Article Contributed by Joshua Sim of Singapore Start-up Forum
If you talk to people in Singapore, and ask them about entrepreneurship, you get varied responses.
“Hm, the government is encouraging more people to start business. They are giving more grants and making the registration process easier I heard.”
“Good thing young people like you are starting businesses and reading books to help you. Even if you fail, you still can get back up and do it again.”
“Entrepreneurship is not for everyone. I’m too old for it anyway.”
Most Singaporeans will know what entrepreneurship is, however, few practise it. Apart from small food stall owners, most Singaporeans have a “regular” job. The number of entrepreneurs is estimated to be less than 2% of the whole population.
The good news is that this figure is growing. Thanks to the government’s encouragement, grants, and companies that help teach and promote entrepreneurship.
To these budding entrepreneurs however, a question lingers in their minds. “Where can I find business partners or even a mentor to aid me?”
It is at this point in choosing team members that budding entrepreneurs make an error. They ask their casual friends to be their business partners. The problem with this practice is that some of these friends are not very keen on being business people, and may not have the same goals and dreams as the team leader. These friends may not have the proper skills or business mindset, calling it quits after the first failure. These differences make team synergy impossible, and instead lead to arguments and break-up of the company and team.
Only like-minded people, those with the business mindset, skills, desire to earn, desire to add value to others, or at the very least the interest in creating a business, can and should band together to start an enterprise. Be they good friend or mere acquaintance, only with this interest in business will they make good business partners.
Finding business partners alone is only one problem budding entrepreneurs’ face. Even more challenging is to find business mentors, who are even rarer. Criteria for being a mentor, means having the winning mindset, the business sense, plus having “been there, done that”. Most mentors, who still own and run their own businesses, will not be time free to take care of a ‘disciple’.
As such, there have been cases where the disciple works for free, just to learn the ropes of the business. Much like the jewellery crafters of old. Many budding entrepreneurs may find this practice very unappealing as they may have a full time job to take up most of their time with, let alone start a business. The only few who can work for a mentor for free, are the youth. The students who can still depend on their parents, and work to learn from mentors.
Luckily, some entrepreneurs are trying to help their own kind. Entrepreneurs have build businesses, helping other entrepreneurs get on their feet and move onward. There are entrepreneurship “schools” such as the Entrepreneurs Action Programme by Executive Directions (www.exec-directions.com). Others provide “networking night” or other networking groups that can meet up as often as weekly to monthly.
All this goes to help budding entrepreneurs learn the ropes, and get connected to others to each other.
Here at our own online forum, Singapore Start-up Forum [SSuF], we aim to be the online platform for entrepreneurs to connect, communicate and network. We believe that entrepreneurs should stick together and learn from each other. That way, we all can grow at an even faster pace. This is also called “learning leverage”. Do visit SSuF at www.ssuf.biz and spread the word around. We want all the entrepreneurs and mentors of Singapore to gather at a hub to maximise the benefits of networking and learning from each other.
Hopefully with all these services available, entrepreneurs will have an easier time finding business partners and mentors. If not, entrepreneurs can all hope to find friends who have the same interest in business as them.
Good luck all you entrepreneurs out there, and happy business building!
Author: Pamela Swift
As the saying goes, you only get one chance to make a first impression. This is especially true when it comes to web design. A recent Nielsen NetRatings survey sets the average webpage view at 60 seconds- meaning that internet users decide in less than a minute whether or not to continue browsing your site! This makes a well designed website is an absolute necessity- you need to reel customers in at first glance and keep them browsing with a site that’s easy to navigate and pleasing to the eye.
How do you make sure your site is what customers are looking for? Can you just buy one of those “Websites for Dummies” books and do it yourself? Probably not, if you want quality results. When it comes to web design, it’s a good idea to hire a professional- someone who can work with you, using their own experiences and skills, to craft the site you want.
Professional web design isn’t out of reach for businesses with stretched resources. Here’s a quick guide to making the most of your web design budget, so that you can get the site you want at a price you can afford.
Set up a basic contract
You don’t need to hire a designer to design a full site all at once. You can split up the design process to accommodate your resources by contracting for site architecture or homepage design only, and then moving forward when you’re able to afford additional services. Breaking the contract into phases also gives you more negotiating power- when services are finished, you can negotiate prices on the next phase of design.
Negotiate
In the initial stages of contract formation, you’re in the best position to negotiate. During your first meeting with a designer, you should discuss your goals (better ecommerce functioning, better graphics, etc.) and how you want the site to look and feel. You’ll also discuss timelines and budget, and might even work on forming an agreement draft. Try to get an idea of the total cost for the site, getting a written quote for services if possible. Consulting with at least a few different web designers will allow you to get an idea of pricing structures, and help you negotiate a better deal.
