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Different Games That Different People Play | EntrepreneurInsight

Do you know the reasons behind why people behave in strange ways that defy logical explanation - like giving up their high-ranking job, migrating to a land faraway or settling for a much lower paid job? Many do not understand why and often brush aside such decisions as silly, illogical or there must be something wrong with these people. But, is this the truth? Furthermore, when we understand where they are coming from, this puts us in an advantagous position to understand the world they face around them. Our ability to understand people's actions and behaviour is indeed a very important skill that will benefit anyone - especially those people in leadership position. The ability to size people up can give one a head start in communicating, negotiating, settling a conflict or solving other issues. This theory is not new, for even in warfare, the famous ancient philosopher Chun Tzu once said that Knowing thy enemies is the most powerful weapon to win a war! Let me provide you with some information that all leaders should know about why people behave the way they do. The first thing to understand is that people have different ego states - of either that of a parent, child or which operates autonomously from one another, and generates fairly distinctive behavioural characteristics. People with a parent ego state are usually more serious than others and might have somewhat fixed ways as well as beliefs in their perception of people and situations. They are known to be people who are fond of making instructional remarks like, You ought to exercise at least four times a week; You aren't hardworking or I think you need help in your work. Usually, they are known to have picked this up from authoritative parents during their early childhood. On the other extreme end are people with a child ego state that causes them to behave exactly the opposite way. This can be seen in how they can be more repressed and fearful than others, and can easily get hurt or be ashamed due to their rather fragile nature. On the other hand, their positive side lies in them possessing curiosity that makes them more adventurous and creative than others. In such a state, they run the risk of living like a sponge in their early years - recording everything they see and hear and then later, reproducing the unedited versions of themselves in hood. The danger Is if these unedited versions are not-so-good reflections of their observations in their early lives, they can become an issue to deal with. In the middle are the s - rational people who are capable of processing emotional information in an objective way. Unlike the parents, they do not have fixed or judgmental attitudes nor the abrupt and uncontrollable emotions of a child. Instead, they have the enduring and persistent characteristics we commonly refer to as p ion which is seen reflected in high achieving people which is very important for success. You will know people's ego states through cover-up activities called games that they play to indirectly seek attention, acknowledgement and recognition in their daily lives. During troubled situations, games can be translated into strange activities. For instance, a bored person avoiding boredom may resort to overeating to kill time. Meanwhile, a frustrated child may run away from home to seek excitement elsewhere or an insecure boss may set up impossible expectations to watch his employee failing in the task ahead. In positive cir stances, games are positive activities that can be used to convey hard work, responsibility, sociability and the friendly nature of a person. The biggest fear of all of these challenges is when these games degenerate to become a person's life script which can be extremely lethal in their lives. Life scripts can become fixed plans that cause people to have unchanging ways of doing things which can have an impact on a person's entire life. Some examples of these scripts are:- No matter what I do, I will fail, or I am very unlucky as nothing works for me, or 'Nobody in this world can be trusted. History highlights how life scripts have led to dangerous stereotyped actions like the notorious M16 Gang who used M16 weapons to rob and kill, or the infamous Jack the Ripper who d and killed innocent victims in almost identical ways. Generally, people who use life scripts to govern their lives have usually been in severe problems especially when they have too much of a child in them. They urgently need to emancipate the reckless child out of them in order for them to be able to be freed from using the same outdated information stored in them to ne used over and over again. Notwithstanding this, it is not easy for people to change their ego state as early influences could have been too complicated and powerful that have left strong psychological marks on them. Only with understanding and comp ion, can leaders help them to gradually change their undesired ego states for better ones through observing and giving them feedback whenever undesired ones behavioural patterns show up. BY DR MICHAEL HEAH

Different Games That Different People Play

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Build Your Mental Strength | EntrepreneurInsight

