Refer to 'Going for the first million isn’t all that hard'
I do believe this is in conjunction with TEDxKL.
Different speakers and successful entrepreneurs shared their experiences.
If you look carefully, critical success factors can be categorized into the followings
I do believe this is in conjunction with TEDxKL.
Different speakers and successful entrepreneurs shared their experiences.
If you look carefully, critical success factors can be categorized into the followings
- Opportunity. You must wait for opportunity to happen at the right time and place. Especially if you want to create something new. If Bill Gates was borned 30 years ago, he may not be the one who revolutionizes Personal Computer. Gates was borned 55 years ago.
And once you have identified opportunity, make decision whether you want to embrace it and take all the risks. Be prepare to fail totally.
- Passion and patience.
- Be prepare to work very hard, sacrifice your life and take more risks. There is no such thing as just go with the flow. Come on, you are entrepreneur.
- Something to sell and make money, even to the smallest bit. You got to sell something and make some cash.
- Start small, low cost and one man.
- If you can't afford to have a place (office, shop or etc), at least have a web site and do it nicely. Try to maintain it yourself if possible.
- You need to have products which people want to buy now and you have to start selling tomorrow. You need to make some cash.
- You need to always be alert on what is happening in the industry and always plan ahead. Basically, you need to make sure that you will always have incomes.
- Do not spend 100% of your time on R & D.
- Get exercised, eat simple, maintain a healthy lifestyle because health and time is your capital.
- Anticipate problems and more problems. Because you are supposed to solve problems.
- Before you embark on a business venture, get all the facts that you require. Evaluate everything thoroughly, make sure you have all necessary facts. Talk to people, read blogs, read books and everything. Get facts, not opinions.
- They key to success is two things: survive now, and incomes tomorrow. If you can keep replenish these two elements, you are on your way. Of course, saying is easy.
- Finally, this is what most people would agree with me. If you don't have 3 years, just forget it. Most of the people that I know would say 10 years, I would say at least 3 years, you have to struggle for 3 years before you can feel comfortable. Mind you, struggle is painful.
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