Make Money Online

A play of shutter speed, aperture size and film speed can help you with motion shots or dim lighting. JEFFREY TSANG shows you how

DIGITAL cameras provide so many functions that photography has become a point-and-click affair.

But for those of you who wonder why you still cannot get great photographs, all you need is some understanding of photography and how to use your camera's functions to your advantage.

The first is the balance of light. Besides focus, a photograph depends on the shutter speed and aperture size. Playing with these two can have different effects on an image.

For example, if there is rapid movement - shooting a sprinter or shooting from a moving car - it's best to choose a faster shutter speed to freeze the action, usually from 1/250s to 1/1000s.

For fully automatic cameras, select the Sport mode on the dial, often denoted by an icon of a running man.

What if the light is low, say at dawn or in a dimly lit room, and the action is still fast? There is the flash, of course, but the sportsman might be blinded by it.

You can shoot with a fast shutter in low light by adjusting the third component of the exposure formula - film speed, or 'sensitivity' in most digital cameras.

Besides the Auto setting, which may be good enough for general use, most digital cameras allow manual selection of sensitivity. These are the ISO numbers (or DIN/ASA standard of film) - the high numbers like ISO 400 and above indicate that it is a 'fast film'.

If the ISO is fast you can probably use a relatively fast shutter speed for your action photography. The only problem with using fast film is the resolution, or noise - less photographic detail is effectively captured.

When you want to give the impression of movement, however, such shots can be achieved by setting a slower shutter.

So you can play about with shutter, aperture and sensitivity to capture action, and use a manually set shutter speed, or Shutter-Priority mode, to do so.

F is for depth

What about setting or fixing the aperture? When might that be useful

An aperture is the hole through which light enters the camera, and its size can be adjusted. Aperture is spoken of in 'f-stops' - the larger the number, the smaller the aperture. Good lenses are often measured by how small the 'f' number gets, with most around f2.8.

One thing that the aperture controls is depth - how wide the range in which the subject will be in focus.

When the depth is great, then a subject standing 10m away is still in sharp focus even though the lens is focused at 5m. When there is no depth, the subject might be out of focus if just 1m out of range.

It is the same with your eyesight: Objects seem sharper in bright light. This is because the pupils constrict and depth is improved, so everything is in focus even when eyesight is poor.

In portraits, it is best to reduce the depth such that the background is blurred, which contrasts against the subject in sharp focus.

To achieve this, set your camera to Portrait or Aperture-Priority mode. Or go to a manual setting and set the aperture wide - say f5.6, or larger.

With a play of aperture for depth, shutter speed for action and sensitivity for resolution, you are set to get creative!

Jeffrey Tsang runs his own PR consultancy.

http://straitstimes.asia1.com.sg

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Put about 100 bricks in some particular order in a closed room with an open window.Then send 2 or 3 candidates in the room and close the door.

Leave them alone and come back after 6 hours and then analyze the situation.

If they are counting the bricks. Put them in the accounts department.
If they are recounting them.. Put them in auditing.
If they have messed up the whole place with the bricks. Put them in
engineering.
If they are arranging the bricks in some strange order. Put them in
planning.
If they are throwing the bricks at each other. Put them in operations.
If they are sleeping. Put them in security.
If they have broken the bricks into pieces. Put them in information
technology.
If they are sitting idle. Put them in human resources.
If they say they have tried different combinations, yet not a brick has been moved. Put them in sales.
If they have already left for the day. Put them in marketing.
If they are staring out of the window. Put them on strategic planning.

And then last but not least. If they are talking to each other and not a single brick has been moved. Congratulate them and put them in top management.

The next time you receive a performance appraisal...
when your boss use the following terms....don't be too happy... they really mean something else...

GREAT PRESENTATION SKILLS ........ Able to bullshit

GOOD COMMUNICATION SKILLS ........ Spends lots of time on phone

AVERAGE EMPLOYEE ................. Not too bright

EXCEPTIONALLY WELL QUALIFIED ..... Made no major blunders yet

WORK IS FIRST PRIORITY ........... Too ugly to get a date

ACTIVE SOCIALLY .................. Drinks a lot

FAMILY IS ACTIVE SOCIALLY ........ Spouse drinks, too

INDEPENDENT WORKER ............... Nobody knows what he/she does

QUICK THINKING ................... Offers plausible excuses

CAREFUL THINKER .................. Won't make a decision

AGGRESSIVE ....................... Obnoxious

USES LOGIC ON DIFFICULT JOBS ..... Gets someone else to do it

EXPRESSES THEMSELVES WELL ........ Speaks English

METICULOUS ATTENTION TO DETAIL ... A nit picker

HAS LEADERSHIP QUALITIES ......... Is tall or has a loud voice

EXCEPTIONALLY GOOD JUDGEMENT ..... Lucky

KEEN SENSE OF HUMOR ............. Knows a lot of dirty jokes

CAREER MINDED .................... Back Stabber

LOYAL ............................ Can't get a job anywhere else

Commonly Used Phrases at the Office and... What they really mean!

1.For your information, please. (FYI)
Meaning : I don&'t know what to do with this, so please keep it.

2.Noted and returned.
Meaning : I don't know what to do with this, so please keep it little while.

3.Review and comment.
Meaning : Do the dirty work so that I can forward it.

4.Action please.
Meaning : Get yourself involved for me. Don't worry, I'll claim the credit.

5.For your necessary action.
Meaning : It's your headache now.

6.Copy to.
Meaning : Here's a share of my headache.

7.For your approval, please.
Meaning : Put your neck on the chopping board for me please.

8.Action is being taken.
Meaning : Your correspondence is lost and I am trying to locate it.

9.Your letter is receiving our attention.
Meaning : I am trying to figure out what you want.

10.Please discuss.
Meaning : I don't know what the "****" this is, so please brief me.

11.For your immediate action.
Meaning : Do it NOW! Or I will get into serious trouble.

12.Please reply soon.
Meaning : Please be efficient. It makes me look inefficient.

13.We are investigating/processing your request with the relevant authorities.
Meaning : They are causing the delay, not us.

14.Regards.
Meaning : Thanks and bless you for reading all the bullshit.

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Many find the idea of running a small business appealing, but lose their motivation after dealing with business plans, investors, and legal issues associated with new start-ups. For those disheartened by such risky undertakings, buying an existing business is often a simpler and safer alternative.

Advantages
The main reason to buy an existing business is the drastic reduction in start-up costs of time, money, and energy. In addition, cash flow may start immediately thanks to existing inventory and receivables. Other benefits include pre-existing customer goodwill and easier financing opportunities, if the business has a positive track record.

Disadvantages
The biggest block to buying a small business outright is the initial purchasing cost. Because the business concept, customer base, brands, and other fundamental work has already been done, the financial costs of acquiring an existing business is usually greater then starting one from nothing. Other possible disadvantages include hidden problems associated with the business and receivables that are valued at the time of purchase, but later turn out to be non-collectable. Good research is the key to avoiding these problems.

Making money stuffing envelopes is probably one of the oldest work-at-home scams out there! Since 1997 Iâ€™ve been warning moms about the dangers of sending money to companies who claim you can make money assembling crafts, getting lists of companies looking for home workers, and last but not least, stuffing envelopes.

It seems so easy â€¦ once you pay your money, youâ€™ll get a list of companies who need people to stuff envelopes with their promotional material, invoices, you name it â€“ and because you feel you can make money at it, youâ€™ll do it. Unfortunately, that isnâ€™t how the envelope stuffing scam works. Once you send in your cash, all youâ€™ll receive is information on how to place ads, similar to the one you responded to, which scams more people out of their hard-earned money.

But what if you really want to make money this way. About a month ago I found something very exciting for those intrigued with the whole envelope stuffing business. I was amazed to discover that if this is your ideal home business, it really can work.

Katie Veseleny, author of Bizyâ€™s Guide To Making Money With Direct Mail Services took time out to answer a few questions about this possible home-based envelope stuffing business.

Liz: Katie, what's up here? Can you really make money stuffing envelopes?
Katie: Well, sure you can. But, don't expect anyone to drop off boxes of envelopes and inserts and pay you a huge fee to put them together! This is something that will be most successful when you offer total service packages. I prefer to call it Direct Mail Services.

