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Entrepreneurship

Wisdom That Will Help Your Startup Survive

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Taking up the challenge of being an entrepreneur is a daunting task and getting captivated by the next big thing is highly likely, only to realize later that your ardent step towards that particular venture was a waste of time, money and energy. Entrepreneurship is a game of the survival of the fittest and whoever learns the best tactic to survive in the highly competitive market scenario is the one who will meet with success.

Some small business meet dooming failure while some manage to climb the ladder of success with consistency and passion or the result of skill and experience the founder may possess while sometime the prevailing market conditions and scenario also exert a considerable influence. However, throughout one’s journey as an entrepreneur we learn certain lessons that help us excel.

  1. Multi-tasking is good but don’t go overboard

In order that your business does well in its initial years you need to prioritize what matters the most and give undivided attention to those aspects of your business that derive the most revenue. This means concentrating on your core competencies and building upon them. Trying to do everything will not get you anywhere in fact you will end up in a mess not able to manage everything simultaneously.

Do not involve yourself in so many activities that you get so invested in them that you are unable to do justice to all of them and also feel pangs of insanity overtake you because of the extra burden you seem to have taken. It is always desirable for an entrepreneur to be full of zeal, zest and fervor for the new business venture but risking all your eggs in one basket is certainly not a wise option.

  1. Never take the shortcut

The reason why entrepreneurs are advised to not get involved in too many activities is mainly because when you have too much to do at hand then you tend to look out for shortcuts that will get the work done easily and quickly. However, by taking the easy way out, we will miss out on important which will sabotage your efforts from the beginning and you might have to start from scratch. So why not carry out all our tasks completely and comprehensively in the beginning only so that your efforts do not go futile. Make it a habit to learn from your failures but never let it demoralize you.

  1. Stay on the forefront with the current professional tools

Technological knowledge is a must-have in this IT and highly-tech world and you need to stay abreast with all the technological breakthroughs, gadgets and apps that your customers are compatible with. Keeping your computer system updated with the recent software and having the highly optimized mobile apps updated in your mobile device that will aid you in your business is a surefire way to be on the forefront. You can start as a college student by adopting technology to save money which will definitely help you in your entrepreneurial career. Habits established at the right time are sure to bear fruit in the long run.

  1. Finance and investing options can make you or break you

You need to invest wisely and weigh your outcomes before initiating any expense or making a financial decision on the company’s behalf. Look for ways of cutting costs by sharing the amount incurred on tools and services and keeping most office tasks in-house so that you do not need to pay for the tasks that you intend to outsource. Sharing an office space can also greatly reduce your expenses. Curb your temptation of outward display of grandeur and show-off.

  1. Understand the importance of networking

Whether you are a budding entrepreneur or the owner of a well-established business the importance of networking cannot be stressed enough as it is crucial to a company’s success at all costs. PR and networking has been believed to connect prospective clients to the right business opportunity as it brings both the parties on a mutual platform and generates referrals that serve many over time. Do not hesitate to establish relations with corporate professionals by attending different meet ups, events and social networking opportunities.

Always derive inspiration from fellow entrepreneurs and do not underestimate the value the knowledge and experience of others can add to your business.

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About the Author

This article was written by Rachael Everly, A business and finance enthusiast, who happens to have a special interest in matters related to student loans and repayment plans. see more.

Entrepreneurship

Can the Japanese foster Innovation?

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Loftwork Inc., FabCafe, MTRL have created a support program and open community, COURIER, which assists innovators that target the global market. A meetup and presentation based on the topic, “Which city has the most global business opportunities?” was held on recently. At the event, nine business leaders knowledgable of the various regions in Japan shared their expertise and challenges.

Thinking of new businesses, putting them into practice, and sharing those ideas—that is “COURIER”

On this day, together with FabCafe, which have opened 10 offices throughout the world, Loftwork Inc. announced the opening of its new hub for global business in Hong Kong. Furthermore, along with the opening of MTRL Hong Kong, Loftwork Inc. also announced the launch of an online platform, “Material Service (MTRL.com),” which connects material manufacturers with creators.

The launch of COURIER is closely linked to this type of activity. In the opening speech, Mitsuhiro Suwa of Loftwork, Inc. reflected on the history of Loftwork, Inc.—”We have supported the new businesses and innovation of companies, but as a matter of fact, we have not had many connections with startups,” explanining that “whether it be an entrepreneur or an intrapreneur, the situation of capital and human resources is the same even though the crowd to appeal to may differ. If both sides share their information and network and complement one another, there is an opportunity to create a synergy effect.”

