Reasons Start-ups Succeed

There’s no doubt about it: startups are hard and they’re risky. In fact, on average, 9 out of 10 startups will go out of business. Although founding a startup is inherently risky, there are a few things that can increase your chances of success. American investor Bill Gross conducted a famous speech at Ted Talk, where he talked about what he learned from the data he gathered from hundreds of companies

Person Holding Pen Pointing at Graph

The Three Most Important Factors

Timing

Above all else, the most important thing is timing! It actually accounts for 42% of the differences between success and failure for startups. Success is dependent on whether people need or want your product. If you enter the market when there won’t be demand, you won’t make any sales. So before you anything else, be honest with yourself and truly assess whether the world is ready for or in need of your product.

After timing, the team and idea behind a startup are the second and third most impactful factors (accounting for 32% and 28% of differences between success and failure, respectively).

Clear Glass With Red Sand Grainer

The Team

Your team should be a communicative and complementary group with the necessary knowledge, skills, determination, passion, and willingness to work. The leader should have the social ability to network, build partnerships, seek out investors and other funding sources, talk to the press, and recruit and inspire workers. As startups don’t typically have large teams, the employees you choose are important.

People Looking at Laptop Computer

The Idea

The product itself must also be based on a strong idea and executed well. While the product doesn’t have to be entirely unique or the first of its kind, it does need to differentiate itself from other products in some aspect or another and it shouldn’t enter the market after it is already saturated with similar products. Ideally, you want your product to be so appealing and interesting that people will want to talk about it and, in a way, advertise by word of mouth for you.

Clear Light Bulb Placed on Chalkboard

Other Important Factors

Commitment

If you are going into a startup, you have to be passionate about it and love the work. After all, you are embarking on an uncertain journey. If you aren’t passionate about it, how can you put in the necessary time and effort to make it all work. You must be determined and refuse to give up when things get difficult or you face challenges. At the same time, you must also believe in your startup. If you don’t believe in it yourself, you can’t expect others to do so. Additionally, to succeed, you need to make profit which won’t happen if you don’t take risks. And you won’t take risks if you don’t believe in yourself and your startup.

Asian freelancer working at home

A Well-Defined Vision

With startups, you need a well-defined vision; it’s best to have an idea of where your business is headed from the get-go. One of the biggest things is to have a sensible business model and financial plan. Not running out of money is crucial to your startup actually functioning so have a plan that includes a budget and how to raise funds. Second, as a startup you will almost certainly have limited staff and resources. This means you’ll need to figure out how to be productive and know what to prioritise.

Black Binocular on Round Device

Adaptability

Successful entrepreneurs know when to shift their plans a little. It’s important to observe what is working for both yourself and your competitors, to listen to feedback, and to learn from your mistakes. When things aren’t going quite as well as you’d like or you see opportunity for improvement, adapt and make the changes you need to make!

Woman Sitting in Front of Macbook

Mentorship

If possible, having a good mentor to guide you can make a world of difference. Mentors have gone through the process themselves and often experienced similar, if not the same, challenges. This can make their advice an invaluable resource when you find yourself in a tough spot or are unsure of what to do.

Photo of Men Having Conversation

美國投資家Bill Gross在2015年進行了一場Ted 演講,講述他在多年投資初創經驗的數據中得出的結論。究竟決定初創是否成功的因素為何?讓GoBuddy和你看看吧!

人脈支援 mentorship

一間初創開始時會遇到的問題,可能會在一位有經驗的Mentor的幫助下迎刃而解。他們的經驗和建議可能是一間初創十分重要的資產!

適應力 Adaptability

一間初創在不同變化、不確定性中能否靈活變通?在現今社會變得愈趨重要!

意念本身 The idea

很多初創都是由一個突如其來創意點子誕生的。而該點子是否能解決市場問題,回應市場需要,是否可執行等,都是重要因素。點子是初創的核心。

團隊能力 The Team

團隊是決定初創成敗的關鍵因素,在初創裏團隊通常只有數人。這個時候,尋找合適的人,找出最有效的溝通方法,會令投資者對初創信心大增。

時機 Timing

最後,Bill Gross的發現竟是大家都不太討論的因素—-時機!的確,Microsoft誕生在電腦科技剛開始起步的年代,Uber誕生在APP潮開始萌芽之時。時機或是不可或缺的關鍵!是時代造就成功,還是這些成功帶起熱潮呢?

