Dear Professor Savings readers,
Recently I was able to share my entrepreneur story on TVB Money Magazine.
Here’s my story.
Hong Kong’s TVB Money Magazine journalist Zela Chin wanted to interview an entrepreneur who has gone threw the hardship of entrepreneurship, failed, but kept on going.
I told her I want to share my story so that it can help inspire others but more importantly, paint a more accurate picture of entrepreneurship not its romantic forms but more the raw details.
We filmed for about 1.5 hours but the clip above only last about one minutes.
So here are 12 nuggets of wisdom from experience to share
1) An idea is not a business.
Many people are looking for the next big idea.
At the end, it is about pure execution.
2) Entrepreneur is a lifestyle. 24-7 working. I work across four time zones.
3) In corporate America, you have a boss.
Now your customer is the boss.
So don’t get into entrepreneurship thinking it gets easier.
4) Don’t talk. Act. Execute.
“Done is better than perfect” as I learn from Facebook Founder Mark Zuckerberg.
Professor Savings started out solely on using animate white boards teaching finance basics.
Now we create as well as distribute.
5) You best asset is TIME.
NEVER complain. NEVER waste time hating.
6) Its not how much time you have, but how much ENERGY.
You may have 8 hour work day but you only have 3 hour energy.
7) Speed is KING. Startup need to leverage speed to beat their competitors.
This means less meaning and pure execution. A startups man advantage show me the power to
make quick decisions and the gift of dealing with politics.
8) Create a focused environment. I live with family so that I simply go home, sleep, do it all over again.
9) Don’t give up what you WANT most NOW, for WHAT you want NOW.
Often times I am tempted to go off to an island and rest for two weeks, but I know that will hurt my company.
10) Walls are only there to KEEP out those who don’t want it ENOUGH.
So challenges will come. They are simply a TEST.
11) Control your cash flow. Cash is king.
I am debt free running this company. So remember to be spend money wisely.
Understand what you NEED from WHAT you WANT.
12) Fill a demand, not CREATE one.
Create a product or service to fill a demand.
Thanks for watching and ready.
Rayfil Wong, Professor Savings
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