BY JEFF TAN Entrepreneurship is not for everyone. Well, not everyone who aspires to be an entrepreneur achieve success. You are required to have certain personal traits to become a successful entrepreneur and among them is to be mentally strong. An individual lacking or without mental toughness can have all the natural talents or ability and not make it as far as someone with mental toughness with average ability. Mental strength is of three parts, namely your thoughts, emotions, and behaviour. You must regulate your thoughts, manage your emotions and behave productively to become mentally strong. To give budding entrepreneurs a clearer idea on how to build mental strength, below are 11 methods they should practise in their daily life. 1. HAVE YOUR OWN DEFINITION OF SUCCESS People who has high mental strength don't engage in negative or unhealthy competition. Knowing that everyone's path is unique, they set goals according to their own definition of success and work hard to achieve them. They focus on their own progression rather than comparing themselves to others. 2. REPLACE NEGATIVE THOUGHTS WITH PRODUCTIVE THOUGHTS You can build mental resilience by increasing your awareness of your thinking. Exaggerated, negative thoughts, such as I can't ever do anything right will hold you back from reaching your full potential. Contain your negative thoughts and clear them out of your head before they spiral out of control and influence your behaviour. Find excessively negative thoughts and replace them with thoughts that are more productive. A more balanced and productive thought may be, I have some weaknesses, but I also have plenty of strengths. 3. LEARN WHEN TO SAY NO According to a research, the more difficulty you have of saying no, the more likely you are to experience mental fatigue, stress and even depression. Mentally strong entrepreneurs know when to say no and it is important so that their schedule will not be messed up. Instead of accepting every social invite or helping business ociates with every project, they just say no when necessary. By doing so, they will not overcommit themselves and can complete their own work on time. 4. BE THANKFUL Instead of focusing on the challenges and problems they face, mentally strong people appreciate all the wonderful things they do have. Think of three things you feel thankful for each day. Or, start a gratitude journal to jot down all the good and positive things you experienced throughout the day. 5. ESTABLISH GOALS It is important for an individual who aspire to be successful to establish goals. It helps that the human brain is naturally inclined to reach for and achieve goals. However, don't just set one big goal, such as I want to lose 3kgs in a month. Furthermore, set short-term goals which are more manageable, for example, replying all my emails by 11.00am today or focussing on work for 30 minutes without checking my phone. With each goal you achieve, you'll gain more confidence in your ability to succeed. You can also evaluate if your goals are unrealistically ambitious or they're not challenging enough. 6. TRACK YOUR PROGRESS DAILY Today's busy world doesn't lend itself to making much time available for quiet reflection. Create time to reflect upon your progress toward developing mental strength. At the end of each day, ask yourself what you've learned about your thoughts, emotions and behaviour. Consider what you hope to improve upon or accomplish tomorrow. 7. USE YOUR MENTAL ENERGY PRUDENTLY Mentally strong people use their resources prudently, because they know that time and energy are finite. They don't waste time worrying about things out of their control or rehashing things they can't change. They use every ounce of brainpower to improve themselves. 8. ACKNOWLEDGE YOUR OWN LIMITATIONS Mentally strong people aren't afraid to admit their weaknesses. They acknowledge when they need help and they aren't afraid to delegate tasks. 9. DON'T BLAME OTHERS You should never, ever, blame others for your mistakes or failings. A mentally strong person will always take full responsibility for their actions. By doing so, you will keep pushing for self-improvement and avoid being stuck with no progress. 10. ALWAYS BE PREPARED FOR ACTION No matter it is for work, a performance or competition, mentally tough people are always well prepared for action. Being prepared helps to achieve better results. You might have played two other performances the same day or you might be feeling slightly unwell. The pride you get from performing your best in less optimal cir stances makes it that much easier to succeed in all cir stances. The third performance of the day might not be your best, but it should be the best you can possibly give. The next time when conditions are better you will play better for times you pushed yourself to give it all. 11. STAY CALM UNDER PRESSURE A goal worth going for is going to put you under high pressure one time or another. People with high mental strength are capable of giving their best under pressure. You can't just switch on your calmness under tensed situations. The key here is to seek out pressure situations working up from low pressure to medium pressure to high pressure situations. An example would be to perform in front of larger and larger groups; or find better and better opponents. With the ac ulated experience, withstanding high pressure will eventually become the new normal for you.

Build Your Mental Strength

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Choosing The Right Business Mentor | EntrepreneurInsight