What exactly is a Direct Mail Service Business?

Katie: A Direct Mail Service Business is offering to take away a portion of the nuisance work for your client. Much the same as a business owner would hire an accountant, they will also hire companies (such as yours) to handle this kind of work. Direct mailing is just that â€¦ you take the mailing responsibilities away from your client, and let them get back to business. You collect and maintain the mailing lists for them, send out their regular periodic mailings, as well as any sporadic mailings, and help with anything else that will make their business more successful.

Liz: How does one start a Direct Mail Service Business?
Katie: Start by looking into who your clients are, knowing their mailing
habits and what they need. Put together service packages that really offer
benefits. Also, rather than asking your client to provide the inserts,
envelopes and mailing labels, you can actually create the inserts needed as
well as creating and maintaining their entire mailing list database. I think
you'll find it's more attractive to your potential client when you're taking
away the bulk of the nuisance work, and allowing the business person to get
back to doing what they do best â€“ running their business.

Liz: How does this business differ from the envelope stuffing scam?
Katie: For starters, it's your business. You know you're legitimate. Plus, it's a total service package. It's not something that's going to make you rich overnight â€¦ you need to work at it by building a clientele and a biz reputation. I believe that if you do the math when looking at those advertisements, you'll find it's absolutely absurd to believe that you could make so much money with little or no work required.

Liz: What equipment do you need?
Katie: Your computer or a good word processor to print the labels and keep track of the mailing lists and databases. If you're inclined to offer design services, you'll need additional software to help with the designing of promotional material and other things. There are some frills and 'wish for' equipment, such as paper folders and automatic envelope folders, that will make things run more quickly, but you can do without them initially. Let the biz buy those extras later on.

Liz: What's the total cost to get this business up and running?
Katie: This will vary with each person. It's going to depend a lot on what you want to offer in your service packages and what you have at your disposal right now. You can start with only the cost of promotional materials (biz cards, flyers, brochures, etc.), or you can put together a portfolio of examples of your work if you're planning to offer design capabilities. That will be a little more expensive.

Liz: What type of person would do best at this business?
Katie: I'm going to say, patient people. This is a great business for folks with little ones at home and those who have odd hours of availability. It's something you can do in the evenings, early mornings, anytime. The most necessary skill is being able to 'sell' the idea to your clients. You'll need to know how to present your service packages in a beneficial light.

Liz: How do you market this business?
Katie: Face-to-face conversation with your potential clients will work best. Talk about it with everyone and get some positive interest going for yourself. Talk with your friends and family members, they often know someone who owns a business or works in an organization that would appreciate your services. Talk with business owners you know and make appointments to discuss the benefits you can provide.

Liz: Any last tips or suggestions?

Katie:

1) Take a look at the mail you receive at home. How did you react to it? What changes would you suggest to generate a more positive reaction? Can you verbalize those suggestions to the sender?

2) Don't call it "Envelope Stuffing" that sounds like a scam. It's Direct Mail Services, which sounds more professional and definitely more credible.

3) Look at every business. Don't cross anyone off the list until they say "no.â€ Direct Mailing is not just sending out advertisements. Other possibilities include a businessesâ€™ need to respond to requests for more information, sending acknowledgments when receiving resumes, sending greeting cards and appointment reminders, etc. They NEED someone to handle this for them!!

Iâ€™ve always found that when you decide to do something, and put your mind to it â€“ anything can happen. If starting your own Direct Mail Service Business is something that interests you â€“ Katie Veselenyâ€™s ebook, â€œBizyâ€™s Guide To Making Money With Direct Mail Servicesâ€ gives you step-by-step instruction on how to make this business work. Itâ€™s available at: http://www.bizymoms.com/main/?10433

Starting a business during an economic downturn and seeing it thrive is not the stuff of dreams, as one production house proves in the third of our six-parter.

Friends and relatives asked: "Why now?" His reply was, "Why not now?" Meet Mr Alson Ho, 34, who decided, economic downturn or not, to go ahead and set up his own company.

"I had always wanted to run my own business, so now is as good a time as any," said Mr Ho of his company, Embassy, a production house creates on-air promotional trailers for local broadcasters, corporate videos and sales tapes. Its clients include SPH MediaWorks, Mediacorp and Universal Music. Though only three months old, the company is already making profits.

But behind this success is a concerted effort to work smart - cutting costs without cutting corners.

For most production houses, a huge upfront investment is made buying its editing equipment. Such a system can cost up to $200,000.

Embassy, however, uses an editing system, which works on what Mr Ho calls "off-the-shelf software" that he personally configured into a computer. This system costs less than $30,000.

"Advancements in technology have given us less expensive alternatives to the present editing systems," he said. "I researched, participated in Internet forums and asked questions to find out more about suitable software.

He then bought the components from shops in Singapore - and with the help of the Internet - built the system. This allowed me to streamline the functions I need for editing purposes."

He added proudly: "At the end, the videos we produce still meet broadcasters' standards. There's no compromise on our quality."

Mr Ho's main priority for his budget was the equipment. After that, any extras would have to be paid for from the remaining budget. He had to find other ways to reduce costs.

For example, Mr Ho did the wiring up of the editing system himself, saving the company about $3,000. Although he is not technically trained, Mr Ho picked up this knowledge during the eight years when he worked with a local broadcaster.

Family members also provided much support: "My brother is a contractor, so he helped keep the renovation costs down. He suggested using Styrofoam boards, instead of more expensive materials, to help soundproof the office!

Equipment like the hot-water flask, refrigerator, scanner and printer, were donated by friends. Mr Edmund Low, a partner in the company, said: "We wanted a no-frills office that is comfortable for us and our clients. Thank goodness the minimalist look is still in!"

A good network of friends and family was also a valuable source of free advice and information pertaining to the setting up of a business. Queries on legal issues, money matters, and even leasing agreements, were answered thanks to them.

Today, Embassy's cost saving practice continues. For instance, lights are switched off when not in use, and recycled paper is used.

For Mr Ho, cost saving has also meant a change in lifestyle: " I no longer take taxis! I now use the buses and trains. Also, I've cut down on expensive dinners and family holidays."

Nonetheless, there are no regrets. Although the hard work and long hours have resulted in heavier eye bags, Mr Ho feels it is all worthwhile. "Now, at the end of the day, I still have to think about how to grow the business, approach clients, and balance the books. This may be difficult, but it's also very rewarding.

"To start your own business, you must have passion for it, so all the hard work is worth it."

Looking ahead, Embassy now hopes it can start courses, so that it can share its knowledge in using the less expensive editing systems with others in the broadcast production industry.

As for possible negative effects of an economic slump, Mr Ho is optimistic for his company: "Should companies cut back on their budgets, they might avoid bigger production houses and look to us instead.

"After all, we can work with these smaller budgets and still produce good quality videos. And with lower overhead costs in our company, our charges are also more competitive."

Is Entrepreneurship For You?

There is no way to eliminate all the risks associated with starting a small business. However, you can improve your chances of success with good planning and preparation. A good starting place is to evaluate your strengths and weaknesses as the owner and manager of a small business. Carefully consider each of the following questions.

Are you a selfÂstarter? It will be up to you - not someone else telling you Â to develop projects, organize your time and follow through on details.

How well do you get along with different personalities? Business owners need to develop working relationships with a variety of people including customers, vendors, staff, bankers and professionals such as lawyers, accountants or consultants. Can you deal with a demanding client, an unreliable vendor or cranky staff person in the best interest of your business?

How good are you at making decisions? Small business owners are required to make decisions constantly, often quickly, under pressure, and independently.

Do you have the physical and emotional stamina to run a business? Business ownership can be challenging, fun and exciting. But it's also a lot of work. Can you face 12Âhour work days six or seven days a week?

How well do you plan and organize? Research indicates that many business failures could have been avoided through better planning. Good organization Â of financials, inventory, schedules, production Â can help avoid many pitfalls.

Is your drive strong enough to maintain your motivation? Running a business can wear you down. Some business owners feel burned out by having to carry all the responsibility on their shoulders. Strong motivation can make the business succeed and will help you survive slowdowns as well as periods of burnout.

