Siong Yoong's Top 10 Business Tips from 2023 (Part 2)

1. When people buy invisible services, they look for trust. Likeability and credibility precede profitability.

2. Nothing keeps a loyal team together more than a feeling of belonging and unity. The answer is always fried chicken.

3. Your brand is who your customers say you are. Find your brand voice in a jungle full of lookalike competitive trees.

4. Knowing about a topic is not the same as mastering it. Going from knowing about to knowing takes years of practice.

5. The trees help you see the forest. Perfect your unit economics and the profits will follow.

6. Everything that can go wrong in a startup will. Every investor first looks at the team. They look for people who will stick around if things go south.

7. Interest rate is the key indicator Warren Buffet looks at before investing. A rising interest rate reduces asset values and vice versa.

8. Businesses are built on practicality, not passion. Next time someone starts selling radios because they are passionate about it, show them the FM radio app on your phone.??

9. Difference between a smart and an average entrepreneur. In solving problems, the average entrepreneur asks what (information) you know. The smart entrepreneur taps who you know.

10. There is only a calling if you have both competence and customer. Find the customer, then build your competence to serve that market.