YHP http://yhponline.com Entrepreneurs In Depth | Be Inspired | Your Hidden Potential Sat, 25 Oct 2014 15:15:02 +0000 en-US hourly 1 Top 15 Tips for Young Entrepreneurs http://yhponline.com/2014/10/25/top-15-tips-for-young-entrepreneurs/?utm_source=rss&utm_medium=rss&utm_campaign=top-15-tips-for-young-entrepreneurs http://yhponline.com/2014/10/25/top-15-tips-for-young-entrepreneurs/#comments Sat, 25 Oct 2014 15:15:02 +0000 http://yhponline.com/?p=37000 Gone are the days when your education and career choices were limited to either following in the footsteps of your parents, going to university or leaving school to learn a trade. Now, young people are choosing to make their own … Continue reading

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Gone are the days when your education and career choices were limited to either following in the footsteps of your parents, going to university or leaving school to learn a trade. Now, young people are choosing to make their own paths in life and utilise their entrepreneurial skills. If taking control of your own destiny, starting your own business and inventing your own products are ideas that appeal to you, then you could be a perfect entrepreneur. Here are 15 top tips for young entrepreneurs getting started in business.

Top 15 Tips for Young Entrepreneurs

Accept failure

Not all of your ideas will be successful. However, you should not give up just because one venture has failed. Instead, use it as a learning experience to avoid similar mistakes next time.

Use online resources

When you use the Internet you will find thousands of resources to use for inspiration and motivation. Most of these are free, so log in and check them out. If you are planning to have a website for your business and are considering using website hosting services, then you can find hosting here.

Find a mentor

They will be able to give you the benefit of their knowledge and experience. You might find this helpful as they can guide you on things that you should and should not do.

Use social media

This is a great way to connect with people and to research your potential target market. When you start up your business, use it as a marketing tool.

Take a risk

When you are older, it is likely that you will be tied down with commitments such as marriage, children and a mortgage. While you are still young and do not yet have these commitments, it is the perfect time to take a business risk.

Use school resources

If you are still at school or college, make the most of the resources provided there. It is a great time for you to build your information in preparation for launching a business. The school library can be fantastic resource to use.

Network

Let people know who you are and what they are doing. Consider everyone you meet to be a contact and a potentially useful resource for you and your business. Remember, networking is about listening as well as talking. You might just pick up some important and useful information.

Do something you love

If you are passionate about your venture, it is more likely that you will see the project through to the end and be successful. If you are not interested in what you are doing, how can you expect anyone else to be?

Manage your time

It can be stressful and difficult to run a business, especially if you are still at school and trying to juggle your education with starting your business. Plan what you will do, and when, carefully. Make sure to include some free time for yourself in your plans.

Learn and follow the rules of business

Do some research about the things you will need to do, such as registering your business and paying tax. Being prepared in this way will help you to avoid getting in trouble at a later date.

Set yourself goals

Only you know what you expect to achieve in life. One way of achieving your dreams is to set yourself both short-term and long-term goals to work towards. By doing so, you have a target to aim for and this will motivate you.

Be radical

Young people often think differently to adults and this can be a good thing when starting up a business. Your ideas are likely to be fresh and original. However, it is a good idea to check just how original your ideas are first as you don't want to replicate something that is already on the market.

Take your time

Although you might be really enthusiastic and want to get your business up and running as fast as possible, it is important that you take some time out every now and again. This will refresh your energy and help you to focus and be more constructive.

Know what you want

You need to know what your personal aspirations are, what you expect to achieve from your business, whether you plan to study or work while running your business and what your long-term aims are.

Just because you are a young person does not mean that you cannot achieve business success. Many famous entrepreneurs started out their first businesses when they were young and have achieved great things in their lives. Using some of these tips will set you on a path to success and help you to achieve your dreams.

