This is the 1st column written by our readers, who have attended the BFM Breakaway Conference 2012. As part of Entrepreneurs.my’s campaign to Thank our readers for helping us hit the 50,000 readership mark monthly, we are giving away tickets to exclusive events like these. And these readers have come back to us with written reports from what they have learnt from these conferences. Right now, hear it from the top entrepreneurs who founded Jobstreet.com and MyEG on how to source for your own funding for your business.
Special thanks to Chloe Yap, our reader from Monash University who has written this piece for Entrepreneurs.my. She was one of the lucky winners of our Ticket-Giveaway in our Facebook page ‘Malaysia Entrepreneurs’ — So subscribe to us now on FACEBOOK!
In the first session of BFM Enterprise Breakway 2012 , From Entrepreneurs to Angel Investors, is moderated and led by Malek Ali (Founder/ Managing Director of BFM Media). They introduced three panelists who started their businesses from scractch during the economic downturn.
They are Mark Chang (Founder/Executive Officer of JobStreet.com), Wong Thean Soon (Founder/ Managing Director of MYEG Group) and Puvanesan Subenthiran (Foudner/ Group CEO of Privasia Group). Not only that they had grown and listed their companies, they are now bonafide investors looking for businesses to invest and acquire.
Mark Chang founded MOL Online Sdn Bhd in 1995 before founding JobStreet.com in year 1997.
M: As an entrepreneur, you always have the differences in mind; highs and lows (I should have given up). Key success boils down to character. It will be difficult to be a good entrepreneur if you think that everything is fine and there is nothing to improve on.
Wong Thean Soon founded MyEG Group and deals closely with the government. He streamlines all the tedious transactions such as paying summon, road tax into a simple, point-and-click systems. MyEG too have a realtity show showcasing Malaysian entrepreneurs pitching their innovative ideas to a group of potential investors in order to gain monetary investment airing on NTV7, Make The Pitch.
TS: Biggest nightmare is cannot pay salary at the end of the month.
TS: There is no overnight success. If you do the things for 15 years, luck should be somewhere at a point.
Advices from Session 1: Hear It from the Top Technopreneurs in Malaysia
1. Implement your business & people will come for you.
2. Bootstraping means finding other way to get funding from everyone; using friends & family’s money.
3. Saves money & accept free things.
4. Use three to five years to implement business model. If there is no result after three to five years, you should look for something elses.
5. If you are unsure of your business, bootstrap on small capital business model.
6. If you know what you are doing but you are constrained by money element, go out and fund your own money. Take “time element” into consideration.
7. Be brace and unshame to say “No”. Don’t be too nice to staff and buy unnecessary stuff as requested.
8. You hold so much control over the business that you did not want to let go. You will fail; trust issue.
9. Causes of a failing business are such as self-righteous, poor accounting, lack of cash cushion, always seeking for perfection etc.
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