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Why do you need to have a business if you are Malaysian?

Posted on | June 18, 2008

“Mind your own business.” That is my favorite quote from best selling author Robert Kiyosaki. The famous author for Rich Dad Poor Dad , Retire Young Retire Rich and the creator of Cash Flow game. I played the game once during a leadership and engineering camp in university and it gave a huge impact in my life. Probably define 75% of who i am today.

Why do we need to mind our own business? And if you are living in Malaysia, you are recommended to have at least one. There’s no choice since we have very caliber clowns running Bolehland. 40% increase in petrol is one of the main reasons. So, be prepared to brace at least 40% inflation this year. If you are just working, how much pay raise can your boss give you? 10% for being top performer. Even so, your life quality still backtracked -30%.

Due to heavy competition and a weak greenback, many companies which has major US based customers are struggling to keep a float. With thin profit margins and coping with the aggressive market, companies are either forced to merged or downsize. This leaves many voluntary self retirement scheme as well as retrenchments. How about pay raise? I think it’s at minimum because most people that I meet are complaining.

So what can we do to increase our income circle?

Here’s a few suggestions. It all depends on every person and may not be suitable for everyone. But before trying any of these, it is best to do some homework on what works  well for you and get a mentor that you can trust.

Blogging.

It’s getting really common for people to blog for money this days. Nuffnang , Advertlets..etc. if you are more sophisticated, you will probably sell ads and space when your blog attracts high traffic and advertisers . Other option would be affiliate marketing.

Insurance.

Some people invest. Some people sell. You can develop some salesmanship skills through here. Insurance is a need today.

Direct sales

Another booming industry. There are many kinds in the market where people create websites and obtain sales directly from visitors using certain systems. Some create networks of people and new channels of distribution links to distribute goods to gain profits. No middle man ,so more gain!

Investments

I think lots of experience is required here. People in Quadrant I makes the most $$ here. There’s stocks, bonds, mutual funds, hedge funds etc.

Real estate

Some people shop for property to generate some passive income. If you are able buy a property in a up-going neighborhood, you will enjoy capital gains as well. Yes, you do need to have good networks with investing property agents and a sharp eye as well to look for the best deals.

Part time job

Some hardworking people also opt for a second job at night apart from their day job. I believe many people in Hong Kong are doing the same too.

Small business

There are many business that can be started at very low cost. One of them would be on line business. Some individuals sell flowers, softwares, 2nd hand goods, designing services , market products and etc through their websites. Some people also treat writing articles to create royalty incomes as a business. Teaching home tuition is also a good start up for a small business.

Other alternatives??

Compared to our fore fathers, we are actually living in a tougher time. So, what do you think we can do to get through the oil price crisis apart form above? Hope our kind readers can share some thoughts and ideas for everyone to read.

Filed Under business, opinion |

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