Tag Archives: entrepreneurship

Productivity Hack: Opportunities vs Time Sinks

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I don’t know about you but I really dislike time sinks. You know, the stuff you do everyday that takes a chunk of time off your schedule and yet leaves you unproductive and at the end of the day, you never really accomplished what you’ve set out to do for the day.

For me, it is things like checking and responding to emails, attending long meetings and administrative work.

While some of these tasks can be delegated but in a startup environment, there are many things you can’t just delegate entirely. The team relies on you for support and vision and it’s your role to keep everything on track.

To make things worse, there are also many seemingly good opportunities that crop up along the day that will demand more of your time in return for “career progression”, “bonuses”, “fun” or just “to look good”.

These problems are not just unique to startups. It may very well apply to you, wherever or whatever your job demands of you daily.

The trick is to say “no”, but how to?

The challenge here is to develop the ability to recognize what are opportunities and time sinks. Identifying timesinks not only helps you focus on what matters to most, it also helps you to free up time to do what really matters to you and here’s how:

1. List down your daily routine
2. List down what are your ‘must achieves’ daily
3. List down your goals (be specific!)
4. Identify which ‘must achieves’ helps you meet your goals and which doesn’t
5. Identify which daily routine helps you meet your goals and which doesn’t
6. Cut irrelevant ones, or see if you can combine / automate them to be more effective
7. Build on relevant ones (identify what will help you achieve it better)

Once you’ve done this, it will be easier the next time when a new opportunity comes up. You can easily say “no” to opportunities that are actually time sinks in disguise.

When done right, you will also realize that the most effective way to minimize time sinks is to create routines and transform them into a habit.

For me, I allocate certain time and days solely for meetings. This allows me to know for sure that I do not need to deal with meetings that may compromise my daily goals on other days and help me be more productive that way.

From a business and startup perspective, it also helps me to identify which opportunity is worth pursuing and evaluate existing opportunities that are becoming time sinks.

This may sound tough (and it is) in the beginning, but it gets easier as you continuously practice it and you will be able to do it automatically without physically creating lists again (thus saving even more time).

What are your top three time sinks daily?

Social Media for Entrepreneurs: Friend or Foe?

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Note: This is Part 4 to the Social Media for Entrepreneurs series.

Social media networks are awesome to have

This is Part 4 to the Social Media for Entrepreneurs series. Quick access to the series below:
[ Introduction | Part 1: The Basics | Part 2: Why It’s Made for You | Part 3: The Reality | Part 4 ]

Disclaimer: The video was recorded as part of the RU Ready series targeted to entrepreneurs in Malaysia by Prudential which I was involved in. This also happen to be my first ever video series :)

Social Media for Entrepreneurs: The 5 Realities of Social Media

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Note: This is Part 3 to the Social Media for Entrepreneurs series.

With the many benefits social networking platforms have, it is no wonder many that are new imagined being ‘social’ is easier than it actually is. After all, you probably already have a personal Facebook or Twitter account in which you’re up-keeping well.

Unfortunately, having your business on social media isn’t something (as) easy.

The difference is this – on your personal page you’re free to share and talk about anything you want and let’s be honest, the main reason you’re spending so much time on these platforms is because it has been, and continues to be all about yourself; and you keep track (or stalk) your friends’ latest happenings.

And that does not happen with your business. Watch the video below on the reality of social media.

The 5 Realities of Social Media An Entrepreneur Should Know Of

Note: this is an extension of the video above

#1: You’re not connected as you think you are

It is always a good idea to first reach out to your existing networks (friends or followers) when putting together your business page. However, the friends you have may not be fans of your business. Even if they are, they may not necessarily be your potential customers. And you’re certainly not connected to all 800 million people on Facebook. Which also means that your business is hardly global.

#2: It won’t be a case of increasing sales

At least not so soon. Social media platforms should never be seen as an answer to low sales simply because it never is a sales platform to begin with. It says ‘social’ for a reason. Don’t get me wrong – sales CAN happen but it will be a result of communication and relationship building, not through blatant advertising.

#3: It is not easy. At all.

Just like starting up a business or a new website, it isn’t easy at all and there are many reasons to it. Whether it is marketing strategy, customer acquisition or retention, they are also valid (and prevailing) challenges on social media platforms so much so that if you think that getting started is tough, you’re wrong. It’s tougher ahead.

