Business success with 5 ‘i’ factors
Published on: Sunday, December 08, 2019
By: David Thien
KOTA KINABALU: The main motivation of going into business is to make profit from the customer base by solving their problems.The most important aspect is to ensure good cash flow to ensure the sustainability of the business enterprise and who are the target customers, and serving the clientele well.
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This is the primary responsibility of the business management and staff, especially those in the sales and marketing department.
Business expert, Vincent Chew, told his audience that the five ‘i’s of business are imitate, improvise, improve, innovate and invent.
“No body just wakes up and says I have this dream idea for doing business,” he said.
Business involves solving customers’ problems and/or improving their life by consistently producing high quality products or services at efficiently low-cost.
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“As for employees, give them what they want within means,” Chew suggested.
The 3-Day V Creator Ignite Entrepreneur Camp is being held from Friday to today (Sunday) at the UMS Postgraduates Centre, attended by about 50 partic
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ipants. UMS Entrepreneurs Club formed with PUMM’s assistance sent 15 partic
ipants.
Organiser GA Space Sdn Bhd founder and PUMM leader Dato’ George Lim said:
“Today if we don’t have customers, we will not be successful. It is important to bring the customers’ experience with good services to new heights to ensure success. Don’t be afraid to dream big or be fearful of challenges, to expand in th
e borderless world.”
The purpose is to create something that the participants love. They were asked to sell drinking straws made from corn or maize that have potential to replace plastic straws among their groups in the business role play game.
“If China is good at the last part – to invent, the country will dominate the world in business,” said Chew.
“How to make companies valuable?” This is the main role and responsibility of each company’s directors and shareholders.
“Make them profitable, sustainably with a good business model, with innovation and good staff to build a great brand value as part of a sound strategy.
“These are the seven factors to creating organisational value.
“According to Apple founder Steve Jobs, you have to go out and expose yourself to the best of what others have done, and then bring some of it back and add it to what you are doing,” he said.
Chew advised the participants to “Start with what you have; Keep it lean; Fail fast, fail cheap; Stay in the game; Have a company philosophy and embrace them; Test and measure everything; Form partnership; Flourish with the right people, perish with the wrong people; and Have fun and play to win.”
V Creator was formed by GA Space with the objective of creating a programme to accelerate the growth of start-up enterprises in Sabah.
It aims to provide a good platform for the younger generation to be motivated to become successful entrepreneurs with more opportunities than previous generations.
Participants are mentored well will leadership skills to achieve success with the business skills of tomorrow, and be persistent amidst challenges, with a passion for life-long learning.
Statistics show that nine out of 10 start-ups fail within one to three years of beginning on their entrepreneurship journey.
While there are many young people who want to become entrepreneurs and may find it easy to start, it is harder to be successful by ensuring that their business remains sustainable.
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