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Should Your Business Go Digital? http://yhponline.com/2014/10/25/should-your-business-go-digital/?utm_source=rss&utm_medium=rss&utm_campaign=should-your-business-go-digital http://yhponline.com/2014/10/25/should-your-business-go-digital/#comments Sat, 25 Oct 2014 15:07:58 +0000 http://yhponline.com/?p=37003 New technologies have always benefited businesses, from original analog machines like the typewriter to the kind of digital devices we use today. Here are three digital technologies your business can benefit from. Video Conferencing Software like Skype has really changed … Continue reading

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New technologies have always benefited businesses, from original analog machines like the typewriter to the kind of digital devices we use today. Here are three digital technologies your business can benefit from.

Going Digital

Video Conferencing

Software like Skype has really changed the way company employees and business partners can keep in contact with each other. We’ve had conference calling for a while, but it never really worked out that great. You didn’t know who was going to speak next so people were always interrupting each other. With video conferencing, you’ll get better results and you’ll be more productive with your time. You can easily take part in meetings as if you were there, rather than having to keep your own copies of the slides or graphs being shown - if they’re even available. The best thing about it is the price. Group video calls between three and ten people are free.

Digitising Paper Records

After a while, even new companies can start to build up stacks of old flies that are too important to just throw out. If you’re a well established business, you likely have rows of filing cabinets taking up valuable office real estate. When it gets to this stage, it can be time-consuming to keep everything in order so you can actually find what you’re looking for easily. Companies like TNT Business Solutions can take care of this burden by digitising these files into high-quality e-documents in a variety of file formats. They can even take care of the scanning processes, leaving you to focus on running your business without interruption.

Email and Cloud Storage

After you’ve digitised your files, you can take advantage of the benefits of cloud storage. Google Drive and Microsoft’s OneDrive service both offer 15GB of storage for free and businesses can expand this for low-priced monthly contracts. Microsoft currently offer 1TB of data (that’s 1,000GB) for just £1.60 p/m with an annual commitment. You’ll be able to access your documents anytime from a variety of different devices, such as your PC, smartphone, or tablet. Any documents can be easily edited and be made instantly available amongst however many members of the team you decide. With this kind of technology. employees can collaborate on projects way more easily and use email services for fast communication.

Make sure you take advantage of any new technologies that benefit your company to stay competitive. Looking for more tips on how to improve your business? Take a look at our five core elements for a successful business plan.

 

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Tips To Encourage Repeat Bookings http://yhponline.com/2014/09/17/tips-to-encourage-repeat-bookings/?utm_source=rss&utm_medium=rss&utm_campaign=tips-to-encourage-repeat-bookings http://yhponline.com/2014/09/17/tips-to-encourage-repeat-bookings/#comments Wed, 17 Sep 2014 23:58:57 +0000 http://yhponline.com/?p=36966 Sometimes small businesses can focus entirely on winning new business that they forget about their loyal and continued customers. Of course it is important to win new business but it’s also vitally important to keep your regulars happy, afterall these … Continue reading

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Repeat Bookings

Sometimes small businesses can focus entirely on winning new business that they forget about their loyal and continued customers. Of course it is important to win new business but it’s also vitally important to keep your regulars happy, afterall these are the people that bring in your regular and reliable income! But have you ever thought that your regular customers could be your biggest tool in winning new business?

Word of mouth is an excellent marketing tool so it’s important to always treat your customers well. Great customer service will lead to customer loyalty and we all know that customer loyalty means repeat bookings. So we want to share with you our top tips for keeping customers happy and encouraging repeat bookings.

Keep in Touch

Regular communication is key. Businesses that respond quickly and keep their customer in the loop about offers and business updates often keep their customers a lot happier. Social media, newsletters, regular emails or phone calls are all ways in which a business can stay in touch. Communicate regularly and your business will be at the forefront of your customers mind.

It’s also important to note that customers who respond quickly and follow up with customers often win more business than their slower competition. If your customer has a problem, they want to know it will be resolved quickly, so keep yourself available and always respond in a timely manner and you will soon find your that your bookings are increasing.