What to ask for
One of the best ways to save money on a web design contract is to ask for a project cost rather than an hourly billing structure. With hourly billing, the designer bills you for the time it takes to design the site- a factor that’s completely outside of your control. If you end up requesting changes or making modifications to design work, costs can quickly increase. By asking for a total cost, you’ll know exactly how much you’re paying.
While most designers will charge for additional services not specified in the contract, you can ask that potential additional design costs be specified in your initial agreement. That way, if you want to make changes, you’ll know exactly how much they will add to the total cost.
You can also ask to pay in installments as each stage of the project is completed. Smaller company or a freelance designers are generally more flexible when it comes to payment timelines, so you might be able to request extensions or modifications to the payment schedule even after you’ve signed the contract.
What should be in the contract?
The contract should contain a description of services, a timeline for completion, a breakdown of total costs, and a description of ownership rights. It should also address web hosting issues. It’s also helpful to specify the procedures for approval of completed work, or notification when changes need to be made. The contract should not contain an outline of design specifications or web programming elements. Usually, designers retain the copyrights to a site they have created, unless they are “working for hire.” It’s important to make sure that you can make changes to the site if you need to- even if you hire a new design company.
Merrin Muxlow is a writer, yoga instructor, and law student based in San Diego, California. She writes extensively for Resource Nation, a company that provides resources for business owners, and is a frequent contributor to several sites and programs that offer tools for entrepreneurs, including Dell and BizEquity.
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BIZNESS! Newsletter Issue 84
DIYbio Hub
Ever wanted to play with your own genome? When you read about the latest genetic engineering tools do your fingers itch with anticipation? Do you look around the library, the pub, or the community center searching for your fellow biohackers? Look no further, intrepid gene-explorer, the Do-It-Yourself Biology movement has found a home at DIYbio.org…..
Continued in BIZNESS! Newsletter Issue 84 >>>
– Digital Photo Gallery
– Rock ‘n’ Roll Hotel
– No Wash Boxers
– Suit Monogramming
– Gift Cards Exchange
– Enhancing Chat Experience
– Design Your Own Pillow
Continue reading these top stories in the BIZNESS! Newsletter >>>
– Making the Most of your Online Marketing Efforts
– Top Reasons To Start a Home Based Business
– What You Need to Grow Your Business
– How to Enhance Relationships, Increase Fulfillment & Empower Yourself by Being Authentic
– How to Choose a Pay-Per-Click Firm That Turns Clicks into Clients
– Outsourcing Good For Startups?
– Low Cost Franchises
Continue reading these top stories in the BIZNESS! Newsletter >>>
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Article Contributed By Robbie Kellman Baxter
I’ll admit it-I’m a Facebook junkie. I also have accounts on LinkedIn, Twitter, and my college and business school communities that I diligently keep current. But I love Facebook. I love playing WordTwist with my dad, my sister and my college friends. I love reading status updates and knowing who’s organizing their sock drawer and who’s inspired by Thomas Friedman’s latest article. I love looking at photos of people’s vacations and scanned images from camps and bar mitzvahs of the 80s.
I also believe that my time on Facebook is about more than just fun. It’s actually a way of building deeper relationships with people in my professional community. People ask me all the time why I spend so much time on Facebook-and I tell them that it’s good for business. Look at who’s using it most-people just out of college and people on the cutting edge of technology-VCs, entrepreneurs, industry analysts. It’s obvious that it is the way we will be communicating in the future. So you might as well figure it out now.
Below are the top reasons my professional colleagues are staying off Facebook-with my rebuttals.
1. It’s a time-sink.
You can spend the whole day playing on Facebook. Some of my personal favorite time wasters include browsing the photo albums of acquaintances, clicking on the pages of friends-of-friends to learn about their interests, playing WordTwist, and watching funny videos. Robbie says: there are so many ways to waste time-you can waste time watching TV, or chatting on the phone-but that doesn’t mean we give up TVs or phones. Treat Facebook the way you might treat any other type of connecting activities-phone, face-to-face etc. First, make sure you only participate in ways that are enjoyable for you. Second, be disciplined about how, and how much, time is spent on Facebook.
