Category: Entrepreneurship

Building My Personal Brand: The Stepping Stone to Favoriot’s Success

Every brand has a story, but my journey is slightly unconventional. My personal brand’s inception wasn’t with the intent to sell or pitch, but to share and enlighten. This chronicle started way back in 2014, long before Favoriot was even a twinkle in my eye.

Laying the Foundation: The IoT Advocate

In 2014, the Internet of Things (IoT) was a term only the tech-savvy were familiar with. Driven by a deep-seated passion for technology and its potential, I ventured into the world of social media to voice my insights. Platforms like Twitter and LinkedIn became my playground where I shared my musings on IoT and its implications for smart cities.

This dedication did not go unnoticed. Invitations started pouring in, asking me to lend my voice to discussions, seminars, and workshops centered around IoT and smart city solutions. I was relishing my role as an IoT thought leader.

Transitioning to Favoriot: The Underdog Story

Then came Favoriot – a startup, our brainchild. In its nascent stages, while my personal brand thrived, Favoriot was still finding its footing. However, I had an ace up my sleeve – the trust and recognition I had garnered over the years.

With each speaking engagement and social media post, I started weaving in Favoriot’s mission and vision. I introduced my audience to the solutions and innovations Favoriot was bringing to the IoT landscape.

The Ripple Effect: Personal Brand to Business Boom

The beauty of personal branding is the ripple effect it can create. The trust, recognition, and respect I had cultivated with my personal brand began reflecting onto Favoriot. Slowly but surely, as my narrative shifted, the perception of Favoriot started changing. From an underdog startup, it began its transformation into an IoT powerhouse in Malaysia.

Today, when someone in Malaysia hears “IoT”, Favoriot isn’t far behind in the conversation. That business card with “Favoriot” emblazoned on it? It’s not just a company name; it’s a testament to the symbiotic relationship between personal and business branding.

In Retrospect: Branding is a Marathon, Not a Sprint

Building a brand, be it personal or business, isn’t an overnight endeavor. It’s a marathon of persistence, adaptability, and genuine passion. I look back at my journey with immense gratitude. The initial years of dedication to my personal brand laid a robust foundation for Favoriot’s success.

For every budding entrepreneur, remember: Your personal brand can be the strongest advocate for your business. Nurture it, leverage it, and watch the magic unfold.

From Research Lab Critiques to Startup Pitches: My Slide Story

Starting my own business was a dream I’d always nurtured. But never did I think that my time at a government R&D agency would play such a pivotal role in my startup journey, and all because of…presentation slides!

Slide Struggles: The R&D Chronicles

Imagine this: I’m in a room filled with experienced scientists and officials, excitedly presenting the results of weeks of research. Yet, before I could even delve into the details, I’d be halted – usually by the second slide. My superior, with a puzzled expression, would barrage me with questions. Sometimes, they’d jump the gun, inquiring about points I was just about to cover in the subsequent slides.

Now, don’t get me wrong – feedback is a gift. But the cosmetic criticisms were particularly stinging. “Why this color?”, “The graphic is too amateur!”, “Is this slide just a photo?”, or “Feels like I’m reading an essay here!” It felt like navigating a tightrope walk where balance was elusive. Too much text, and it’s an overload. Just graphics, and it’s too vague.

The Startup Slide Revolution

Fast forward to my entrepreneurial journey, and presenting became second nature. Whether I was pitching to potential investors, engaging with customers, or sharing insights at lectures, the slide deck was my trusty sidekick. And here’s the twist in the tale: the relentless feedback from my R&D days turned into the treasure trove I didn’t know I needed.

Those seemingly endless rounds of critiques transformed into lessons. The balance of graphics and text, the narrative flow, the choice of colors – everything started making sense. It was as if the past was training me for these very moments.

I’ve now come to a point where I passionately design my own slides. Why? Because they’re an extension of my thoughts, my story, my vision. And who better to tell that story than me?

