Not Good Enough

We can never be good enough. The bar gets higher all the time.

The moment I published a post or submitted the final draft for a product description, I always get that annoying feeling that there are better ways to write it. Each time we sent the product catalog to print, I always felt that I could have spend a few more minutes fine tuning it (there’s surely a better font for the title!).

They say you are your own harshest critics. Of course, you should always set high standards for your work. The quality and outcome of your work speaks a lot about you and your values.

But don’t let that paralyze and hinder you from starting a new project.

The key is to make sure the next version is always better than the last one.

2016-11-25T03:48:02+00:00 November 25th, 2016|Entrepreneurship|0 Comments

Experts are Dangerous

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Experts connotes superiority and credibility. When the source of information comes from expert, we are very inclined to believe them, even more so when the expert’s last name is followed by a long list of credentials

And we would be foolish to question the experts. They’ve gone through so much trouble to produce the facts that you are reading now- extensive research, long period of observation and funded heavily by well-established corporations

Only problem is we don’t often get to evaluate or read about these experiments, or at least it’s not explained in a way that it’s easy for the average Joe to understand.

When in doubt, we always take the expert’s word for it. Even Mum could sometimes be wrong.

2016-11-24T02:53:54+00:00 November 24th, 2016|Daily Observations|0 Comments

Reboot

It’s been quite a while since I wrote anything on this space.

There’s always an excuse for not doing something, but let’s just say writing on Meshio.com has become a low priority. And why am I getting back here now? Maybe I find Facebook too much of a distraction. And Twitter is too restrictive. But I find that I do need to get back to writing, as part of a mental exercise.

Let’s see how this goes.

2016-11-22T14:38:07+00:00 November 22nd, 2016|Daily Observations|0 Comments

Charting the Future

Though not much of a business plan writer, I recently realized the importance of having a plan for what you want to achieve in your entrepreneurship journey. While it’s true that we cannot predict what will happen tomorrow, that doesn’t mean we can use it as an excuse not to chart the path of where the enterprise will be 10 years down the road.

And while I was fantasizing about where to bring the company, I begin to think along the line of life goals and business goals. I believe we should always put the life goals before the business goals. Not that business goals are less important, but if your business goals are not supporting what you want to with your life, what’s the point then?

To create a valuable business, at least in monetary terms, it could easily take anywhere between 5 to 10 years. And if I am to live to 60 years old, that would be about 8% of my life allocated into this pursuit. My grandpa lived to a ripe age of 98 years old though. So, it becomes pretty obvious that there should be some correlation between what you want to with your life as well as your business.

If one of my goals is to travel the world, it would make sense that my business would allow me to do that at least once every year. It could be a business trip or just a simple getaway, but if my business cannot allow me to even take a few days off, perhaps I am building a business that my life will hate.

I am going to put off my business goals for now while I work on the check list for my life.

2016-01-21T00:37:35+00:00 January 21st, 2016|Entrepreneurship|0 Comments

Malaysia Online Marketplaces

It seems everyone wants to play the markeplace game. Who doesn’t?

A marketplace is extremely scalable. You don’t own inventories, you don’t need to spend money on warehouses and security. You don’t need to hire people to pick and pack. A wonderful business model. But like any businesses, if what you offer is pretty much the same thing your competitors offer, it won’t be long you start playing the price war game to get market shar. That’s when you start racing your way to the bottom of the food chain.

If you have been selling on Etsy, you would realize these people are not just out to make money on your transactions or to use your sales data against you (marketplaces are known to source products that are hot-selling and compete against their own sellers). Etsy is serious about helping sellers make a living.

Etsy made a compelling product for the supply side of the marketplace, the supply then unlocked the demand through white hat social media. Etsy’s incredible organic channel is the entrepreneurial drive of its sellers.

The underlying strength of this organic channel is evidenced by Etsy’s repeat purchase rate. That is, the majority of Etsy’s GMS is generated from repeat purchases. Incredibly, in 2014, 78% of purchases were from repeat customers.

