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Answered

Forwarding Enquiry: Fundamental business discussion & learning session

MaGIC 6 years ago updated 6 years ago 2
Hi, I am Hafiidz, a petroleum engineer at our national oil company by profession, part timing as Android programmer & working towards starting up sustainable business for my partners and I.
My friends and I, mostly around 27 years old, 3-6 years working experience in various industries and company often have our discussion sessions on starting our own business. Some of our friends have started theirs and the rest of us are inspired to follow their footsteps.
We have a couple of very fundamental questions, for example;
+how to do a market survey/test ideas validity
+how to create a sound business plan, for pitching to gov agencies/banks/investor
+when should we start a company? Or LLP? First step or after product validation or...?
+branding, trademarks & domain registration guide
and especially to all these as lean as possible, while still keeping our engineering 8 to 5 works for now, while we collect capital & business networks before taking both feet in our own business.
Online sites has been a great help in giving us some general ideas but I personally prefer to meet and discuss with others who has walked this path before and more knowledgeable in the area.
Is it possible to come to MaGIC, and have a discussion session on the above topics? Or please advise if there is planned program/events that are covering some of these topics.
FYI, I have developed and published a basic app as per link below, as learning and rapid development testing, there are a couple of features & business models that I have in mind but have yet been able to realise/program.
https://play.google.com/store/apps/details?id=my.besut.apps.carloancalc

Answer

Answer
Answered
Your Enquiry:
> My friends and I, mostly around 27 years old, 3-6 years working experience in various industries and
> company often have our discussion sessions on starting our own business. Some of our friends have started
> theirs and the rest of us are inspired to follow their footsteps.
> We have a couple of very fundamental questions, for example;
> +how to do a market survey/test ideas validity

Our Answer:
Here are some ways:

http://practicetrumpstheory.com/on-identifying-riskiest-assumptions/
http://startupbros.com/3-steps-to-validate-your-business-idea-for-free/
http://www.startupdonut.co.uk/startup/start-up-business-ideas/testing-business-ideas
http://steveblank.com/tools-and-blogs-for-entrepreneurs/

And once you have something more concrete, you can proceed to test out the ideas by
looking to raise funding around the idea:

http://www.entrepreneur.com/article/228153

Your Enquiry:
> +how to create a sound business plan, for pitching to gov agencies/banks/investor

Best way for a sound business plan is to have a prototype or a simpler version of your
product being used in the market and that you can find some customers or sponsors. The
best business plans these days is to show that you have a simple version of your software
or product being used by actual users, preferably if they are paying for it.

Imagine if you are investor, two companies come to you for funding. The first team has
a powerpoint slide and an idea, while the second team starts the conversation by showing
you a working prototype and adds that there are already 500 users signed up and are using
it. Which team would you be more likely to fund?

Your Enquiry:
> +when should we start a company? Or LLP? First step or after product validation or...?

Our Answer:
A good time to start a company is when all the co-founders and team can work full time on
the idea, or at least 40 hours a week and has a working prototype.

Your Enquiry:
> +branding, trademarks & domain registration guide

Our Answer:
Here are some branding and trademark guides:
http://technori.com/2013/03/3360-a-comprehensive-guide-to-building-your-startups-brand/
http://onstartups.com/tabid/3339/bid/76648/Startup-Branding-A-Practical-Guide-for-Entrepreneurs.aspx
http://www.forbes.com/sites/meghancasserly/2013/03/28/trademarking-101-9-red-flags-before-naming-your-startup/

As for domain registration, it's generally ideal to have a .com domain name that is the
same as your company name. However, now that it's 2015, a lot of obvious names and common
dictionary based words are taken, this might not be possible, and you may have to compromise
and/or be creative. One rule of thumb is to use a name that you can hear over the phone and
spell it.

Your Enquiry:
> and especially to all these as lean as possible, while still keeping our engineering 8 to 5
> works for now, while we collect capital & business networks before taking both feet in
> our own business.
> Online sites has been a great help in giving us some general ideas but I personally prefer
> to meet and discuss with others who has walked this path before and more knowledgeable
> in the area.

Our Answer:
You can definitely start with building it up part time, though do realise that outsized rewards generally require taking risks.