Conclusion: Embracing The Journey

Today, when I look back, I smile at the irony. What once was a source of frustration has now become a skill I deeply value. The critiques, the questions, the interruptions – they were all shaping a more resilient and adept version of me.

To all budding entrepreneurs out there: Embrace every feedback, every critique. You never know where those lessons will come in handy. After all, in the words of Steve Jobs, you can only connect the dots looking backward. My slides, my story. And what a journey it’s been!

The Illusion of RFPs in the IoT World: Managing Expectations as a Startup

The world of startups, particularly in the ever-evolving IoT (Internet of Things) domain, is brimming with excitement, challenges, and a myriad of opportunities. As founders, we often associate a high number of requests for proposals (RFPs) with potential success. The logic seems straightforward: more RFPs mean more interest, and hence, a higher likelihood of landing projects. However, the journey from RFP to a signed project can be riddled with pitfalls and misadventures.

RFPs: A Double-Edged Sword
An RFP, at its core, is an opportunity for potential customers to gather information. It’s a tool for them to understand the feasibility of a project, discover potential solutions to their challenges, and evaluate costs. And while it may seem like a positive sign for a startup to receive multiple RFPs, it’s essential to understand that an RFP is just that—an opportunity, not a guarantee.

The Dark Side of RFPs
One of the harsher realities startups face is that RFPs can sometimes be utilized in less-than-ethical ways. In some instances, after a startup has invested time, resources, and expertise into crafting a comprehensive proposal, the potential customer may hand over this proposal to a preferred vendor. In blatant disregard for propriety, the vendor might only need to swap out logos and company names, essentially “rebranding” the startup’s hard work as their own.

Such experiences are not just disheartening; they shake our trust and can make us question our openness and willingness to share. After all, it’s painful to see your intellectual property and innovative solutions casually handed over to another entity.

Guarding Against Misuse
Such challenges have taught many startups, including ours, the importance of caution. While we should never shun the opportunity to submit an RFP, it’s crucial to strike a balance. Entrepreneurs must learn the art of sharing just enough to entice a potential client but not so much that their ideas can be lifted wholesale.

Incorporating safeguards such as Non-Disclosure Agreements (NDAs) before diving deep into proposals or limiting the granularity of the information shared, especially about costs and specific “how-to” processes, can be beneficial.

The Entrepreneurial Learning Curve
Every experience, both good and bad, serves as a lesson for the entrepreneur. While the misadventures with RFPs can be disheartening, they teach us to be more protective of our intellectual property, to discern genuine interest from mere information gathering, and to navigate the complex world of business dealings with added caution.

In conclusion, while RFPs are and will remain a vital part of the business landscape, they serve as a reminder that not all that glitters is gold. As startup founders, it’s our job to sift through the glitter, find genuine opportunities, and guard against potential pitfalls. After all, resilience and adaptability are at the heart of entrepreneurship.

Favoriot’s Odyssey: Navigating the Rough Waters of Early Revenue

Starting a new business is a lot like setting sail on uncharted waters. There’s a hope, a dream, and a sense of adventure. As the founder of Favoriot, I embarked on this entrepreneurial journey with enthusiasm and high hopes. Little did I know that the waters would be so turbulent when it came to generating early revenue.

The Hopeful Beginning
Launching a product is a moment of pride for every founder. In our minds, we believe we’ve built something exceptional that the market needs. This confidence often leads us to assume that customers will be quick to recognize its value and make a purchase. But for Favoriot, like many other startups, this was far from reality.

Facing Harsh Truths
Our early days were sobering, to put it mildly. We believed our product was ripe for quick adoption. Yet, the sales figures told a different story. In the initial two years, our revenue was so low that it’s almost embarrassing to mention. Our financial earnings were so minimal that they couldn’t even cover basic monthly salaries. Such a situation would make any founder question their choices and direction.

