What business are you (really) in?

When someone asks you that question about your business, you may answer, "we sell drills".

However, what you are actually selling are the benefits those drills provide.

No one really wants a drill - they want what a drill can do.

You are selling benefits of the drill and satisfying the needs of a specific segment.

Example :
1) Film Studio - we make movies
instead, it should be : We market entertainment

2) Cosmetic company : we make cosmetics
instead, it should be : We market hope

3) Optus : we operate a phone company
instead, it should be : We market telecommunications

An entrepreneur defined

J.B. Say, an early 19th century French economist, is generally credited with recognising that the entrepreneur in a capitalist society is 'the pivot on which everything turns'.

A more recent definition of an entrepreneur is :

"One who reforms or revolutionises the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing either an old one in a new way. This action will open up a new source of supply of materials or a new outlet for products by reorganising an industry."

Jimmy Choo reveals the secret to his inspiration and ideas

KOTA KINABALU: As Datuk Jimmy Choo stepped down from the stage, flashes from cameras popped and dozens of women surrounded him.

With a constant genial smile, one of Malaysia’s most renowned fashion icons obligingly posed for photographs with his “fans” that included politicians, ambassadors, businesswomen, television producers and top executives.

[Day to remember: International Women Executive Congress 2007 participants posing for pictures with Choo in Kota Kinabalu yesterday.]

Some used the opportunity to make an appointment with the London-based fashion designer renowned for his handmade women’s shoes that were worn by the likes of the late Princess Diana, the Queen of Jordan and numerous Hollywood stars.

Others asked about his famous clients, apparently wanting to hear more even after the 40-minute talk Choo had just given about his life, his break into the world of fashion and his prominent customers.

In his talk to participants of the three-day 2007 International Women Executive Congress here, Choo was generous in sharing his experiences and advice with his audience on how they can progress as individuals and entrepreneurs.

As his audience listened in rapt attention, he said that whatever they ventured into, either a career or business, they have to love what they do.

“When you love what you do, you will be inspired and ideas will come,” he said.
Choo said in a creative industry like fashion, ideas were more crucial than the actual ability to sketch them out as these can be done by designers.

“I love what I do and I’m constantly on the lookout for what people are wearing, the styles, fabrics and the accessories. From there I get inspired,” he said, adding that he constantly carried a camera to capture fashion designs that caught his eye.

Choo reminded his audience of the need to manage an international brand, such as registering the brand in various countries and constantly advertising.

“People want to know the latest in the spring and summer designs,” he added.

Going back to basics, Choo said those venturing into any business must possess certain attitudes including sincerity, respect, a willingness to learn and being prompt.

“Don’t put off something till tomorrow if you can finish it today. And keep a promise instead of giving excuses because people will learn not to trust you,” he said.

Choo said Malaysians who succeed internationally should give something back to the country. For him, this includes promoting the nation and its cuisine overseas.

Later, responding to a question from the audience, Choo said he is looking at various ways to inspire Malaysian youths to venture into the world fashion, including being involved in a design competition.

“We must pass our skills and experiences to the younger generation,” he said.

Become Your Own Boss

PUTRAJAYA: Fresh graduates are urged be their own boss or join entrepreneurship programmes.

Deputy Youth and Sports Minister Datuk Liow Tiong Lai said they should not be contented doing part-time jobs while waiting to join the government or private sector.

This may explain why about 35% of local graduates are unemployed, he said.

“If they cannot get the jobs they want, they are willing to wait and get part-time jobs.

“Some graduates even have two or three part-time jobs, each earning around RM500 to RM600,” he said after launching the Malaysian Independent Business Ownership-Graduan Outreach Programme at his office yesterday.

Liow was commenting on a statement by Higher Education Department director-general Datuk Prof Dr Hassan Said that some 35% of graduates were still unemployed six months after convocation.

On another matter, Liow said the Youth Economic Promotion Council, which gave out loans to those who wanted to set up their own businesses, received close to 30,700 applications for its RM40mil fund.

On the programme, Liow said it was to put youths on the path to entrepreneurship by giving them coaching and training in drawing up viable business plans and helping them to secure loans.

“Youths can tap into a fund worth RM100mil, which is loaned to them at the Base Lending Rate plus 1%.

“Using these loans, they can then sell products such as mobile phone lines, broadband services, credit cards and computer products.

“In fact, we find that mentoring is extremely important for young entrepreneurs.

“In the old days, youths can afford to try several times before succeeding in their own businesses.

But in this fast-paced age, they can no longer afford to do that,” Chong said.