Your Enquiry:
> Is it possible to come to MaGIC, and have a discussion session on the above topics?
> Or please advise if there is planned program/events that are covering
> some of these topics.

Our Answer:
MaGIC has various events where we would have multiple entrepreneurs present, keep an eye
out for those. Do sign up for our newsletter. You can contact me for further follow-up,
alif@mymagic.my

Your Enquiry:
> FYI, I have developed and published a basic app as per link below, as learning and
> rapid development testing, there are a couple of features & business models that I
> have in mind but have yet been able to realise/program.
> https://play.google.com/store/apps/details?id=my.besut.apps.carloancalc

Our Answer:
Congrats! If this is where your target space is - you should speak with the folks at iMoney and
RinggitPlus as they operate in your space.

Best regards.
Answer
Answered
Your Enquiry:
> My friends and I, mostly around 27 years old, 3-6 years working experience in various industries and
> company often have our discussion sessions on starting our own business. Some of our friends have started
> theirs and the rest of us are inspired to follow their footsteps.
> We have a couple of very fundamental questions, for example;
> +how to do a market survey/test ideas validity

Our Answer:
Here are some ways:

http://practicetrumpstheory.com/on-identifying-riskiest-assumptions/
http://startupbros.com/3-steps-to-validate-your-business-idea-for-free/
http://www.startupdonut.co.uk/startup/start-up-business-ideas/testing-business-ideas
http://steveblank.com/tools-and-blogs-for-entrepreneurs/

And once you have something more concrete, you can proceed to test out the ideas by
looking to raise funding around the idea:

http://www.entrepreneur.com/article/228153

Your Enquiry:
> +how to create a sound business plan, for pitching to gov agencies/banks/investor

Best way for a sound business plan is to have a prototype or a simpler version of your
product being used in the market and that you can find some customers or sponsors. The
best business plans these days is to show that you have a simple version of your software
or product being used by actual users, preferably if they are paying for it.

Imagine if you are investor, two companies come to you for funding. The first team has
a powerpoint slide and an idea, while the second team starts the conversation by showing
you a working prototype and adds that there are already 500 users signed up and are using
it. Which team would you be more likely to fund?

Your Enquiry:
> +when should we start a company? Or LLP? First step or after product validation or...?

Our Answer:
A good time to start a company is when all the co-founders and team can work full time on
the idea, or at least 40 hours a week and has a working prototype.

Your Enquiry:
> +branding, trademarks & domain registration guide

Our Answer:
Here are some branding and trademark guides:
http://technori.com/2013/03/3360-a-comprehensive-guide-to-building-your-startups-brand/
http://onstartups.com/tabid/3339/bid/76648/Startup-Branding-A-Practical-Guide-for-Entrepreneurs.aspx
http://www.forbes.com/sites/meghancasserly/2013/03/28/trademarking-101-9-red-flags-before-naming-your-startup/

As for domain registration, it's generally ideal to have a .com domain name that is the
same as your company name. However, now that it's 2015, a lot of obvious names and common
dictionary based words are taken, this might not be possible, and you may have to compromise
and/or be creative. One rule of thumb is to use a name that you can hear over the phone and
spell it.

Your Enquiry:
> and especially to all these as lean as possible, while still keeping our engineering 8 to 5
> works for now, while we collect capital & business networks before taking both feet in
> our own business.
> Online sites has been a great help in giving us some general ideas but I personally prefer
> to meet and discuss with others who has walked this path before and more knowledgeable
> in the area.

Our Answer:
You can definitely start with building it up part time, though do realise that outsized rewards generally require taking risks.

Your Enquiry:
> Is it possible to come to MaGIC, and have a discussion session on the above topics?
> Or please advise if there is planned program/events that are covering
> some of these topics.

Our Answer:
MaGIC has various events where we would have multiple entrepreneurs present, keep an eye
out for those. Do sign up for our newsletter. You can contact me for further follow-up,
alif@mymagic.my

Your Enquiry:
> FYI, I have developed and published a basic app as per link below, as learning and
> rapid development testing, there are a couple of features & business models that I
> have in mind but have yet been able to realise/program.
> https://play.google.com/store/apps/details?id=my.besut.apps.carloancalc

Our Answer:
Congrats! If this is where your target space is - you should speak with the folks at iMoney and
RinggitPlus as they operate in your space.

Best regards.