Famous in the World, This Sewingman Has Only One Success Trick

Pioneering a small family-owned business to transform into an international business would require tremendous effort. However, the world's most famous seamstress, Roshan Melwani claims to have only one trick that makes his small business become very successful.

"Give what consumers want," he said as quoted from Business Insider, Monday (30/4/2018).

Melwani and his father, Manu, are the second and third generation of Sam's Tailor, a supplier of sewing and formal sewing orders in Hong Kong. Sam's Tailor has built a reputation for more than 60 years and became the most renowned tailor in the world.

They are able to receive clothing orders from renowned celebrities and world leaders. Customers ranging from George W. Bush and Bill Clinton. Not to forget, David Bowie Russell Crowe and Bruno Mars.

Even the trip to Hong Kong is incomplete without stopping at Melwani's outlet.

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7 Bad Decisions That Can Ruin Your Business

Most bad decisions won't ruin your business, but these seven can be deadly.

Jose Vasquez - Over the course of your time as an entrepreneur, you're going to make some bad decisions. It's inevitable. Fortunately, most of those bad decisions are fleeting, with short-term consequences but no real lasting damage to the integrity of your business. However, there are some major decisions that can potentially spell the end of your enterprise--even if you attempt recovery after the fact.

In your business, make sure you steer clear of these seven terrible decisions:

1. Ignoring Cash Flow. Cash flow is your business's pulse--without positive cash flow, your business literally cannot operate, so keep a close eye on it, especially in the first few months and years of your business's development.

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Start-ups look the business as graduates seek to make own way

Guest speaker at the 2015 Student Summit Patrick Hamilton Walsh (left) with Greg O’Donoghue, vice president for welfare at the Union of Students in Ireland. Mr Hamilton Walsh spent several years travelling the world while documenting his trip with a mobile phone. That adventure eventually led him to Sweden where he has been helping develop the image-sharing platform PicHit

Mark Hilliard - It’s wise to say it quietly but one positive outcome of the recession is a growing shift in mindset amongst the country’s nascent generation of professionals. No longer do college graduates automatically hone their CVs, trawl the classifieds and brush up on interview techniques. In the emerging 21st century economy, entrepreneurship is the new prosperity.

For many, the idea of traditional jobs has become insipid.

Neophyte business minds are instead dreaming of innovation, progressing industry, inspiring change and, paradoxically, becoming the ones who provide employment.

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Take The First Step To Start A Business But Don't Quit Your Day Job

Puneet Mehta - The hardest part about becoming an entrepreneur is deciding you’re going to do it—cutting ties with your current comfortable lifestyle and taking the first step. I have friends from business school who, in my eyes, are as smart or smarter, more disciplined and with more potential than some people I know actually running successful companies, but they lack the guidance or confidence in making that first move. They say they want to venture out on their own, but then five years will pass and they’re still working for the same giant companies.

I always knew I wanted to started something on my own, but just like those peers of mine with so much potential, I had no idea how. I held lots of conversations with business owners, but not much seemed to help. I was scared of taking that first big step—quitting my job with my comfortable salary and lifestyle. Luckily, I found a way to start the company I dreamed of without having to take that risk.

About three years after I’d completed my MBA, I was working for a really good mid-size company. I kept quite busy and was happy; my hard work was really paying off for them. I was making more than any MBA three years out would expect to make, and I was spending upward of three hours a day strategizing with the CEO. I was making the company a lot of money it clearly wouldn’t have had without me. I could tell I was appreciated.

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9 Tips to Make Your Ecommerce Business Wildly Successful

SAM EDWARDS - In 2015 and for years to come, the ecommerce economy is expected to continue its upward trajectory and rapid growth. As an entrepreneur, this opportunity for success and sustainability is exciting, promising and intriguing. Whether you’ve already been involved with the launch of an ecommerce business in the past or are looking to get involved with your first venture, now is the time to get your foot in the door. Indeed, from 2010 to 2013, total U.S. retail ecommerce sales increased from $167.3 billion to $263.3 billion. Last year, that number jumped up to $304.1 billion, and trends suggest 2015 will top off somewhere around $347.3 billion. For perspective, total estimated retail sales in the U.S. came in around $3.19 trillion for 2014. That means ecommerce sales made up approximately 9.5 percent of total U.S. sales -- and that share is expected to grow.