How to stand out in E-commerce

With many businesses providing an online shopping platform for their customers, staying visible in the e-commerce era can become challenging for a lot of companies. Customers are overwhelmed with millions of options and often check out various online stores to receive the best deals.

1) Spend Money to Make Money

Very cliche but very true. When businesses are at their initial stage, they get so engrossed with the idea of success and making profit that they forget that they will continuously need to invest a lot at first to be able to yield rewards in the long term. If you have an online store, know that it’s important to spend on advertising.

2) Become Socially Active

If you are an E-Commerce business, you NEED to be active on all social media platforms- Instagram, Facebook, Twitter and LinkedIn. Having social media presence really does help with raising awareness about your brands, connecting with potential customers and it is also a great way to answer your customer’s queries! The best thing about using social media to promote yourself is that it is FREE, unless you use different tools like FB/IG ads or sponsoring yourself through them.

3) Showcase your USP (Unique Selling Point) at every chance you get

As an Entrepreneur, it is crucial you know what your USP is and that you’re able to ensure that other people know about it too. Your USP is what makes customers choose you over your competitors. It is something which reflects your brand and sends out a message about why you started this business in the first place. Your USP should focus on your target customers because if it doesn’t, your USP will have no meaning. What is the point of having a unique selling point if it isn’t directed to anyone, right?


如何在電商中突圍而出

隨著許多企業提供在線購物平台,對於許多公司來說,保持可見性會是一大挑戰。客戶的選擇不計其數,電商的突圍方法是?

1)長線VS短期投資

雖然這好像是大家都知道的,但很多小企業會想要為短期回報而大量投放資金在單一方面,忽略了長遠效益。如果你是在電商方面的生意,記得考慮市場推廣和下廣告的資金。

2)跟人互動吧!

很多現今企業發現真實網上互動的重要性,會在社交媒體建立社群。如果你抱著同樣想法,建議內容更貼近真實和人心,才能突圍而出。

3)明確知道你的USP

一開始便知道你的獨特處,能讓你明確自己在市場中的定位,從而訂立合適的市場政策。

Reference:

https://www.disruptiveadvertising.com/ppc/ecommerce/16-ways-to-stand-out/

5 books you must read if you are an Entrepreneur

No matter how successful you are, knowledge and powerful advise is one thing which is never-ending. Below are some of the best books with god-tier advise that can help entrepreneurs and to-be entrepreneurs.

1) How to Win Friends and Influence People by Dale Carnegie

One of the best books to help improve people skills and a step-by-step guide to make lifelong connections.

2) The 7 Habits of Highly Effective People by Stephen Covey

This book written especially for Entrepreneurs and how they can achieve success by imbibing certain qualities and further help build their business.

3) The Art of the Start by Guy Kawasaki

If you are looking for some inspiration or just anything to take your first step as an Entrepreneur, this is your go-to book.

4) Getting Things Done by David Allen

Looking for ways to get rid of that procrastination? and stress? This book will help you get organised and clear your mind.

5) Think and Grow Rich by Napolean Hill

One of the most popular and best books out there used by millions of people and business owners. It will help you get perspective and a positive mindset and just the perfect advise that you are looking for.

Reference:

https://www.fundera.com/blog/best-books-for-entrepreneurs

How to digitalise your business

The idea of starting your own business can be very exciting. As an entrepreneur, you are your own boss, work more flexible hours, and have greater ability to dictate the direction of your future. Moreover, you can follow your passions and feel a sense of pride in your business’s growth and accomplishments. And for many people, online business poses a very attractive alternative to traditional offline business. Without costs like rent or utilities, online businesses are often much cheaper, and they can be open 24/7 for greater customer flow. Over the past few years, online commerce has become a very profitable market as well as more and more people turn to the internet to shop for both products and services. Moreover, there are many avenues you can take when deciding what kind of online business you want to start so you’ll be sure to find one that suits your interest and skills.