If we can utilize FabCafe as a platform for startups which aim to expand in the global market, we can persuade executives and investors to expand their businesses and thus create more possibilities. Suwa explained how from this idea, COURIER, a community of businesses was born—a community that thinks of new ideas, puts them into practice and shares them.

Startups without a sense of purpose and preparation will only become lost

The holy ground of startups—Silicon Valley. CEO of consulting firm Pacific Sky Partners Zak Murase, while describing how “unfortunately, the Japanese do not have a presence in Silicon Valley,” provided the following analysis of why Silicon Valley is known as the holy ground of startups.

<The Reasons Why Silicon Valley is the Holy Ground of Startups>

1) Great Weather
The good weather creates a welcoming atmosphere to share new ideas and start new businesses.

2) World’s Top Ecosystem
There has been a continuous cycle of achievers of success breeding new achievers since the 1960’s.

Meanwhile, the prices in general are 2.5 times those of Tokyo. This is characteristic of Silicon Valley—labor costs and cost of living are high, which can make placing a development team in Silicon Valley unrealistic. Given this situation, do startups have a chance in Silicon Valley? Murase shared the following recent topics.

– Total capital invested is generally increasing
投資件数は減少傾向だが、投資総額は増加傾向にあり、スタートアップ1件あたりの投資金額が増えている。
– General decrease in investments into seed stage startups
Investors have been actively investing in seed stage startups which are performing well, showing how they are carefully selecting where they are investing.
– The influence of the “Big 5” is overwhelming
Even if startups are able to innovate, they are either acquired by the “Big 5,” Facebook, Amazon, Microsoft, Google and Apple, or are completely crushed.

With that said, what do the Japanese need in order to perform well in Silicon Valley? Murase finishes by highlighting the 3 points below.

<Preparing to Enter Silicon Valley>
1. Hold a clear sense of purpose
2. Prepare to settle down in Silicon Valley
3. Slowly create a reputation and build trust

The key to promotion is to connect with local media and local people

Next, CEO of Network Communications Corp., Naoko Okada explained the business situation in Washington D.C., where her business holds an office. She emphasized how the city provides a suitable environment for startups—there are many security startups, rate of growth of entrepreneurs is number one in the U.S., the restaurant industry is booming, the city is undertaking a project to become a smart city (Smarter DC Project), the local embassy and chambers of commerce give strong support.

As for her specialty in global P.R., she explains, “Business and P.R. are closely linked. Creating something that fits with the local market and conducting promotion and P.R. activities go hand-in-hand.” She continued, discussing how local media is the key to “bringing the desired information to those who want it,” especially in the context of local promotion of products and services. She claims, “It is important to connect with locals, members of the community, people of the embassy, people in media and local executives. In order to do this, startups must disclose themselves and send out information.”

Case study: What is the methodology behind bringing Japanese goods and services overseas?

Tomohiko Nihonyanagi of Loftwork, Inc. raised the example of the “MORE THAN PROJECT,” a project which has supported the overseas expansion into 21 countries for the production of the “JAPAN brand.” He emphasized, “Bringing products and services overseas means bringing products and services to local markets. If a business does not understand this, they cannot sell. It is important to understand which regions and markets to target, understand their lifestyles and the market trends.” He shared some specific ways to approach this issue.

<Approaches to overseas expansion>
1) Adequate understanding of the company’s products and services
2) Selecting a business partner
3) Researching local markets
4) Localization
5) Promotion within local markets

Likewise, Takuya Hotta, CEO of Culture Generation Japan Co., Ltd., described the case of how Tokyo Some-Komon was successfully arranged into a Muslim dress as a way of promoting traditional Japanese dyeing methods overseas. He provided an analysis of the keys to success.

<Reasons for Success in Local Distribution>
– Selecting a business partner
The most important thing is to match with a business partner who shares the same sense of direction and passion. Partnering with designers and distributors with existing markets can make success more likely.
– Understanding which parts to keep and which parts to change
Clearly understand constraints, costs and strengths of the company’s product.
– Conveying a philosophy
Always use the underlying passion as a base to make decisions. Do not lose your sense of purpose.

Go global with understanding of local markets and making the most of the expertise in your best team

The second section kicked off with a session by Masaru Ikeda, co-founder of THE BRIDGE and blogger. Ikeda manages a news media site for startups and knowledgable in the business situations of various countries. He points out, “Japanese startups tend to look to Asia first to expand their business, but given the level of maturity in society and infrastructure, as well as the economic conditions in these countries, many of them do not succeed.”