2. It infringes on my privacy.
This is a big concern with my colleagues. What if my boss saw that my status said that I was in a job interview, or was nursing a hangover? What if a prospective client saw the photos of a girls weekend-what happens in Vegas should stay in Vegas. Do I really want my grandma to know that I’m politically liberal? Certain status updates could lead to some uncomfortable conversations that never had to happen. Robbie says: Facebook has many ways to protect your privacy. You can limit your entire presence on Facebook, down to your name, to your network or just your personal friends. You can choose not to post comments or photos that might conflict with the image you choose to project. It should go without saying that posting “…hates her job” or “…is soooo wasted” should not be posted (or emailed for that matter) anywhere public.
3. It could be dangerous.
The privacy issue can go one step further into more dangerous territory. For example, there are probably dozens of scams that are based on information that is easily obtained on Facebook. We don’t know exactly what those scams are, but it is easy to imagine unsavory activities that take advantage of having our contact information, photos of loved ones and all-too frequent status updates. With all the issues around identity theft-it just seems safer to avoid unnecessary publicity. Robbie says: it is interesting to note that the Facebook vanguard, both younger generations and the older VCs and business execs working in social media, seem comfortable keeping their entire profiles available to the public-maybe we are all a little overzealous about protecting our security on Facebook-given that we leave doors unlocked, hand our credit cards to teenaged shop clerks and our car keys to valets we don’t know.
4. I prefer to stay in touch in other ways
A lot of great networkers have avoided participating in any of the social networks because, they say, they just don’t need another channel to communicate. They prefer to get together in person, or on the phone, or stay current via email. They send long newsy holiday cards and host annual pool parties-so why do they need another way to keep in touch with the same crowd? Robbie says: everyone has their preferred way to communicate-if it is important to you to be connected, you need to respect the preferences of your friends and colleagues. In addition, Facebook is a really efficient way to reconnect with people from your past-it’s quick and easy to search specific names, and you can find other friends by reviewing the friends of your friends. I’ve “found” some great old friends I haven’t seen since junior high school on Facebook.
5. It doesn’t help me professionally-it’s just for fun, and I prefer to have fun in other ways.
I do not like to network, and do not see any value in Facebook. I can’t see any professional results from Facebook. Robbie says: the value of networking goes well beyond work. If you accept that people help each other succeed professionally, and people are more likely to help those they know well, then Facebook is actually an efficient way to maintain and grow relationships with a broad group of friends and acquaintences across the globe. And knowing people’s personal and professional lives gives you a level of intimacy that strengthens the bonds.
6. I don’t want to know so much about other people, it’s creepy.
I can go on Facebook and see my cousins chugging beers at college or in-hospital photos of my client hours after giving birth. A friend of mine was uncomfortable to stumble upon photos of her rabbi partying on a Saturday night. Even if people go to great lengths to keep their Facebook page private, they have little control over what other people post. For example, I know several psychologists who are invisible on Facebook to everyone but their close friends-and yet many of them are tagged in other people’s photos. Robbie says: once you get on Facebook, you will find some people more interesting (or more creepy) than others. And you can decide whose profiles you want to follow more regularly and set preferences accordingly. Just as in real life there are people we can’t get enough of and people we’ve already had enough of-on Facebook, it takes all kinds!
7. I like to keep my personal and professional lives separate.
I spend enough time and energy at work. I don’t want to know about people’s feuds, toddlers and household projects. If I cross the line with my boss or direct reports, the relationship might get too intimate in a weird way. Robbie says: Fair enough. If you don’t want your colleagues to know you as a person, then you probably shouldn’t be on Facebook. I can virtually guarantee that as soon as you set up your Facebook profile, your colleagues will try to friend you. There is really no polite way to ignore them-because ultimately, the only reason you can give is “I don’t really consider you a friend…and FB is only for my friends”. But why would you want to keep your colleagues from getting to know you? I know so many people who carefully avoided working with friends or crossing the “colleague” line with folks at work. Once it happens, people generally find that friends are great to work with. Friends have an extra incentive to cover your back, and help you succeed. The Great Places to Work Institute has found that the single most important factor in being a great place to work is having a “best friend” at the office. And, if you have friends at work, you’ll never have to eat alone.
8. It’s too hard!
I don’t know how to post photos and don’t have any idea how to come up with the clever status updates that everyone else seems to have time to do. Robbie says: My parents and in-laws are on Facebook, as are my teenage cousins. If you’re smart enough to get online, you’re smart enough to set up and use a Facebook profile. Trust me on this one.
9. My kids will think I’m spying on them.
Facebook is for the younger generation. It was started on a college campus and was designed for students. I will look ridiculous on Facebook, and embarrass my teenagers. Robbie says: It may be hard for the teen set to believe that adults are finding tremendous value in using Facebook, but it’s true. As of February 2009, about 45% of all Facebook users were over 25, with the fastest growing demographic women over 55. And, by the way, seeing what your kids are doing on Facebook is an important part of parenting in today’s world.