Lost in R&D
Our primary focus during the inception phase was on Research & Development. While innovation is essential, we overlooked the need for diverse revenue streams. We were engineers at heart, passionate about perfecting our product, but we didn’t give enough thought to the business side of things.

A Market Playing Hard to Get
In those early phases, most interactions with potential customers were frustratingly non-committal. They seemed interested and often asked us to draft proposals, but they seldom proceeded to request official quotations or place orders. It felt like being on a perpetual first date, waiting for the call that never comes.

Turning the Tide
But, as they say, night is darkest just before the dawn. After several long months, the market began to shift. We noticed an uptick in genuine inquiries, more requests for quotations, and then, the golden ticket—actual purchase orders. The sight of official documents, bearing commitments to our product, was like a balm to our stressed spirits.

A Ray of Hope
With the first few projects and consistent revenue streams, our confidence began to rebuild. It signaled that we were finally on a trajectory that aligned with the market’s needs. The pain and struggles of the initial years started to make sense, as they had shaped us, refined our product, and honed our approach.

In Retrospect
This journey, fraught with challenges and financial strain, was undoubtedly painful. But in its wake, it also brought satisfaction—a kind that can only be derived when one sees their brainchild find its rightful place in the market. Today, as I reflect on our early revenue pains, I believe they were necessary. They taught us resilience, the importance of adaptability, and above all, the value of perseverance.

To every startup founder reading this, remember: the journey might be strenuous, but when your product finds its market fit, every sleepless night and every hurdle will seem worth it.

From Early Days to VC Pursuit: A Startup Founder’s Odyssey

The world of startups is exhilarating, filled with promise, and yet, fraught with challenges. As the founder of a groundbreaking IoT product designed to make the lives of senior citizens living solo safer and more comfortable, I embarked on a journey that turned out to be both eye-opening and humbling.

A Market in the Making
As countries globally grapple with aging populations, we identified a burgeoning market. Our vision was clear: create a product that aids elderly individuals living on their own, filling a growing need in countless households. We hoped this would not only resonate with potential users but also capture the attention of investors who understood the gravity and scale of this need.

The Hunt for Funding
In our quest for early funding, we approached a staggering number of venture capitalists — over 70, to be exact. Our outreach methods were varied, spanning everything from accelerators and pitching competitions to direct introductions and cold emails. But alas, the interest we hoped for remained elusive.

Facing the Harsh Realities
Our interactions with these VCs provided crucial insights. For many, we were too early in the game. Our product was still in its infancy, with no paying customers to speak of, only trial users. Our pricing model left potential investors unconvinced, and we were still piecing together the most effective business model and sales channels.

A particularly challenging hurdle was our unfamiliarity with the health domain, a crucial aspect considering our target audience. The absence of health advisors or medical professionals on our panel was a glaring void.

But the crux of our pitch problems? Traction. It became apparent that we hadn’t yet hit that sweet spot of product-market fit. As founders, being on the receiving end of these critiques and rejections was a hard pill to swallow.

Rising from the Ashes
Though the feedback was tough, it wasn’t the end of our story. If anything, it lit a fire under us. While a significant number of startups don’t even make it past their fifth year, we’ve crossed the six-year mark, and with that comes invaluable experience.

Now, we have a deeper understanding of our startup’s unique strengths and have zeroed in on an effective business model. We know what traction and revenue metrics we need to hit to make investors sit up and take notice. Most crucially, we recognize the importance of demonstrating a clear product-market-fit.

Looking Ahead
As we gear up for our next funding round, we do so armed with the lessons of the past. Our journey, filled with its ups and downs, has been invaluable in shaping our startup and our vision for its future. We’re ready to pitch again, with renewed vigor and a clearer roadmap to success.

To all fellow founders out there, know this: every rejection, every critique, is a stepping stone. Embrace it, learn from it, and let it propel you to greater heights.

Blogging My Way Through Entrepreneurship: A Habit I Cherish

Describe one habit that brings you joy.