Two very obvious phenomena over the last ten years revolve around these two subject matters - with entrepreneurs and mentors mushrooming like nobody's business. You may have come across an entrepreneur who is mentored by many mentors or a mentor who is mentoring many entrepreneurs. These relationships or engagements became popular for various reasons - one obviously being simply due to the demand in the market for the need for good mentors as opposed to the supply. Younger entrepreneurs or startups make up quite a big portion in this situation, and I guess this ties back to the behavioural patterns and attitude of this generation. After all, younger entrepreneurs want quick results and they are most likely not willing to spend time in exploring options. Instead, they want instant answers or solutions whenever they face challenges. Hence, a phone call to their mentor is probably one of the easiest way to address the situation. The other reason could be attributed to the education system in which knowledge which has little use in entrepreneurship is given. Hence, starting a business after graduation is almost similar to a suicide mission. In order to address pitfalls, getting a mentor will help them to avoid mistakes and increase their survival rate. Indeed - choosing a good mentor is not easy - not to mention whether he or she wants to mentor you. In this article, I have listed down some useful tips to consider should one decide to choose a mentor. 1. Have A Two-Way Communication As an entrepreneur, you should be open to ideas but at the same time, you should hold on to your principles if you believe that what you do is right. A good mentor will not tell you what's right or wrong but become a sparing partner to discuss possibilities from all angles. He or she should have an open mind instead of prejudging your ideas. 2. Resourcefulness Working with a mentor who is resourceful will definitely save you a lot of trouble. This is because he or she can help you open doors to connect to parties that are important to your business. Connecting to the right person in the business circle is very crucial - as this will bring about opportunities that you can access via his or her connections. Imagine writing hundreds of emails and not getting a reply versus a phone call from your mentor to your stakeholders. 3. Don't Go for Big Names Many would like to be mentored by celebrity mentors, but let us be realistic. These mentors are super busy so how much time do you think they can spend with you? Yes, they might help you in connecting people but you still need someone who can give you attention. Look for a mentor who can commit his or time to guide you to succeed. 4. Find A Real Entrepreneur No offence. I think the best mentors to young entrepreneurs are those who own their own businesses. A mentor needs to have real life experience and exposure in the business world. I have come across many mentors who do not own any business, and they work more like a counsellor or a senior who is willing to listen to your problem and motivate you when you are down. That is fine but you still do need them. In order to solve your business problems, you should talk to someone who has real business experience. Don't take your chances - otherwise it may be detrimental to your business. 5. More Is Less Don't try to be smart by getting many mentors to mentor you. You will either confuse yourself or may end up offending your mentors without you realising it. Each mentor has his or her own beliefs and approaches. And, some may work well together while others may conflict with each other. For example, if you have a watch, stay within the time frame shown from your watch. In a situation where another guy tells you a different time, you won't know which one to follow. BY GAN TECK HOOI

Choosing The Right Business Mentor

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The 100MIYE 2018 | EntrepreneurInsight

