Rob Yeung - The New Rules of Entrepreneurship

This book was previously published as Entrepreneurship: The New Rules
Copyright 2011 Rob Yeung
Cover design: Jim Banting

Published in 2011 by Marshall Cavendish Business
An imprint of Marshall Cavendish International

PO Box 65829, London EC1P 1NY, United Kingdom

and

1 New Industrial Road, Singapore 536196
www.marshallcavendish.com/genref

Other Marshall Cavendish offices: Marshall Cavendish Corporation. 99 White Plains Road, Tarrytown NY 10591-9001, USA Marshall Cavendish International (Thailand) Co Ltd. 253 Asoke, 12th Flr, Sukhumvit 21 Road, Klongtoey Nua, Wattana, Bangkok 10110, Thailand Marshall Cavendish (Malaysia) Sdn Bhd. Times Subang, Lot 46, Subang Hi-Tech Industrial Park, Batu Tiga, 40000 Shah Alam, Selangor Darul Ehsan, Malaysia

Marshall Cavendish is a trademark of Times Publishing Limited

The right of Rob Yeung to be identified as the author of this work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988.

All rights reserved

No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the copyright owner. Requests for permission should be addressed to the publisher. The author and publisher have used their best efforts in preparing this book and disclaim liability arising directly and indirectly from the use and application of this book. All reasonable efforts have been made to obtain necessary copyright permissions. Any omissions or errors are unintentional and will, if brought to the attention of the publisher, be corrected in future printings.

A CIP record for this book is available from the British Library

eISBN 978-981-4346-97-9

Printed in Singapore by Fabulous Printers Pte Ltd

Come on, admit it. The idea of becoming an entrepreneur and becoming your own boss is cool. Perhaps you want to strike out in a new direction and make your first million. Maybe you wish you could do it or maybe already are doing it.

Whatever your situation, Entrepreneurship: The New Rules is your guidebook for getting it right.

This book looks at moving outside of the corporate hierarchy and doing your own thing. Any ordinary person can become an entrepreneur. Yes, you read that correctly. Entrepreneurship isnt about experience or special training. Its about using your brain, motivating yourself, and building relationships with the right people. So, yes, anyone can do it.

You could become self-employed, set up a partnership, invest in a franchise, buy a business, build an empire, invent a new gadget, or launch a new service. You could work from home or lease an office, set up a website or showroom, work on your own or in a team of 20. You could set up a tiny outfit to target a niche market or a giant company to sell to the masses. Entrepreneurship is about any or all of these things, and more.

Ive had the pleasure of working with top business-people and entrepreneurs in companies large and small. In the last few years, Ive had the pleasure (and pain) of growing my own consultancy too, so much of what I advise I know from first-hand experience.

There are plenty of books that take you through the practical aspects of setting up your own venture from opening a business bank account and tracking your finances to chasing customers for payment and calculating your tax bills but this book isnt one of them. Businesses dont succeed or fail based on whether you pick the right bank account. Dont sweat the small stuff. I want you to think much bigger than that.

This book is about the spirit of entrepreneurship the stuff that truly distinguishes successful entrepreneurs from wannabes and failures. Look at famous entrepreneurs in the world today. Icons such as Michael Dell, Donald Trump, Richard Branson, and Li Ka Shing grew their businesses by identifying opportunities and persisting in the face of adversity, selling ideas and brokering deals, inspiring their employees and engaging their customers. Business is fundamentally about people your mental toughness and ability to build relationships with others. Lets focus on the stuff that matters: the mindset and way of thinking, and lets help you succeed.

Perhaps you dont yet have an idea for a business but know that you want to strike out on your own. Thats OK, this book can help you find the right concept for your business. Maybe you have the seed of an idea but dont know how to grow it into a full-blown business, or you have already taken some initial steps but want to take it to the next stage. You might even be a thriving entrepreneur, but realize that the competition is tough and want to become a better one. Whatever your situation, this book will help you to raise your game and become a self-made entrepreneur.

Do drop me an email to let me know how you get on. Work hard and succeed well!

Want to experience the thrill of being your own boss? Want to put your talents to good use and throw off the shackles of corporate life?

Thats great if you do tens of thousands of people do it every year and never look back.

Entrepreneurs come in all shapes and sizes. While a few offer breathtakingly amazing innovations, many thrive simply by offering variations on well-established themes. They arent just shipping magnates, empire builders, hi-tech geniuses and internet wizards. They are also everything from consultants and freelance workers to lawyers, accountants, restaurateurs, designers, acupuncturists, hairdressers, agents, investors, engineers, retailers, and builders. They offer their products and services from shops, offices, salons, spare bedrooms, showrooms, websites, hotels, clinics, workshops, restaurants, retail outlets, the list goes on.

Then there are the reasons that people become entrepreneurs. A few fall into it by accident after losing their job or getting fed up of corporate life. Some want to turn their passion or hobby into the focus of their work. Many have audacious goals to grow businesses that will make them rich. Others want to turn clever ideas or inventions into new products, services, or processes. Then there are those who set up on their own for lifestyle reasons, wanting to take control of their worklife balance and claim their personal lives back.

Some entrepreneurs start with practically no budget at their disposal, having enough money only to cover their costs at the local photocopy shop or internet caf. Others secure venture capital backing and have millions to launch their wares upon the world.

There isnt a template for what kind of people become successful entrepreneurs they are men and women, university graduates as well as school drop-outs, mildly dyslexic, experienced managers as well as naive but enthusiastic moguls in the making.

Its true anyone can become a successful entrepreneur. That much should be clear. Becoming your own boss and succeeding in business isnt about being good with balance sheets and spreadsheets. Those are the mere tools of businesspeople. What makes a business succeed are passion and determination, relationship-building skills and hard work. As long as you genuinely want to succeed, you will.