Hey peeps, it's Jun.
I have an announcement to make. Our company - AMBRRR PTE LTD has officially been incorporated in Singapore on 15th Sep 2022. And the initial round of friends and family investment with an undisclosed amount has been solidified on 25th Sep 2022 with signed financing documents.
We are creating a platform to allow users to know when is the best time to use electricity in favour of local renewable energy industry. Plus you get rewarded for tuning in. Beta launch expected on 31st Oct 2022. We will start with our personal connections - you. Stay tuned to our socials!
I have gotten so much support from you guys that I think it is a good time to give something back.
Here I would like to share some insider info to those who have expressed interest to start a company regarding the business and thought process involved in what I do. Perhaps you will find this useful.
Disclaimer: This is a personal sharing intended for my own personal connections. If you don't know me, please take this with a pinch of salt. Not legal advice.
The convince:
Presentation is important but not enough. Time and effort are keys. People start to believe you when you take personal risks and stick to what you say for an extended period of time, not when you provide information and hedge your bet. The output - the prototype, the bare minimum product, the beta - is merely a symbol for your risk taking. No one is taking risks for you, certainly no one is coming to save you, if you want to progress, just do it and suck it up.
The emotions:
Anger, disappointment, resentment, fear, disgust, envy, despair and just general emotional pain are daily occurring. I don't know what tips to give about this, because one simply cannot replicate this concoction of emotions without experiencing entrepreneurship themselves. Sooner you accept them, sooner you can focus on the important things.
The sustenance:
If you live pay check to pay check, starting a company is difficult yet crucial if you are interested in bringing in more control to your life. Truth be told, I am supported by my family financially today, and is still a distance from being financially independent. Not something I can brag about, but again, this is the personal risks I took. Realistically, if you have a job and want to start a company, be willing to lose some social points and go get the support you need.
The money:
Understanding basic accounting and finance is crucial as they are your common language with business people who might be your next investors. Cash flows, equity & debt, profit margins, corporate tax rates, etc. Really help your potential investors understand the risks they should expect and how you are managing the risk (Not reduce, manage. If they can't deal with the expected risk level, don't take money from them even if they beg you to take it). The financing documents I used are templates provided by Y Combinator. They work for me and my company. Worth checking them out.
The people:
Advice is info, which is cheap. Support is effort, precious. People who always give advice typically don't offer to share risk with you, in fact, they disappear when you are not doing OK. Supportive people offers resources, and when you lose, they don't get anything back. Pick a side.
The BS:
Analogy thinking will end an entrepreneur's career. It is when people start to use credibility from someone else as a weapon against you when they clearly don't have the experience themselves. A better but more brainy thinking process is first principle thinking, where you break a problem down into its sub-components, and argue from the ground up based on clear facts. But please don't show off your logic afterwards, as people don't get convinced by logic but emotional triggers.
The communications:
Let the other person win. Winning a conversation fulfils your own emotional needs, but not the company's. Losing does the opposite. When you lose to your counterpart, they feel good and would be more in a state to give. Get used to losing a conversation. When you do need to win, learn how to reframe the context by asking the right questions. Consider questions that start with "How", "What", "Who", "When" and avoid "Why" at all cost.
The professionals:
Outsource professional tasks to the professionals. Company incorporation, Accounting, contracting, setting up a company bank account, etc.. It's not worth it to do it yourself, your time should be spent on building products and a great team. Pay the professionals to do it. They do not need to be at the very top in their industries, but should be experienced and want to work with you. Don't have money? Go get them. That's why investors exist.
The final push:
Getting people to listen, believe, support and invest in you is already hard enough as a tough guy, imagine doing it as a nice guy. Don't be nice. Be un-nice. NAIS. You don't owe anything to anybody as long as it's an equal exchange of value. So make sure that is the case. Talk to people who are willing to treat you equally, and treat them equally with respect. That means establishing boundaries early on and work religiously with these boundaries.
Okay, that is all I have to share. Peace out.
PLEASE DO SUPPORT OUR BETA LAUNCH!!!
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