How will the business affect your family? The first few years of business startÂup can be hard on family life. The strain of an unsupportive spouse may be hard to balance against the demands of starting a business. There also may be financial difficulties until the business becomes profitable, which could take months or years. You may have to adjust to a lower standard of living or put family assets at risk.

A business name serves two functions

It helps customers identify one business among many
The name carries a reputation of the business

Two schools of thought

Select a distinctive name
Select a descriptive name

Distinctive names must have the advertising dollars committed to letting the consumers know what their products and services are.

Prevents confusion of company identities
Prevents confusion of company reputations

Most small businesses should select a name that, at least in part, clearly describes the product or service provided.

This allows customers to know your products and services without committing as many advertising dollars.
A fanciful or whimsical name is fine from the image stand point, but it should also give the public a clear idea of what your business provides in the way of goods and services.

EXAMPLE: In Michael Jenkins book Starting and Operating a Business in SC, he gives the name of a restaurant as an example. The name is "The Comestible Emporium". You will probably have a lot of hungry people pass by without realizing what you do. EX. "The Melting Pot".

It is a wise decision to choose a name that is partially arbitrary or nondescriptive in conjunction with a name that is descriptive of the goods and services provided. EX. Craftmakers Cabinetry.

The reason for this is to protect your company name with a trademark.

TRADEMARKS - The name chosen must be unique

You also need to consider putting your name in public

You should consider using a fictitious name-(DBA) - Doing Business As
If you use your real name and your business fails - people might associate your name with a defunct or bankrupt business. This could cause difficulties if you ever tried to start another business.

Suffering from start-up jitters? CINDY TONG discovers how proven franchises offer newbie bosses a guide into the big league.

One way of starting your own business without the hassle of planning and organising everything lies in getting a franchise from an established and reliable name.

Because the franchisor has developed a proven way of running and managing the business, you, as a franchisee can duplicate this system in your operations.

Take your pick from a wide variety of established businesses that are offering franchises in Singapore. Some examples include Sins Choc Shoppe, Bee Cheng Hiang and O'Briens Irish Sandwich Bar.

Said Mr Daniel Wong, general manager of Bee Cheng Hiang: "We manage everything right down to the decoration of the shop interior. We have good business systems in place, and our franchisee only needs to concentrate on selling the product."

O'Briens even goes as far as to help its franchisees find suitable locations for their new shops. Most franchisors will put their franchisees in touch with suppliers, and settle the nitty-gritty of equipping your shop.

In return, the franchisee is required to pay the franchisor an initial fee. This is an upfront payment that the franchisee must make to the franchisor to obtain the rights to the business format and trademark for a specified period.

In addition, the franchisee must also make monthly payments to the franchisor. These payments are usually based on a percentage of the gross monthly sales the franchise makes.

While these fees can sometimes seem exorbitant, this is hardly money gone to waste. After all, your business as a franchise will hinge upon the success of reputable name. And when discerning consumers make choices, a familiar name is always the safer bet.

Successful franchisees are also given training by their franchisors. "You'll learn how to run a business and how to treat your staff, and in our case, how to be a bit Irish," said Mr Hoves-Cock, O'Brien's managing director for Asia.

When your store is finally up and running, your relationship with the franchisor continues.

At O'Briens, stores are subject to routine spot checks to ensure franchisees keep their shops in tip-top condition. Franchisees are even awarded points based on store hygiene and cleanliness.

At Bee Cheng Hiang, the company takes pains to interview potential franchisees. Said Mr Wong: "This takes time and effort. Even though we do take care of most aspects of the business, a lot of commitment will be required from the franchisee."

Mrs Susie Valsalan, 35, who owns an O'Briens store said franchisees have to do their own homework to succed.

"You have to study the market and find out what the latest trends are." Mrs Valsalan had spent 11 years in a Norwegian firm working in its human resource department. She decided to run her own store because she felt the flexible working hours would give her more time to spend with her children.

Said Mr Jeffrey Lo, a former banker who now runs the O'Briens outlet at Citylink Mall: "My life as a banker was just so routine. This gives me the satisfaction from running my own business and didn't want to work for others anymore. Today, I measure my own success from seeing how much I progress every day."

This article appeared in Straits Times Recruit on 29th September 2001.

In the second of a six-part series on starting your own business, LEONG PIK YIN shows what you need to arm yourself with, besides your vision.

It takes more than just dreams to set up your a business. There are many details to iron out. According to the Registry of Companies & Businesses (RCB), an average of 2,000 new businesses and 700 new companies were registered every month this year.

If you are raring to go, but are clueless on how to start, here's a roadmap to show you the way:

1 Do your homework

Whether you're thinking of selling popiah skins or starting a dot.com, ask if your idea will work.

Conduct market research, and get feedback from friends, to confirm if your idea is a viable one.

Know what and who you are up against, and plan how to position your product or service against your competitors. It helps if your idea is for an industry that you are familiar with.

Then of course the all-important factor - money. You will need ample funds to set up your business and to sustain it.

Besides digging into your own pockets, there are other sources, like business angels, venture capitalists, and brokerage firms. Find out more at http://www.techsingapore.com.sg

Also, know the difference between a business and a company. For information, check out the Registry of Companies & Businesses (RCB) website at http://www.gov.sg/rcb

2 Prepare a business plan

After doing all your homework, a business plan summarises what you hope to achieve and how you will achieve it. This will come in handy, especially if you plan to approach potential investors for funding.

If you need help with creating a comprehensive and professional business plan, you can purchase Business Planner, a software package that provides you with sample plans and templates. For details, contact CCH Asia Pte Limited at Tel: 323 3313.

3 Register your business

Choose a name for your business, and check the RCB database at http://www.gov.sg/rcb/information/ to make sure it is not already being used. See http://www.ecitizen.gov.sg for some guidelines on choosing a name.

Pay a $15 fee (per name), and register your new business at RCB. The waiting time is usually one working day. When you collect your certificate, a $105 fee is required. Check with RCB if you also need to obtain licences from relevant authorities for your business activities.

To register your business as a "dot.sg", visit the Singapore Network Information Centre at http://www.sgnic.net.sg. To register your domain name as a "dot.com" go to http://www.Register.com.

4 Get a location

Technopreneurs who want to work from home can apply to the Economic Development Board (EDB) for approval.

The Housing & Development Board (HDB) has both commercial and industrial property available for tender. Go to http://www.hdb.gov.sg for information. You can also turn to the Jurong Town Corporation (JTC) for rental or purchase of industrial property. Visit http://www.jtc.gov.sg for details. Remember to get approval for all renovation works.

5 Hire staff

You will need to familiarise yourself with employment laws and regulations. A useful website to check out is http://www.employmenttown.gov.sg/. It also provides a list of online job banks where you can advertise job vacancies.

6 Handy resources and websites

Find out about registering trademarks at the Intellectual Property Office of Singapore at http://www.ipos.gov.sg. It is not compulsory, but it may be beneficial, as you will have exclusive right to it.

For details on the country's tax regulations, go to http://www.iras.gov.sg.

If consumers or suppliers owe you money and do not pay up, you can file a claim with the Small Claims Tribunal at the Subordinate Courts. Go to http://www.smallclaims.gov.sg.

Technopreneurship Singapore - http://www.techsingapore.com.sg - a website supported by EDB, has plenty of useful tips.

Government agencies offer a number of assistance schemes, from financial incentives to manpower upgrading programmes. Find out more at http://www.ecitizen.gov.sg/hp/business/

In the first of a six-part series on starting your own business, discover what qualities you must have to get a good start in the business world.

In the past, we are told to study hard, get good grades, join a large company, get a huge pay check and welfare benefits until you retire. It's not the same today. You have to take care of your own employability - and livelihood.

So whether you are an entrepreneur by default, or you choose to be one because it's going to give you more freedom, here are my personal top ten criteria to be a successful entrepreneur:

1. Be proactive

Things will not happen if you don't make them happen. Rather than to sit and wait, entrepreneurs take charge of their own fate by making things turn out the way they want it to be.