The frequent changes and updates in technology, the fact that you’re dealing with consumers that continuously demand, and the time required to be seen as ‘present’ on these platforms for people to take notice of your business is sufficient enough to get you going for as long your business is running.

#4: It isn’t free either

Speaking of time (in #3 above), time isn’t free, and by now you should have noticed the heavy involvement / requirement of time on social media. You need time to build connections, to create conversations and the dedication to make it happen for you.

This also means that you may have lesser time to do (actual) business thus losing out on potential sales elsewhere. If you choose to hire, there are costs involved as well. Sure, the platforms such as Facebook and Twitter are free, but the calculation does not stop there.

#5: And it isn’t a numbers game

Many have said this and I’ll say it again – don’t ever get caught in the numbers game. In other words, don’t spend all your time accumulating the number of followers or fans! Unless your only goal is to look better than your competitor and not get anything out of it, never compete in numbers.

In fact, you can even purchase fans and followers from as low as $5 USD. That’s how ‘cheap’ they are.

Additional read: 8 Grave Misconceptions about Social Media

“Okay, what to do then?”

what to do on social media+ Keep your head in the game and focus on what’s most important for your business.
+ Strive to provide value and provide them consistently.
+ Create conversations that is about them, not about you.
+ At appropriate opportunities, give them a reason to share about you and tell them how to.
+ Get them involved in your business through discussions. Hear them out!
+ Encourage them to share their thoughts or ideas.
+ Take a step further to get to know them better, for example, their interests.
+ Don’t be all suited up. Have fun! Run promotions, giveaways or share lighthearted resources (don’t go overboard though!).
+ Don’t automate replies. Being genuine is key.
+ And ultimately, stay committed.

Next up in Part 4: Friend or Foe?

This is Part 3 to the Social Media for Entrepreneurs series. Quick access to the series below:
[ Introduction | Part 1: The Basics | Part 2: Why It’s Made for You | Part 3: The Reality | Part 4 ]

Disclaimer: The video was recorded as part of the RU Ready series targeted to entrepreneurs in Malaysia by Prudential which I was involved in. This also happen to be my first ever video series :)

Photo credit: BizOrigin

Social Media for Entrepreneurs: 3 Reasons Why Social Media is Made for You

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Note: This is Part 2 to the Social Media for Entrepreneurs series.

Social media networks are powerful tools for both individuals and businesses. No, I’m not referring to the fact that it has a huge user base (because you will not be able to reach out to all of them anyway) but the ability to do the below 3 amazing things for your business.

Watch the short video below!

If you missed this part in the video above, let me ask you again:

“Everyone, including your competitors are on social media networks. Why are you on social media? What are you doing different than them?”

That may sound like a simple question but you’ll also need to understand the 3 reasons why social media will benefit you as an entrepreneur to understand what can be done:

Note: the below is an excerpt from the video above (with a little extra)

#1: Social Media Levels the Playing Field

Social media is all about building a relationship with your target audience in a two-way conversation. It is not meant to be collected and admired upon. This also means that brands with huge budget cannot directly purchase success on social networks, unlike on print ads where visibility wins. High visibility does not guarantee a growing relationship with your audience.

On top of that, these social media platforms often go through updates (like the recent Facebook timeline update). Big brands have to keep up with it as well and there are no shortcuts to it.

#2: Social Media Can Be (Very) Targeted

One of the advantage social networks have over traditional mediums is that it can be a whole lot more targeted. Not only it allows you to target potential customers in a specific location, gender, age or interest (such as in Facebook Ads), it can also be used to target conversations (on Twitter) or even current locations (on FourSquare).

This means that entrepreneurs today have the ability to reach out to their target audience specifically without spending unnecessarily while effectively meeting the ‘wants’ of a customer.

#3: Social Media is a Network of Networks

Many people limit their networks to their immediate friends or followers, thinking that it is only them that they are reaching out to and this is a flawed concept. One of the main benefits of social networks is the ability to tap into the networks of your friends or followers. This can be done through the ‘sharing’, ‘retweeting’ or ‘recommend’ feature on Facebook and Twitter.

How else can social media benefit you as an entrepreneur?

