BANK YOUR FIRST MILLION IN A CLICK
Whether you’re a noob or a technoxpert, there’s big money to be made in the world of tech.
You have a business idea, but have no clue where to start.
Hone The Idea
“Your idea doesn’t have to be totally original. However, it does have to add value to your clients,” says Pakin Techavisesa, founder of InstaPrinta, a printing service for Instagram users. Once you have an idea, describe it in a sentence – if you can’t explain it in clear terms, it’s probably too complicated. A shining example is Instagram: a mobile photo-sharing app. Sure, it does other things, too, but in essence, that’s what it does and does very well, leading to its RM3 billion acquisition by Facebook.
Check That List
Before you get started, there are some basic questions you need to ask yourself. If you answered “no”, it’s back to the drawing board. • Does your product or service solve a problem?
• Will consumers need or want your product or service?
• Do you have the skills and resources to execute the idea?
• Does your product or service fill a gap in the market?
You’ve done your homework, now make it work.
Gather A Network
“Network equals to your net worth,” says Genecia Luo, founder of Queenz8 Group, which oversees various online businesses and projects. The people you get to know today might be possible collaborators in the future.
Get That Money
One of the biggest challenges is finding the funds necessary to run your business. Here are some suggestions.
CROWDFUNDING – Sites like pozible. com and indiegogo.com let you pitch your ideas to the public. If they like it, they can donate – it’s that simple.
ACCELERATORS – They’re like schools where you learn how to pitch to investors and gain access to mentors. Check out The Joyful Frog Digital Incubator ( www.jfdi.asia) and Founder Institute (www.fi.co) to get your insider access.
VENTURE CAPITAL (VC) – These firms will invest in your company if they think it has long-term growth potential. Check out local VC firms like Jungle Ventures (jungle-ventures.com), Walden International (waldenintl.com) and Golden Gate Ventures (goldengate.vc).
You’ve got things going, you just have to take it to the next level.
Get Extra Hands
“As entrepreneurs, we are using our business to make money, not your labour,” says Genecia. So if you find yourself constantly exhausted and drained by the end of each day, it is an indication that you need help.
Up The Ante
“It’s important to stay relevant while still being able to deliver a great product,” says Dinesh Balasingam, founding member of chope.com. “There will always be people who will try to beat you at your own game, so keeping one step ahead of the competition is key.”
Calling It Quits
Genecia advises to stay in your full-time jobs “until [the revenue] matches or pays higher than your salary.” Even then, it would be wise to hold out for a little longer, as you can’t judge the success of your business based on its performance over a few months. Monitor for at least six months to see if it stabilises before taking the plunge.
Your new office is wherever your laptop is.