2. Be true to yourself

As mentioned by Stephen Covey, begin with the end in mind. You have to look into what your ultimate goal in life is, and how your enterprise is going to help you reach that goal in the long run. By the defination of "the end in mind", that means what you want people to remember you for, after you have passed on.

3. Sell yourself

As an entrepreneur, you represent your business 24 hours a day, 7 days a week. You need to sell the benefits of your business to your potential customers and investors. You need to sell the idea of sacrificing time for your business to your family and loved ones. Above all, you need to inspire your staff, and all your staff should help win customers for you.

4. Be a fast learner

The easiest way to be successful in any field is to learn from someone more successful than you. And if you can't find someone, then read more, surf the Internet more and attend seminars more. As a rule of thumb, the total amount of knowledge in the world doubles itself between every 10 and 14 months.

In the case of your business, new competitors or substitute products may appear every other day.

5. Be a good networker

Check out various networking groups such as Singapore Institute of Management, Business

Networking International, Rotary Clubs, Toastmasters and even places of worship. Remember: networking is about making friends that you can collaborate with, in business and in life, in the future.

6. Be positive

Successful people find opportunities in problems, while unsuccessful people find problems in opportunities. Work towards what you want to achieve, rather than staying away from good opportunities that have a problem or two.

7. Add value

The purpose of all businesses is to add value. Customers are willing to pay higher prices if they perceive that they are getting more value.

Customers will come only to you and not anybody else if you can convince them the values you provide cannot be found anywhere else.

8. Be organized

Lack of planning can cost a lot more to your business. Have the right systems in place so that you don't work round the clock all the time. Learn from McDonald's, which hires teenagers who sure can keep the restaurant clean even though they may not be expert at cleaning up their own rooms! Let your system work for you, so that you don't have to.

9. Do your sums

Since being an entrepreneur is about using a commercial entity to make money for you. Know where your sources of income are, and the amount of funds outflow you need to keep the business afloat.

Many businesses go out of business not because they are not profitable, but because they ran out of cash. Have tight controls over cash flow.

10. Take Action

There is no such thing as an armchair entrepreneur. The rewards will be great if you take enough action.

It is only entrepreneurs who are dedicated and successful who will be rich, and continue to stay rich.

Every week I talk with business owners who tell me how excited they are about their new product, service or business opportunity. Usually, their comments include something like, "Everybody needs it. I know I'm going to make a lot of money with this."

They sincerely believe it will be easy to generate hordes of customers standing in line to spend money. I really hate bursting their bubble. But, it's not going to happen that way.

Building a successful business is hard work. Most of that work will be devoted to finding customers. Finding customers will be your toughest job. You need a detailed strategy to attract the number of paying customers required to meet your financial goals.

By trial and error over many years, I've developed a 5 step marketing strategy that enables me to launch a new product or service profitably every time. You can copy this system to launch your own new enterprise or to revive a floundering business.

Step 1: Identify Your Target Market

The first step in developing your strategy is to isolate the best target market for your product or service. Your sales efforts will be most effective if you focus on a group of prospects with common characteristics and similar problems.

Start by defining on paper your ideal customer or client. List all of the characteristics you expect to find in good customers or clients. Be sure to include characteristics that make your product or service valuable to them. Then, use this list to identify a target market. Define your target market in writing.

Step 2: Find Your Most Appealing Customer Benefit

Exactly what is the most compelling problem you can solve for prospects in your target market? Why is your product or service the best solution to their problem? Your answers to these 2 questions reveal the customer benefit(s) to stress in your sales approach.

Step 3: Develop A Few Motivating Offers

Develop 2 or 3 offers that motivate prospects to take buying action immediately. For example, can you use a special discounted price offer with a deadline? Are there bonuses you can add if prospects order or sign up before the deadline? Can you combine both into a "special price plus bonus" offer?

Decide which offer on your list is the most powerful and use it in your sales material and/or your selling presentation.

IMPORTANT: A special offer providing obvious value always increases your sales volume. It's a proven way to overcome buyer resistance and procrastination. A special offer also provides a logical reason in the buyer's mind to justify what may actually be an impulsive decision to buy now.

Step 4: Decide How To Publicize Your Business

How will you introduce yourself to prospects in this market? Will you use classified or display ads in print publications or on the Internet? Will you use direct mail? Is broadcast media such as radio or TV appropriate and cost-effective? What networking can you participate in locally or on the Internet to draw attention to your business? What other methods of promotion can you use?

Prioritize each method on your list and develop an action plan with deadlines for implementing them.

Step 5: Establish A Plan To Promote Customer Loyalty

Decide what you will do to cultivate customers so they continue to do business with you and give you referrals. For example, write or call your customers or clients immediately after a transaction and thank them for their business. Ask them if they're pleased with what they received. Most will express their satisfaction. That's the ideal time for you to follow up with a request for referrals.

Don't be afraid to uncover an unhappy customer. When you do, take whatever action you must to leave them feeling good about you, even if your only recourse is issuing a prompt refund. Most dissatisfied customers won't take the trouble to contact you about their problem. They'll just take their business elsewhere and tell other people about their negative experience with you. That will cost you a lot of future business.

I've used this 5 step process successfully many times. It reduces risk by replacing guesswork with a proven strategy that gets results. You can follow this system to successfully launch a new enterprise or to revive an existing business that isn't growing.

About the Author
Bob Leduc is a Sales Consultant with 30 years experience in generating low-cost leads. He recently wrote a manual for small business owners, "How to Build Your Small Business Fast With Simple Postcards", and several other publications to help small businesses grow and prosper. For more info: Email: BobLeduc@aol.com Subject: "Postcards" Phone: 702-658-1707 After 10 AM Pacific Time/Las Vegas, NV

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Guts:
Guts means you must have an entrepreneurial instinct, which is an overwhelming desire to have your own business. You must have the guts and dedication to be completely devoted to your goal. Incidentally, devotion to your goal is much more likely if you have a love for your intended business. Life is too short to start a business that doesn't give you satisfaction and joy. And, through good times and bad times, you will stick with something you love.

Brains:
While appropriate educational credentials are important, entrepreneurial "brains" means more than scholastic achievements. To become a successful entrepreneur, you must have a working knowledge about the business you plan to start before you start it. Common sense combined with appropriate experience is the necessary brainpower. Prudence, follow through and attention to detail are very important.

Capital:
You will need seed money of your own plus sufficient cash to maintain a positive cash flow for at least the first year. In a future session you will learn how to forecast future cash requirements through cash flow control. Many businesses can be started on a very small scale with a small investment. Then, as the business grows and you gain experience, cash flow from your business can be used for growth. In some cases you don't need starting capital to hire other people because you might start by doing everything yourself. The "do it yourself" start is a good way to learn everything about your business and also makes you better qualified to delegate work to others later on. You can control your risk by placing a limit on how much you invest in your business.

http://www.venturecoach.com/resources/content_howbiz.htm

Many businesses start with a great idea. But a great idea isnâ€™t enough; you have to make it a great business. If you know business, that might be easy. But if not, hereâ€™s an overview to find out whatâ€™s involved in going from idea to business.

Building a business takes four things: a product or service, a business model, a team, and money. There is no standard order to gathering these, though they all affect each other. For instance, raising money first makes it easier to attract a top-notch team, but you will have to give up more of your equity to raise the money. Having a prototype first makes raising money easier, but without money, prototyping must be done on a shoestring. The tradeoffs will reflect your judgment, willingness to take risks, and the circumstances that come your way.

One word of advice: beware â€œequity paralysis.â€ Iâ€™ve seen entrepreneurs stall their business to keep as much equity as possible. It is better to own 10% of a $10,000,000 company than 80% of a $1,000,000 company. And if your idea needs to come to market quickly, giving up equity may make sense if it will buy speed.

You need a product or service

Most entrepreneurs start with a product or service idea. Make sure that your idea fills a real market need. Better technology rarely wins in the marketplace. It must meet a real need, and must be marketed in a way that the customers are willing to buy it.

In fact, you donâ€™t always need a new product category. Microsoft was a late entrant in window systems, spreadsheets, word processors, and presentation software. Yet they virtually own those product categories.