Kuala Lumpur, 5 October: The much-anticipated 100 Most Influential Young Entrepreneurs (100MIYE) Gala Dinner was held on 5 October at the Grand Ballroom of the Kuala Lumpur Convention Centre. This marks Armani Media Sdn Bhd's third year of organising the awards under the auspices of Entrepreneur Insight. Congregating under one roof, 100 of the nation's most talented, innovative and enterprising individuals will be recognised by the prestigious award which honours their excellent achievements. The climax of the night was the presentation of the Lifetime Entrepreneur's Achievement Award to AirAsia Group Chief Executive Officer Tan Sri Tony Fernandes, who is one of the most recognised entrepreneurs in the world. Selecting the deserving 100MIYE winners and compiling their details into the 100MIYE hardcover coffee table book were no mean feat. The compilation details their inspiring stories, challenges and how they overcame these adversities to emerge as champions in their respective businesses. A video clip for each of the 100MIYE awardee was also produced as a tribute to their achievements. This year's 100 Most Influential Young Entrepreneurs have led their respective business to excellence, mainly through effective management and sheer determination in basically everything they do, says Dato' KK Chua, Founder of Armani Media Sdn Bhd. They also adopted innovative and creative ideas on the path of driving their business to success. They should be proud of their achievements, he adds. Among the 100MIYE recipients this year include Dato' Sri Siti Nurhaliza, Dato' Dr. Sheikh Muszaphar, Fattah Amin, Joel Neoh and Shila Amzah. The dazzling Gala Dinner themed Redefining Entrepreneurship will be officiated by guest of honour Entrepreneur Development Minister YB Mohd Redzuan Md Yusof. Besides acknowledging the nation's top 100 most influential business magnates, the ongoing Young Entrepreneurs' Outreach Fund collected from the night will be utilised to help budding Entrepreneurs to realise their fullest potential. THE 100 MOST INFLUENTIAL YOUNG ENTREPRENEURS 2018 GALA DINNER ******************************************************************************** About 100MIYE As the title indicates, the 100MIYE recognition acknowledges Malaysians under 45 years of age who have made their respective mark in the industry encapsulated by a disruptive innovative business model of a successful business, having also been prominently featured on m and social media with philanthropic work and other achievements that have made an impact on the social, economic and industrial landscape. Similar to the first and second year, the launch of The 100 MIYE 2018 Yearbook also features 100 icons for 100 ideas, innovations and inspirations with personal video interviews of 100 MIYE's start-up stories in Entrepreneur's Insight You channel. An official unveiling of the 100 MIYE 2018 Yearbook that encapsulates nominees of THE 100 lists their rise to success was launched after the awards presentation. It will be sold in major bookstores. For further orders, contact [email protected]. About Armani Media Sdn Bhd Armani Media Sdn Bhd (Armani Media) is a media and events company operating on two main platforms; its published property magazine Property Insight and Entrepreneur Insight monthly magazines. These magazines are now one of the country's leading property and entrepreneur magazines backed by the largest Facebook fan base of over 300,000 and counting. Entrepreneur Insight aims to provide a focused coverage on the world of entrepreneurship and small-medium-enterprises and serves as a gateway to business guides and updates via its web portal, social media and events. Operating on the theme Entrepreneurs Growing Entrepreneurs, Entrepreneur Insight was officially unveiled at the inaugural Malaysian Entrepreneur Convention (MEC) in 2016. MEC, Malaysia's Largest Entrepreneur Convention on Malaysia's Book of Records 2016 also organised under Armani Media which was established in 2012 by Dato' KK Chua has trailblazed new standards for the industry. Armani Media organises property road shows, property study tours, property summits and expos, as well as entrepreneur expos and summits around the country. The brand is also the founder of the exclusive Entrepreneur Insight Club, gathering like-minded Entrepreneurs and business owners to take their knowledge to the next level and provide a community for business matching and mentorship. Its online publication provides comprehensive coverage on local Entrepreneurs' movement, business trends, events, marketing, finance and lifestyle highlights. The site also features personalities and issues that shape the exciting world of Entrepreneurs today. About Entrepreneur Insight Entrepreneur Insight is a monthly entrepreneurial magazine published by Armani Media Sdn Bhd. In line with its motto Entrepreneurs Growing Entrepreneurs, Entrepreneur Insight engages numerous platforms which include among others, the Malaysia Entrepreneur Convention (MEC) which made it into The Malaysia Book of Records as Malaysia's Largest Entrepreneur Convention, having recorded over 3,036 participants to the event. Under its banner, Entrepreneur Insight also hosts the Entrepreneur Insight Summit, Entrepreneur Insight Workshop and Entrepreneur Insight Insider which all serve as gateways for entrepreneurs to grow and excel together to the next level. The exclusive Entrepreneur Insight Club also takes precedence under Entrepreneur Insight's initiatives, gathering like-minded business owners and Entrepreneurs to propel their skills and knowledge in business. A unique aspect of this club lies with its community focused business mentorship. Entrepreneur Insight is also very active with its presence felt on print and on its online platform. Fresh, updated and comprehensive coverage including video content is updated daily, making this the go-to place for catching up with the latest news and business trends unfolding in the industry. Konvensyen Usahawan Bumiputra (KUB) is also the brainchild of Entrepreneur Insight which serves as a unique platform created to address what was perceived as a missing niche in the market with regards to Bumiputra Entrepreneurs. This platform was created to ist new Bumiputra Entrepreneurs to develop and sharpen their business a en and grow their businesses. Held for the first time ever last year, KUB 2017 successfully garnered a record 2,630 participants which is by far, the largest Bumiputra entrepreneur convention ever held. Adding another feather to its cap, last year, Entrepreneur Insight upped the ante by further organising the Asia Halal Brand Awards (AHBA) 2017. This is the first halal award of its kind which is endorsed by the Department of Islamic Development Malaysia (JAKIM) and Halal Industry Development Corporation. In addition to this, Entrepreneur Insight also has the foresight to organise the first-ever privately organised Kuala Lumpur International Halal Expo (KLIHE) 2018 which will be held at the Mid Valley Exhibition Centre. Moving forward, EI+ is the latest apps which will be launched under Entrepreneur Insight which is a disruptive application technology that is anticipated to revolutionise the entire entrepreneurs' community ranging from networking, equity funding to barter trade. Please log on to www.propertyinsight.com.my and www.entrepreneurinsight.com.my for more information.

