Last saturday, I had the privilege to speak to a group of 200+ students from Singapore Management University about my views and experience in running a company. You might be thinking: " Wow, that must've been pretty fun and exciting." Though I do not deny that I really had a great time answering their bombardment of questions, it truly was a nerve wrecking experience for me.
Through answering their questions and giving them a brief summary of my company, I wanted to add value and give advice from my past 6 years of running a business. From all the questions that were asked on that day, here are 5 interesting questions that I would like to blog about:
#1 What is the unique selling point of your product?
Global Blaze Solutions combines both commerce and marketing analytics together. With us, our clients will be able to build relationships, understand their customers and run laser targeted marketing campaigns all at once. It is just like bringing the power of Facebook's data segmentation to businesses at a very low cost.
#2 What advice would you give to a young social media startup regarding finding employees?
For a young social media startup, finding staff and employees is never easy. Every single person in the team plays a key role in the success of a startup and having a small fault can lead to a downfall of the company. So there are a few factors that will be needed to be taken into consideration. Firstly, your potential employee will need to have a good attitude and proper working ethics. You will need to know that you can rely on him/her when the going gets tough. He/She will also need to fit into the culture of your company and share the same vision that you carry. If he/she cannot see the same vision that you have, chances are that your staff will be going the opposite direction from your company. Lastly, you will need to evaluate how he/she thinks. If your prospective employee cannot think or understand the way your team would operate, it would be difficult for them to work together.
#3 How would you bring in more qualitative data compared to quantitative data?
If you want to bring in more qualitative data for your company, you must tailor your content to the audience you want to attract. For example, if you want to attract people with a certain description or a certain habit, you must use content that will attract the audience with the targeted profile.
#4 As an entrepreneur, how do you cope with the difficulties at different stages of the company?
At the various stages of the company, there will be diffierent difficulties that you face. What I found most useful in helping me cope with these difficulties was in keeping a positive mindset and always seek to improve the weak areas of the company. Treating every problem as a lesson was one mindset that kept me going.
#5 You referred to GBS as your "baby". So how do you make business decisions without letting your emotions get in the way?
Firstly, i'm accountable to my board of directors. I also usually take advice from different trusted individuals whenever I have to make a big decision and I never make big business decisions alone. Making decisions without second opinion can be very dangerous.