Boss, You're Fired!™

On 19th December 2005, we interviewed Steven Yee, owner of Centegy Solutions http://www.centegy.com.my/, to share with us his journey of being a business owner.

Get a preview of his story below or click on the podcast button to down load the entire interview (20 minutes).

Introduction Of Steven Yee – Owner of Centegy Solutions

Steven Yee is the Director and owner of his own consulting firm, Centegy Solutions , that specializes in corporate governance and risk management. His consultancy services include helping public listed companies undertake risk management initiative for the board of directors and the internal audit team.

Centegy Solutions is in its second year of operation by Dec 2005. Steven worked as a Senior Manager, Audit Department, with a one of the world leading auditing and consulting firm in Malaysia (one of the big four) for 12 years before venturing out on his own.

He has a lovely wife with two fabulous daughters, one aged 3 years and another less than 6 months old.

Question: Why did you venture out on your own, leaving a promising and high paying job?

I hit a cross road at the age of 30 and started to wonder what I should do next – continue to work as an employee or to work for myself? After working for 12 years, the job doesn’t give me the drive anymore. I did some soul searching and found that challenges is what motivates me. I have more to gain and less to lose by venturing out on my own. Nothing beats the experience of being your own boss. I would rather try it early than wait till I am 45 years old, do it while my heart can still take it!

Question: How did you raise money to start your business and manage the financial risk?

My line of business does not require a lot of capital. My initial capital was solely to buy “gadgets” such as laptop, printer and to pay for rental of the office.

Initial seed capital was RM20,000. I allocated about RM10,000 for office equipments and RM10,000 for working capital as I have anticipated zero revenue for the first few months.

I raised the money from my own savings. The first three months in business was very crucial for me. Fortunately, I managed to secure a few projects to subsidise some of the expenses of my initial set up.

Question: Where did you get your clients – from previous contacts or new clients?

Mainly from my previous network that I had built up in the past 12 years. Networking is very important for my line of work.

Question: How did your family take this?

Family is a very important component for my business venture. I have to make sure that at least one person have a stable income. My wife basically takes care some of the household expenses while working for another company.

Question: Did you come up with a business plan and forecast?

Yes. Business plan is very important for a business venture. I did a simple and easy to understand business plan for short and middle term, taking into consideration some of the expenses and returns. I even went to the extent of evaluating the opportunity lost as an employee as well. I calculated what I will lose out as an employee (such as salary, EPF and SOCSO) and compared it against what I will potentially gain once I ventured out on my own.

Question: During the 2 years of being your own boss, have you faced any challenges and do you have doubts about your decision?

Yes, there are a lot of ups and downs, especially the uncertainty of getting enough projects to sustain the business. This is why having a business plan is crucial to prepare yourself for the worst case scenario. Fortunately for me, things are on track now.

Question: How long did it take you to plan for your new venture while you were still working as an employee?

In total, not more than 6 months. The thinking process started when I was no longer motivated to work. I spent most of my time planning and think what’s the next course of action. I started networking and prospecting. I have to evaluate my financial standing, and of course, discuss with friends and family.

Question: How many hours did you spend a week to plan for your business during the initial 6 months?

Took a lot of time. At least 6-8 hours a day – planning, thinking and networking.

Question: Have you ever thought about what if things don’t work out your way?

Yes, this is what I specialize on, risk management. You have to plan for an exit route and backdoor plan. You need to have a worst case scenario and revisit the plan to ensure it is on track.

My exit plan for me is to go back to employment. I believe I am able to get a job if I chose to go back into employment. Fortunately enough for me, so far so good.

Question: What do you think is the success factors for being your own boss?

I still consider my company young and dynamic thus, hard work and perseverance are the two most important success factors. Next is getting yourself a good set of business plan – lay down the objectives and detail tasks you need to perform in a specifed period. Networking play an important role too.

Question: What would be your advice to others who want to start their own business?

I always believe my own motto: Do what you are best at. You need to evaluate what kind of skill set and competency you have. Do a SWOT analysis on yourself.

Get good support from family and start networking. Do a business plan. Work extra hours and have perseverance.

To hear more about our interviews, down load the podcast now http://www.ourmedia.org/node/122719

# posted by Frogigolo @ 11:36 PM