Next up in Part 3: The 5 Realities of Social Media

This is Part 2 to the Social Media for Entrepreneurs series. Quick access to the series below:
[ Introduction | Part 1: The Basics | Part 2: Why It’s Made for You | Part 3: The Reality | Part 4 ]

Disclaimer: The video was recorded as part of the RU Ready series targeted to entrepreneurs in Malaysia by Prudential which I was involved in. This also happen to be my first ever video series :)

Social Media for Entrepreneurs: The Basics

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Note: This is Part 1 to the Social Media for Entrepreneurs series.

“With power comes great responsibility”

I’ve always found that quote from Spiderman to be so very true. The thing is, social media networks over the years have become a checklist item for entrepreneurs, business owners and individuals alike, so much so that people are just doing it because it is THE thing to do.

They forget that social media is a force to be reckon with and cannot be taken lightly. It is not something where you setup and forget or a tool to make you money in your pyjamas.

Have that said, here are 4 responsibilities entrepreneurs should take note of on social media:

#1: Stay dedicated

It is easy to give up especially when you’re lacking in followers / fans or when no one seems to be reading your articles, replying to your posts or retweeting your content. But instead of throwing in the towel saying “It does not work”, ask yourself, “Why isn’t it working?” instead and do something about it.

Could it be your approach? Could it be your timing? Or could it even be your profile description? Remember that you’re dealing with people on social networks behind those pretty avatars therefore it can take some time before you catch their attention. Again it is a game of trial and error. Never give up!

However, be aware that social media can be a major time suck. Something as simple as replying to a comment can lead on to many other activities and distractions so set a time for yourself to be ‘at work’ on social networks and turn it off when you’re done so you won’t miss out on ‘real work’ in your business.

#2: Learn, and never stop learning

You need to be in the know as an entrepreneur, especially if you’re on social media and having not enough time is NOT an excuse. Technology and business today are moving so quickly that it might cost you if you are oblivious to what’s happening. Besides, it is just unforgivable if you’re not taking time off to learn especially with the abundant of resources online today.

Reading 3 articles a day can take you very far and that will probably just take you less than 10 minutes. I have personally subscribed to a number of feeds on my Google Reader so that I won’t miss out on what I deem as important such as technology news, social statistics / infographics and marketing insights. You should, too!

#3: Ignore the glitter

Do you really need a pair of 3d glasses

It is extremely easy to get caught in the glitter as an entrepreneur. Yes, like a magpie.  It can be the iPhone 7 (new gadgets), Mega Hootsuite (new apps) or whatever that is supposedly made to help ease the workload on social networks.

Sure, there are tools or gadgets that WILL help (and I use a number of them) but do you need the latest of them or even at all? Choose your tools wisely and work with them. Remember, it is quality engagement you need on social networks so complete automation is not necessarily a good thing. And if you’re thinking about auto DMs on Twitter, forget it. It ain’t cool!

Disclaimer: the gadgets and apps mentioned in this section are all made up and is not to be represented as a rumor, leaked information or marketing attempt for any kind.

#4: Don’t abuse the usage of social media networks

Now before you go trigger happy with social media networks, you should be mindful that there are certain social media manners and rules to adhere to. Take Facebook for example, tagging your followers / friends on a promotional flyer, posting on their walls to promote your product, and pestering them to “Like” your page are seen as spam. A rule of thumb is to not do to others what you don’t like others doing to you.

As for rules, know that the Facebook rules and guidelines forbids you using Facebook as a promotional platform. This includes contests of any kind. Sounds familiar? Yes, this means a contest of “Likes” or “Tagging” or “Sharing” are all prohibited on Facebook.

I wrote this article some time back on this and though much has changed, the gist of it still remains. Check it out if you’re unsure about the Facebook promotional guidelines.

What’s your experience or advice to entrepreneurs on social media? Do leave your thoughts at the comment section below.

This is Part 1 to the Social Media for Entrepreneurs series. Quick access to the series below:
[ Introduction | Part 1: The Basics | Part 2: Why It’s Made for You | Part 3: The Reality | Part 4 ]

Next up in Part 2: Why Social Media for Entrepreneurs?