10. It might send the wrong message about me and my level of seriousness.
Facebook is an activity for people who share too much about themselves and aren’t hard workers. Robbie says: some of the most intense people I know are on Facebook, including most Venture Capitalists and Tech Company executives. These people often are part of the vanguard of new technologies-the first people to use laptops, iPhones and other indispensible modern conveniences. Facebook isn’t popular with all professional communities yet-but it soon will be-at least among the professional communities where relationships give you a competitive advantage.
Facebook has been a great way to build more relationships with clients and colleagues. By using Facebook, I’m also current on careers of old friends and colleagues-in some case leading to great professional conversations and partnerships. If you have relationships with people already, wouldn’t it be nice to have an easy way to know what they’re doing professionally and what’s on their mind?
Take a chance. Establish a profile and connect with 10 friends who are already on Facebook. See if it is for you. If you don’t try, you’ll never know!
About the Author
Robbie Kellman Baxter (rbaxter at peninsulastrategies dot com) is president of Peninsula Strategies, a consulting firm that helps technology companies analyze market opportunities and risks. She has worked with industry leaders like Netflix, Yahoo! and Oracle, as well as dozens of venture-backed startups. A popular speaker on market strategy, social networking and entrepreneurship, Robbie has been quoted in the New York Times, eCommerce Times and SF Examiner. Learn more at http://www.peninsulastrategies.com
If you’re starting a business right now, marketing can be one of the first efforts to take a hit. After all, why should you market products aggressively to customers who aren’t ready to spend?
Cutting back on marketing efforts right now is actually a pretty risky move- studies show that companies who increased or maintained marketing budgets during lean times are rewarded with more sales as the economy begins to pick back up. According to McGraw-Hill research, companies who increased or did not change marketing budgets during the ’81-’82 recession saw significantly higher sales growth within five years- over twice as much as those companies that chose to cut back.
So how do you design and implement an online interactive marketing strategy on a shoestring budget? What can you save on when contracting for services? Here’s a quick primer on choosing an online marketing company and forming the contract you want- at a price that’s within your budget.
Evaluate your requirements.
Do you already employ online marketing strategies such as email blasts, customer follow-up emails, or search optimization strategies? If you’re already working with an online marketing firm and are unhappy with the services you’re receiving, the price you’re paying, or both, figure out exactly what you need before you switch or begin to negotiate. Do you want to build relationships, increase brand visibility among certain customer groups, or stay in touch with existing clients? Evaluate your needs before choosing- or choosing to stay with- a company: List the services you want and how much you’re willing to pay.
Re-negotiate.
If your current online marketing firm is meeting your needs, you can still negotiate on price. Most of the time, this means contracting for additional services or a longer term- a better deal in the long run if you’re working with a reputable company. You may be able to get discounted services simply by asking, especially if your contract is about to expire. Trying to re-negotiate your existing contract- if you have one- is a step you should take before looking for a new provider.
Use smart bargaining tactics.
If you’ve narrowed down the field of providers to a few worthy contenders, try to negotiate with each to get the best deal for services. Most vendors are a bit more flexible and open to bargaining near the end of the month or the end of a sales quarter. You can ask for more services, an extended agreement, a payment plan, or any other compromise that reduces your out-of-pocket-cost. Up-front payments (retainers) are usually not negotiable- most vendors will require some monetary outlay before beginning work.
Get a written estimate or service quote.
These usually serve as previews for the final contract. It should be specific, but not too specific- it can be a good idea to split projects into phases if you’re using several different strategies. You should have access to all necessary information (graphics, advertising agreements, affiliate information) in the event that you ever decide to use a different company for later efforts. Make sure that you compare several different service quotes to get an idea of the “going rate” for services- this places you in a better position to negotiate.
Make sure you can track efforts.
Make sure you know how results are tracked. Will you be able to monitor key information (web traffic, conversions, etc.) yourself? Make sure you know how results of the marketing strategy will be measured.
Online marketing is one of the most effective methods of sales generation. Make sure you shop around for a company, compare price quotes, and ask for references. A good firm won’t ever “guarantee” a certain search engine result or output, but will be able to accurately track the results of their efforts. Spending on marketing is effectively investing in future sales- make sure you invest wisely.
Merrin Muxlow is a writer, yoga instructor, and law student based in San Diego, California. She writes extensively for Resource Nation, a company that provides resources for business owners, and is a frequent contributor to several sites and programs that offer tools for entrepreneurs, including Dell and BizEquity.