While stamina and persistence are the key to success in any business, starting a business also requires a good understanding of business fundamentals. This article gives you three top tips that will help you master those business fundamentals before you embark on your startup journey.
1. Put Together An Experienced And Dedicated Team.
While it is obvious that you need to have talented people with well-rounded education, it is not so obvious that one of the most important employees in your company is going to be the head of your human resources department. He or she will oversee the hiring of new employees, making sure that your company either succeeds or fails. While it may sound like an overstatement, lots of well-known chief executive officers have pointed out the importance of human resources department. Therefore, find someone with many years of relevant workplace experience and offer that person a competitive salary.
2. Choose The Best Type Of Business Incorporation.
While business registration can be a daunting process, it does not have to be so. In order to make it easy for you to choose the best type of business incorporation, you need to understand the three main types of business entities found in Malaysia. There are limited company, partnership business entity, and sole trader, also known as sole proprietorship. Each of these types of incorporation has a different set of legal implications.
Malaysia’s laws divide limited companies into three subcategories. One of them is unlimited company without or with share capital. The other two are limited by guarantee company and limited by shares company.
Unlimited company without or with share capital is free to give back the capital to its owners. Limited by guarantee company limits the amount of money the company’s owners can be liable for. Limited by shares company is the most popular type of business entity found in Malaysia because the owners’ personal assets are never liable for any of the debts incurred by the company.
There are two similarities between these three types of limited company. First, all three must have auditors who will regularly analyze company’s accounts and audit financial records. Second, all three must hire at least one secretary for the conduct of shareholder and board meetings.
3. Develop A Succinct Elevator Pitch.
Understand your audience before developing your elevator pitch. This will help you understand the needs of your audience. Use the information you have discovered by putting it in the beginning of your pitch so that your listener will be more likely to be hooked by what you are saying.
Also, use an emotional appeal. Mention some commonplace problem that prospects in your field of business often experience. They will remember the frustrating experience they had. This will make it easy for them to identify with you because you will be offering them a solution to the problem they had.
Also, repeat the most important information about your business in the beginning and end. This way you will maximize the chance of people remembering about your business.
If you need to rent an office for your startup, you should know that Servcorp Malaysia serviced offices are some of the best serviced offices in Malaysia.