With this point in mind, Ikeda introduced some startup hubs (cities) that have attracted attention.

– Paris
After renovation of a railway depot, Paris became home of the world’s largest startup campus, “STARTION F.” The French president, a former investment banker, has shown his active support for startups. Paris is also well known for its richness in talent in the field of A.I..

– Tallinn
Methods of raising funds is becoming diverse. “Funderbeam,” or the use of blockchain-based technology to bring together investors and companies is extremely interesting.

– Helsinki
Birthplace of Nokia. Many hubs for research and development with major startup activity. Oulu is famous for its event where startups pitch in the frozen water of the Baltic Sea.

– Tel Aviv
Israel’s largest festival for startups, DLD Tel Aviv, is held every September. Tel Aviv has become one of the prominent startup hubs of the world.

It’s not about the “city,” but the “people” who are there

Next, Kelsey Stuart, in charge of international communication of FabCafe at Loftwork, Inc., describes how FabCafe has built a global network. She explains, “When we open a new FabCafe overseas, we don’t evaluate the ‘city,’ but we evaluate the ‘people’ who are there,” and raised the following points.

<Criteria for opening a new FabCafe overseas>
– Is there a vision for FabCafe?
– Is there past experience in digital fabrication cafes?
– Is there connection to the local creator community?
– Would FabCafe function as a creative platform?

Stuart adds, “FabCafe is not a franchise. In each country, the promoters within each region gather their resources, capital and community and manage the cafe.” She explained how FabCafe has expanded globally by gathering people who sympathize with their philosophy and share their values, ideas, brand, graphics and websites.

Short presentations by two globally expanding startups

Next, two startups that have gathered attention made presentations. With his vision of “Product for Peace,” CEO Radcliffe Takashi Onishi of the Babels inc. introduced his Q&O (Question and Opinion) service, “historie,” which provides various interpretations of society’s controversial topics. He explains, “From problems of history and international conflicts, the information out there only provides one side of the story. For this reason, society is full of people who only see things from one perspective, which can lead to conflict. As a solution, society needs a product that can line up different opinions from multiple perspectives.” Instead of a Q&A service that provides one best answer, the service collects opinions that cannot be found through a search engine or SNS and information that are not found on Wikipedia or textbooks. By making various opinions easily visible, the service aims to promote the evolution of the imagination that mankind seems to be losing.

On the other side, , CEO of DiGINEL Inc./DiGITAL ARTISAN Inc., represented a startup which offers technology services related to digital tools. As one of the new services they are preparing to launch, he introduced “OpenNail,” a nail chip service which fits each individual’s nail shape. The company created a process utilizing a 3D printer to allow creators and designers to participate in the nail design process. In the future, easily ordering a nailchip of choice on the Internet and smartphones will become a reality.

Global business leaders provide hints for startups that succeed

– Presence of the Japanese

Murase: The Japanese are well-known for their disappointing levels of English. Whereas in the U.S., people are taught to express their opinions from childhood, the Japanese believe in conformity and have a hard time being heard because they do not express themselves. In Silicon Valley, this is becoming an obstacle.

Ikeda: The Japanese try to appeal to the fact that their startup is “Japanese.” But what’s most important is what is left once that national identity is taken away.

Okada: Are the entrepreneurs being trained to properly promote themselves?

Murase: If you decide to go to Silicon Valley, you should thoroughly practice your elevator pitch. Of course, there are people who are not proficient in English but do well in Silicon Valley. Those are the people who have passion or have something unique and are able to speak with confidence. Even if their English is not perfect, their aura is what leads them to success. This is a skill, too.

– Setting up an office

Okada: Apart from problems regarding communication, it might not matter where you put an office.

Ikeda: Since SaaS and the Internet is so commonplace nowadays, it might not matter. In fact, there are many cases where a business is organized around people who are scattered throughout different locations. Expanding business by selecting cities based on their features and gathering expertise in various locations could even be a way to make better startups.

Murase: It’s not rare for startups to scatter their teams in Silicon Valley. Startups will be strong if they can create a “best team” while taking advantage of each region’s features.

– The most important thing in global expansion is “English and mindset”

Murase: English. It’s the most important thing.

Ikeda: English of course, and also a mindset. If you have lived in Japan for a few decades, what you see becomes the world to you. We can expand our possibilities just by conducting business with the awareness that there are many races and cultures in the world.