However, those numbers pale in comparison to the predictions financial analysts and industry experts are suggesting for the next three years. In 2016, 2017 and 2018, sources say the total projected U.S. retail ecommerce sales will come in around $392.5, $440.4, and $491.5 billion, respectively. If those numbers hold true, that will be more than a 41 percent growth from this year to the end of 2018.

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How to start your own business as a woman: One Kings Lane founders' 11 top tips

Ali Pincus and Susan Feldman of e-commerce site One Kings Lane talk with Jenna Bush Hager about their success.

Jenna Bush Hager - I believe it was Beyoncé who said, "Who runs the world? Girls!"

Well she may not have said it first, but she definitely said it best! Though with statistics consistently reminding us that men still get paid more than women, it's not always so easy to believe Queen Bey.

So I was thrilled when I recently read new, promising headlines about women in the workplace. According to the U.S. Census Bureau, women are starting businesses at one-and-a-half times the national average. They're starting nearly 1,300 businesses a day — almost double the average from one year ago.

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Budget 2015: Ten reasons to run a small business that Joe Hockey hasn't thought of

Alan Stokes - I am just as proud as Joe Hockey to have grown up in a small business household.

"As the child of a father who came to Australia in 1948 as a refugee from Palestine and built himself into a successful businessman, I know that being successful in Australia is not the product of belonging to rich and prosperous families, but rather is the result of hard work and diligence," Joe told the Institute of Economic Affairs in London in 2012 in his now infamous "Age of Entitlement " speech.

"You don't have to answer to anyone - no boss, no smiling HR assassin, no bus driver or train ticket Nazi. No, just yourself - and the taxman." 

Joe's dad owned a deli in Chatswood then a real estate agency in Naremburn.

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4 Ways to Inspire Others in Business, and Beyond

CARM LYMAN - As an entrepreneur, your ability to inspire people -- be they your employees, customers or others with whom you interact -- is critical to your business's success. And at the end of the day, all that inspiration makes everyone feel good. Just ask the driving force behind the Inspiration Campaign, Robert Bengtson.

Bengtson, whose campaign erects billboards with inspiring messages, says he sees inspiration as an opening of doors, a means of seeking inspired action. There are lots of different actions an individual can be inspired to do, and ultimately, those actions equate to a better attitude toward life, which itself impacts your work as well as how you interact with others.

So, if you are looking to inspire others, these four tips from Bengtson are a great place to start.

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3 Psychology Books to Change Your Mindset (and Your Business)

JASON FORREST - “A mind needs books as a sword needs a whetstone, if it is to keep its edge," says author George R.R. Martin of Game of Thrones fame.

I read to keep my edge. I get especially excited about books rooted in psychology -- about the way we think -- because they apply to anything. While the following three books aren't technically business books, they've inspired me and influenced my business -- just as they will do for you.

1. Mindset: The New Psychology of Success
“World-renowned Stanford University psychologist Carol Dweck, in decades of research on achievement and success, has discovered a truly groundbreaking idea -- the power of our mindset. Dweck explains why it’s not just our abilities and talent that bring us success but whether we approach them with a fixed or growth mindset.” -- Amazon.com

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6 Habits To Make Your Small Business More Productive

John Paulsen - Not enough time in the day? Too much to do? That’s the lament of all entrepreneurs and small business owners!

There are lots of ways to save time, and plenty of tools to help you work faster. Recently I talked about super handy smartphone apps that make work easier and improve time management, and I also rhapsodized about this year’s new gadgets that can help you work smarter. And of course you know how a business-savvy storage solution can simplify your workflow!

But some of the best things you can do to be more productive are simply about habit and intentions.

You may have tried using an organizer system, or reading a self-help book on getting organized. Those are great things — keep plugging away. But perhaps these few tips about how to attack your workload can serve to quickly remind you how simple it can be to take control of your work and improve your productivity.

Think of these as the basics. Look at this list each day (it’s short) until one day you find you’ve incorporated all these practices into your daily work habits.

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Administrative Professionals' Day 2015 Quotes: 11 Fun Ways To Tell Your Assistant ‘Thanks’

Wednesday is Administrative Professionals’ Day. Make sure to let your assistant know he or she is appreciated.

Philip Ross - Successful businesspeople are only as good as the teams they have around them. That is why Administrative Professionals’ Day is all about giving thanks where it is deserved – to the people working behind the scenes to make sure their offices are run like well-oiled machines.

Administrative Professionals’ Day originated in 1952 and is often marked by gift-giving – flowers, cards and gift certificates are all acceptable. The following are 11 quotes for you to share with your assistant to show your appreciation.