When you embark on the journey of entrepreneurship, you anticipate the challenges, the highs, and the lows. But there’s one aspect I never saw coming: the therapeutic and rewarding habit of personal blogging. Today, I want to share with you how this has become more than just a hobby, but a daily ritual that has deeply enriched my journey.

Back in the day, I managed two blogs – one focused on business and another, more personal. Over time, something unexpected happened. My personal blog, where I poured out the intricate details of my rollercoaster-like entrepreneurship ride, started to attract attention. And by May 2023, the number of views took a surprising leap! This sudden growth was both astonishing and humbling.

You may ask, what changed? The answer is simple yet profound. The authenticity and rawness with which I began to chronicle my experiences seemed to resonate deeply with many of you. Each article became a cathartic release, helping me process the challenges, failures, and successes of my entrepreneurial journey. Every click, every view, and every comment from you, dear readers, not only validated my experiences but also encouraged me to keep sharing.

The increased number of visitors played a significant role in converting my intermittent blogging into a daily habit. Knowing that my stories, challenges, and insights were finding a place in someone else’s life made the effort worthwhile. This feedback loop became an unexpected source of motivation, pushing me to blog almost every day.

However, it’s not just about the numbers. The true value lies in the connections made and the realization that my experiences could inspire, guide, or even console a fellow entrepreneur or dreamer out there. It’s about embracing vulnerability and sharing the real, unfiltered ups and downs, knowing that someone else might be going through the same and could benefit from hearing another’s perspective.

Every challenge faced and shared has equipped me with the wisdom and resilience to approach future challenges with a renewed mindset. It’s a reminder that in entrepreneurship, like in life, we are constantly learning and evolving.

In conclusion, personal blogging has become an integral part of my entrepreneurship journey. It’s more than just a platform to share; it’s a space to connect, reflect, and grow. To everyone who has been part of this journey, I want to say a big thank you. Your views, comments, and shares don’t just increase numbers, they fuel my passion, making every challenge faced a story worth telling.

Until next time, keep dreaming, keep hustling, and never forget to share your story. Because in the world of entrepreneurship, every story counts, and yours might just be the inspiration someone needs.

Beyond Accolades: The Real Impact on Our Entrepreneurial Journey

As entrepreneurs, we all crave recognition for our hard work and dedication. Winning accolades and receiving certificates can be gratifying, validating the effort we’ve poured into our startup. However, the question lingers – do these accolades truly make a difference in our entrepreneurial journey?

In the pursuit of recognition, many of us have entered numerous startup competitions. Some have resulted in glorious victories, with titles like “Best Startup in IoT” adorning our achievements. Others may have brought us merits or certificates, but left us pondering their actual impact on our startup’s growth.

While these accolades may be showcased with pride on our office walls, the question remains: do they translate to tangible benefits for our startup? Will the certificates and plaques bring in more customers or propel our business to new heights? The reality is that the impact of these awards might be fleeting.

Yes, winning accolades can elevate our startup’s visibility. We may receive invitations to radio shows and podcasts, offering a chance to share our story with a broader audience. This momentary spotlight can indeed create ripples, generating temporary interest and exposure. But in the fast-paced world of entrepreneurship, attention fades quickly, and accolades alone may not have a lasting impact.

Moreover, the abundance of online magazines offering flashy titles like “Best IoT Player” or “Leader in IoT” raises eyebrows. These titles seem to be handed out without much evaluation, leading us to question their authenticity and value. The deluge of email invitations for such awards ceremonies can be overwhelming, often making it difficult to discern genuine recognition from dubious attempts to capitalize on our desire for validation.

Paying for accolades is also a common practice in some circles, with dinner table purchases leading to stage night honors. But as entrepreneurs driven by merit and genuine achievement, paying for recognition might not align with our principles.