Entertainment

One option you can choose to take is the entertainment route. With the global connections the internet has established, it’s never been easier to reach such a large audience.

Blogs are one such option to consider. You may think they seem out-of-date or that the market is already saturated, but if you believe you have valuable information and love writing, blogs may be a fantastic business for you. Just look at your passions and hobbies and think about what you can share with others. All you need to start is a website, and this renders the start-up cost close to, if not, nothing. Blogs, however, aren’t an easy way to make money quickly. You have to be consistent in posting, post quality information, and interact with your readers. If you succeed in building up a sizeable following though, you can make quite a living through ad space, product sales, sponsored posts, etc. Vlogs provide a slightly more modern update to blogs, and you can similarly monetize your videos.

Alternatively, podcasts have also become a popular form of entertainment in recent years. As with blogging, start-up costs are low and allow you to focus your business around your interests, but growing your business enough to reap a sizable profit can require substantial time and effort.

寫部落格是不是過時了呢?

在2020的大家每天接觸大量社媒資訊,部落格好像和我們愈來愈遠。但部落格真的『過時』了嗎?還是它們換了個方式存在呢?讓Gobuddiers跟大家看一看吧!

部落格的吸引力⋯⋯?

互聯網有很多資訊,以文字、聲音、影片存在。部落格算是以文字為主、影音為輔的形式。它能讓讀者和作家有更深的認識和共感,增加長期影響力和互動。

有名的部落客們

他們都有個共通點—-部落格並不是他們唯一的媒體!他們把內容以不同形式放到網上,吸引不同類型的粉絲。所以如果你希望經營自媒體、或在社交媒體上宣傳你的品牌,不妨試試在不同媒介放上你的內容,找出最適合你的媒介!

或許部落格只是更多以不同形式存在,並不是完全過時呢。畢竟大家也是喜歡看真心的分享,也許文字是適合你的形式!

Products

If you’d rather stick with a more traditional form of business however, you may prefer to stick with selling a product.

One possibility is to run an e-commerce store store. Much like a physical store, simply sell products of your choice but just do so over the internet. Admittedly there is a large amount of competition for ecommerce and customers may be more comfortable buying from a large, established business like Amazon. However, you can do a few things to increase your odds of success. First, look for profitable markets where there is still room for growth. And second, make sure to consider all the costs associated with your product (like manufacturing and distribution costs) to make sure the revenue will be enough to offset them.

Another option is to try your hand at dropshipping. If you’re wary of the costs associated with creating and selling your own product, this business idea may suit you better. With dropshipping, you act as the middleman sending customer purchase orders to a third-party seller, taking a commission from each sale or setting the price on your site slightly higher than that of the third-party seller. Entry costs are lower than for e-commerce as you don’t have to pay to produce your own product, and you don’t have to worry about losing money if the product doesn’t sell.

如果您希望採用更傳統的業務形式,銷售產品可以是一種形式。

一種可能性是經營一家“電子商務商店”。就像實體商店一樣,只需出售您選擇的產品,而只需有互聯網即可。當然,電子商務存在大量競爭,客戶可能更願意從像Amazon這樣的老牌大型企業購買商品。但是,您可以用一些策略來增加成功的機會。

首先,尋找仍有增長空間的市場。

其次,確保考慮與產品相關的所有成本(例如製造和分銷成本),以確保收入足以抵消這些成本。(可以參考我們之前的創業成本帖文)

另一種選擇是嘗試“經銷”。如果您對與創建和銷售自己的產品沒有興趣,則此商業模式可能會更適合您。通過直接托運,您可以充當中間人,將客戶購買訂單發送給第三方賣方,從每次銷售中收取佣金,或者將您網站上的價格設置為略高於第三方賣方的價格。入門成本比電子商務要低,因為你不必為生產自己的產品而付費,並且不必擔心如果產品不賣就賠錢。

Services

Lastly, perhaps the most diverse category of online businesses is those centered around a service.

Digital courses are a booming market. Online classes give you the opportunity to monetize your knowledge and skills. There are already courses for a large range of both academic and nonacademic subjects, and during the recent Covid-19 pandemic, people have only become more creative in finding ways to teach new subjects and activities online as customers seek new ways to learn from home. In addition, you can also sell prepared materials or downloadable content that compliments the course.