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9 Ways to Avoid Rookie Mistakes When Starting Your Own Business

NICOLE LAPIN - Lots of people are dissatisfied with their careers and believe they'd be better off braving it on their own. After all, the "new normal" we all live in is not so pretty: job uncertainty, financial uncertainty, pay cuts, furloughs. With the jobs picture so bleak, many people tell me they'd rather get paid in happiness. And that might mean jumping ship to start your own thing.

But there is one thing to know before you take that proverbial leap: You are probably going to fail.

That's why, in the beginning, it's better to have low expectations -- so you can exceed them. Just because you're a small business owner doesn't mean you know how to be a boss. A great chef doesn't necessarily know how to run a restaurant. An internet whiz doesn't necessarily know the ins and outs of marketing. That's why it's important to know what you don't know, then find creative ways to learn it and/or work with others who have that knowledge base you're missing.

The dirty little secret is that no one has it totally figured out. But every day it gets better. We all fake it to some extent . . . until we make it. However, there are some steps you can take to ensure you don't make too many rookie mistakes (because you will make some, believe me) and do get on your way to creating a successful business.

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To Succeed With Your Small Business Avoid These 5 Mistakes

CHUCK PISTOR - At one time or another, virtually everyone thinks about starting a business. The allure of being your own boss can be strong, but it’s important to remember that launching a new business is risky: According to a recent SBA report, [PDF link] about 50% of all small businesses will fail within just five years.

Managing a startup can be a minefield, especially when the pull of entrepreneurship clouds your decision-making – and when you go it alone with no business experience. But if you do decide to start your own business, it’s a great idea to learn from other’s mistakes and set yourself up for success. Here are five mistakes to avoid:

1. Inaccurately gauging demand for your product or service.
Remember – just because you like jalapeño-flavored pickled okra, that doesn’t mean everyone likes it. Too many small businesses fail because the owner overestimates demand. Before launching your venture, find out how strong the demand is for your product or service. Is it a product or service that most people need or want? Does it fit with current trends? For instance, a DVD rental store is probably not a good investment now due to the popularity of streaming services. Before settling on a business venture, ask yourself if the benefits to the customer are compelling and easy to understand. Test demand for your product or service by vetting it with a wide range of friends and family who will be brutally honest with you.

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Giving kids active role in your business

Gladys Edmunds - I am a soap maker and run my business from my home. I spend long hours with my business. I am either making product or marketing and selling online or preparing for weekend nomadic markets. I am married and we have three young kids. I make good money from my business and I get a sense of joy from my work. But, I also feel like I'm not spending enough time with my family and from time to time my kids let me know it. I am beginning to feel guilty. How do I balance my business and my family life and give each equal time? — L.W.

Due to the busy work schedules that we are faced with today balancing business and family life does not mean equal time to each. Balancing today means learning how to pull these separate things together. There are many benefits to bringing your family closer to your business and allowing them to take an active role or at least feel like they have an active role.

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Saving Business Face Online

Rachael King - When Barry Schwartz logged on to Twitter on Jan. 27, he had 20 messages waiting for him, all with unwelcome news: Someone was impersonating his company on the social network. Schwartz runs RustyBrick, a 15-employee, $2 million Web development company in Suffern, N.Y., and uses his company's name as his Twitter handle. The impostor had set up a profile using a slight variation of his company's name and started following Schwartz's 4,000-plus contacts, which included clients. Those folks who in turn followed the impostor saw a Web link with a message reminiscent of spam: "Hey guys, you have to get this new Twitter Success Guide. It's priceless." Schwartz, who doesn't use Twitter for sales promotion, was chagrined. "The last thing I want is to have people thinking that I'm following them and [that] I'm selling a Twitter Success Guide," he says.

With the growing popularity of blogs, social networks, and customer review sites, the job of managing a company's online reputation is becoming ever more complex. And it's not only strangers who pose a threat. With the viral nature of social media, it's now possible for an unhappy customer or a disgruntled former employee to reach thousands of people with the click of a mouse. Clint Page, CEO of Dotster, a 100-employee, $50 million Internet service provider in Vancouver, Wash., says his company regularly patrols the Web looking for negative comments. "A comment left unchallenged becomes perception, and perception becomes reality," he says.

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Tips: 5 Things You Must Do Well When Buying a Business to Not Get Burned

Gregory R. Caruso - Are you not sure what Business to buy? Need to know what is a fair deal?

Martin Smith thought he was buying an established business with good credit and collectable accounts receivable. The day after settlement the surprises began.

