Eight tips for young entrepreneurs starting out in retailing business

1. Be passionate about your work and be willing to put in long hours to cultivate success. Entrepreneurship is a lifestyle, not a regular desk job. Be productive, enjoy your work, and think out-of-the-box. To survive and thrive, you need to develop and differentiate your products, price them competitively and always give excellent customers services. Don’t worry too much about the competition because with strategically positioned and differentiated products, you will win customers.
2. Focus on your business plan and have lots of patience. Be disciplined. Avoid getting side-tracked. Do things perfectly and always innovate and look for new ideas. Do what you know as business build with your strength and talents will have a greater chance of success. As a first-time entrepreneur, focus really hard on your business model to see how to maximize cash flow. The lack of cash flow is the number one killer of new start-up.
3. Surround yourself with advisors, family members and friends who will nurture you to become a better leader and businessman. Find successful, knowledgeable people with whom you share common interests and mutual business goals that are of value in the long term.
4. Be thrifty and humble in outlook. Watch your expenditure and double check every expense and budget carefully. Maintain low overheads and manage your cash flow effectively.
5. Take action, not just talk. Endorse your business enthusiastically. Avoid untruths as honesty is still the best policy in building your credibility. A true entrepreneur will prevail over hardship and adversity.
6.  Show your skills, passion and commitment to gain people’s trust.
7. Attract talented employees. It is challenging to attract and retain good employees, so hiring the right people is the key to success. Especially for retail business, employees must be willing to work long hours and even during public holidays.
8. Learn from mistakes and never repeat them. Separate your professional and social life but keep track of your progress in life as an entrepreneur. Maintain a close eye on your daily operations. Develop a system that monitors deadlines, pending tasks and goals. Then make sure you achieve these goals within the time frame you have given yourself.

-by Dato’ Eddie Choon

Executive Chairma

Poh Kong Holding Berhad

Source: MRCA Malaysia’s Most Outstanding Retailer-Chains 50 Success Stories.