Entries Tagged 'Going entrepreneur' ↓
July 3rd, 2010 — Going entrepreneur
The name Tony Fernandes certainly needs no introduction. Now a Datuk Seri and often synonym with Malaysia’s most successful aviation company, AirAsia, Tony is credited with his maverick effort in turning a failure-bound government linked airline into a multi-billion dollar, worldwide known company as we know today.
Earlier this year, Tony was named as the Masterclass Global CEO of the Year at the Malaysia Business Leadership Award 2010, one of the many accolades he has received along his journey in the world of entrepreneurship. In 2007, Forbes named Tony Fernandes as the 24th richest man in Malaysia with an estimate net worth of US$230 million.
What makes Tony Fernandes a very successful entrepreneur, and how can we people learn a thing or two about some things that make him tick? Let’s see some of the key points.
1. Be a high Flyer
Long before his serious entrepreneurship venture, Tony had already had a very successful career with his employers he worked for. Upon his graduation from the London School of Economics (LSE), Tony was hired as a financial auditor for Virgin Atlantic, before taking a job as the financial controller for Virgin Record. Richard Branson was his boss.
Later Tony returned to Malaysia to work with another music company, Warner Music. He was a young and promising young executive who was considered an invaluable asset to his company. By the time he was 27, Tony Fernandes achieved what an ordinary 27-year old chap would not do – holding a position as the Managing Director – the youngest MD for the company.
Realizing that he is someone who can excel at every challenge and catch everything thrown at him, Tony needed new challenges. He knew taking over AirAsia, alongside with its debts amounting to RM40 million, would be seemed as crazy. But this is the thing that pumped up his adrenaline.
2. Dream big
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June 20th, 2010 — Going entrepreneur
Starting a business?
But what kind of business suitable for me?
There are many types of businesses for you to start with. Clothing is just one of the many options out there. It is in fact, one of the most popular businesses which have been around for centuries. Great passion, backed with all the right ingredients and strategy can make your newly launched clothing business grow in no time and you will be richly rewarded with handsome revenues, satisfaction and eventually financial freedom.
But opening a clothing business is not just about finding a premise, dumping your stocks, sitting on the cashier’s seat and begin watching the customers flocking into your shop. It takes much more than that. Certainly, there are quite a number of ‘pre-work’ you will have to do before embarking on this serious business.
What kind of clothing business?
What kind of clothing business you intend to open? Clothing items can be really wide and general – just spend some of your time visiting the nearby shopping malls and try to count and categorize the clothing stores over there. You will get some ideas how distinguished the clothing business can be. In case you are starting the business from scratch, consider zooming into some specific category, rather than selling everything imaginable related to the word ‘clothing’.
You can sell women’s clothing, men’s wear, casual wear, modern & urban wear, accessories, fitness clothing, summer clothing and so on. The list is almost endless, but you must be smart enough to determine which one would be suited to your passion and the market.
Paperwork & licenses
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June 17th, 2010 — Going entrepreneur
For some people, starting a business is the road path to freedom and wealth. But then, it may not always be the best to start a new business from scratch and grow it. Rather, taking over or buying an existing business can be your smarter move. The article below, as published by The Star, explains quite well about certain aspects you should look into when buying a business, in particular, a restaurant:
TO many people, being involved in a business is an appealing thought. This is especially so with a restaurant, where people are walking in and out, and leaving money at the till.
Those not already in a business may be thinking of getting involved in one on top of their present employment. Others may plan to do so when they retire. Some may also be involved in a part-time venture on a small scale.
There may be legal and ethical considerations for a person with a salaried job. An employee is expected to devote his full time and attention to his work, which of course does not necessarily mean just during office hours.
Therefore, it would be a breach on his part to get involved. If his involvement is discovered, he could face consequences such as termination of employment. Even otherwise, the question remains on whether it is morally right to do so.
The legal and ethical considerations would represent an even more serious breach if the person concerned was involved in a business activity, whether directly or indirectly, that was similar to his employer’s business and therefore creating a conflict situation.
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November 21st, 2009 — Going entrepreneur
If you want to start a business, be sure to understand the type of business registrations available in Malaysia. Sole Proprietorship is one of the business registrations available. What is Sole Proprietorship? Let us have a look at the variable meanings.
There is a long list of explanation available but here is a few descriptions:
Sole proprietorship is the most simple form of business registration in Malaysia.
There is only one owner but there might be many employees to run the business together. You should understand the advantages and disadvantages before you proceed with your registration to make sure you fully understand sole proprietorship. There is no way you want to jump into business without proper research.
Advantages:
- You have the freedom to make decision for your business.
- All profits will be your own personal income.
- You don’t have to appoint your own accountant to keep your account record.
- When it comes to tax, you only need to pay personal income tax and not business tax.
Disadvantages:
- You will carry all the responsibility for your debts and risks in the business.
- Your personal property will also be your business property. That means your liability is unlimited.
Whether you want to start your own design business, sewing business or hosting business, you can register for sole proprietorship before you start your business. It is very important to make sure you register your business before you commence the business to avoid penalty (usually RM 50).
To find out how you can register your sole proprietorship online, refer to Malaysia.gov.my for details.
