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If Your Kid Start A Business, What Would It Be?

I found this post to be very interesting and I recommend you guys reading it especially the parents or entrepreneurs or entrepreneurial parents. It is written by Theresa Bradley-Banta from BigFishTopDogs.com:

Have you ever asked your son or daughter what kind of business they would start? You’ve probably asked them what they want to be when they grow up, or someone has for sure.

Why not try a new twist on the old, extremely dated, industrial age question? Instead of asking your kids “Who are you going to work for?” why not ask them what they would create? Without limitations?

Interesting, huh?

Here’s what a bunch of really great kids came up with this week — all between the ages of 7 to 11 years old:

Teach adults how to use their “smart” phones. Need I comment here? Do you know how to use all the functions on your iPhone or BlackBerry?

Vending machine business – placed at factories and business centers. He’s donating revenue to a Women’s Center.

Computer game creator. I won’t give the name or concept away but it will be “the newest and awesomest game around.”

Children’s party planner – hosting parties for kids up to 8 years old. Donating a large portion of revenue to Haiti.

Online fashion for kids. Clothing and accessories. This adorable 10 year old from Australia “Quite likes spending time with younger children.”

Fitness for kids all around the world. He’s donating some of the revenue to local children’s hospitals after seeing his 6-year-old friend die from cancer.

Video advertising for business owners. He will video interview people “in the real world” about their experience with your business and post it to YouTube.

Using social media in 20 minutes. He’ll help you set up Twitter and Facebook and show you how to advertise your small business on your Facebook page… in 20 minutes.

Breed and raise pheasants & quails. Target market gourmet meat companies and hunting reserves. His 8-year-old sister will be selling designer flip-flops and hair bows online.

When it comes to ideas for new businesses kids can be creative and open-minded. They are incredibly future driven as well. Kids seem to get that a business is not built overnight and that they are building for tomorrow. They have no boundaries to their thought processes. Anything is possible.

Can we take a lesson from these kids?

How about you? Are you ready to believe that anything is possible? Do you realize that just about anything can be turned into a business?

Will you take the challenge and ask your kids what kind of business they would start today? Will you support them in believing they can do it? Intrigued? Leave me a comment or a question below!

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Customer Service by The Wheat Field

I found this article by one of the local bloggers here in Brunei. It is a nice story about how customer services differ from each industry and how they should treat after-sales service as well:

A few weeks back I had a food tasting session at Orchid Garden and we were happily enjoying the food until the final dish when we were greeted by a entree that we did not specify. It was supposed to be Chinese pancake with sesame covered balls filled with red bean but we got some layered cake and pandan puff (pandan filled curry puff). The unwanted dish was among the initial list of dishes that they would normally serve by them, but my mother/’aunt’ had told the guy in charge, several weeks back, that we wanted to change it to the Chinese pancake and sesame balls.
As the dish that was presented before us wasn’t one we wanted, we informed the (head?) waitress and she said that she understood but since this is a food tasting session we can always change it at the actual dinner. How are you supposed to conduct food testing when the food you want to test isn’t served? I wasn’t satisfied with her answer and apparently neither was my mother or aunt and they managed to ask the chef out of the kitchen to discuss this matter (there wasn’t anybody else in the restaurant so I hope and I guess that did not inconvenient any customers). Seems that there was some confusing or lack of communication and our request was not listed but in the end the chef did prepare the dishes we had wanted.
Around the same time I had a hankering to buy a webcam to try out some stuff. I managed to get an ProLink PCC8020A which is an auto focusing webcam that has ability to record at 1280×1024 (Windows only though) for B$37 from Oregon Systems (located next to Rejoice Chicken Rice in Gadong). Anyway I was playing around with it and swiveled it left and right and managed to break it. Now I didn’t anything that was intended to break it nor did I do anything that it wasn’t designed to do. I took it back and they were kind enough to give me a replacement webcam without any questions asked after I explained to them what had happened.
Recently my brother got a car and when he picked it up, it was handed over by a person who wasn’t the salesman he was dealing with. The car did not have a full tank of petrol but a couple of days later the salesman that he was dealing with called him up and offered to refund him the money for the full tank of petrol. How good is that?
Customer service is important and I believe here in Brunei we need a great improvement. I’m not just talking about when people have complaints but even as a normal customer asking questions: be attentive and courteous. Treat them as how you want to be treated. A bad customer service experience is what will put people off from coming back. Anybody care to share there customer service experiences in Brunei? Please try to be as constructive when giving these feedback as we are all here want Brunei to be a better place =)

And I agree with what he said. But not just towards Brunei; every businesses around the world in general should provide excellent customer service.

