Why some people can be successful in business...

Chinese have often been told, 'Choong choong chik chik choong sui hark sik' which is Cantonese and can be translated to mean, 'Be honest and straight, but if unlucky, may need to beg'. Now, with this kind of advice, would there be anyone who would still be honest?

I have been trying to achieve this, hopefully not the begging part! In all my plans for business, I would tend to think in terms of others' value for money and shortsell myself. So it tended to be along hobby types of business which would fail to take off, simply because it cannot be sustained. Take for example, some tuition centres charging Rm10 for registration while others have no qualm to charge Rm50. To me, it seems part and parcel of the business and should not be charged at all! No, I am not into this, but this is just an example.

I know of friends who would feel shy to charge the market rate for their expertise, or some who cannot get themselves to collect from debtors and often have to write off rather than having to 'beg' for their rightful dues. Just imagine some thick skin people taking advantage of such people.

Then, there are those who would complain about others' charges simply because it is hurting their pockets, regardless of whether they are reasonable or not. Even for items that go with noodles, some have been complaining and even boycotting if the seller refuses to reduce their prices. Often, I would tell them to think whether they can do it themselves, at a lower price and whether it is worth the trouble to do so. If not, then it is worth it.

Anyway, how much should we charge for our services? Here is a good example:

It is the knowhow!

A giant ship engine failed. The ship's owners tried one expert after another, but none of them could figure but how to fix the engine. Then they brought in an old man who had been fixing ships since he was young. He carried a large bag of tools with him, and when he arrived, he immediately went to work. He inspected the engine very carefully, top to bottom.

Two of the ship's owners were there, watching this man, hoping he would know what to do. After looking things over, the old man reached into his bag and pulled out a small hammer. He gently tapped something. Instantly, the engine lurched into life. He carefully put his hammer away. The engine was fixed!

A week later, the owners received a bill from the old man for ten thousand dollars.

"What?!" the owners exclaimed. "He hardly did anything!"

So they wrote the old man a note saying, "Please send us an itemized bill."

The man sent a bill that read:
Tapping with a hammer...... ......... ........ $ 00002.00
Knowing where to tap........... .......... ...... $ 9,998.00

It was not only the knowhow but know where!

This is nothing compared to loan sharks charging at least 10% per month, gaining at the expense of the desperados.