Starting a Business Naku po! Don't do this!! Chinkee Tan

Summary

In a recent video, an experienced entrepreneur with over 45 years in business shares critical lessons for aspiring business owners. He emphasizes the importance of understanding investments, avoiding borrowing for startups, and having a solid business plan. Additionally, he warns against partnering with the wrong people and underestimating market demand. Viewers are also invited to an upcoming webinar titled 'Money Wise,' which covers financial strategies and personal development. This engaging session aims to equip participants with tools for success in their entrepreneurial journeys.

Takeaways

• 😀 Avoid entering into business ventures that you do not fully understand.
• 🚫 Never borrow money for startups, as most small businesses fail within the first few years.
• 📝 Always have a business plan; failing to plan is planning to fail.
• 👥 Be cautious when hiring or partnering; choose individuals based on competence rather than personal relationships.
• 📈 Don't underestimate the demands of starting a business; it requires significant time, energy, and focus.
• 💡 Learn before you earn; understanding the industry is crucial for success.
• 🚀 Be prepared to invest effort into your business dreams, or you may end up helping someone else achieve theirs.
• 📅 Mark your calendars for the 'Money Wise' online webinar on October 15.
• 💰 Early bird registration for the webinar offers significant discounts.
• 🔗 Engage with the content by suggesting topics for future videos.

Q & A

What is the main purpose of the video?

The main purpose of the video is to share essential lessons on what not to do when starting a business, based on the speaker's extensive experience in the field.

What does the speaker mean by 'learn before you earn'?

The phrase 'learn before you earn' emphasizes the importance of understanding your business area thoroughly before making financial commitments or investments.

Why is borrowing money for startups discouraged?

Borrowing money for startups is discouraged because many new businesses fail within the first two years, and starting with debt can increase the risk of failure.

What should be included in a business plan?

A business plan should outline your business goals, strategies for achieving them, market analysis, financial projections, and operational plans to guide your startup.

How should one choose business partners or employees?

Business partners and employees should be chosen based on their competence and skills rather than personal relationships to ensure they contribute effectively to the business.

What are the key demands of starting a business?

Starting a business requires significant time, energy, effort, and focus, which should not be underestimated.

What is the significance of the upcoming webinar mentioned in the video?

The webinar, titled 'Money Wise,' aims to provide insights on developing a winning mindset, strategies to increase income, and budgeting tips for attendees.

What are the registration options and their costs for the webinar?

The registration options are regular access for 499 PHP with a 300 PHP early bird discount and VIP access for 999 PHP, which includes a free coaching session.

What does the speaker mean by saying, 'If you don't build your dream, someone else will hire you to build theirs'?

This statement highlights the importance of pursuing your entrepreneurial dreams; if you don't take initiative, you'll end up working for someone else's vision instead.

How can viewers participate in the discussion or suggest topics for future videos?

Viewers can participate by commenting below the video with their suggested topics or questions they would like to see discussed in future content.