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FREE IT Consultation By Bruneian Dollar

You have a website running and you are unsure whether you like what you see or something is amiss. Or if you don't have a website, but have an idea of what the website would eventually look like but still unsure of whether its worth it or not. Do not fret because I am here. From now till the end of next month (31st August 2010), you can receive a free IT Consultation service from me.

All you have to do is go to my contact page and write down in your message of what part of the website do you want me to consult on (SEO, layout, structure, graphic, content, user-navigation flow, etc) or if you want a full IT Consultation, just say so. You will receive a report from me via e-mail about the website with screenshots (if a website is present) to point out what can be done. Remember, the report I'm giving is only as a consultation and recommendation as a freelancing web engineer.

On a side note, I would like to introduce everyone to a new contributor to the Bruneian Dollar team, Entrepreneur I Am. She has just started in writing business articles and the first post was just published about a few days ago. Will ask her for a proper interview to display a little bit about her profile and what she can do. Do come back for more updates!

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So I Made My Website, What's Next?

Over on LinkedIn, someone posted up a discussion and I commented with the following:

Here's a few more tips:

1. Twitter - Always a must to keep on with the trend and just follow what others have already commented in this discussion.

2. Facebook - You're there and you're doing fine. Keep it up.

3. Blog - You've managed to update daily which shows the reader that you have commitment. Well done.

4. Ad directories - while exchanging links with other website owners is fine but don't forget to include directories (just google up and you'll find all kinds of ad directories) and just simply submit your URL link to each and everyone of them. Among the Blogosphere, I heard that the most that people would submit their links is 674 ad directories. Current record = 1 week.

5. Article directories - you write pretty good and should be acknowledged in more places than that of your website. You should try submit several articles at different sites and link them back to your website (examples to submit, ezine.com, triond.com, etc). More links to your site, means more traffic.

6. Viral Videos - the trickiest method but very effective. By creating an ad video (something witty, funny or whichever tickle their interest to watch it) or even an episode, submit it to video directories as per according to its genre. collegehumour.com, youtube.com, tubemogul.com, metacafe.com, etc are all great sites to deliver your videos.

7. Never neglect traditional and controversial advertising - meaning to say send out some flyers, leaflets, brochures, pamphlets of all kinds and send them out to your immediate surrounding area. While it is fun to just stay at home and do all kinds of digital marketing, don't forget to go out and exercise. Get some Vitamin D's in your skin.

8. Search Engine ads - Always a good way to spend a minimum marketing campaign budget to get some real organic traffic.

9. Lastly, conversation - meeting people (whether it be Facebook, Twitter or on the go to shops, mall, etc) and engaging them to a conversation would lead them to be more curious of who you and what you do. Letting them know that you run a website and you have something for sale.

I thought it would be worth sharing as many new webmasters come into the Internet commercial playing field. If anyone is interested in building their website for their business, do contact me and you will receive free unlimited IT consultation on your new web project.
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How To Fail Your Business

Confused? Wondering why I'm posting an article to teach you how to fail your business?

No, this post is not going to teach how to fail your business. Rather, this post is going to list the actions that can and will send your business down the toilet drain.

In my line of work (that has something to do with failed businesses), I have came across many local businesses that had failed due to a variety of reasons. There are many factors that can cause businesses to collapse and admittedly, some of these factors are outside the realm of their control. However, a great deal had failed due to simple and obvious mistakes that could have been easily overcame.

Be Arrogant
Some entrepreneurs started their business with humility and eagerness to learn. They listen to their mentors, listened to their customers and go to lengths to satisfy their customers. However, after a few years of being in the business, arrogance crept in. They thought,'Well, I've been doing this for a long time and I have to say I am pretty successful."