Without a product or service, it is harder to raise money or a team. But even so, some entrepreneurs raise money for a â€œsearch fundâ€ where they take a year to find a business to buy or a product idea to develop from scratch.

If you plan on raising venture capital funding, you will find that products/services that alleviate customersâ€™ pain are easier to fund than products/services that simply make life nicer. In general, people buy immediately to eliminate pain, while they are less urgent and motivated to make things better. A leaky roof gets patched before a homeowner adds ornamental trim.

You need a business model

A business model describes how your business makes money. It summarizes what you sell, how you get paid, who pays you, how much, and how often. It also includes your major costs. The same product or service can have several business models.

For example, a diet program could make its money by charging members for individual consultations with nutrition specialists. Or it could offer free consultations, and make its money by charging for special foods and diet products. The business model it chooses will affect what capabilities it has to develop, where it has to concentrate its service, and where it has to cut its costs.

The most fundable businesses have business models which include recurring purchases from a customer. For years, Xerox rented their copiers, thus guaranteeing regular income in perpetuity. When Canon entered the copier market selling low-price copiers, Xerox had to change their model to include selling machines (and they now enjoy recurring revenues in the form of service contracts).

Click here for more examples of business models and how the same product might have several different business models.

You need a team

Teams are great for moral support. And competent teams provide great credibility when raising money.

Choose your team by identifying your businessâ€™s needs and finding the best people you can to fill those needs. Consider many different skill sets and when/whether they are necessary.

Financial skillsâ€”including knowledge of budgeting, cash flow management, income and balance sheet preparation, use of financials in day-to-day management, and fundraising.

Project management skillsâ€”including how to identify, marshal, and coordinate people, partners, and resources to complete a project on time and under budget.

Marketing skillsâ€”including an understanding of customers, competitors, alternative products available in the marketplace, distribution channels, advertising, and public relations. I believe (despite 17 years as as engineer) marketing is the most important skill set in business.

Production, manufacturing, logistics skillsâ€”including an understanding of the specific technology needed to make your business succeed. For a restaurant, a chef would bring the necessary skills. For a manufacturing company, design and production engineers would bring the skills.

Some tempting strategies for choosing a team bear hidden pitfalls.

Beware choosing friends. Especially in business schools, groups of friends will form start-up teams without regard to whether they bring strong, complementary skills to the team. The team then finds it hard to define clear roles for all members as the company grows. And if more experienced people need to be brought in to replace a founder, the stress can tear the team apart. Have clear roles, accountability, and reporting relationships if you start a business with friends.

Beware choosing financiers. Having a team member bankroll the company is easy, but it muddles accountability. If that team member doesnâ€™t perform, coping can sap morale. Keep the money relationship separate from operational relationships, and make sure everyone understands that an investor has limited operational power, and an operational role carries certain responsibilities, even if that person is an investor.

You need money

Most companies use money before they make it. Stores buy inventory before they can sell it. Manufacturers buy parts before shipping their final product. And even solo entrepreneurs need to buy food while they create the business.

Having an experienced team, a well-thought-out product, and a solid business model will make it easier to raise money. Though venture capital is all the rage today (early 2000), there are many sources of capital:

The Small Business Administration
Banks and bank loans
Trade credit (credit from your suppliers)
Rich private investors, often called â€œangelsâ€
Funds that target certain ethnic groups, socio-economic classes, etc.
Venture capital firms

When you approach funding sources, be prepared: be able to explain your idea and business model quickly. Prepare sample financial statements, showing how your company will operate. And find out as much as you can about each source, what their needs are, and how you might satisfy those needs. A written business plan can help your credibility. Click here for hints on writing business plans.

Your investors are partners, through good times and bad. Choose them as carefully as you choose your team. If an investor doesnâ€˜t have the patience to weather a bad spell in business, or if they decide they need their money back, it can drain your time and attention exactly when you most need it for the business.

The best investors bring more than just money. They can bring guidance, industry connections, and contacts, which may prove more valuable than mere money. They also bring a relationship, and sometimes the most important differences between investors may be trust levels, time horizons, and personalitiesâ€”not just valuation.

You Need to Go For It!

Hopefully, you now have an idea of what you need to create your business. We have barely scratched the surface, however. You will revisit your idea, your business model, and your team many times as you start your venture. Reading is one of the best ways to learn the â€œhow toâ€s of these d

ifferent topics.

Visit a book store and checking out books on entrepreneurship and starting new ventures. Youâ€™ll go a long way with a little research!

Best of luck!

On the top of a blank sheet of paper, write an activity you like to do (make this the heading). Do a separate page for each activity or interest you have.

On those same sheets list as many businesses you can think of that are related to that activity.

On the same sheets list all the products or services you can think of that are related to that activity. Use your imagination and think of every possible product or service you could do.

Make a list of businesses that do better in bad times (one may be appropriate for you). Some examples might be pawnshops, auto repairs and fabric stores.

EXAMPLE

Let's assume you end up with three potential businesses: towing service, selling used cars and auto repairs. You can now make a comparative evaluation using the following check-list (or better still your own checklist) with a 1-10 scoring system:

Objective :: Towing Service : Selling Used Cars : Auto Repair

--------------------------------------------------------------------------------

Can I do what I love to do? 6 : 3 : 10
Will I fill an expanding need? 8 : 5 : 10
Can I specialize? 7 : 8 : 10
Can I learn it and test it first? 9 : 8 : 9

This kind of analysis can help you gain objectivity in selecting your business.

How to Evaluate a Specific Business you have in mind.

Here are some questions to help clarify your thoughts:

Is it something I will enjoy doing?
My favorite activities are: __________________________
I like to serve people by: ________________________________

Will it serve an expanding need for which there is no close substitute?

Can I be so good at a specialized, targeted need that customers will think there is no close substitute?

Can I handle the capital requirements?

Can I learn the business by working for someone else first?

Could I operate as a hollow corporation, without a factory and with a minimum number of employees? ("Hollow corporation" refers to a business where everything is "outsourced," meaning you would subcontract manufacturing and packaging to outside sources. )

Is this a product or service that I can test first?

Should I consider a partner who has complementary skills to mine or who could help finance the business?

Once you have decided what business you want to start, do this:

Make a "for" and "against" list regarding characteristics of the business. On a blank piece of paper, draw a vertical line down the middle of the page and list on one side all the "for's" and on the other all the "against's." Sometimes this will help clarify your thinking.

Write down the names of at least five successful businesses in your chosen field. Analyze what these five businesses have in common and make a list of reasons that make them successful.

Talk to several people in your intended business. Don't be afraid of the negative aspects of your intended business. Instead, seek out the pitfalls: better now than after you open your doors. Take notes if possible. Write down the information as soon as you can.

Analyze the competition that are not doing well and write down the reasons.

Get Completely Qualified

Before you start, get completely qualified:

The best way to become qualified is to go to work for someone in the same business.

Attend all classes you can on the subjects you need, for example: accounting, computer and selling.

Read all the appropriate "how-to" books you can.

Don't be afraid to ask questions or seek help from the most successful people in your intended business.

Fear of failure should not hold you back from pursuing your dreams. SOLOMON LIM talks to a volunteer career counsellor on how he reinvented his skills in the new economy.

He spends three to four hours each week listening to executives who have lost their jobs. He hears them out, lets them air their anger and advises them on what to do.

And he doesn't charge a cent.

Mr Kamal Kant is a volunteer at Singapore Professionals and Executives Cooperative (Spec.)

He also runs a own small career consultancy. He holds workshops, gives talks and writes articles concerning human resource and business matters.

He, like many of those he counsels, he was in the line of fire in 1999, after Singapore Power (SP) corporatised. "There was a real possibility that I would lose my job," he said," so I left when I could."

New Economy Woes

While at SP, he also noticed many people were unable to pay their bills because they were jobless. He wanted to volunteer his time to help as he noticed many are insecure about their jobs. Many have also forgotten how to apply for a new job!

Many of the people Mr Kant meets are angry and disgruntled. These often have given years of loyal service and feel cheated when they are let go when their company downsizes, or when their bosses find a younger cheaper replacement.

