Cashflow 101 on 3rd December 2010

Me and my partner organized a cashflow 101 game at livewire again. This time we pledge to give a book prize for the winner.

Either I was good in explaining the game, or they were fast learners. well 2 out of 4 anyway, the last 2 caught up later in the game. But in the end my partner won the game. The book prize was Kiyosaki‘s latest book – Conspiracy of the Rich.

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At the beginning, I shared the basic of the game, such as:

  • The basics of Financial Statement using a Job Card in the game.
  • The Objective of the game – to increase your passive income to be greater or equal to their expenses in the rat race, and to rich your dream or a higher cashflow in the fast track.
  • What the spaces on the board meant, such as paycheck, opportunities, doodads, Charity, Baby and Downsized meant.
  • During gameplay when the player gets card with a new twist, I explained the meaning of the card and how it would be used as well how it effected their financial statement.
  • Basic Strategy of the game such as buying assets, paying liabilities and using loans.

I skipped on the rules of bankruptcy and only resorted to that if only it happens. even then I would have to refer to the rule book as it really rarely happens. although it happened to me twice a long time ago. :p

The explanation was admittedly slow and long, but I believed with enough knowledge at the beginning, the players will not complain much or give excuses about not knowing about the rules that caused them to “lose”. Some players as usual used the strategy of paying of their liabilities, which I believe slowed them from progressing. Another factor was they had good opportunities (such as $1 or $5 stocks) but did not buy a lot of them. Some players were aware when they had a good deal (a rental property) when the experience players were fighting off to buy it from them, and eventually declined to sell and bought it for themselves instead.

The winner of the game received Kiyosaki’s Latest Book – Conspiracy of the Rich.

Richard Branson interviewed by Chris Anderson on TEDtalk

 

Jeremy Clarkson called Richard Branson a beard...

Image via Wikipedia

 

Here’s a video of Richard Branson being interviewed by Chris Anderson on TEDtalks¬†is good example of someone who didn’t do academically well in school becoming an entrepreneur. He may not be articulate in here, but his business empire – Virgin, speaks for itself.

Allow yourself to be copied and market yourself for free!

this is an observation from google/youtube on tedtalk

it is possible to use youtube’s users “infringing copyrights” to market the pirated products and bring in revenue for the copyright holder. In their case, they had the “pirates” upload filled with ads leading the viewers to original content, and generated revenue from there. in this case chris brown’s forever.

I guess that means several things for content developers. such as:

  • musicians/music labels can allow their content to be pirated as long as the pirated content generates leads
  • photographers can allow their copyright picture to be used as long as it leads the “pirate’s” viewers to the photographer. maybe by putting a watermark of the photographers website on the images.
  • book publishers allow excerpts to be shown online, but contain a link to purchase the books. I think amazon.com does this.

This video reminds me of Chris Anderson’s “free”. Give something for free and get your customer to pay.

Pitching your Business Plan!

Do you need to know what investors are looking for in a business? David S. Rose is a serial entrepreneur turned serial investor. He shares his tips in presenting.

He shares that investors are not just investing in your business idea, they are also investing in you. So you have to show that you and your team have:

  • integrity
  • passion
  • experience
  • knowledge
  • skill
  • leadership
  • commitment
  • vision
  • realism and
  • coachability

and how to show all these in just a few minutes by using logical and relevant steps. Using an outline for presentation that he recommends.

At the end he gave his top 5 tips in presentation.

  1. Always use presentation mode
  2. Always use a remote control
  3. Your handouts are not your presentation
  4. Don’t read your speech
  5. Never look at the screen.

He mentioned the use of a remote control to change the slides of the presentation. Those remote controls are sold in Brunei for more about BND40- BND 100. In 2009, I found a mobile phone software that can transfom any java and bluetooth enabled devices into a remote control to change the slides on a bluetooth enable PC.

It is from http://www.mobilewitch.com You have to install the PC software on the computer and the mobile app on the phone.

Click on the following links to the download page.

Introduction to Writing a Business Plan

I have been writing a business plan since 2003 to participate in the LiveWIRE business plan awards. I won the grand prize for the livewire participant category in 2006/2007. I have also participated in the think big business plan competition. Considering I am going to submit another business plan, I thought it would be appropriate for me to share what I know. For starters I’ll just share the purpose and the structure of a business plan. I’ll cover other topics some other time.

As a disclaimer, I am not an academic business student. I do not have a degree in business or administration. I studied mathematics and science. My knowledge of business plans or business is from reading books, internet resources, participating in courses, competitions, and doing business.

First thing before writing a business plan… Choosing a business idea. Your Business Ideas should have 3 main criteria: Continue reading

Using Color in Advertising Increases the Chances of a Purchase.

In my opinion, the cheapest and yet the most effective method to market yourself is by using Fliers or Brochures. But most people and businesses tend to use photocopied leaflets or even brochures. I guess its cheaper then printing. Now I’ve found this article on using colors in office documents and one line shouted out to me.

“…according to the Psychology magazine study, color increases the likelihood people will purchase a product or service by 85%.” from an article entitled Is Full-Color the New Standard for Office Documents? | The DocuMentor | ZDNet.com.

Now if that’s true, I might have to reconsider my marketing techniques. Printing color is costly compared to photocopying. I guess my best choice is to Print Brochures in color, but use colored paper for leaflets. I wonder if that counts…