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Posts Tagged ‘Entrepreneurship’

Friday Podcast: Business Building Tips From Mike Peters

mike petersI met Mike Peters in person at Affiliate Summit West last year, having talked to him a number of times before that.

With a colorful lifetime of experience, Mike:

  • Was born and raised in Israel
  • Started his first company at 14
  • Made more money than his dad at 15
  • Dropped out of school at 16
  • Said no to Microsoft’s offer of a 6-figure income job because he wanted to run his own businesses
  • Started 4 companies, closed them down or had them fail, accumulated $150,000 in credit card debt before hitting it big

And now serves as Florida General Manager for Software Projects, a full service internet marketing and web development firm.

In our discussion, we talked about:

  • How you can get started on planning and building your internet business
  • How you can effectively deal with challenges and failure in your business
  • Lessons Mike learned, especially with raising $6 million in funding for one of his businesses which ultimately failed
  • Which billionaire business owner Mike recommends as a role model to learn from
  • The truth and reality checks about owning your own business

Check out the Friday Podcast:

Do You Have Adequate Risk Management Policies In Your Internet Marketing Business?

thinkingOne of the takeaways from my friend, Tyler Project managing partner Leonard Lin’s experience of having his Facebook account suspended this past week, has been to manage your risk, especially in the area of technology risk management.

Failure to do so could mean a disruption in your business activities and in a worst case scenario, a stop in your income generation capability.

What’s Risk Management?

It’s a means to control the uncertainty and unknown elements in your business (typically referring to the negative elements). This could range from dealing with the latest Google slap, having a website get hacked into, being at the receiving end of unethical business practices by service providers or even partners.

Let’s be realistic, it’s not possible to totally eliminate risk, but you can take a leaf out of Wikipedia’s stub on Risk Management and look at the 4 options:

  • Risk Avoidance: actively avoiding all risk doesn’t do much for me, because the risk-reward maxim dictates that great reward is usually accompanied by greater risk. Go too far to avoid risk and you significantly reduce the potential returns from your business venture.
  • Risk Transfer: typically done through insurance. In the tech arena, even if insurance was available, it’s likely to be prohibitively expensive. If anything, being able to outwit, outlast and out-innovate your competition might be a stronger solution.
  • Risk Retention: Part of your market research process and due diligence should involve being ‘market aware’. Knowing your competitors and their web presence can help you better develop countermeasures and devise your business strategies accordingly. Operating in an information vacuum where you’re unaware of the business environment is a surefire recipe for disaster.
  • Risk Reduction: This is probably the best solution provided you reduce your risk in an intelligent manner. Call it having a “Plan B”. A comprehensive strategy where you’re continually being proactive in your market space is going to provide better results than being reactive (ie seeing what others do then following or improving on what they’re doing). Diversification, building up multiple streams of income works, provided you have generated critical mass in your business. (critical mass = reaching a comfortable income target). Diversification if you’re only generating a couple of hundred bucks in a niche is silly, you should instead focus on achieving critical mass.

Overall, being “market aware” is probably the best solution for dealing with risk in your business.

And yes, I have activiated “Plan B” on more than one occasion.

Techno-Venture Forum – Pacific Healthcare Holdings

The NUS (National University of Singapore) Entrepreneurship Centre is organizing a techno-venture forum on Wednesday, featuring Pacific Healthcare Holdings, presented by executive director and chief operating officer Dr Sandra Chu.

The event is free and the details are as follows:

Title: “Pacific Healthcare Holdings the Company and factors that have enabled it to succeed in today’s economy”

Speaker: Dr Chu Aye Aye Han, Sandra
Executive Director and Chief Operating Officer
Pacific Healthcare Holdings Ltd

Date: 8 November 2006 (Wednesday)

Time: 6.00pm – 7.30pm (Registration starts at 5.45pm)

Venue: Lecture Theater 16

Registration closes at noon of the day of the event.

To register, visit: Techno-Venture Forum registration page