Instead, what truly matters is organic recognition and credibility. Building a solid reputation through genuine achievements, hard work, and impactful contributions to our industry sets us apart. When the public knows our startup and the founder based on merit, it instills a sense of trust and authenticity.

True recognition comes from organic news mentions, mainstream media features, and word-of-mouth referrals. Social media presence and a consistent track record of accomplishments create a strong foundation for establishing our startup’s reputation in the industry.

Ultimately, while accolades can momentarily elevate our startup’s visibility, they might not be the game-changer we hope for. What truly makes a difference is our unwavering commitment to excellence, dedication to our vision, and genuine contributions to the field.

So, let’s continue to strive for success with authenticity and merit. Let’s focus on delivering value to our customers, building strong relationships, and creating a lasting impact in our industry. After all, it’s not the accolades that define us, but the legacy we leave behind in the entrepreneurial landscape.

Embracing the Diverse Entrepreneurial Journey: Why Success Takes Different Roads

In the vast landscape of entrepreneurship, each journey is as unique as a fingerprint. Despite sharing the same theoretical knowledge and educational background, some entrepreneurs soar to incredible heights, while others face tough setbacks. It’s perplexing, leaving us wondering why the well-learned theory doesn’t always translate into real-world success.

The truth is, success in entrepreneurship is more than just a formulaic equation. It’s about the decisions we make, the risks we take, and the people we meet along the way. We may learn the same theory, but it’s how we apply that knowledge and the path we choose that determines our outcomes.

When we carefully observe successful entrepreneurs, we see that they make decisions with boldness and take calculated risks. They seize opportunities fearlessly, even when the odds seem stacked against them. On the other hand, some may tread with caution, choosing safer routes, and that’s perfectly alright. Each decision, whether big or small, shapes the trajectory of the entrepreneurial journey.

Moreover, the speed at which entrepreneurs make decisions also plays a pivotal role. Some move swiftly, capitalizing on first-mover advantages and embracing a fail-fast mindset. Others prefer a more measured approach, gathering data, and conducting thorough analyses before committing. Both approaches have their merits, and it’s essential to recognize what works best for our own entrepreneurial style.

The people we meet on our journey can be game-changers too. Networking with the right individuals can open doors to exciting collaborations, investment opportunities, and market access. Building a strong support network helps entrepreneurs weather challenges and celebrate successes together.

Imagine an entrepreneur standing at a crossroads, pondering the next step. The path they choose could lead to different terrains – a jungle teeming with obstacles, a desert of uncharted territory, a mountain of lofty goals, or a simple and straightforward road. Each path holds its own lessons and challenges, ultimately shaping the entrepreneur’s growth.

Embracing failure as a stepping stone is a key mindset for any entrepreneur. Failure is not the end; it’s a valuable teacher. It provides essential feedback, enabling us to refine our approach and inch closer to our goals. Every setback is an opportunity to learn, grow, and build resilience.

In the realm of entrepreneurship, there’s no one-size-fits-all formula for success. Instead, it’s an ever-evolving journey of exploration and discovery. We must appreciate the diverse paths our fellow entrepreneurs take and acknowledge that our unique experiences shape who we become.

So, let’s celebrate the differences in our entrepreneurial journeys. Let’s learn from one another, support each other, and embrace the unknown with courage and determination. As we forge ahead, let’s remember that our journey is ours to shape, and with every step, we grow closer to turning our dreams into reality.

The Entrepreneur’s Balancing Act: A Deep Dive into the Complexities of Startup Product Pricing

1. Introduction

Embarking on a startup journey is both exhilarating and challenging. Among the multitude of tasks that startup founders grapple with, understanding how to price their products stands as one of the most complex and crucial. This task turns into a labyrinth especially when there is no direct competitor for benchmarking, or the local market has distinct affordability parameters.

