Tuesday, March 31, 2009

Entrepreneurial Talk

I’ve never seen myself as an entrepreneur, because I’m not the kind of person who likes to have lots and lots of money. A rudimentary knowledge of economics will teach you that people are beings that have a specific set of needs, but infinite wants – that’s what drives the economy – the ever changing “useless” fashions and trends. Personally, I’m tired of all the junk we make and throw away on a daily basis. It used to be that things were made to last for years, decades even. I still use the sofa my grandparents bought for their apartment 40+ years ago, and it is sturdy enough. Not like those flimsy Ikea chairs I bought a year ago which broke a few days back. And hand phones - people change them like changing underwear – its become a matter of habit to be trading in your old phone for the latest phone almost every month. (yes, you! ^_^)

It pains me to know that the resources used up to mass manufacture trendy electronics and senseless trinkets could be put to better use, like making cheaper laptops for the poor in India or Africa. I try my best to fight against the desire to own products that do not last, or whose value is determined by the brand name rather than its utility.

I would like to be one of the few people who cut out as many wants as possible from my life. In fact, all my phones are hand-me-downs - I would still have my old JC nokia phone if my mother doesn’t trade in my phones once in a while coz she say its too obiang.

The thing is, I don’t need alot and alot of money. Its my ambition to live in a one room flat that has enough space for my books, that’s about it. I don’t like unnecessary spaces, one room will be nice and self-sufficient. (I can imagine Prof Ben asking – “What about your husband?” Ans: WHAT husband?!?!) And the thing about entrepreneurship is, most people go into it for the money. More than half the speakers in the lecture theatre became entrepreneurs because they felt that it will bring them more money faster. (and of course they like to take the risk and has the strength to fail.) For the rest for did it for passion, I’m sure they worked at a office job for a while to earn some back up money and capital before quitting and working on their passion.

Not only that, entrepreneurs usually capitalize on people’s need for new good and gadgets that look new and cool but are not intrinsically different, so essentially they are helping to create more waste for the planet. Like last time I wanted to set up a clothing brand in secondary school... Because I like to sketch a lot I’ve got these set of cute but really depressing stick men figures that spout clichés, that I really wanted to get printed on T-shirts, stationery, accessories, bags, and stuff. But when I thought more about it I felt that it is just helping to perpetuate the consumerist myth of individuality. (i.e. people buy my clothes because they feel that it will make them different but in actually fact they are just duped into feeling different and cool.) It doesn’t change the world, doesn’t help people, it only “wastes resources”. So I dropped the idea.

Interestingly enough, the businesses presented are businesses that are more practical in nature. Trading information rather than goods – like ownskins, red sports, and hungrygowhere. I really like what hungry go where said, “Ask what people need then make something that addresses their needs,” because I believe that’s the way businesses should be made. It goes to show that “new technology is not the key in business,” because new technology gets copied amazingly fast. It is new concepts, new ways of arranging information, that is the key to businesses now, I feel.

There are several other points that I agree with the speakers. In order to set up a business, one must have the “idea, money, and people”. I know that because after JC my friend asked me to do some art for his start up and somehow I ended up trying to set up a business with him and some friends. I did my time giving out flyers in City Hall MRT. (yeah, those office people really look quite dead.) The whole thing fell apart soon tho – crappy idea, not much money, and people with wrong motives. So I can appreciate that advice very very much now. Especially the right people – I believe that everyone should come clear with each other on their motives and expectations of the start up before going into the details of the business. Because knowing your people/partner is the single most important thing even before starting up your business – you’ll have to suffer and succeed with whoever you’re saddled with – like being married like that. Divorces are ugly.

Another thing is that selling is one skill needed to be an entrepreneur – very true. I remember someone telling me this orientation game – in a room of about 100 people, everyone’s given 50 cents. Everyone is free to mingle and talk within the time limit of 30 minutes – to beg, borrow, or steal 50 cents from each other. When the time is up, the person with the most 50 cents wins the game, and everyone who doesn’t have a coin has to do a forfeit on stage. It amazed me that there are people who can end the game with over 20 dollars... Honestly if you can do that you can sell blind people spectacles. ^_^

And yes, of course, being an entrepreneur is all about learning to be in the right place at the right time, and all the hard work to make sure it happens. ^_^
The most important thing I learnt is actually the search engine optimization. I feel that it is the most useful and practical piece of advice I gained from the talk. While the rest of the things I agree with can only be experienced or learnt through experience, SEO is not.

Oh and lastly, Leslie’s words struck a chord in my heart when he said that there’s all these big MNCs in Singapore like Nike and GAP, but there is no really huge local brand. And part of his motivation for setting up Red Sports is to build something that is Singaporean, a brand that belongs to us. Yes, I believe in that too – creating a Singaporean brand that lasts. ^_^

Actually, after hong ting’s question I wanted to ask a even more evil question – if the entrepreneurs had anything they regret. Because starting up a business entails a lot of sacrifice and risk... But oh well, not able to. Ah, I ask questions very methodologically one, so I had to ask the “why you start out” before the regrets question.

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