Consulting is another way for you to turn your expertise and experience into profit. If you have a deep understanding of a subject and manage to build up a reputable name, people may be willing to pay a pretty penny for your advice. In fact, it can be one of the most profitable online businesses. From finance to business to social media consulting, the options are plentiful and you’ll be sure to find your niche.

Another popular online business option is marketing. Within marketing itself you have a few options, two of which are affiliate and SEO (Search Engine Optimization) marketing. With affiliate marketing, you promote someone else’s product for a commission with each purchase. Using advertising, social media, blogging, or other methods, affiliate marketers aim to draw customers to the producer’s store. SEO (Search Engine Optimization) marketing is a sought after service, however it does require a greater skill set than some other marketing types. SEO refers to the process of working a website so it appears higher up on search engine result pages. As the ease of finding a website can greatly impact an store’s success, other online businesses are eager to utilize these services and to pay handsomely for them. One thing to keep in mind though is that Google’s search algorithms are constantly changing so you will have to make sure to continually educate yourself on these changes and understand how they will affect SEO.

Web design and development are two more options for your online business. If you have the creative inclination and program knowledge and access to do so, web design simply consists of putting together an attractive and engaging website that will draw in readers. Web development has a slightly higher barrier to entry as you do need the coding knowledge of how to build a website from the ground up. But if you put in the time and make the effort to learn, the payoff can be well worth the cost, and the demand for such work is fairly consistent.

Yet another service your online business can provide is virtual assistantship. Such a service typically consists of completing basic administrative tasks like answering phone calls, responding to emails, and making travel plans, as well as others like entering data or conducting research. As you need only organizational and task management skills, the startup requirements are low.

Last on this list is SaaS (Software as a Service). With SaaS, you develop and sell a software on a subscription basis. Of the business ideas on this list, it is perhaps among those with the most potential for profit. It’s all digital so input costs are low, and as long customers find the software worth the price and keep their subscriptions, you have a steady source of revenue.

While this article already ecompasses several potential online business models, it is nowhere close to an entirely comprehensive list. The options for online business are nearly limitless, so make sure to thoroughly consider and think through your options before choosing the one that suits you best!

Copy blogger https://copyblogger.com/blog/

Gary Vaynerchuk

https://www.garyvaynerchuk.com/

Tim Ferris

https://tim.blog/

HK Start-up fund resources

【初創公司可以拿到甚麽資助?4個政府資助計劃大整合!】 Start-up fund resources for your business in 2020!

香港政府和各大機構每年也有不少創業支援基金,現在就讓我們來看看它們可以如何幫助你吧!

Are you thinking of starting your own business? Are you already an owner of a start-up and are looking for funds? Well, lucky for you, you’re at the right place! The Hong Kong Government is very committed to support existing or newly startups!

SME Export Marketing Fund 中小企業市場推廣基金

工業貿易署

  • 中小企業市場推廣基金」旨在向中小企業提供資助,以鼓勵中小企業參與出口推廣活動,藉此協助其擴展香港境外市場。2020年1月20日起,每家合資格企業的累計資助上限已由40萬元提高至80萬元! The SME provides financial support to small and medium sized businesses and encourage them to expand their markets outside Hong Kong. They provide up to $800,000 on expenditure related to export promotion activity.

Cyberport Accelerator Support Programme

  • 「數碼港加速器支援計劃」為準備開拓海外巿場及投資的數碼港培育公司或已畢業的培育公司,提供最高達30萬港元的資助額,申請者必須成功獲得認可的加速器計劃成功取錄。

Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD) – ASEAN FTA Programme 發展品牌、升級轉型及拓展內銷市場的專項基金 (BUD專項基金)- 東盟及自貿協定計劃

香港生產力促進局 HK productivity council

為協助中小企業,包括初創企業,把握經濟機遇和提升競爭力,2018-19年度《財政預算案》提出把「BUD專項基金」的資助地域範圍擴大至東盟市場,並推出「東盟計劃」。立法會財務委員會已於2018年6月通過此項建議並注資15億元。