Build Relationships

If your customer feels they have a connection with you they are more likely to book again. Answering all their questions, remembering their likes and dislike and keeping a track of their booking history are all ways to let your customer know that your business is there to provide the best possible service. Building long lasting relationships is very important in encouraging repeat bookings.

All customers like to have excellent customer service so make sure your service is beyond excellent every time. It will reward your business. Bad service costs your business more than you would imagine. If a customer has a bad experience they will tell between 10 and 20 people. That’s 10 to 20 people that won’t be making bookings with you so remember that the next time you don’t want to provide exceptional service.

Reward regulars

A great way to get your customers to rebook is by offering them incentives. Discounts off your services or even a free service after a customer has attended so many sessions, are all reasons for a customer to continue coming to your business. With so many websites out there that offer value for money deals, offering discounts or rewards for your customers is a great way to stay competitive and keep your customers for the long haul.

Another option if you are actively looking for new business is to reward your customers who recommend your business. Why not give them a discount on their next booking as a thank you?

Gain reviews

Reviews are an easy way to show potential customers how happy your current customers are. TripAdvisor’s tagline is get the truth and go and I’m sure most of us are guilty for checking the site before before booking a hotel or restaurant. That’s why it’s a good idea to ask your customers for feedback and reviews. Not only will it will keep your business at the top of it’s game, you can also ensure that you are providing your customers with what they want.

Sometimes you may not get the review you were looking for, but by responding back to the customer, being proactive, making changes and learning from the feedback, you can encourage new and repeat bookings. One bad review will not bring down your business.


It’s also important to let your customers book an appointment in the easiest way possible. Why not trial Book the Slot, an appointment and booking management platform that has an integrated customer relationship management system and a section for customer reviews. http://provider.booktheslot.com

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5 Ways That Your E-Commerce Start Up Can Save Money http://yhponline.com/2014/09/17/5-ways-that-your-e-commerce-start-up-can-save-money/?utm_source=rss&utm_medium=rss&utm_campaign=5-ways-that-your-e-commerce-start-up-can-save-money http://yhponline.com/2014/09/17/5-ways-that-your-e-commerce-start-up-can-save-money/#comments Wed, 17 Sep 2014 23:39:45 +0000 http://yhponline.com/?p=36962 During the early days of a new business, funds are tight and the pressure to succeed is high. Cutting costs without compromising on quality is the holy grail of any start-up business – and this, as we all know, is … Continue reading

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save money

During the early days of a new business, funds are tight and the pressure to succeed is high. Cutting costs without compromising on quality is the holy grail of any start-up business – and this, as we all know, is very much easier said than done! Part of the solution is sheer hard work, but there are tips and techniques out there that can make a difference.

Here are five money-saving tips to help your new business:

1. Work from Home

One of the big advantages of starting up an e-commerce business rather than a brick and mortar store is the money saved on property rental and utilities. Where possible, try and run the business entirely from home to avoid additional rental costs. Be sure to invest where it counts; in top-notch internet connection and ergonomic chairs; you’re likely to spend a lot of your time sitting behind a computer screen.

2. Use Skilled Freelance Labour

A start up requires a lot of different skills to shape the business, its ethics and principles. Web presence in particular is vital to its success, but a website that’s both intuitive and attractive presents its own set of challenges. You’ll need to employ a range of skillsets, from web design, coding, copywriting and photography to web management, customer service and stock control.

While you and any partners may be able to cover some of these, other skills may require dedicated specialists. Skilled freelancers are the way to go, and that’s where People Per Hour comes in. It’s a database of skilled freelancers in a range of disciplines offering their professional abilities at affordable rates. This makes it ideal for one-off jobs –take a look at the website.

3. Take on an Apprentice

If you need an extra pair of full-time hands and can dedicate some time to training, an apprentice may be the most affordable option available to you. Apprenticeship schemes have enjoyed something of a renaissance in recent years with the government dedicating significant effort to encouraging companies to take on apprentices.

