Wednesday, February 28, 2024

You wanna know how ads work?

It works by making your brand easy to remember and having less barriers to buying because it creates positive feelings and associations with your brand. This increases the chance of people choosing your brand. Here Les Binet, the guru of advertising effectiveness, explains it: How advertising REALLY works

Here’s a screen shot of how advertising really works.

Are your ads working?

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Tuesday, February 27, 2024

What is growth?

As an entrepreneur, you need to define what is growth to you early. If you believe in the traditional definition of growth, you will have to scale like most traditional businesses. Growth can be more than just increasing number of employees, increase revenue, increasing profit and increasing everything else. You don’t want to end up chasing things you start to question later. Define what is growth to you early. That’s your personal vision that will keep you centered.

How will you grow?

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Monday, February 26, 2024

Who did you meet today?

Spending time with your own thoughts is one of those things that you should do. The frequency of it, I'll leave it totally to you. But perhaps once a year is the minimum and once a month is probably too much in my opinion. So somewhere between once a month and a year.

It’s one of the scariest things to do because you will have to confront the clutter that you have gathered from since forever. You will have to come head on with your lies. You will have to get into collision with your doubts. And even face the brutal truth that you aren’t chasing the right things or even haven’t done things right.

Scary as it maybe, it’s the one uncomfortable appointment you should set for yourself.

Did you have a deep discussion?

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Friday, February 23, 2024

How do you keep sane?

One of the significant challenges entrepreneurs face is the paralysis brought on by uncertainty and the weight of their decisions. When you lose your confidence, you lose precious time that could be spent thinking and executing.

Maintaining a sense of optimism and guarding your confidence is a crucial overarching strategy. One way is to write down every challenge, big and small, that you have overcome. Like keeping a journal. When your confidence starts to waver, read all the challenges you have overcome. Or like me, watch Dicky Fox on YouTube. Obviously, it shouldn't be the sole strategy in your arsenal, but it’s important to have a system you can rely on.

When you're engulfed in feelings of defeat or self-pity, operating at your peak is impossible. I've experienced this firsthand. Ensuring that your spirits remain uplifted and your mindset is constructive goes beyond mere positivity—it has a tangible, positive effect on your venture.

How do you guard your confidence?

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Thursday, February 22, 2024

How many fans do you have?

If you are a nano brand or a micro brand - personal or managing one. Here is something to think about. I have always been a fan of Kevin Kelly’s but recently heard about 100 True Fans from my friend Ling Yah (follow her podcast here: So This Is My Why).

Essentially, "100 True Fans," an influential essay by Li Jin, co-founder of Variant Fund, builds upon Kevin Kelly's seminal "1,000 True Fans" theory, adapting it for the digital creator economy. Kelly's original concept posited that artists could sustain themselves with 1,000 fans willing to spend a significant amount each year. Jin's iteration posits that, in today's digital landscape, creators can achieve sustainability with even fewer—just 100 highly dedicated fans—thanks to platforms that facilitate deeper, direct relationships and various monetization strategies.

Jin emphasizes the power of the internet in lowering the barriers for content creation, distribution, and monetization, allowing creators to offer more personalized, exclusive experiences or products. This model not only reduces the need for a large audience but also enhances the quality of creator-fan interactions, making it feasible for creators to earn a living with a smaller base of committed supporters. By leveraging tools like subscription services, personalized merchandise, and one-on-one engagements, creators can cultivate a more intimate community, where fans are willing to pay more for exclusive access or content.

"100 True Fans" suggests a shift towards niche markets and personalized content, highlighting a sustainable path for independent creators in the digital age by focusing on depth rather than breadth in their audience relationships. This can work for your brand.

How true are they?

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Wednesday, February 21, 2024

Which do you let die?

The concept of triage, deriving from the French word "trier" meaning to sort, was developed in the early 19th century by Dominique Jean Larrey, a surgeon in Napoleon's army. Initially conceived to manage battlefield casualties during the Napoleonic Wars, triage was a revolutionary method designed to prioritize wounded soldiers for treatment based on the severity of their injuries rather than their rank or nationality. This approach aimed to maximize survival rates by efficiently allocating medical resources and personnel to those in urgent need, those who could wait, and those beyond help.

Over the years, the principles of triage have been adapted for civilian use, extending into emergency services, hospitals, disaster response, and public health crises. It has become a crucial practice in emergency and disaster medicine, focusing on the optimal use of limited resources to save as many lives as possible.

Triage systems and models vary across different settings, but the core objective remains the same: prioritizing care to address the most critical needs first, ensuring that treatment is given to those who benefit most in situations where the demand for medical care exceeds the available resources.

Your total to-do list in your personal and professional life needs to be triage.

Which do you save?

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Tuesday, February 20, 2024

What are your KPIs?

In the world of business strategy and performance management, KPIs (Key Performance Indicators) and OKRs (Objectives and Key Results) are two pivotal tools that help organizations measure success. Though often mentioned in the same breath, they serve distinct purposes and offer unique insights into organizational performance and progress.

KPIs: Key Performance Indicators are quantifiable measures used to evaluate the success of an organization, employee, or specific process in meeting objectives for performance. Essentially, KPIs are metrics that tell you how well you are doing against your operational goals. They are ongoing, with a focus on critical success factors for the business. For example, a company might track KPIs like monthly sales growth, customer retention rates, or production costs.

OKRs: Objectives and Key Results, on the other hand, are a goal-setting framework that helps companies define goals (objectives) and then track the outcome (key results). OKRs are typically set at the company, team, and individual levels and are used to measure progress towards ambitious goals. They encourage setting challenging, ambitious goals with measurable results, fostering engagement and alignment across the organization. An example of an OKR might be to "Increase brand awareness by 25% (Objective) through social media engagement and advertising campaigns (Key Results)."

While KPIs are more about measuring performance against ongoing operations, OKRs are about setting and achieving specific goals. Both are crucial for strategic planning and operational efficiency but are utilized differently within the organization to drive performance and achieve success.

There is no which is better. They are different. Each with a function of its own. KPIs are more suited for measuring and managing performance. OKRs are more suited for measuring and managing progress.

What are your OKRs?

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