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Archive for the 'Entrepreneur' Category

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Sharing Office in Shanghai

Yet again we are expanding office (again but a good news!). This time we want to be sure we have room for expansion so we are going to get a bigger office.

We found an ideal location however there are more space than we need. So we decide to share the space with another company or even help entrepreneurs.

If you are starting (or planning to start) business in Shanghai and do not want to commit to rental and furniture, this is an option.

We will/can provide

  • an official office address
  • table
  • meeting room
  • computer
  • admin support
  • local knowledge and expertise

Please contact me in private if you are interested.

Introduction to WOFEs in China

Kenneth Wong made a very good introduction to WFOE (or is it WOFE?) at SGentrepreneurs.

For many foreigners seeking to setup business in China, the Wholly-Owned Foreign Enterprise model is the the de facto model to go for.

However like another writer Gabriel Yong mentioned, there is “a large grey area when you want to do business in Shanghai“.

My opinion is that WOFE is only for companies that is established, stable and growing. It is the proper channel and safeguard the legal rights of the company.

However if the company is new or startup, there is no point in bringing a wad of cash and start a WOFE.

Building a Company History

I was look at this and think to myself. “How wonderful if I could document my company over 18 years like this!”

Regrettably I have no photos from my old venture. Sometime, I look back and wish I had collected those photos, from Aljunied (2) to Bukit Merah (2) to Orchard Road.

My China ventures had been through 4 locations in Shanghai. A good time to start is now…

Do you keep track of your company history?

Do you know what you are doing?

If you do. Good for you.

I don’t.

Everytime someone ask me what I’m doing, it is something different. Even wonder why I don’t talk about what I do in detail? Because I do not know when it will change.

Well, the truth is I do know that I have a few major pieces that I’m putting together. At the moment they do not fit together too well.

Someone close to me commented that I’m building a rocket. Nice analogy. I’m figuring out the engineering as I go along. In the end it may not fly.
Going by the textbook, this is a sure formula for failure.

On the other hand, how many people can claim to try build a rocket?

Consistency build Company Culture

Popular media often portray company culture as the one-size-fit-all creator of competitive edge, the force behind huge success of many companies.

Job seekers nowaday even look for job based on whether they like the company’s culture. Companies play along by tooting their culture.

Consultants charge a hand and a leg to help companies define, align and execute their corporate culture strategy.What exactly is company culture?

Despite going through business school, working in company, I never fully grasp the slippery concept. But now I’m slowly finding out. Not by some Harvard framework or methology but by consistent hard work in the trench.

When I least expect it, the light illuminates and then I get the “aha”. Linking what was done unconsciously to what was commonly termed culture. Here’s my take on company culture.

For a small startup, company culture is nothing but what you do consistently. When you do something consistently often, the idea gets rubbed off on every member of the company. Soon it becomes the culture. Simple.

I often stressed initiative to my staff. Now, how do you instill a sense of initiative? Especially in a societal culture like China that do not encourage initiative. (My own subjective view but I believe many would agree.)

Simply by repeating it over and over and over and … over again. After that, lead by example.

Over the years, I found myself to be a better and better leader. And I’m proud. If the boss take initiative himself and he barked down initiative at every opportunity. Soon everyone gets the idea.

How many company can claim to start their culture from the very beginning and not get some hotshot to define the culture when they are already few thousand employees strong.

I hope I can.

Am I successful?

I am reading blog too much. Got to stop, this is the last one.

It is always nice finding fellow entrepreneur talking about their journey. More so when the person is your countryman, one in which you can relate so much of what was written.

Upon reading Am I successful I smiled. All too familiar. Depleted bank account, CPF, housing loan, family. Not to mention the familar vocabuary that is distinctively Singapore.
Am I successful?

Yes mentally. No financially.

My business is shakely at best. Sure business is going on, contracts are paying the bills. What next? I’m still struggling with what the business should do, is doing and will be doing.

But I have past the point of no return, journey on I must.

You don’t want to tell customer to get lost

Trust me.

I was reading Cobalt Paladin’s Corporate Junk. It is on blogspot which is blocked in China and I couldn’t reply. (Actually I didn’t want to sign in over the proxy.) So I’m posting a reply here.

The incident is typical, all in the day job as an entrepreneur. What I want to comment on is on the comments. I bet none of them are running their own business.

Why? Because if they are, they wouldn’t be telling their customer to get lost.

True, customer can be difficult, even impossible. But the truth is customer pays the bill.

If the you are waiting for that customer’s cheque to pay your upcoming office rental, you better be thinking creatively to get the customer to buy. At least he is committed to buy something.

What about not wasting time on bad customer? I believe in that too. But’s that for another post.

Focus on recuitment and people

Browsing through ChinaTechNews’s story on Sam Flemming, this particular comment caught my attention.

For anybody else looking to open a technology-related business in China, what sort of advice would you have for them?
Focus on recruitment and people. There is significant competition for a limited pool of experienced, educated professionals.

Well, Sam hit it squarely on the head. Despite the huge population, the number of talent is extremely limited. Couple that with rapid growth, influx of foreign capital and the people’s insatiable appetite to move up the social strata. What do you get?

A situation where companies are paying more and more and workers move around at next better opportunity.

What can a startup with neither money nor resource do?

Let me tell you. NOTHING.

It’s a constant struggle. The only choice seems to be running fast enough with whatever people you can get hold and then take them to the next level with you.

For more than a year I had been struggling with that. (Read this, this, this and this.)

Selling myself better

Another dinner, another thing to talk about.

Last night, a Malaysian friend invited me for dinner. He said he had another friend with him whom he like to introduce. We had steamboat (again!).

At the door he told me that this person might be a potential investor.

I was unprepared.

About a week before, I just spoke to him about an idea. Didn’t did I expect that he would bring an investor so soon. I wasn’t myself during the dinner and it was uneasy. It might have been better if he had not revealed to me at the door.

Long story short, after the dinner, he gave me a little debrief. He told me that 3 times he tried to create opportunity for me to present my idea but I did not even realise.

Man, I was caught totally unprepared and I really need to sell myself better.

The point of no return

Since catching up on this blog I just gave Millionaire in Training a visit. It had been a while and good to see that he is still maintaining the blog.

The post Point of No Return really strike a chord with me and I presume with many entrepreneurs.

I have similar fear and doubts. Sometime when I pick up a copy of job classified, I start scanning for jobs that I could fill. The irony of thing is, the longer you are away from a job the less desirable you become. That to me is another point of no return.

This point in time, I’m still getting a fraction of what I get at my last job. But reality bites and it does bite hard. Despite satisfaction, paying the bill still is top of my concerns.

When you start having employee, that’s another point of no return. As an employer, you now have people to take care of and to worry about. All those things you used to do as an employee starts coming back to you as an employer.