BANK YOUR FIRST MIL­LION IN A CLICK

CLEO (Malaysia) - - FRONT PAGE -

Whether you’re a noob or a tech­nox­pert, there’s big money to be made in the world of tech.

BE­GIN­NER

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?

IN­TER­ME­DI­ATE

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).

EX­PERT

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.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.