Inventory could not be used because expiration dates had past. Money shown as receivable had already been collected. Vendors that were only willing to ship COD. Over $100,000 of real problems that should have been detected during the business purchase process popped up and almost shut Martin down.

Can you afford to be surprised? Of course not.

You have the power to not end up like Martin.

Owning your own business is part of the American Dream. Buying a business has many advantages over starting one from scratch if you know how. Be prepared and get all the benefits of buying an existing business.

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Are You Ready to Sell Your Business

Gregory R. Caruso - Make Sure You Understand Your Motivation for Selling

Are you thinking about selling your business?

This simple one-question quiz will help you to better understand your motivations behind this thought. A better understanding of your underlying motivations will help you make the right decision.

Select the answer closest to your actual reason for thinking about selling your business.

A. "I'm selling my business because of the money I will make on the sale".
B. "I'm just tired and it's not fun anymore."
C. "I have too many irons in the fire and can't keep up".
D. "I'm ready to retire from owning my business".

A. "I'm selling my business because of the money I will make on the sale".

This is rarely a good answer if it is the primary answer. Most small businesses sell for 1 to 3 times yearly cash flow after adding back all owner salary, benefits, fringes, interest and amortization/ depreciation.

Larger mid-sized businesses generally sell for to 3 to 7 times cash flow after deducting for the cost of executive management. While this sum can be significant, it is usually only a few times what you will make this year.

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Cash Flow Business Insights - Effectively Marketing Your Cashflow Business

Mike D Wood - As you begin to establish a cashflow investing business you will want to have some basic materials to assist you. What materials you use will vary depending on the approach you prefer to marketing. One thing you should keep in mind with this business is that it is a people business. You will do better as an investor if you are willing to talk to people and develop a talent for talking to people. Once you are willing to accept that this is a people business you can then setup and organize your approach.

You may need to start compiling a list of contacts or leads to work with. Business cards are a vital part of any business and especially so with this one. You will want to have them on your person all the time so you can work your business wherever you find yourself. If you wish to grow as a business you need to let those you meet know what you do and how that may help them.

Make sure you get some business cards as you start your business. Newsletters are also an important resource when working the cashflow business. You can use these newsletters for both professional referral sources and note holders. The importance of newsletters cannot be emphasized enough. This is what brings you your referral and residual business. This is the most exciting part of any business. Once you get the residual returns coming you can virtually sit back and watch it happen!

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Four Steps to Accelerate International Business Growth

Ena Garay - U.S. exports continue to grow, but many American companies lack the international business know-how to capitalize on this potential source of increased sales and profits. Proliferating trade agreements and a weakened U.S. dollar have resulted in one of the most favorable export markets in decades. Foreign importers of U.S. goods report an increasing demand for U.S. products--from popcorn to pet food. The U.S. has enjoyed 11 straight quarters of increasing exports--yet with 95 percent of the world's population residing outside of U.S. borders and an increasingly promising international sales outlook, experts are questioning why only 5 percent of U.S. companies are currently exporting. But how do we initiate and sustain growth in unfamiliar markets?

1. DEFINE STRATEGIC NEEDS

Tapping into new markets provides the opportunity for increased revenue and profits. However, this initiative needs to be consistent with the company's overall strategy. Inconsistent, sporadic, or unfocused deployment of resources directed toward international growth can result in an underperforming initiative that soaks up limited resources with little return. Barriers to entry (duties, regulatory, and trademark restrictions) need to be identified and addressed. A SWOT analysis detailing the company's strengths, weaknesses, opportunities, and threats will identify and help maximize the company's strengths, minimize its weaknesses, and give focus to the international opportunity.

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Tips on Business Data Back Up and Security Service

Greg Mckeon - If you run a large business you have many different influences that affect data storage and data loss. Business data back up can be a challenge since you have to worry about employees and other personnel who use the network on a daily basis, not to mention hackers and other security threats that can compromise your business.

For business data back up and security to be successful you must create awareness in your organization of its importance. The awareness training must be ongoing to reduce the possibilities of data loss through human error and other influences. Here are a few tips on how to come up with a business data back up and security plan that will help you to protect your data and prevent data loss.

Assess Network Vulnerabilities

Meet with your IT professionals and go through the aspects of your data which may be vulnerable to attacks or other events that cause data loss. Come up with an infrastructure that provides security for your entire network, computers, and mobile devices. Remember that effective business data back up strategies begin with a secure network system.

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