The 100MIYE 2018

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Financing for Business Expansion | EntrepreneurInsight

Operating a business can be really challenging. When business environment is unfavourable, business owners become stressful due to possible slowdown in sales, high operating expenses, among other burning issues. The business owners need to attend to these issues promptly in ensuring effective resolutions, otherwise the issues may amplify and make things worse. However, when business environment becomes conducive and robust, business owners face a different set of challenges. This time they need to work even harder to ensure that the business can cope with the increasing demand for its products and services. They must also strive to ensure that the businesses have sufficient cash or financing to fund their increased business volume. This issue, though may be seen as a good problem, can pose real challenge to many businesses. Essence of Trading Cycle When businesses embark on their journey for expansion, there are many areas where businesses need to work on. One of the key critical areas is the additional funding needed to support the growing business. And this incremental funding can either be sourced internally or most often, from banks. Let's review the typical trading cycle of a business to better understand the working capital and fixed ets financing requirements: With exception to trade creditors where businesses receive goods or services without the need to make immediate payment, all the other aspects of the trading cycle require funding from the business. This means, when the businesses expanded, there is a need for more cash to funds the business operations. This can be in the form of internal cash or financing from the banks or shareholders. In addition to working capital, businesses may need to increase their production and warehousing capacity to cope with the increased volume. This again attracts more funding requirement. In short, businesses need to raise their cashflow to cater for business expansion. Purpose of Financing In any business, large and small, the funding and risk management requirements are rather similar, only different in terms of the quantum of requirement. Generally, the financing and services required by businesses can be categorized into three broad areas as follow: Incremental Working Capital When businesses expanded their sales, they are directly expanding their trading cycle. In accommodating the higher business volume, they need to maintain higher stock, produce more products and perhaps provide higher credit to their buyers. All these activities impact their cashflow, hence can strain their working capital. Unless the businesses maintain sufficient cash to finance the incremental cashflow, otherwise they would need to seek financing from banks. Acquisition of Fixed ets When businesses need more space or additional machinery to cater for the increasing business volume, they would have to invest on additional fixed ets. This investment is longer term in nature as compared with working capital which is short term in nature. Businesses would normally seek medium or long-term financing from banks or leasing companies to finance the acquisition of fixed ets. Protection Against Risks In addition to financing requirement, businesses may expose themselves to other risks when they expand their business across the borders. Foreign currency risk can pose serious risk to the businesses when it is not properly managed. Leaving the foreign currency exposure open can easily wiped out the business profits. Besides foreign exchange risk, businesses will also be exposed to damages of their fixed ets like business premises and machinery. Businesses must ensure that their fixed ets are properly insured against any untoward incidences in the future. Type of Financing As briefly mentioned earlier, there are various types of financing where businesses can choose from. Financing can be cl ified based on their respective usage, modes of operation and tenors of the facility: Short-term Facilities The most flexible type of short-term financing offered by banks is overdraft. Businesses can draw on this facility anytime, anyhow without much control from the bank. It is due to this reason that banks are often reluctant to offer high overdraft limit to businesses. The interest for overdraft is often higher than most other forms of financing. The other more common form of working capital financing is trade facility. Trade facility covers a broad spectrum of products, ranging from Banker's Acceptance to Trust Receipt to Invoice Financing, among others. The utilisation of this facility is less flexible as compared with overdraft. Trade facility requires supporting do ents like invoice for purchases, shipping do ents, etc that can validate the commercial transactions, hence the requirement for financing. The advantage of this facility would be its relatively low pricing as compared with that of the overdraft. Banks prefer to offer trade financing to businesses due to the extent of control on the usage. Medium & Long-term Facilities In the course of business expansion, businesses may acquire new factories, warehouses or machinery to support the increased business volume. These are catogorised as long-term ets. These types of fixed ets can be financed by term loan, hire purchase or leasing which are long term in nature. These long-term financing are normally repaid by monthly instalments over 3-10 years. Insurance & Foreign Currency Hedging Protection for fixed ets and even loss of income due to untoward incidences is important for businesses. There are various types of insurance coverage that are applicable for different purposes. Besides protection for ets, businesses that transact in foreign currencies can also consider hedging of foreign currency to better manage the currency fluctuation. The hedging products would help businesses to protect themselves from currency fluctuation. Engaging The Bankers In anticipation of eventual financing needs from the banks, businesses should start to engage their bankers early. They should not only meet up with their bankers when they need financing from them. Businesses should make it a point to embrace their bankers and keep their bankers informed of their business operations. Knowing the bankers is crucial for the bankers to extend their advice on financial management to the business. Gaining the banker's trust and understanding of the business is essential too. When businesses need to seek for financing from the bankers, they must be able to submit the necessary information and do ents to the bankers for evaluation. A well written and thorough business plan together with proposal for financing requirement will be useful to the bankers. Therefore, it is worth the effort and time for businesses to work on and produce a proper business plan. BY EDDIE HU

Financing for Business Expansion

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