'Our Alumnis' Journey' was held on Monday 1 October, where we are joined with our two esteemed alumni of SIM to hold this seminar with us. They are Gerald Tan from Yummy bros and Lim Jit Min from Central Perk cafe. They shared with our members on how they they turn their idea into a reality.
The first speaker of the event, Gerald Tan, shared an inspiring quote in the prologue. "Creating something out of nothing", never let limited resources hold you back. Lacking a skillset? Learn it! Lacking knowledge? Research on it!
Gerald Tan have strongly advised our members to master these following skills:
3. Adobe Photoshop
4. Facebook and Instagram Advertisement
5. Google Adwords
7. Google Analytics
He shared that he was an economics student in UOL few years back. Quickienomics came about because he found that most UOL students struggled in Economics and he wanted to solve that issue.
"Not everything you own must be high class, you can even use the most basic things at home to make things work out!"
To be an innovative entrepreneur, the important tip is do not let limited resources restrict your creativity!
Yummy Bros is a F&B service that allows customers to customise their your own food based on their needs. They sell up around 200 to 300 boxes daily to their customers, most of which are fitness enthusiasts.
Gerald's other business is The Gym Pod. He built this pod for ''gymtroverts'', people who wants to gym but is too afraid to exercise in front of big crowds. This pods are also easily accessible as they are right smack in the middle of the neighborhoods.
People often say that China always copy others but this time, Singapore is copying Shanghai, hmm ironic huh? Gerald and his team flew all the way there to survey and figure out quotes and feasibility of the project. Gerald's tip was to 'talk to as many people as you can, you never know who might be your potential investors'.
Jit Min, the founder of Central Perk cafe, mentioned that they are the only one who got the license from Warner's Brothers open a F.R.I.E.N.D.S themed cafe.
Currently, Jit Min is running 8 businesses and shared his plans of building a F.R.I.E.N.D.S themed hotel (OH MY GOD! - how many of you read it in Janice's voice?).
He shared that his key to success is to have plan ahead, have long-term goals and be broad minded.
Once you have projected the cash flow and have the detailed planning ready, your pitch is all that is left to convince and persuade your potential investors! And if they are willing to invest in you, you know that your idea is feasible!
How do we get more ideas and where can we find resources?
- Frustrations can be a good idea generator. If there are no available solutions, try to think of different ways to solve it.
- Learn different skillsets that could be of use when starting a business such as woocommerce and photoshop.
- Don't be afraid to talk to people about your ideas
- If people think that your idea is feasible, they will want to support you. Crowdfunding these days are easier due to platforms like KickStarter which you can utilise.
Are the theories and skills set taught in school applicable in the world of entrepreneurship? If so, how much is it applicable? Otherwise, what can we do about it?
- I got to apply some essential accounting knowledge (cash flow projections, statements, accounting, managerial economics (COGS) from his course in UOL)
- It must be coupled with quick thinking, hardworking and diligence.
How to balance studies and own business?
Gerald and Jit Min had different answers for this question.
- He advises us to cultivate time management skill.
- He managed to clinch first-class honours and run a successful business.
- He can do it, so can we!
- He agreed that the best timing to start a business while you are still studying as there is little opportunity cost. You have no family to support and can focus more on developing the business.
- As much as results are important, he urged us to start as soon as possible on our business.
Thank you for everyone who attended this event :) We hope that you learned something useful from the session and we hope to see you soon in our next event!