{"id":8,"date":"2017-03-07T04:56:22","date_gmt":"2017-03-07T04:56:22","guid":{"rendered":"http:\/\/usahawanasional.punb.com.my\/?p=8"},"modified":"2017-03-07T04:56:22","modified_gmt":"2017-03-07T04:56:22","slug":"tips-to-venture-in-a-retail-business","status":"publish","type":"usahawanasional","link":"https:\/\/www.punb.com.my\/ms\/usahawanasional\/tips-to-venture-in-a-retail-business\/","title":{"rendered":"Tips To Venture In A Retail Business"},"content":{"rendered":"

These tips are excerpts from the talk entitled \u201cManagement and Challenges in a Retail Business\u201d by YBhg Dato\u2019 Ameer Ali Mydin, Managing Director, Mydin Mohamed & Sons Sdn Bhd. the tips are all his personal views.<\/p>\n

Before you decide to venture in a retail business, learn;<\/p>\n

    \n
  1. The business trade from others in the same business.<\/li>\n
  2. The business fundamentals to enable you to know enough about everything.<\/li>\n
  3. From other people experiences rather than sticking to your own idealisms. Those idealisms might not be practical.<\/li>\n
  4. One must always be \u201chands-on\u201d in running a business.<\/li>\n
  5. Never overpay or underpay your stuff. Pay them just right.<\/li>\n
  6. When you decide to be in a business, do it properly with high discipline and full of commitments. Go into it whole-heartedly.<\/li>\n
  7. Be focused in your business venture. Don\u2019t diversify into other areas using the money from your existing business. Avoid this major pitfall.<\/li>\n
  8. Don\u2019t give your \u201cheart\u201d to the business. You can\u2019t be too nice in life.<\/li>\n
  9. Always be cost conscious. Don\u2019t throw your hard-earned money for something not worth for.<\/li>\n
  10. Never mix business expenses with personal expenses.<\/li>\n
  11. Always show to your stuff that you understand and know everything about the business. Then only they don\u2019t dare to lie or cheat you.<\/li>\n
  12. Venture into a business that differentiates you from others in the same business. Make your business a special and unique one in order to be different from others.<\/li>\n
  13. Do not operate a business in your own premises that can fetch a lucrative rental. Look out for a cheaper place that suits your budget.<\/li>\n
  14. Then renting a premises, plan and work out the budget properly to ensure the rental is within your reach. Never rent an expensive place even if it is a strategic location for your business.<\/li>\n
  15. Plan, prepare the budget and cash flow, get the relevant approvals (such as bank loan, licenses), quotations etc done way before looking for a location. A good location will never wait for you!<\/li>\n
  16. Plan for contingencies. Many things can happen unexpectedly (according to Murphy\u2019s Law). Just be prepared to face them.<\/li>\n<\/ol>","protected":false},"excerpt":{"rendered":"

    These tips are excerpts from the talk entitled \u201cManagement and Challenges in a Retail Business\u201d by YBhg Dato\u2019 Ameer Ali Mydin, Managing Director, Mydin Mohamed & Sons Sdn Bhd. the tips are all his personal views. Before you decide to venture in a retail business, learn; The business trade from others in the same business. […]<\/p>","protected":false},"author":1,"featured_media":360,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","usahawanasional_tag":[],"usahawanasional_category":[1269,1138],"class_list":["post-8","usahawanasional","type-usahawanasional","status-publish","has-post-thumbnail","hentry","usahawanasional_category-english","usahawanasional_category-x-tra"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/usahawanasional\/8","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/usahawanasional"}],"about":[{"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/types\/usahawanasional"}],"author":[{"embeddable":true,"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/comments?post=8"}],"version-history":[{"count":0,"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/usahawanasional\/8\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/media\/360"}],"wp:attachment":[{"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/media?parent=8"}],"wp:term":[{"taxonomy":"usahawanasional_tag","embeddable":true,"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/usahawanasional_tag?post=8"},{"taxonomy":"usahawanasional_category","embeddable":true,"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/usahawanasional_category?post=8"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}