資助金額

資助按對等原則提供,即政府最多資助個別項目總核准開支的50%,而企業須以現金形式承擔不少於該項目總核准開支的50%。在基金的申請期內,每家企業最多可在「東盟計劃及自貿協定」獲資助十個核准項目及200萬元。

簡介

資助個別香港企業推行有關發展品牌、升級轉型和拓展營銷的項目,從而提升他們在東盟及自貿協定市場的競爭力,促進他們在東盟及自貿協定市場的發展。

資格

所有按照《商業登記條例》(第310章)在香港登記,並在香港有實質業務運作的非上市企業,均符合資格申請資助。不論是從事製造或服務行業,或是否已在中國內地及東盟有業務運作,均符合資格申請資助。

  • This programme provides a fund of HK$2,000,000 on a matching basis for maximum 10 projects and targets ASEAN/FTA markets. The HK SAR Government set up a “Dedicated Fund on Branding, Upgrading and Domestic Sales.” They provide a reimbursement of 50% of total approved cost.

Researcher Programme 研究人才庫

https://www.itf.gov.hk/en/funding-programmes/nurturing-talent/research-talent-hub/research-talent-hub-for-itf-projects-rth-itf-/index.html The Researcher Programme subsidises 2 researchers for 36 months each- max monthly allowance of $21,000. This programme encourages university graduates to pursue a career in Innovation & Technology.

「研究人才庫」於2020年7月推出,旨在提供資助予獲「創新及科技基金」(基金)資助進行研究及發展(研發)項目 的機構/公司,以聘用研究人才進行研發工作。「研究人才庫」整合了較早前推出適用於基金資助研發項目的機構/公司的「研究員計劃」和「博士專才庫」。

計劃特點:

每個基金項目可同時聘用研究人才最多四名

每名研究人才的聘用期一般最長為36個月。

每名持有本地大學學士學位研究人才的每月最高津貼額為18,000港元;持有本地大學碩士學位研究人才的每月最高津貼額為21,000港元;至於持有博士學位研究人才的每月最高津貼額則為32,000港元。

Each ITF project can engage  at any one time up to 4 research talent

The maximum engagement period for each research talent is 36 months in general.

The maximum monthly allowance is HK$18,000 for research talents with a bachelor degree, HK$21,000 for those with a master degree, and HK$32,000 for those with a doctoral degree.

Different Types of Entrepreneurs

We all understand who entrepreneurs are and what they do. Surprisingly, even though most of them share similar traits, they are not all the same. In this blog, we will talk about the different types of entrepreneurs who run businesses.

  • Innovative Entrepreneurs

As the word “innovative” suggests- this group of entrepreneurs love coming up with and introducing new ideas and creations into the business world. They love to take risks and are great at anticipating people’s needs and turning them into wants!

Clear Light Bulb Placed on Chalkboard
  • Imitating Entrepreneurs

Imitate? Wait.. does that mean they copy others? Well, you guessed it right! This group of entrepreneurs love copying other people’s ideas and replicating them.

  • Fabian Entrepreneurs

This group of entrepreneurs love to play it safe! In order to incorporate a new technique or design or innovation, they wait for it to be tested by others and if it ends up having a positive response, they include it in their own companies too!

  • Drone Entrepreneurs

These entrepreneurs are reluctant to change. And.. why wouldn’t they? No one likes change. We all prefer our comfort zones and like things the way they are. However, this quality ends up becoming a barrier in their business since they are not willing to adopt to new techniques even if they are burdened with losses.

創新型

就像“創新”一詞,這群企業家喜歡提出並將新的想法和創意引入商業領域。他們喜歡冒險,擅長預測人們的需要並將其轉變為商機!

複製型

複製?等等..這是否意味著他們會抄襲他人? 好吧,你猜對了⋯⋯ 這群企業家喜歡複製他人的想法並加以復制。不過複製而加以改善,未嘗不是好事呢。

安穩型

這群企業家喜歡按數據安全行事!為了整合新技術,他們等待其他人對進行測試。如果最終得到積極的回應,才會行動。

守舊型