Higher revenues for sellers => Higher seller retention => Higher seller personal promotion through social media => Higher visibility for Etsy’s products => Higher GMS => IPO

Nicolò Ungari, What Etsy’s S1 Filing Taught Me About Marketplaces

I totally agree with >Nicolò. And from my experience, eBay is exactly the opposite of Etsy and that’s why eBay is becoming irrelevant in today’s e-commerce marketplace.

On another note, Etsy has seldom, if ever asked their sellers to offer their products at deep discount to attract customers. They understood the economics of things. You cannot keep giving discounts and expect to run a healthy long term business. Let’s face it, all business needs profit to survive and thrive. But marketplaces in Malaysia doesn’t seem to think so- they are always offering vouchers, deep discounts and pricing gimmicks just to get the transaction, often at the expenses of their merchants.

If you are doing your business so you can win the title for ‘The Most Popular Merchant on ABC Marketplace’, by all means keep offering discounts and reduce your margins. If you are like most of the other normal business, then I strongly suggest that you be very careful with the marketing campaigns these marketplaces are requesting you to participate.

You should continue to sell on online marketplaces as long as it justifies the resources you invest in them.

I have been selling on major marketplaces, and the good ones will make sure sellers can thrive using their platform. Because in the grand scheme of things, as an online marketpalce, your merchants are also your customers.

2015-10-11T18:18:52+00:00 October 11th, 2015|E-Commerce, Entrepreneurship|2 Comments

Training vs Education

It’s easy and actually quite common to interpret that both training and education means the same thing. But as we shall read it from Thomas E. Ricks, the author of The Generals: American Military Command from World War II to Today, training and education is 2 very different things:

Training tends to prepare one for known problems, while education better prepares one for the unknown, the unpredictable, and the unexpected.

Training is very much like a step-by-step exercise repeated continuously to achieve an expected result. Think of it like a simulation with predefined objectives, with the set of challenges known and familiar to the participant. Usually, it’s also expected for the participant to engage training exercises within confined rules and regulations. The desired outcome is when the participant becomes very competent tactically in the given challenges.

Consider another scenario where a Susan, a six year old child, is enrolled in a coloring exercise. In an effort to train her to become very good at coloring, she was told not to color outside the lines. Next, she was told that she must color based on the example given (the objective). The grass must be light green in color. The sky must be blue. The trunk of the tree must be brown. Any variations from the example, the exercise is considered a failure.

Everyday as part of her training regime, Susan is given new coloring exercises and taught many different coloring techniques to achieve the desired outcome. And these exercises are often repeated until she masters the technique, which is evaluated by how close her results are to the examples given. Eventually, she becomes very skillful in most of the coloring techniques and she can reliably reproduce the outcomes that is expected of her. Susan is now a very well-trained colorist.

Next, we look into the realms of education, which may sound very similar to training but is essentially a very different form of cognitive exercise. In education, you are given a lot of contextual information. In our coloring example, the child is taught about primary, secondary and tertiary colors. She also learn about warm and cool colors complementary colors. She is also taught that black and white are not really colors (this is a highly debatable topic, depending on which color theory you are coming from). She also learns how colors affect our moods and give meanings to our every lives.

In short, education seems like learning a whole bunch of theories, so much so that the student sometimes would start to doubt if it’s really necessary to be so educated in the practical world we live in. However, it is only with a good understanding of theories, an in-depth knowledge of the subject matter and a habit of constantly questioning the status quo that we can hope to confront the unpredictable and randomness of real-world challenges.

Training puts you in a box and asks you to give your very best within the boundaries. Education informs you that though the problem is about the box, the solution is likely outside the box.

If your sixteen year-old daughter told you that she was going to take a sex education course at high school, you might be pleased. What if she announced she was going to take part in some sex training at school?

Jay Cross, credited with inventing the term e-learning

So, are you well-trained or well-educated? Maybe you have the best of both worlds :-)

2015-10-08T02:09:05+00:00 October 8th, 2015|Daily Observations, Productivity|0 Comments