"What they don't realise," said Mr Kant, "Is that it is a new economy now. In the past, employers took care of their workers for life; now, companies concentrate more on getting talents and cutting costs."

"This means," he added, "workers have to be responsible for themselves, and have career planning, career management and job-hunting skills."

Re-inventing your job

Take the example of a single woman in her 40s who was let go after spending seven years with the company.

She was initially confident that she could get another job easily but she soon realised that she would have to compete with younger women for a job.

Said Mr Kant: "She had to realise that the world has changed and she needed to have some kind of marketability to remain employable. She had to re-invent herself."

She came to that realisation and has now gone back to school, while taking a part-time job.

Mr Kant said: "After going through retrenchment and a period of uncertainty, she has regained her confidence and is more than determined to make things work for herself."

Sadly, not all of the people he meets take this step of self-realisation and move on to getting another job.

Mr Kant explained: "These people don't want to give up their old life! They are still in their comfort zone and expect that any job that she takes now should at least pay as much as her last. I worry the most for people like that."

Even Mr Kant himself had to adapt to a new mindset when he finally decided to start his own consultancy. He had the idea in the early 1990s. But as he had doubts if he could make it, it wasn't till 1999 that he finally took the plunge.

Though the responsibility for his work is bigger now, he also derives great satisfaction from it. He said: "When the people that I talk to make it back on to their feet, regain their confidence and get another job, it is always a good feeling for me.

"It is not easy to get out of your comfort zone, to realise you need to adapt to a new world. After all, it took me almost 10 years to get out of my own comfort zone!"

Although more than half a million businesses are started each year, owning and operating a business is not for everyone. Many businesses are started without a realistic evaluation of personal objectives, individual talents. and personality traits.

There is no way to eliminate all the risks associated with starting a small business. However, you can improve your chances of success with research, good planning, and preparation. Start by evaluating your strengths and weaknesses as an owner and manager of a small business.

YOUR PERSONAL OBJECTIVS

What are your personal needs?
Your fincancial objectives?
How will owning a business affect your family?
Your standard of living?
Are you mainly interested in money, power, or flexibility?

YOUR TALENTS

Do you have any special skills or expertise in a particular industry?
How will your talents help you in the development and operation of your own business?
How good are you at making decissions?
At planning and organizing?
Do you like to sell?
Can you sell? (You will be required to sell yourself, your company, and your products or services.)

YOU PERSONALITY TRAITS

Are you a self starter?

Is your drive is strong enough to maintain your motivation?

It will be up to you not someone else telling you to develope projects, organize your time, and follow through on details. Running a business can wear you down. Some business owners burn out because they carry all the responsibility on their shoulders. Strong motivation to make the business succeed will help you survive slowdowns as well as periods of burnout.

Are you an authoritarian or a team player?

How well do you get along with different personalities?

Business owners need to develop working relationships with a variety of people customer, employees, bankers, lawyers, accountants, vendors, etc.

Are you willing to risk everything you own?

Will you be able to live with the fear of loss?

Will your family?

CONSIDERATIONS IN CHOOSING YOUR BUSINESS

What kind of business should I start?

People often ask, "What kind of business should I start?" No one can answer this for you. A particular business generally succeeds or fails because of its market, the skill of the owner(s) and workers, and the quality of the product or service, not because of the type of business.

Your experience is most important when you are considering starting a new business or purchasing an existing one and less important when buying a franchise. If you start a new business or purchase an existing one, past experience in that particular industry may help you to better understand your customer market, the operating cycle of the business, and the practices unique to the trade, and it may help you to avoid costly mistakes. If you buy a proven franchise, your purchase should include a developed technical support system that makes previous experience in the industry less important.

Consider working or volunteering in as many positions as possible in a business similar to the one you want to start or buy, before you open your own. This way you can try it out before committing. You can also explore the business by attending association and networking meetings within the industry and by talking to other entrepreneurs. Ask question and more questions. Entrepreneurs love to talk about their businesses and share experiences.

IS YOUR BUSINESS IDEA FEASIBLE?

People make the mistake of blindly pursuing business ownership without adequately evaluating whether the idea is feasible. Evaluating the feasibility of a business allows you to make a more informed "go" or "no go" decision, and it involves a detailed examination of financial, personal, and market realities. Some of the key elements that you should explore and honestly appraise include the following:

Do you have enough money to get your idea off the ground without going into debt?

If not, where are you going to get your money?

Do you have enough cash and the right combination of prior experience, credit status, and other tangible assets to secure financing for the venture?

Are you willing to take the risks of loss associated with assuming debt?

Can the business generate enough cash to pay its expenses as well as your desired level of owner profit?

Are your management skills adequate for overseeing and developing the business operations and market and selling your product or service?

Is there a demand for your product or service?

Can you really compete and stay comopetitive with other businesses that have been at it longer and that enjoy an established reputation?

Have you done research on market demand, or have you just assumed that people need or want your product or service?

Are the rewards from the business, both momentary and personal, worth the effort and investment you are going to have to make?

What is the worst thing that could happen if you go into business for yourself?

Are you capable and willing to deal with the worst possibility, should it occur?

BUSINESS REQUIREMENTS

If you are operating a home-based or service business, you may think it inconceivable that you would have to comply with any of the numerous local, state, and federal regulations, but in all likelihood, you will.

Avoid the temptation to ignore regulatory details. Doing so may avert some red tape and money in the short term, but it could be obstacle as your business grows. Before you do anything, take the time to research the applicable regulations and structure your business so that it will be in compliance from day one.

Below is a checklist of the most common requirements that effect small businesses, but it is by no means all-inclusive. Bear in mind that regulations vary by industry.

If you're in the food-service business, for example, you will have to deal with the health department. If you use chemical solvents, you will have to meet environmental compliances. Being out of compliance in any aspect of your business could leave you legally unprotected, lead to expensive penalties, and jeopardize your business.

BUSINESS LICENSES

There are many types of business licenses: state, local, and professional. Depending upon what you do and where you plan to operate, most businesses will be required to have a license of some sort.

Licenses are administered by a variety of departments, so first check with the Business License Office or the Tax Collector in the city or county where you plan to do business.

FICTITIOUS BUSINESS NAME

Registering your business name, after doing a search to make sure it is not already being used, protects you from others who might be using the same name. It also gives you grounds to prevent your competition from using your name.

BUSINESS FORMATION

You must decide if your business will be structured as a sole proprietorship, partnership, or corporation. Partnerships and corporations should be legally established using an attorney to develop the contracts. If you have decided to incorporate your business, contact the Secretary of State:

EMPLOYER IDENTIFICATION NUMBER

If you have employees, you are required to have an employer identification number(EIN). You may also get one if you prefer not to use your Social Security number in business tranactions. Contact the IRS to obtain an employer identification number.

STATE TAXES

You must file your state business taxes separately if you are a partnership or corporation. If you are a sole proprietorship, you file through your personal income taxes. You can obtain the necessary busine

ss tax forms and general information from the Franchise Tax Board, which has local offices throughout California.

SELLER'S PERMIT

You will need a seller's permit or a resale number if you plan to sell products. The permit allows you to purchase inventory from suppliers without paying taxes. To obtain a permit, contact the State Board of Equalization.

PREPARING YOUR BUSINESS PLAN

BLUEPRINT FOR YOUR BUSINESS

Developing a business plan is widely considered to be the most important thing you do before going into business. The business plan is a personal management tool that you should comtinue to use after start-up; it will assist you in the ongoing development of your business. Many refer to the business plan as being the blueprint or roadmap for your business. A thoroughly researched and well-thought-out business plan will clarify your goals, focus your energy, give direction to your work, and help you gauge your progress. For business seeking finance, it is a tool for raising capital. To obtain a loan or attract investors, you will need to present a cohesive picture of your business, the management team, why it will succeed, and how you intend to repay the investors. www.sba.gov/starting/indexbusplans

THE FORMAT

There is no magic formula. No business-planning outline is totally comprehensive in its content or coverage. The following outline will get you started in the right direction; not every question will apply to you or your type of business.

