Clueless in Starting a Business - May Lwin, Adam Khoo, Jim Aitchison

• Paperback: 162 pages
• Publisher: Pearson Education Asia (August 31, 2003)
• ISBN-10: 9812445072
• ISBN-13: 978-9812445070
• Product Dimensions: 7.3 x 5.7 x 0.4 inches

This book has many examples of business that started from scratch with the chapters towards the end focusing on mission statements and vision values.

The 3 co-authors managed to squeeze the bare essentials of starting out in a business in this little book. It serves more to inspire and convince readers to be entrepreneurs, but to do so would need more in-depth study and planning.

The most valuable segment I consider would be the equation in 'Growing Your Business'.

Here are the highlights:

Motivation for starting a business

Characteristics of a entreprenuer includes taking ownership, taking action, thick-skinned, opportunistic, goal-oriented, people person

1. Ask yourself "Why" - Some reasons: to have passive income, to be financially free, to pursue your passion, monetizing your hobbies, to be more flexible etc

2. What? - Always try to do something that has already been tried but creatively filling the gaps

3. Start NOW!

4. Myths of starting a business - young, saving sufficient capital, having necessary experience, being smart, having good qualifications

Getting Started in a business

1. Decide what type of business - sole proprietry or partnership

2. Decide which industry and what business

3. Determine gap in supply

4. Define the difference

5. Inspire the self

Write out the business plan in detail covering

- cover letter

- content page

- executive summary

- organisational chart

- production or service

- marketing plan

- financing plan (provide numbers with consideration)

- operations and control

- plan of growth

- appendix

Opening your business

- Location - this book emphasized much on FengShui

- Staffing needs

- Equipment

- Supplies

- Values and Mission Statement

Growing your business

This part can be summarised into this equation for growing the customer base.

Prospects * Conversion rate = Customers * Average Sales Value * Repeat rate = Sales Revenue

Increasing the individual variables

1. Prospects - advertisements, surveys, web, email, flyers, networking, talks, seminars, cold calls, database (you can buy them), referrals, samples

2. Conversion Rate - early bird, premiums, lucky draw, discounts, credit payments, benefits list, testimonials, moneyback guarantee, good presentation, NLP

3. Average Sales Value - bundling, increase prices, suggest the most expensive one first, sell add-ons, buyers checklist, focus on quality, tell the full range of products and services

4. Repeat rate - regular newsletters, greeting cards, keep in touch, loyalty membership, redemption points, exceed expectations