Companies taking on an apprentice may be entitled to a £1,500 grant which could cover the wages of a 16-18 year old, earning the minimum wage of £2.68, for 15 weeks.

4. Cut Delivery Costs

As a shop existing entirely in an online portal, it is likely that amongst your highest overheads will be delivery charges. Intelligent use of courier and delivery services can help you cut your delivery costs, increasing your profit margins and/or passing these savings on to your customers. With different couriers offering a range of prices for services, it can be beneficial to utilise the service of a number of different companies.

Rapid Parcel is a courier comparison tool which allows you to determine the best courier prices for all of your services quickly and efficiently. Check it out here.

5. Concentrate on Customer Retention

On average, the cost of attracting a new customer is 500-800% higher than the cost of retaining existing customers. This makes it incredibly cost effective to concentrate on keeping existing customers satisfied and coming back for more. Concentrate your efforts on excellent levels of customer service, staying in contact and making yourself available for any queries customers may have and rewarding loyalty.

Have you got any more money-saving tips for start-up businesses? Share your thoughts below.

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2014 StartmeupHK Venture Programme Semi-finalists Announced http://yhponline.com/2014/09/15/2014-startmeuphk-venture-programme-semi-finalists-announced/?utm_source=rss&utm_medium=rss&utm_campaign=2014-startmeuphk-venture-programme-semi-finalists-announced http://yhponline.com/2014/09/15/2014-startmeuphk-venture-programme-semi-finalists-announced/#comments Mon, 15 Sep 2014 21:21:31 +0000 http://yhponline.com/?p=36946 InvestHK has announced the 40 semi-finalists from the 550 startups that applied for its 2014 StartmeupHK Venture Programme. The semi-finalists represent a range of countries from Bulgaria and India to Kyrgyzstan and Australia. Hong Kong, as expected made up the majority of semi-finalists … Continue reading

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InvestHK announces 2014 StartmeupHK Venture Programme Semi-finalists

InvestHK has announced the 40 semi-finalists from the 550 startups that applied for its 2014 StartmeupHK Venture Programme.

The semi-finalists represent a range of countries from Bulgaria and India to Kyrgyzstan and Australia. Hong Kong, as expected made up the majority of semi-finalists followed by a good showing from the UK with 6. 15 countries were represented overall.

The 40 startups are grouped into two categories: early to growth stage (30) and concept and prototype stage ventures (10). The 40 were chosen from a record 550 applicants!

Th next stage is for the startups to be interviewed by judges before 12 are chosen for the finals in Hong Kong.

Each semi-finalist was chosen by the assessors for the scale of the problem/opportunity being addressed, the effectiveness of the solution and its impact, their venture’s viability, sustainability and scalability, and the economic benefit to Hong Kong in terms of knowledge and skills, job creation, social and environmental value, etc.

The chosen finalists will fly to Hong Kong for StartmeupHK Week between 10-15 November. At the centrepeice of this year’s programme, the StartmeupHK Venture Forum on 11 November, three Grand Award Winners will be chosen by the judges and voting audience.

Three Special Awards will also be given for the best ventures in FinTech, Smart City and Data Analytics. The three Special Awards are sponsored by Accenture (FinTech Award), Schneider Electric (Smart City Award) and KPMG (Data Analytics Award) respectively.

InvestHK’s Director-General of Investment Promotion, Simon Galpin, said he was delighted by the quality of the successful entrants and their diverse geographic and sector origins.

“I am happy to see that the proposals are of such high quality and that they come from so many different countries and cities. I am particularly impressed with the creativity shown by many of these ventures. This is exactly the kind of business creativity we would like to further develop in Hong Kong, to help encourage our homegrown startup culture,” Mr Galpin said.

“I also hope that by staging the global competition in Hong Kong, we can help high net-worth individuals realise the multiple opportunities that start from our fast-growing ecosystem in Hong Kong,” he added.