3D glasses image credit: CoolGadgetConcepts.com

Social Media for Entrepreneurs: An Introduction

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About two weeks ago I was invited to speak to 120 aspiring entrepreneurs at a workshop hosted by Prudential Malaysia under the RU Ready campaign, specifically targeted towards college / university students and young adults. It was an exciting opportunity as I always enjoy sharing with young people but yet a humbling experience to be speaking alongside two well established entrepreneurs, Candice Lee (Sales Director of Capital Asia Group) and Timothy Tiah (Co-founder of Nuffnang).

Speaking to young entrepreneurs always reminds me of the excitement of being an entrepreneur, especially when you’ve a new idea in mind. You just can’t stop thinking and talking about it with the intention to grow the idea and eventually commercializing it. However, any entrepreneur would tell you that the journey won’t be easy. It’ll be tough. That’s because…

Entrepreneurship isn’t science

One of the key attributes of an entrepreneur is to not fear failure, so much so that if you’re afraid of failing, you won’t cut it as an entrepreneur. It is a never ending journey of trial and error and what worked for Mark Zuckerberg or Steve Jobs may not work for you, simply because there’s no one fixed formula to success in entrepreneurship.

Similarly, there is no fixed formula to social media success

In the excitement of establishing a new business as an entrepreneur, many approach social media as if it is the cure to business problems or the formula to a successful business. The thing is, entrepreneurs must remember that building your social media presence is similar to building a business. It takes time, commitment and dedication that grows through time.

Social media can be part of the cure or formula, but never THE cure or formula

Social networks are a gift to entrepreneurs. It is only until the introduction of social networks that entrepreneurs are able to start at a faster pace. Think about it – you’ve resources on blogs, video content on YouTube, and a whole world to explore and to be in contact with potential investors, partners or buyers via Facebook, Twitter and LinkedIn.

Is there more?

This is the introduction to a 4-part series on social media for entrepreneurs so stay tuned for more!

[ Introduction | Part 1: The Basics | Part 2 | Part 3 | Part 4 ]

Here are the slides to my sharing session at the workshop if you’re interested:

Social Media for Entrepreneurs

Quick access to the series:
[ Introduction | Part 1: The Basics | Part 2 | Part 3 | Part 4 ]

What Would You Do If All Odds Are Against You?

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You’ve probably heard that one of the main attributes of an entrepreneur is the ability to take risks. However, what an entrepreneur actually does is to take CALCULATED risks. That’s right, they don’t take risks for the sake of taking it. They take risks because there’s something worth fighting for and have considered all options before taking the risk.

But what happens if all odds are against you?

Recently I stumbled upon a particular comic strip in Chinese which resonated quite a bit with me that I thought it’ll be great to share with you (I’ve translated the text to English for your viewing pleasure):

what would you do if all odds are against you? - english

click for larger image

Original comic (in Chinese)

The comic strip got me thinking – which citizen would I be in the comic strip? Would I be watching the live telecast in front of the television screen waiting for it to happen? Take the opportunity to rob the stores to get that 60-inch plasma television that I always wanted? Or would I try with whatever I have (or can) to face the problem (in this case, a meteor) head on?

While it may sound silly to face a meteor with a baseball bat…

Many ideas started off silly too. Let’s warp back in time for a bit, what would you say to Mark Zuckerberg when he was working on Facebook, during the prime time of Friendster? Or Apple when they were working on the iPad? Remember how everyone claimed that it was an oversized iPhone and that it’ll never sell?

The thing is, your ideas will constantly be challenged as you talk to people, or as technology advances and sometimes the odds really are against you. Maybe investors are not buying into your idea, your business partner disappeared, you’re losing money, loved ones aren’t being supportive or maybe you’re feeling that you can’t cope with the expectations of the shareholders anymore.

I’ve personally lost count on how many times I’ve went against the odds myself. There were smaller odds but definitely big ones with much at stake. If there’s one thing I’ve learnt from them is that if they (challenges) did not happen, I wouldn’t be who and where I am at today.

The really question is – Are you ready to face the odds? 

Have You Stopped Improving Yourself? 4 Ways to Stay In The Game!

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I’ve always enjoyed the game of badminton and I’ve been playing the game ever since I could remember. I could safely say that I’ve been a decent player with some tournament wins here and there and have also learnt a great deal from this sport. As time passed, I got pretty busy. From playing the game everyday (in high school) to thrice a week and now, barely once a month. Needless to say, my plays naturally declined as I wasn’t playing enough to improve – and that got me thinking.