This thinking is the beginning of their downfall. You see, in the beginning, their customers' needs drove their business. They didn't have a customer base, so they'd do anything to gain more customers. Once the customer base was established, they didn't have to work so hard anymore because customers are now going to them voluntarily. Consequently, because they think they are the masters, all they do is present their 'much-wanted' products to you. They are the masters, of course, you will buy them. Or so, they thought.

Lesson to be learned - The customers are ALWAYS the masters, not you.

Ignore your bankers
This is another pitfall that most business fall into and never get out of. There was this one small company that appeared to be doing well. They had won awards and gotten loads of publicity. They were a company driven by innovation and ambition. However, their books say differently.

They had taken a loan to fund a project, which had gone on to be completed. They enjoyed the fruits of their labor but had forgotten that the fruits should be used to repay their obligations. When their bankers came to call on them, they were indignant that someone would dare to inform them that their loan needs to be paid. After all, they were a 'successful' business because all the newspapers said so.

When you get a loan, you are legally bound to repay your bank in the terms set out by your bank. Do not take these bank contracts lightly as it will be a mistake that will cost you your business.

What happened to that company? Well, their bankers sued them due to non-payment. Although their bankers were open to a repayment proposal, the company thought they could fight their bankers using their status and connections. In the end, the legal case against them was publicised in paper and due to their high visibility in the public eyes, their carefully-built reputation crumbled.

Don't Keep Financial Statements
That's right. If you don't want to measure your profitability, don't bother to open an accounts ledger for your business. If you don't want to know your business' financial health, don't record your purchases and income.

Most of our small local businesses do not keep any accounting books for their businesses. This may be acceptable if your business is a simple one, like a nasi katok stall. For a simple business like that, the ledger is already in your head!

However, for a slightly bigger operation, for example, a clothes retailer, it is highly recommended that for the retailer to keep a ledger. This is because a clothes retailer would have additional expenses or income categories to keep track of. A clothes retailer would have multiple suppliers, rental expenses, or debtors. Without a financial statement to list out cash inflows and outflows of the business, you can be deceived into thinking that you are making profit.

I once handled a company who was shocked when I broke down its financial structure to them. They thought they were making a lot of money because their sales volume was high. They did not realise that expenses were even higher. They did not take into account their delivery expenditure as they do deliveries themselves. They did not take into account travel expenses when they collect their goods from their supplier.

Contrary to popular belief, you DON'T need an accounting degree to keep financial statements. A simple profit and loss account is sufficient for you to keep track of your business cashflows. Just remember to include anything that was spent or paid for the business.


The above are just the simplest mistakes that was made with crippling consequences. The points are easy traps to fall into regardless of whether you are a seasoned businessman or a green entrepreneur.

By sharing some of my encounters, I hope that you will learn something out of them. No matter what, keep that entrepreneurial spirit alive and on fire; and you will achieve success.


Until next time,
Entrepreneur I Am

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Business Plan Writing Services Available!

With the competition rising and the registration date closing (19th July 2010), it is sometimes wise to try and learn ahead of the competition. You have probably learnt about the competition a few years back just like I did. That all you need is a team, an executive summary, a business plan, a presentation sales pitch and very big business idea. The whole thing is mostly a lot of writing and grunt work which require the team to go out and research accurate data for the finalize business plan.

But what if you do not have the time to learn how to write up a business plan but you already have all the necessary data? That is where a freelancing ghostwriter is for. For a small fee, I can write up the whole business plan, refine all your information and may ask you a few more questions in order to fulfill and satisfy your needs for an exceptional business plan.

Writing business plans as a ghostwriter can also be more than just for others. I can write some for myself along with a sales pitch and sell it to someone else who needs a business plan. Often that is where real money comes from for freelance ghostwriters to earn a living.

For your information, the price of a ready-made business plan is always 10% of its total start-up cost. Since it is just a pile of documents and not the real deal, that is often the real value of a business plan.

If you prefer to write one up for yourself, you may learn how to from sites like www.bplans.com (they provide sample business plans but none too fancy), garage.com (a simple site with simple information), and by joining the THINK BIG Business Plan Competition by iCentre, Brunei (they hold workshops to educate us on how to write up business plans as well as presentation and executive summary).

But if you think you do not have the time to write it all or do some research around Brunei, you may contact me for a price quota and have me ghostwrite you one extraordinary business plan.