There are obstacles for the Japanese to lead the world in innovation. However, now that there are platforms out there to bring innovation to the world, the path in front of us is opening. Okada sent a powerful cheer to all of the startups that are looking to expand globally: “Japanese people, let’s get more active globally!”

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About the Author

This article was produced by Lotfwork. Through planning, production, and communication, Loftwork is a creative partner that will make business innovation a reality.see more.

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Callum Connects

Brad Adams, Managing Director of Ocean Grown Abalone

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Ocean Grown Abalone’s, Brad Adams is revolutionising abalone production in a clean, green and sustainable way off the south west coast of Australia.

What’s your story?
I grew up in the remote town of Augusta in the very south west of Western Australia where the Southern Ocean meets the Indian Ocean.

My family have a long association with aquaculture and the fishing industry. I’m a 3rd generation fisherman and my father founded the commercial wild abalone diving industry in Flinders Bay in the 1960s.

I followed an aquaculture route, and after I completed my studies in Tasmania, I returned home to start the development of a new technique of growing abalone.

After close to 20 years researching, developing and inventing a new technology, OGA’s sea ranching technique was born and the ‘abitat’ was developed.

Sea ranching is an aquaculture technique where hatchery bred juvenile abalone are placed on OGA designed artificial reefs, ‘abitats’, which are placed in the ocean and left to nature to grow for 2-3 years until they reach a marketable size. They feed and survive in the wild.

The abalone produced from the sea ranch is identical to the highly sought after wild catch product, but has the competitive advantages that only aquaculture can provide. OGA can supply year round to meet market demands to whatever size or product specification the market requires.

Importantly, the sustainability of the abalone using the sea ranching technique is proven and monitored on an ongoing basis. Monitoring the ‘abitats’ and the sea ranching technology is paramount to OGA.

What excites you most about your industry?
That we can grow a premium seafood product which is highly revered in Asia, in a sustainable and environmentally friendly way. The sea life we are seeing in Flinders Bay now that the reefs are down is incredible. We are seeing many different types of fish which were no longer in the bay as well as plenty of sea grass creating an underwater sustainable ecosystem.

What’s your connection to Asia?
I am born and bred in Augusta in WA. OGA exports premium greenlip abalone to Asian markets including Singapore, Hong Kong and China.

Favourite city in Asia for business and why?
Hong Kong. It has a strong seafood (especially abalone) culture developed with Australian exporters over many years. Also the buyers are great; relaxed people who enjoy having a good time showing you their amazing city.

What’s the best piece of advice you ever received?
You only live once, so always follow your passions.

Who inspires you?
Andrew Forrest – his single minded purpose and determination, and how he uses his wealth to improve the lives of others.

What have you just learnt recently that blew you away?
Banging your head against a wall burns 150 calories per hour.

If you had your time again, what would you do differently?
There are many things I would do differently if I had today’s hindsight as foresight, however all my mistakes, successes and decisions have made me the person I am today. I am comfortable with that.

How do you unwind?
I am a keen surfer. Being at one with the ocean is important to me.

Favourite Asian destination for relaxation? Why?
Lembongan, Indonesia. Great waves, great food, great people

Everyone in business should read this book:
Grit – Angela Duckworth
“Success is the result of passion and persistence, not talent and luck.”

Shameless plug for your business:
OGA have developed the world’s first commercial greenlip abalone sea ranching facility. We build our own artificial abalone reefs (called abitats) on our leases in the pristine waters of Flinders Bay. We place hatchery reared juvenile abalone on them – then let nature (with a little help from our divers) do the rest to produce this marine delicacy. A totally natural, ‘wild-harvest’ product. Because we have some control of the process we can harvest to market demand to whatever size the market requires. We call this aquaculture technique sea ranching.

This video explains the business in 7 minutes: https://vimeo.com/225797022

How can people connect with you?
Email: [email protected] or
Facebook: https://www.facebook.com/oceangrownabalone/

This interview is part of the ‘Callum Connect’ series of more than 500 interviews

Callum Laing is an entrepreneur and investor based in Singapore. He has previously started, built and sold half a dozen businesses and is now a Partner at Unity-Group Private Equity and Co-Founder of The Marketing Group PLC. He is the author two best selling books ‘Progressive Partnerships’ and ‘Agglomerate’.

Connect with Callum here:
twitter.com/laingcallum
linkedin.com/in/callumlaing
Download free copies of his books here: www.callumlaing.com

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