It is really the same in real life

I’ve known of some really talented tech guys when I first started exploring the industry and I’ve learnt quite a bit from them. However, over the years they’re seen repeating what they already know over and over again to the point where it became obsolete, especially when technology advances so quickly. To cut the long story short, they switched to a different industry. Mind you, they were experts before.

What does this mean?

Many great teachers will tell you that you stop improving when you stop learning, and it is true. No matter how good you are in what you do now, time CAN take its toll on you if you’re not constantly practicing, learning, improving and sharpening your skills. In fact, I think one of the most important trait of a teacher / expert / leader is the willingness to learn and to continuously improve as people will respect that.

A good example would be Mark Schaefer (@MarkWSchaefer) – he’s already good at what he does, he has his own business going, a huge blog community and he can as well just make money by selling his thoughts. But what I think made him so successful in what he does is that he never stops listening, he never stops learning and he never stops growing (which is the name of his blog community, by the way). I would also say the same for Robert Dempsey (@rdempsey), he never stops testing and experimenting on different marketing ideas and strategies and documents them on his site.

What should you do?

#1: Don’t be contented or comfortable on the level you’re at

Yesterday you’ve 10 Friendster accounts with thousands of friends and testimonials (those were the days) in every one of them… today, Friendster is no more. Are you ready to lose out just like that, knowing that you may have the ability to achieve what you could have achieved? Challenge yourself consistently.

It doesn’t need to be big but keep yourself on your toes. Spend some time daily to learn something new. Read articles, watch videos, do something that can help you improve your knowledge / skills in what you do.

#2: Stop giving excuses

Ah, how easy it is to put a task off. We are all master procrastinators at one point or another. The best part is that we often argue ourselves out of it. After all, it makes sense right? Wrong. Here’s the deal – if you’re not gonna make it work, nobody will! So if you really want to improve yourself, get moving!

goal setting checklist#3: Set achievable goals

I’ve been reading a number of posts saying new year resolutions don’t matter simply because you won’t fulfill them. I say that’s rubbish. You couldn’t fulfill them simply because you’re doing #2 or you’ve set goals that you may not have been able to achieve anyway! Set goals that are within your means to reach (at least of a start).

Set a short (smaller) term goal followed by a longer (bigger, accumulated) goal. You can’t possibly run for an hour everyday if you haven’t done that in years so start once a week then twice and slowly add to it. You’ll find your goals easier to achieve that way.

#4: Don’t be too hard on yourself

It is very easy to give up, trust me, I know. At times it seems as though all the effort was flushed down the gutter and you feel like throwing the towel. You know what, giving up is easy. But what makes an entrepreneur an entrepreneur is that he / she does not give up.

If you ever find yourself in such a situation, you need someone that you can trust to be your support system. Whether it is a loved one, a family member, business partner or a friend, that’s where you should go to, vent, and move forward from there. I definitely have mine.

Have you ever found yourself falling back on what you (or used to) do best?

Stop Thinking Like a Big Brand and Go Small

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I can’t help but to notice a pattern among small business owners and start-up entrepreneurs as it would seem that the buzz word among them is “global”. Now, don’t get me wrong as I’m not against being visionary and ambitious but overindulgence in this “global” concept can very well be a mindset that comes into your way in growing your business.

Take any sport as an example – you do not challenge the course with the highest difficulty when you start out simple because it will probably leave you injured or killed (depending on the type of sport). However, it is good to look forward in challenging that course in the future – when you’re fit for it.

So, why should you not think like a big brand? Here are 4 reasons:

#1: Budget

I’ll skip the part explaining the difference in marketing budget between a big brand and a small business but know this – branding and marketing is not dependent on how huge your budget is. Money simply has the potential to speed up the growing (or declining) process of your brand.

Thankfully, the web is favorable to small businesses especially with the introduction of social media. If your target audience is on Facebook, focus on building a relationship with them and grow your network organically. This will create long term traction for your business with significant savings on cost. Don’t be fooled by the misconceptions of social media.

#2: Manpower

With limited manpower on your team, you may not be able to go on a labor intensive campaign such as roadshows or huge events. Forcibly doing so may spread your workforce so thin that it may hurt your business in return. Instead, use this limitation to your advantage by being able to provide a closer communication with your customers.