All the best to all entrepreneurs joining the business plan competition.

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iCentre - Brunei's Business Incubation Centre

Over the past several months, I began to like more and more of what iCentre has been doing for Brunei. Enabling local entrepreneurs to easily start up a business, run it, grow and then make the country ever more prosper. So I have decided to write up a post about them and their ever venture to create a country with original and BIG ideas as well as products and services.

iCentre - the leading and only local business incubation centre in Brunei. Allowing local entrepreneurs who have very big ideas to enter iCentre's annual competition. Regardless of whether winning 1st, 2nd, 3rd or lower places, they can still support local entrepreneur ideas. Usually by pointing out what went wrong and point them in the right direction. This way, local entrepreneurs don't come out losing but winning with knowledge on: creating accurate business plans, compelling executive summary and be a better presenter.

The Think Big Business Plan Competition - an annual event organised by the staff of iCentre, allowing local entrepreneurs to join in and try their best to present their business plan, just as they would infront of investors. Winning their hearts, mind and possibly money is involved to give entrepreneurs a good start to actually turn their ideas into a reality.

iCentre is a conjunction project between BEDB and KR Consulting.

At the moment, the competition is up for registration for any entrepreneurs out there to enter for free. Grand Prize is $20k and if anyone did win 1st place, they will also stand a chance to win another Grand Prize (I forgot how much it was) at Microsoft's Imagine Cup. Basically, the competition will take place at a global or regional scale since it's Microsoft taking part in it.

What do you need?

• Passion to do business
• Knows a few people to help you out (everyone needs a team)
• And a BIG idea

For more information, please go to www.icentre.biz

Best of Luck!

*Note: This is an unsponsored post. I just wrote it because I felt like it.

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Does Fixed Asset Matter?

Over the past weeks, I did a lot of work in freelance marketing (Yes, it's a new area I've begun freelancing on). Someone I just met, told me to help sell his business and was willing to give me a 10% commission. I have never sold a business before but if memories serve me right over the past years of studying financial management from college, plus the many months on website flipping, it all boils down to selling business assets.

So I told him to give me an itemize structure of his business. All his assets should be accounted for. Problem with him was that he didn't do any accounting or kept any bookkeeping around. So I did the whole thing with him.

Item after item, I was impressed with how well he can actually manage the business alive over the last couple of years of his business takeover (apparently, its original owner started the business 20 years ago and sold it to him). We have already accounted all the tables, chairs, computers, fax machine, printer, photocopying machine, etc and put it up to how much are they valued (some of them are his and mine's wild guesses so it was really proper accounting).

One thing he loves to mention was that he renovated the place which costs him thousands. Surprised to my thought that renovation does not come under assets unless I asked him this question, "Do you own the place?". Since the business is at a commercial building, he might be the landlord. Or so I assumed. "No, I don't own the place, I still have to pay rent.", he answered. That was a shock. I then asked him, "Do you think buyers should or would buy the place inclusive with the renovation cost?". Immediately he answered, "Yes." And further explained with an example and question, "If you were to start up a business and begin renting out an empty shop lot, what is the first thing you do?". Immediately convinced but then later thought and said, "That's not your responsibility to renovate a property owned by someone else. Unless you paid for it and get a discount on the rent, then its worth it. Because you're fixing up the place on behalf of the owner. And also, if you were to move from one area to the other, you can't bring all the tiles, ceiling and walls with you. And even that, you can't sell a place where you cannot and do not own." He then says, "Renovation is an asset. A Fixed Asset. And such, it should bring value to the account." He kinda got me on his stubbornness, and decided to let this slide into the account and see what responses I get from interested buyers.

After a few marketing methods over the past 2 weeks, I managed to get one buyer whose interested in a business takeover. She wanted to see everything, from its location to its ledgers. And so I did with all my confidence inside my sales pitch. In the end, she was also surprised that renovation cost does not matter if you do not own the place and should not be taken into account. I agreed and told her that if you're still interested, I'll try and negotiate with him regarding the "Assets" matter.

Lesson to be learned (as for me, it was revision.): Assets is only defined if it is money going into your account and not out or does nothing to the cash-flow. To the point, Assets mean more income or increase positive cashflow.

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