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3 Considerations for Entrepreneurs-to-be - Advice from a Mastermind of Eyewear Brand

What does an entrepreneur need to consider before starting his/her business? Brian is an award-winning glasses designer who produce distinctive glasses with a wide variety of materials including granite slabs, ebony and walnut wood. In 2017 he founded his handcrafted eyewear brand “Unsuikyo”. To conclude his entrepreneurial experience, Brian found that a designer simply cares about problems on one dimension: design; an entrepreneur, in contrast, need to concern about various aspects comprehensively.   (The video is conducted in Cantonese) Brian suggests interested youngsters to plan well on the three factors below before starting their own business: 1. Capital There are quite a few expenditures involved in business operation, for instance, rent, salary, raw materials, machines, etc. Calculate your cost before you start your business and find a stable source of fund. In the case of Brian, he applied the “Youth Development Fund” and received a seed money for setting up his enterprise. 2. Sales Nowadays sales campaigns are not limited to stores but the online world as well. Sales channels and customer groups vary among different business sectors. Research the preferences of your target customers and choose a suitable mode of sales to boost the effectiveness. To provide you with further support, sharing among practitioners and professional consultation services will also be arranged by the funded organisations of the “Youth Development Fund”. 3. Mindset Being a boss may imply greater stress and concerns than being an employee. Prepare your mind, stay calm in challenging situations, and never give up easily! Starting your own business may not necessarily bring you success but lessons that will be useful for a lifetime.   Source:Youth Development Commission - Facebook page

Overview of the Distance Business Programme

Programme Overview Remote working or service has become a new trend against the backdrop of the epidemic. Under the “Anti-Epidemic Fund”, the Innovation and Technology Commission has launched the “Distance Business (D-Biz) Programme” to provide funding support for enterprises to adopt IT solutions for developing distance business. In view of the overwhelming response from enterprises, the Government will allocate $1 billion for the Programme, in addition to the original $500 million, to benefit more enterprises. The Programme will provide an IT Service Providers Reference List to offer relevant market information for enterprises' reference. The Reference List with the first batch of service providers is available on the D-biz Programme website, and will be updated regularly thereafter. The Programme is open to enterprises for funding applications until 31 October 2020. In view of the present situation, the Programme may need to cease accepting applications earlier, taking into account the progress of funding approval and the amount approved. Such an arrangement would be announced about two weeks beforehand. Enterprises wishing to apply for the Programme's funding are advised to submit applications online as soon as possible. Details are available on the Programme's website (u.hkpc.org/dbiz). Funding Scope Under the Programme, for each IT solution and the relevant training expenses for the employees, the funding ceiling is $100,000. Each enterprise may receive total funding of up to $300,000 to undertake a project to be completed within six months. The Programme covers IT categories relating to distance business.  Please click here for more details on the funding scope. Funding Application and Eligibility All private enterprises (excluding publicly listed companies, statutory bodies and non-government organisations funded by the Government) with a valid Business Registration Certificate, ongoing business commenced before 1 January 2020 and with substantive business operation in the industry related to the project in the application at the time of application are eligible. The Programme is open for funding applications, interested enterprises can submit applications online. Enrol on the “IT Service Providers Reference List” D-Biz Programme will provide an “IT Service Providers Reference List” to offer relevant market information for enterprises' reference. To enrol on the Reference List, a service provider should possess a valid Business Registration Certificate and relevant technical capability and experience. The Programme is open for IT service providers' applications, interested service providers can submit applications online.

Start From Zero

Startup Business is one of the hottest ongoing trends in the present day as most freshly graduated students want to get a hand on running their own businesses. The main reason behind this rising trend is that startup companies are fairly easy to open and operate. All that is needed for starting a new business is a business idea and some knowledge about the market. Once you have those, with the right guidance and knowledge, your business can prosper and flourish in the long run. Moreover, the Government and a lot of other organisations are constantly promoting the trend of startups. Some look to provide financial aids while others look for providing knowledge or work spaces. The main reason behind this is that the startup trend is very beneficial to the business environment of Hong Kong as it allows the market to retain its high competitiveness with a steady inflow of new innovations and innovators. Check these links out to figure out on how to get started: Setting up a company | Government Funding Scheme | Business in China | Law Issues | MPF Issues | Government Electronic Trading Services (GETS) | Information Technology | Intellectual Property | Product Testing | ISO Accreditation

Market Information

Which industry would be ideal for doing business in? Which industry reaps the most profits? Which industry has a brighter future? All these are common questions that entrepreneurs may have before starting a business. Knowledge about a market is extremely important and the only way to obtain it is by reading about it. Thus, market-reading and research are really important before you get down to actually running the business. Forms of Entrepreneurship In the current business world, there are mainly 5 different types of entrepreneurship *. They are Self-Employed Entrepreneurship, Professional Entrepreneurship, Contractual Entrepreneurship, Franchising and Takeover respectively. Each style of entrepreneurship is unique and has its own advantages and disadvantages depending on various external factors. One of the more popular methods used by entrepreneurs to get their startup businesses up and running is the “S.O.H.O. (Small Office Home Office)” * method. During the initial stages of a business, this method is a very handy one because entrepreneurs work from their own homes instead of looking for an official physical premise for the startup office. Thus, enabling entrepreneurs to save costs, work more effectively and also enjoy the additional benefit of having wide acceptance by clients. Market Research Whether it is about starting a restaurant or just simply developing a mobile application, entrepreneurs ought to know that market research revolving their target audience’s market is extremely important. Market research is one of the key factors that decide on how effectively a business would run. The research needs to not only include market information but also details about employment patterns and key report details from the existing players in the market. Government department like Census and Statistics Department and other platform such as HKTDC Research offer a lot of valuable market information. *Chinese version only

Startup Capital

Capital for Startup Startups are becoming more common in Hong Kong by the passing day. It is an interesting concept that many young graduates and adults like to pursue. One of the major problems young entrepreneurs face when starting their business from scratch is capital. Capital is essential to a business as it determines the scale of its workings. The Government and many other organisations are giving a myriad of subsidies and funding in the hopes of alleviating this problem. These funding schemes aim at reducing the burden on startups and securing its long-term future in the market. Other ways of raising capital for the company include lending money from friends & family, crowdfunding, taking a loan from banks or financial institutes etc. Sites such as iStartup@HK, StartmeupHK, CreateHK and Startup Website on GovHK can also be accessed to get more options and information about schemes being offered. Other frequently used capital sources Undoubtedly, other than the aforementioned assistance programmes, you may also borrow money from your *family and friends, *banks or financial institutions, many young people also made use of online fund-accumulation platforms. These all are possible methods to raise capital. * Chinese version only