One of the beauty of a small business is communication. Big brands often let the account managers, sales or marketing team do the job while in small businesses, you as a business owner work on it hands-on and that makes a difference. Focus on providing personalized services and that will keep you ahead of your competitors. Even big brands are moving into personalized services.

#3: Systems and Procedures

Big brands in general have various systems and procedures to keep them in check whether it is for sales, requesting for support or even to get a marketing campaign approved. Sometimes, it takes weeks to get a request approved due to the many departments involved. While the control is there, it is not what your small business should be doing.

Small businesses usually have the luxury of being quick and fluid in decision making thus allowing a shorter turnaround time. Use this to your advantage and keep the ideas going and experiment on them.

#4: Networks and Reputation

Most big brands are already well connected and engaged both online and offline. Having that said, it is likely that their marketing campaigns will automatically gain a whole lot more participation or visibility than what you can achieve with your small business.

Turning that around, you can establish your reputation in local communities and this is something big brands are unlikely to follow. Be targeted in your marketing campaigns and reach out to your target audience individually and grow together with them – this will lower your overheads but gives you a laser-point focus.

Go Small but be Scale-able

Likewise in start-ups or small businesses, instead of thinking about going global and becoming a big brand, think of how can you start SCALING your business towards becoming global. Remember, even big brands started small.

14 Attributes for Your Entrepreneurial Success from Silicon Valley Icons

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What makes a great entrepreneur? Is it the skills, the mindset, or perhaps the money? So I had a golden opportunity to attend a 2-day conference – Silicon Valley Comes to Malaysia and this conference brought together many great entrepreneurs including Shawn Fanning (co-founder of Napster), Jawed Karim (co-founder of YouTube), Jeff Hoffman (co-founder of Priceline.com), Konstantin Guricke (co-founder of LinkedIn), Naval Ravikant (founder of AngelList), Jonas Kjellberg, Paul Bragiel and many more to encourage and assist local entrepreneurs here in their endeavors.

Silicon Valley Comes to Malaysia

The two-day conference was filled with power packed sessions and the opportunity to network and build relationships with other entrepreneurs was amazing. I even bumped into Krystle (@mskrys) from Twylah for the first time beyond the avatar.

Okay, enough talking. Let’s (finally) dive into the 14 attributes of how you can make it as an entrepreneur I took home from the Silicon Valley icons themselves:

#1: Codes are the new literacy.

You cannot afford to be technologically illiterate when the world is now built on codes. Learn to code!

#2: Do something that can accelerate and you like.

Start something that is scale-able. Not because of the money, but because it is your passion.

#3: Know what your customers want.

Never get your friend to test your product. Go to the customers.

#4: Given a choice and a limited budget, spend on marketing, NOT an office.

You want to have an office like Google but that can wait. Focus on growing your business first.

#5: You cannot do this alone. Get a co-founder.

You’ll definitely need help. If not for extra hands, you’ll need him / her for morale support.

#6: You’re not as smart as you think you are.

The day you think you’re smart, that’s when you grow otherwise. Listen to what others have to say.

#7: Surround yourself with people smarter than you.

Don’t get intimidated by smarter people. You WANT smarter people to work with you.

#8: Play the role you play best and let others do theirs.

Never designate a role that others can’t play their “A” game in.

#9: Build your team around their goals. Not yours.

Have your team know what they want to achieve and work towards their goal. Support is important.

#10: Document your failure.

Never brush a failure aside thinking you’ve learnt from it. Get to it and examine the cause of the failure.

#11: Don’t hire resumes. Hire character and integrity.

Past experiences do not matter. Hire based on who they are and their contribution.

#12: Don’t change the work to fit the people. Your people should fit a specific business objective.

Don’t change your objectives because of your team. Have your team fit into your objectives.

#13: You will fail. More than once. Get over it!

Failure is a part of life. What makes you think you wouldn’t?

#14: Compile data, connect the dots and ask the big question – “What can I do today that I couldn’t yesterday?”

Be aware of what’s happening outside your comfort zone. Look out for opportunities that wasn’t made available yesterday.

My favorite – Q: “What is the secret to success?” A: “When you’re busy looking for that, I was busy working for it”.

Which of the above resonates with you the most?