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Business Advice

Got a great money-making idea?

It may be worthwhile bringing it to fruition
CATS Classified In The Straits Times - December 7, 2010
By: Sheila Lim
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Got a great money-making idea?

Meeting needs, scoring success
It’s every entrepreneur’s dream to be successful. But for two budding entrepreneurs, their success came very much sooner than expected. Barely six months after the enterprising duo, brothers Karl and Christopher Chong, set up their local online discount coupon website called Beeconomic, they had aroused the interest of Groupon, one of the world’s largest online discount coupon firms. A deal was eventually brokered, and Groupon bought over Beeconomic from the Chong brothers for a multimillion-dollar sum.

Some may attribute their success to a stroke of luck because it usually takes plenty of blood, sweat and tears before one can savour success of such magnitude. But these young men wouldn’t have enjoyed their “windfall” if they weren’t passionate enough to see their business idea through. Karl took the risks of leaving the security of a full-time job and dropping out of a Masters programme, while Christopher had to put his university studies on hold.

Fundamentally, they ascribed to what entrepreneurship is all about – identifying a need in the marketplace, and being bold, passionate, savvy and quick enough to seize that opportunity to meet that need and bring their business idea to fruition.

Because we are now living in the information technology age, we are seeing a slew of innovative ideas taking root with the likes of Google, Facebook, Twitter and other dot.com enterprises. But in the real world, there are loads of opportunities opening up too.

Besides IT-savvy consumers, there are other distinct market segments whose needs are waiting to be met: the growing cohort of baby boomers means there’s going to be high demand for health and wellness products and services, the global focus on stemming and solving environmental problems will open big doors for those with green ideas, and the increasing pace of urbanisation will spur the demand for products and services that could help minimise the strains and pains of life in a flurried, stressful and crowded environment.

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