Happy Chinese New Year .. 2008
Happy Chinese New Year...........(erm wat so happy about chinese new year? ..) This was asked by my secondary school teacher who uses this joke to crack the Monday blue. It didn't seems to work, but I did remembered his words.
Last friday, I met Zhikun, Zhenrong & Jeff for a late night supper session. As usual we were chatting about shirts n stuff which I did for my friends not long ago. I share with them wat I feel about and wat I have learn when doing business with friends.
Doing business with friends and families:
1) Try to avoid partnership, sleeping working partner or even investment. Why? If you are making heaps of money, will you want to share your profit after all the hardship is done by u? It is difficult to be fair as fairness is judge by an individual perspective. What seems fair to you might not be fair to the rest.
If your business is not making money, this is when stakeholders will voice out their concerns and disrupt the right way in decision making and day to day running. Cos u are using their money... lol so you are forced to listen even you dun wan to.
2) In a business is like war, there is only one General-In-Charge. The general give command and the rest follow. This is like ancient war stories, internal conflict will happens when there is conflict of interest.
3) Friends do help as well when you start your business. In business, you gain support from your family members, relatives and then your friends.
4) Charging friends is always a headache cos normally they will ask for discount and on top of that asking more than wat a paying customer. The rule of what I learnt is to never make a lost even if it is your friend. You can make a slight profit from your friend but not selling a product at a lost.
After all, business need sales to survive. Your family and friends would want your business to survive and be a listed business that they will be proud of and not a business that is going to closed after several months of operations, they do understand.
I haven edit the grammer will do later gonna go for job interview.. bye
Last friday, I met Zhikun, Zhenrong & Jeff for a late night supper session. As usual we were chatting about shirts n stuff which I did for my friends not long ago. I share with them wat I feel about and wat I have learn when doing business with friends.
Doing business with friends and families:
1) Try to avoid partnership, sleeping working partner or even investment. Why? If you are making heaps of money, will you want to share your profit after all the hardship is done by u? It is difficult to be fair as fairness is judge by an individual perspective. What seems fair to you might not be fair to the rest.
If your business is not making money, this is when stakeholders will voice out their concerns and disrupt the right way in decision making and day to day running. Cos u are using their money... lol so you are forced to listen even you dun wan to.
2) In a business is like war, there is only one General-In-Charge. The general give command and the rest follow. This is like ancient war stories, internal conflict will happens when there is conflict of interest.
3) Friends do help as well when you start your business. In business, you gain support from your family members, relatives and then your friends.
4) Charging friends is always a headache cos normally they will ask for discount and on top of that asking more than wat a paying customer. The rule of what I learnt is to never make a lost even if it is your friend. You can make a slight profit from your friend but not selling a product at a lost.
After all, business need sales to survive. Your family and friends would want your business to survive and be a listed business that they will be proud of and not a business that is going to closed after several months of operations, they do understand.
I haven edit the grammer will do later gonna go for job interview.. bye
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