YOUR BUSINESS PLAN

I. EXECUTIVE SUMMARY

The Executive Summary is the first component of your business plan but is prepared after all other elements of the plan. It succinctly summarizes (in no more than two pages) the Organization Plan, Market Plan, and Finacial Plan. It should be thoughtfully written, because potential investors often will not get into the body of the plan if their interest interest is not captured at this point.

II. ORGANIZATION PLAN

The Business

Describe the business, including history, legal structure, major products or services, and personnel.

Discuss the business' major strengths and limitations and its goals for sales, new product develoopment, growth, etc.

Operations

Describe the hours and days of operation, equipment and supplies needed, and inventory storage and maintenace.

Management and Organization

Describe the current and anticipated legal structure for your business: sole proprietorship, partnership, or corporation.

Describe the personal and management expertise of all principals (append resumes) and the percentage of interest or stock that each principal holds. Discuss your succession plan ini case of the loss of key personnel.

Describe your proposed organizational structure (include an organizational chart), and specifically indentify the respondibilities of and compensation for each position ( append position description).

Describe professional resources (attorney, accountant, consultants and advisors) available to the business.

Discuss your personnel policies (append a copy) and compensation packages.

III.MARKET PLAN

Industry

Describe the size, maturity, and competitive nature of your industry, any barriers to entry and growth, and the effect of economic swings upon the industry.

Discuss the role of government regulations in the industry as current and future trends in the industry, technologies being used, and seasonality (if appropriate).

Describe your location in terms of geography, customer access, proximity to competitors and to transportation, distribution of goods, and zoning.

Product or Service

Describe all the products and services the business offers, the cost and profit of each, and the break-even point.

Discuss patents, trade marks, or proprietary features.

Market Analysis

Describe your target market--who will buy your product or service and why--and your target market demographics and trends.

Discuss your competition--who has what share of the existing market--and where your business will fit into that picture.

Market Strategy

Describe the difference between your product or service and that of your competitors, your pricing scheme or fee structure in light of competition, and your product or service.

Discuss the type and number of sales staff needed.

Describe credit policies for your customers.

Describe your advertising plan, and include an advertising budget.

IV. FINANCIAL PLAN

Include monthly financial projections for the first year and annual projections for the next two years. Use the following financial tools:

Income statement (also called a profit and loss statement)
Balance sheet
Cash flow projection
Include a financial analysis, prepared by using the following financial tools:
Break-even analysis
Analysis of key business ratios

The laws relating to the registration of a business can be found in the Business Registration Act, Cap 32. Any person who wants to start a business in Singapore must first register with the Registrar of Companies and Businesses. The definition of "business" is every form of trade, commerce, craftsmanship, calling, profession and any activity carried on for the purpose of gain.

Definition of a Business
A "business" includes every form of trade, commerce, craftsmanship, calling, profession or any activity carried on for the purpose of gain except for the businesses specified in the First Schedule.

A business may be a sole-propietorship (1 owner) or a partnership (2 to 20 owners)

Setting Up a Business in Singapore
An applicant has to submit 2 forms:
Application for Approval of Name (Form A )
Application to Register a Business (Form B )

A foreigner intending to register a business must apply for an Employment Pass from the Employment Pass Department, Ministry of Manpower

Place of Business
Every firm must have a place of business. The use of private residential property or HDB flats to set up a Technopreneur Home Office must be supported by the Economic Development Board and/or URA/HDB.

Appointment of Manager
A local manager must be appointed if his appointment is compulsory.

Approvals from Other Agencies
The nature of the actual business activity may be subject to the control and regulation by other government authorities and you cannot begin to operate unless you have the necessary approval or licence

http://www.rcb.gov.sg/

QUESTION 1

Tell me about yourself and your background.
(Number one question asked by employers).

1. I was born and raised in Los Angeles, I have two sisters and one brother. I had a normal upbringing - lots of family interaction. I went to grammar school and high school in Los Angeles, but went to college in Arizona. I have always been interested in sports and I especially like baseball. I got married and had two children, and they are now growing up and I am ready for a more challenging position. I have always been good at math and always wanted to learn more about computers.

(While this answer is very informative about you and your life, it doesn't really contribute to your resume or what you can do for this company, and in particular, this job. It also gives out a lot of information that is not necessary for the employer to know at this stage - in fact gives information that is illegal for the interviewer to ask in an interview. It would be more effective if you talked more about your ability in math and computers, which would be of more interest to the employer who is looking for someone to do the job.)

2. I have worked all my adult life and I've held all kinds of jobs at various companies. I am a hard worker. I am looking for a growth-oriented company where I can utilize my abilities and experience and can continue to learn new things be challenged.

(This answer is very vague to say the least. This sounds like the type of statement a number of people put as their objective on their resume. It tells very little about the person behind the statement. It also focuses on what you want versus what you can bring to the job or company. Employers are looking for people who can bring added value.)

3. For the past six years I have been in the electronics industry working on computer systems. Two years ago I was promoted to lead technician and currently supervise tour testers and technicians. My strength is problem solving. I take an analytical view of what is happening and work through the process by trying various solutions. I work well independently or as a member of a team. I have worked in fast paced environments most of my life, and am very goal-oriented and deadline driven. I am looking for a position as a lead or coach where I can effectively work with a team to bring in results that contribute to the bigger picture or bottom line.

(Gives more information about yourself in terms of a history of your work experience - including your strengths and what you are looking for. This is a more effective way to answer this question. By summarizing your work experience you are giving your interviewer a quick look or snapshot of yourself and what you have to offer.)

The following are 9 Tips to help you ace the all-important Interview:

• 1, Research, research, and research some more about the company you are applying for (via Internet, newspapers, trade publications, newsletters, and of course, your library's reference desk). The more you know about what they do, how they operate, the better. Use this knowledge in your interview. When there is a lull in the conversation, you can say something like this: "So, I have heard that the company is expanding its production line to include xyz gadget. When are you starting the production of these?"

• 2, Dress comfortably and conservatively. Men: wear a dark gray or blue suit with an ironed white shirt, conservative tie, dark socks and shoes. If the job you are applying for doesn't require a suit, wear dark, solid color pants or slacks with a sport shirt in a solid color or with subtle stripes. Don't wear jeans or athletic shoes. Women: no fleshy jewelry or heavy makeup. Wear a medium to dark color suit, or a dress with a jacket. Or a jacket and skirt together. Choose a light colored - preferably white or ivory blouse. Both men & women: Make sure that your overall appearance is professional and as perfect as possible.

• 3, Treat everyone you come in contact with at the company as if they have authority to hire you (in fact, they might have, you never know.) It isn't rare for the hiring authority to ask the receptionist/secretary after the interview has been concluded how friendly the potential employee was while waiting for the interview.

• 4, Make and maintain good eye contact.

• 5, If you are nervous, feel free to say so. Say something like: "I find myself very nervous because I'm very interested in your organization." Acknowledging your nervousness and anxiety often reduces it and interviewers are usually very understanding. (Remember, it has been known that people hire people who they feel comfortable with. So, make yourself as comfortable as possible!)

• 6, Ask questions, don't just sit there waiting to be interrogated. You have just as much right to find out everything about the company as they have finding out about you. Sample questions: "In your opinion, what are the most relevant abilities for this job?" "Would you describe the long-term goals of the company?" "Is there anything from my previous experiences that you would like me to elaborate on?"

• 7, Make sure you indicate that you want the job! One of the top 10 reasons why a person doesn't get hired is the lack of enthusiasm and interest in both the company and the particular position.

• 8, Make sure that you have several copies of your résumé with you in case the interviewer asks for it and in case a panel of people will interview you. Also, have your 4-5 professional references listed on a separate sheet of paper (same quality paper as résumé). When the interviewer asks about your references, voila, you will have them right there to present to him/her. (Having your references ready and with you for the interview shows a degree of preparedness & professionalism.)

• 9, Follow up the interview - IMMEDIATELY - with a thank- you letter. About 95% of job candidates ignore this essential step. If you want to stand out from your competition and leave a final, positive impression with the person who interviewed you, you need to send a thank-you letter. Use quality stationery whether you handwrite it or type it. Include these elements: - appreciation of the interviewing person's time - the understanding of duties in your job; highlight ways your qualifications match them - mention that you are highly motivated and eager to succeed - also mention that you hope you are being considered for the job, because you are very interested in it - say that you look forward to talking to him/her in the near future.