2. The Challenge of a Blank Competitive Landscape

One of the first roadblocks a founder may encounter is the absence of competitors offering similar products. With no direct competition, determining a suitable price can feel like shooting in the dark. Without an industry standard, the pricing strategy often rests on assumptions and estimations, which could risk customer alienation or undervaluation of the product.

3. The Influence of Local Market Affordability

Even with competitors in sight, every market has unique affordability dynamics. A pricing strategy successful in one market may fail miserably in another due to diverse purchasing power and economic conditions. Thus, a deep understanding of local market conditions and economic dynamics is critical in the pricing process.

4. Branding: The Unseen Variable

An established brand carries an inherent value in its name, enabling it to command higher prices. However, for new startups, this is a luxury they don’t possess. With the brand yet unknown, startups face the arduous task of proving their worth while also strategically pricing their products to draw customers in.

5. The Journey to Find the Right Price

Learning and adapting based on customer feedback is essential. If a product is priced too high and fails to attract customers, founders might need to implement discounts or bundled solutions. Conversely, if it’s priced too low, founders risk undervaluing their offering and could strategically raise the price over time. This highlights the need for a flexible, customer-centric approach in determining the product price.

6. Value-based Pricing: The Key to Success

Rather than solely focusing on cost and margin, successful pricing strategies often hinge on the value provided to customers. This approach not only leads to better customer satisfaction and loyalty but also helps in aligning the product’s price with its perceived value.

7. Conclusion: The Balancing Act

In the end, determining the right price for a startup’s product is a complex balancing act between profitability and affordability. It’s about understanding the market, strategically positioning the brand, and most importantly, targeting and delivering value to the right customers. This task extends beyond mere profit-making or loss prevention. It plays a pivotal role in driving sustainable growth and establishing a strong market presence for the brand, ultimately forming the bedrock for the startup’s success.

The Timing Trap: Our Venture with an IoT Solution and a Global Pandemic

The course of startup life is rarely linear. It is punctuated with exhilarating highs and debilitating lows, success stories, and tales of failure. One such tale from our journey is of a product with immense potential, hindered by unfortunate timing and circumstances beyond our control.

We began our startup journey by developing an IoT solution targeted towards the safety and health of the elderly, acknowledging the vast market potential posed by an ageing society. However, the market traction was disappointingly slow, forcing us to reconsider our target audience.

We decided to pivot, focusing our efforts on monitoring the safety and health of Umrah and Hajj pilgrims. The core functionality of our product remained unchanged, but it found new application in providing peace of mind to the pilgrims during their sacred rituals.

Our innovative solution was positively received during trials with early users in 2018 and 2019. We even integrated a roaming SIM card feature that enabled users to transition seamlessly from their home country to Mecca. All signs pointed towards a promising future for our product.

However, in 2020, the world was gripped by the COVID-19 pandemic, which ground international travel to a halt. Our product, which heavily relied on the mobility of the pilgrims, found itself in an unprecedented predicament. The travel restrictions extended into 2021, leaving our product in limbo for nearly two years.

When travel restrictions finally lifted in 2022, we were faced with a hard truth: our product was no longer a viable solution. The necessity for hardware upgrades and additional R&D posed a financial strain we couldn’t bear. The unfortunate timing and resultant challenges forced us to make the hard decision to discontinue the product.

Though this was a disheartening period, it also paved the way for us to re-strategize and pivot our focus. Over those two years, we worked tirelessly on other projects, diversifying our portfolio and creating new revenue streams. In retrospect, this period of adversity became a catalyst for our startup’s growth.

Our journey with this IoT solution is a stark reminder of the uncertainty that pervades the startup landscape. There are countless external factors that we have no control over, timing being a critical one. But as startup founders, we’re also adaptable and resilient. We can turn hurdles into stepping stones, and seize every situation as an opportunity to learn, grow, and pivot towards success. As we tread forward, we carry the lessons from this experience in our hearts, remembering that in the world of startups, timing is everything, but resilience is key.

Read – The Ultimate Startup Cheat Sheet.