With winners receiving over $500,000 n total, this competition can have a huge impact on the winning businesses. InvestHK have opened up a great opportunity for the 12 finalists.

Below are the 40 StartmeupHK Venture Programme Semifinalists:

Invest Hong Kong 2014 StartmeupHK Venture Programme Semifinalists

Name of Company Origin Business

Category*

BizSync Pty Ltd Australia Business Services / Digitisation of Paper Documents

1

Lexicum Bulgaria Education / ICT Platform for Foreign Language Learning

1

Jolla Ltd Finland ICT/ Mobile/Open Source Operating System

1

DIAFIR France Medical / Optical Tools for Diagnostics

1

ATH Medical France Medical / Traceability System for Surgical Devices

2

Fast Forward Imaging GmbH Germany Business Services / Imaging for Omni-channel Communications

1

Procurify Hong Kong Business Services / E-procurement Platform

1

MADE Creative Ltd Hong Kong Business Services / Marketing and Design for Brands

1

Yapku Ltd Hong Kong Creative / Managed Services for Content Producers and Owners

1

Tradeos Ltd Hong Kong ICT / Global Freight Pricing Platform

1

Keeprz Hong Kong Retailing / Customer Engagement and Loyalty for Small, Medium Chains

1

Scoutbots Ltd Hong Kong Technology / Open Source Sailing Robots for Ocean Science

1

GLM. Co Ltd Hong Kong Transport / Electric Sports Vehicles

1

uHoo Hong Kong ICT / Health / Air Quality Monitoring

2

Sniply Hong Kong ICT / Social Advertising Ecosystem

2

HashClash Global Ltd Hong Kong Creative / Social Media with Crowd Sharing Model

2

MadbuzzHK Hong Kong Creative/ English Entertainment Online Magazine for Youth

2

Novus Technology Ltd Hong Kong Technology / Wearable Communications Device for the Deaf and Mute

2

Banka BioLoo Pvt Ltd India Healthcare / Converting Human Waste to Re-usable Water

1

Contify India Technology / Business Competitive Intelligence

1

Perseus Telecom Ireland Technology / Home Design Tool

1

BrightInfo Israel ICT / Engagement Marketing for Business

1

n-Join Research Israel Industrial / Factory Production Facilities Optimisation

1

RevenueStream Israel E-commerce / Online Credit Card Fraud Detection System

1

Pics On Air Ltd Israel ICT / Group Photo and Video Sharing for Mobile Users

2

Brand Pit Japan Business Services / Visual Marketing & Advertising Research Tool

2

OPENCBS Kyrgyzstan Financial Services / Improving Quality in Low GDP Economies

1

ConnexionsAsia Pte Ltd (CXA) Singapore Business Services / Platform for Employee HR & Health Benefits

1

BeMyGuest Singapore Tourism / Content & Booking Management for Tours & Activities

1

Sqore Sweden Business Services / Skills Comparison Platform for Recruitment

1

The Intern Group UK Business Services / Intern Learning Opportunities in Asia

1

nu desine UK Consumer / Instrument for Creating Music

1

Objective Associates Limited UK E-commerce / Cloud-based Solution for Global Retailing

1

EasyFinance UK Financial Services / Personal Finance Management

1

Creedon Technologies HK Ltd UK ICT / Photo Storage in the Cloud

1

R5 UK Financial Services / Emerging Forex Trading and Data Services

2

IdeaScale US ICT/ Solution for Feedback and Ideas Collection

1

Seevider, Inc, US Technology / Smart Vision Sensor for SmartCity Apps

1

Vantage Sports US Technology / Sports Content

1

PatentBooks, Inc. (PBI) US ICT / Online Patent Evaluation and Transaction Engine

2

* Category 1: Early to growth stage ventures with revenue and/or significant users/customers

 Category 2: Startups at the concept and prototype stage with no revenue

Learn more about the StartmeupHK Venture Programme 2014 here: www.startmeup.hk.

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