GOOD LUCK TO YOU! GO AND GET THEM!
BE CONFIDENT IN YOUR ABILITIES!

(Copyright/Rita Fisher, Career Change Resumes) http://www.careerchangeresumes.com/

Preparing for a job interview is more than just being physically presentable and being present on time at the interview. The applicant has to be mentally prepared too, to show that he/she is the right candidate for the job.

Know the Company and JobBefore the interview, it is vital that the applicant learns as much as possible about the company and the job, thus indicating his/her interest and sincerity about the position applied for, and at the same time showing his/her diligent attitude applied towards a project.

Make a Good First ImpressionA good first impression goes a long way towards securing the job. Therefore, it is important to convey this to the interviewer. In addition to having the proper attire and image for the job applied for to reflect the importance of the occasion, the applicant should interact appropriately by showing responsiveness and a willingness to be open ? based on the promptings of the interviewer.

Reduce AnxietyIt is understandable for the applicant to be anxious. It is better to be anxious than to be unconcerned. Be physically relaxed (with deep breathing or some stretching exercises) and put away the fears (by reading or other distraction). Have an open approach during the interview.
Body LanguageThe interviewer not only hears the words, he/she also sees how they are spoken. The applicant should make eye contact to give the impression of awareness, confidence and earnestness. Polite hand gestures and other body movements can be useful in emphasising or agreeing with the interviewer.

Answering QuestionsQuestions should be answered frankly, succinctly and willingly. To give the information that the interviewer wants from the question, the applicant should first determine if it is properly understood and why it is asked. Sometimes an answer may have to be supported or justified with examples and incidents.

Asking QuestionsQuestions should be asked to express an encouraging attribute or to draw out useful information about the job which can influence acceptance if the job is offered.

Ending the InterviewThe interview should end with the interviewer giving an indication of when the decision on the applicant is made.

This is perhaps one of the most topical and worrisome subjects at the moment. With such volatility in the worldwide job market today, losing a job may become a reality for you or someone you know. It can be one of the most traumatic experiences in your life, especially if you are responsible for feeding a family, maintaining the mortgage repayments and keeping the bills paid.

In whatever form -- whether you are asked to leave, made redundant or you leave on your own accord -- it can be an extremely perplexing time. However, it needn’t be the end of the world if you can deal with it correctly. In one form or another many people have been in this situation and they have been without a job at some point in their lives. Losing one’s job happens all the time and throughout the world.

What you have to do is turn this negative time into a positive experience and realise that you are not unusual or a failure. Instead, you are simply human and going through a bad patch in your life that can be rectified -- but only if you are prepared to remain positive.

Here are some real-life examples of people who have coped successfully with job losses.

A Resume/CV should preferably not be longer than two sheets of A4.

Items that should be included in a Resume.

Personal data
Name, address, telephone number (work/ private/ mobile). Other personal data can be added depending on country practice.

Educational qualifications
Years in which the education was followed, name of the course, educational institution and place and formal qualifications

Additional courses
Course subject, educational institution. As appropriate: duration of the course, certificates obtained. Only mention courses relevant to the job.
If possible, group together courses of a similar nature.

Work experience
Period, job title, name and location of the organisation, nature of the work, duties and responsibilities. Where appropriate, successes that are relevant to the job that is being applied for.
Start with your most recent work experience, unless you are applying for a job related to a function that you performed in the past.

Other aspects may be included in the CV/Resume, depending on the personal capabilities, the job and the organisation/company to which you are applying.

Additional information that you can include in your Resume

Personal profile
Brief description of who you are, what your personal characteristics are, and possibly your general expertise and skills.

Ambition (search profile)
Brief outline of your ambition, in terms of duties and responsibilities, job content, constraints and work environment.

Social responsibilities
Additional jobs/ voluntary work during your studies and outside your work.

Leisure activities
Mention these if relevant to the job or if they are activities that characterise you particularly.

Publications and patents
Mention if relevant (with title), in chronological order. If there is a large number, list them on a separate sheet.

Miscellaneous

The following may also be mentioned:
Driving licence (categories), ownership of own means of transport
Language skills (spoken/written)
Computer skills
The basic CV/Resume

As you always adapt your CV/Resume to the job for which you are applying, it is useful to make a basic document/ working document which you can always use to draw up your CV/Resume. This basic CV/Resume contains all the elements that you might want to use in your CV/Resume and an extensive text.

Cover Letter

Your cover letter is your initial sales pitch to succinctly state that you have what it takes to do the job.

What should I include in a cover letter?
Your cover letter should address specifically what you can offer in the form of knowledge, character, skills, ability or experience relevant to the job. It is about convincing the employer that you are a good fit for the job.

How do I get my cover letter noticed ?
Your cover letter will not stand out unless you highlight clearly two or three reasons why you are different from the rest. These two or three reasons should be attractive enough for the HR officer to decide to look at your resume. They are looking for the answer to "Why should we hire you?". Do not be tempted to write too much in your cover letter. Keep it simple with three or four short paragraphs. Keep your sentences short and concise. Emphasise relevant work or personal experience. You can also include polytechnic projects or assignments that are relevant to the job applied. Do not forget to check for spelling and grammatical errors. Finally, do include your mailing address, email address and contact numbers.

Resumé

The sole purpose of a resumé or Curriculum Vitae (CV) is to show the reader what you are capable of. It should be a concise write-up of your personal details, background and capabilities. Most employers will skim through all the CVs and put aside only five to ten that might be worth reading. On the average, an employer will only spend around one to three minutes on each CV. In other words your CV has to stand out from the others.

This does not mean that the CV should be full of graphics, colours or printed on colour paper. Some employers may feel that if you have to use gimmicks to impress them, then you probably do not have anything to offer. A good CV should look neat, professional, and be easy to read.

What makes a good resumé?

Your resumé should include details such as:

Your name, address, and phone/pager/hand phone number(s)
A career objective statement
Qualification details
Employment history (on the job training, holiday jobs, part time jobs,)
Key skills and competencies summary ( relevant and specific polytechnic projects or assignments)
For males, your NS records and details
Knowledge of languages
Awards and Scholarships
Special accomplishments
References
Expected Salary

How should I write my resumé?

- Use action verbs and phrases in your resumé
We suggest that you use action verbs and phrases when describing yourself and your work. A ction verbs create the perception that you are a go-getter and someone who gets things done. For example: Developed and implemented an e-commerce website for my company within three months.

- Prioritize and highlight your relevant key skills and competencies
Prioritize and highlight clearly in your resume, your key skills and competencies that are relevant to the job and support with actual achievements. For instance, if one of your key skills is web designing, highlight one or more web designing projects/ assignments that you had undertaken.

- Avoid being long winded
Your resumé should not be too long winded and should be succinctly written in not more than three pages.

- Appearance counts
Create a resumé that is easy to read with a layout that is neat and tidy. Do not use a font size or font type that is difficult to read.

- Be truthful
It would be wise to stick to the facts that you can back up with evidence. Do not state skills or competencies that you do not have.

Interview skills

Preparing for job interviews is probably the most important aspect. Do this right and you will breeze through it, go unprepared and you will fail miserably. Preparing for a job interview means getting your mind right and feeling confident. You have to show that you are the best person for the job.

Firstly do some research on the company and its products, know who their customers are and what the company's objective is. Once you have this information, then make a list of the skills and knowledge which you possess that are valuable to the employer. You cannot "sell" yourself if you do not know the "product" you are selling well.

The next thing to do is to take note of your physical appearance. You need to dress appropriately for the job interviews. Do not wear anything too flashy. Neatness and appearing well-groomed is very important. The aim is to look professional without overdoing it.

Work out what you need to take with you. A copy of your CV, originals (and copies) of your qualification papers, copies of references, samples of your work (if applicable) and anything else that the employer may want to see. Make sure everything is well organized and neatly presented. Do not take a pile of paperwork that you have to sift through during the interview. That will give the employer the impression that you are disorganized.

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