Thank you for visiting Mommy Lynn Blog. My name is Will and I am from Kuala Lumpur, Malaysia.
The above is a picture of me and my wife taken when we went to Taiwan.
My wife and I have been building our online business by partnering with a Malaysian company since March 2018.
We did quite well in the business.
Our trip to Taiwan was fully sponsored by the company when we achieved 2 tickets from the sales campaign.
The sales campaign is held twice a year where the qualifier can get to travel overseas free of charge.
Constant learning
How did my wife and I grew our online business?
One of the reason is our continuous learning.
In this article, I thought of sharing 10 lessons I’ve learnt from Dr. Azizan Osman of Richworks Malaysia.
Who is Dr. Azizan Osman?
He is a prominent figure in the field of business, entrepreneurship and personal development in Malaysia.
He is the founder and CEO of Richworks International, a company dedicated to providing training, coaching, and consulting services to individuals and businesses seeking to achieve success and financial freedom.
I’ve been studying a lot of his content from his YouTube channel and I found the info that he shared very useful.
In one of his video, Dr. Azizan Osman shared 10 mistakes new entrepreneur makes and I thought of sharing in this article.
By sharing, it is also a way for me to keep notes and to remind myself not to make the same mistakes.
1) In a rush to be successful.
When a person is planning to start a new business, the first mistake he makes is thinking of getting rich.
He wants to get rich quickly.
He wants to make high profit.
He wants to grow a big business.
However, he has never done any business before.
He has no experience.
He doesn’t even have a product to sell!
Having a dream to become rich is a right Mentality because the Mindset is correct.
However, wanting to get rich quickly or “in a rush” to get rich is not the right mindset.
When you are rushing to get rich, you are going to make mistakes which will cost you time and money.
Worst still, it will cause you unnecessary physical and emotional stress.
It will make you sad and depress which will dampen your entrepreneurial spirit.
2) In a rush to grow big.
According to Dr. Azizan, a person should start a business with whatever he or she has.
Begin with whatever ideas in the mind and and also physical.
For example, lets say a lady does not have any capital to start a business.
However, she has her working fingers.
She can learn how to sew.
Therefore she can make use of her eyes to learn and her finger to implement what she has learnt which is sewing.
She can then use her sewing skill to start a dress making business.
She can start doing marketing for her business by sharing her work on social media such as Facebook, Instagram, TikTok, Lemon8 etc.
She is offering her sewing service for someone who is looking to buy a tailor made dress.
She can gradually grow her business with a goal of owning her own boutique.
However, it has to start by recognising what she has right now which are her ability to learn and do with her fingers and grow her business gradually.
The mistake many new entrepreneur made is the desire to grow quickly by going into debt and borrowing money as capital.
Without the proper skill and business knowledge, the borrowed money will be spent unwisely.
When a person is in a rush to grow quickly, mistakes will be made.
3) They want to become millionaire.
It is good to have a goal to become a millionaire.
However, the mistake that new entrepreneur made is only seeing Million but not cent.
Dr. Azizan shared an example.
Would you rather make RM0.50 profit multiple times of make profit RM1 Million one time only?
Of course you’ll choose RM1 Million right?
Dr. Azizan said why not choose both!
What business that you can make RM0.50 time after time?
You can open a stall and sell burger.
But with the correct system and branding, the burger stall can grow to become big like MacDonald’s franchise and make millions.
When a person aim to become a millionaire, he missed seeing the opportunity of making RM0.50 profit.
4) Not willing to learn.
The fourth mistake is not willing to learn.
He immediately setup a business but not knowing what to do.
If a person is not willing to learn, he will make mistakes that will cost his time and money.
A person can learn by reading and watching videos online.
The best method is to get a mentor and follow someone that has already successfully in business.
5) Not willing to take the correct steps.
A new entrepreneur makes mistake by taking all the steps at the same time.
Not thinking of where they are right now and not having a plan on how to get where they want to be.
Dr. Azizan gave an example.
If you are still working, don’t make the mistake of immediately quitting your job to start a business.
The correct step to take is to keep doing your full time job, but start a part time business.
Start by learning the “ins and outs” of doing business to make sure your business idea can support you and your family.
When your part time business is generating consistent profit, you can then start your transition to quit your job and run your business full time.
6) Not willing to begin with what they have at hand.
Always see what’s great with someone else but not recognising their own individual greatness.
With the right training and education, you can also bring out the best in you.
You can market and sell what you have right now.
If you can see your own potential in business, Dr. Azizan asked how much would that worth?
If you know how to market and sell your potential, your business probably is worth a lot.
7) Want to create a “magic” product.
Without much resources, a person want to create the best product or Dr. Azizan calls it a “magic” product.
Doing that will cost you a lot of time and also resources.
A person should just start with whatever he has right now.
Sell whatever product is available and start making money.
You can sell other people’s product.
With the profit from your sales, you can reinvest them in learn more and growing.
8) Lack self confidence.
Why many new entrepreneur lacks self confidence?
According to Dr. Azizan, it is because they are not sure or of what they are doing.
When you have the knowledge, you can see the path to success.
When you can see clearly, you will have self confidence.
9) Having an employee mindset.
To be successful in business, you cannot think like an employee.
You have to think like a business owner.
Employee mindset is to follow instruction of a boss, manager or supervisor.
A business owner mindset has to be innovative, find ideas and be around people that are successful and learn from them.
10) Don’t want to have small but consistent profit.
A new entrepreneur always thinking of making big profit one time.
They don’t want to make small but consistent profit.
Dr. Azizan’s advice for new business owner is to start with consistent small profit and gradually grow to become big profit.
Thank you for reading this article and I hope it was beneficial for you.
If you are looking to start an online business, click the link below to contact me on WhatsApp and we’ll be happy to chat with you.
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