Celeste Elle, Author at MoneyDigest.sg

Essential entrepreneurship takeaways from Zoom’s founder & CEO

Say “Zoom”, and the average person would instantly get what you mean.

In recent times, the pandemic has brought about various changes in the way we work and communicate. Job interviews are shifting from in-person encounters to video calls, and connecting with friends and family members based overseas are also done through the webcam.

“Let’s hop on a Zoom call soon” or “I’ll drop you the Zoom link in a while” have become phrases we hear all the time. But do you know the creator behind the trending software used by millions now? Eric Yuan’s the name to note. He is also Time’s 2020 Businessperson of the Year, and we give him credit for that.

Here are some essential entrepreneurship takeaways from the 51-year-old Chinese-American billionaire businessman himself.

#1: Just do it

We will start by reinforcing Nike’s catchphrase. Do you know that Zoom was founded in 2011 when Eric Yuan was 41 years old? If he had allowed his age to deter him from creating Zoom 10 years ago, we wouldn’t be having the ease of communicating across time zones in this COVID-19 era.

#2: Remember the helping hands

Zoom came to life thanks not to just Eric Yuan but also his supportive friends and family who trusted him. They backed him up financially, and because of that, he was able to garner a total of $3 million in capital. Together with funding from venture capitalists, Zoom was able to progress to where they are right now.

#3: Keep at it

Image Credits: immigration-ways.com

For quitters, the startup life may not be for you. Yuan shared that he got rejected eight times and accepted only on the ninth in his visa application to get to the US. This was after he had heard Bill Gates’ 1995 keynote speech regarding the future of the internet and wanted to get there to be part of the first wave of the internet revolution.

#4: Provide better solutions to problems

A startup usually exists because the founder wants to create a solution to pressing issues. But it has to be not just a mediocre solution but one that can set yourself apart from what’s already out there in the market. “Lead with the focus on the customer,” Yuan noted. While it’s good to know your competitors, don’t get overly obsessed with the research.

#5: Aim for user satisfaction

Those who’ve eyed the local startup scene or are well aware of new international ventures will know that sometimes startups waste time marketing the product when it’s not ready. On the other hand, Eric Yuan believed that happy customers would bring in money for the company eventually. Let your wonderful product speak for itself, and then leverage that word-of-mouth strategy to grow your business.

#6: Pay attention to employees & company culture

Image Credits: unsplash.com

As we come to a close, know that certain startups are bound to see a high turnover rate. While you may not be able to satisfy your workers with a market-rate salary or a speedy promotion raise, at least pay attention to them and your company culture.

“As a CEO, you need to think about your employees. Zoom’s culture is: Deliver happiness. If we are happy, the customer is happy. It’s a simple formula, and we lead by example,” Yuan remarked.

For more entrepreneurship insights, catch the entire webinar with Zoom’s CEO here.

How to help your baby pick up a language during their early years

Most Singaporean households use two languages to communicate with their kids – English and a preferred mother tongue.

But there are some families who stick to one preferred language and use it as the central lingo to make contact.

While there is no right or wrong method, some parents are looking to help their babies pick up a second language during their early years. Maybe you have not been exposed to Mandarin as a kid and hoping that your child will keep up the pace while he or she is young.

Great idea! If you believe that babies can learn within the first year of their lives and it’s crucial for them to get proper exposure for language learning in their early childhood days, stay on this page for tips.

#1: Magnify your expressions

Well-trained preschool teachers are usually very “big” with their gestures. To the average adult, their body language may look a little crazy. But it’s such craziness that your baby needs to attract their attention.

#2: Be responsive

In fact, not just for babies alone, most young children are encouraged by responsiveness. Pay close attention to your baby’s feedback and reply in your preferred language accordingly. Remember our previous point? Be sure to exaggerate your response to capture their concentration.

#3: Repeating is key

a grandmother reading a storybook to her grandchild

Image Credits: considerable.com

Even adults frequently repeat specific phrases in order to remember it. If you’ve had the experience of learning a third language, you would be well aware of how repetition plays a huge part in retaining new sounds, words, and phrases. This process is similar for your little one!

#4: Use children songs with visual aid

Children songs and nursery rhymes are usually filled with actions to stimulate a child’s interest. If you prefer not to expose your child to the television for prolonged periods, then do it yourself! But too much of something isn’t productive and may even wear out your baby. So, watch the clock.

#5: Keep interests in mind

No one person would like to continue an interaction if it doesn’t interest them. Hence, it pays to use your baby’s curiosity, for example, in a particular object, to engage in a “dialogue” with them.

#6: Q&A works fine

Image Credits: identifythesigns.org

Q&A is a system adults use to confirm understanding. Your baby may not be able to speak right now, but they can respond to your questions in their unique way. To make sure they understand the language you’re using over time, ask simple questions and watch their reply.

#7: Include storytimes

One of the things I admire about European families is the presence of storytimes before bed. It’s not just a wonderful way to teach a language but also a fantastic time to bond with your baby. Don’t forget to slow down your reading speed and make sure you’re articulating those words clearly.

#8: Avoid over rectification

As we come to a close, perfectionist parents should keep in mind not to go overboard with correction. Even if your child is unable to pronounce certain words accurately, that’s okay. They are still in the process of speech development, and you can aid them by giving them the confidence to speak freely.

Time and patience will go a long way. Take heart!

Experts and observers share their views on bicycle registrations and cyclist licences in Singapore

Last week, Senior Minister of State for Transport Chee Hong Tat announced that the Active Mobility Advisory Panel would reassess rules on safety for cyclists and motorists.

The advisory panel will also be looking into the feasibility of the registration of bicycles or licensing of cyclists. This also means that cyclists may be required to take a theory test in the future.

However, observers noted that such measures could disrupt Singapore’s cycling vision. Experts also say that it would be wiser to pump more resources into educating the public on safety aspects instead.

Singapore’s history with bicycle registrations

Do you know that our little red dot required bicycle registrations from the colonial era until 1982? Over 30 odd years, there have been many requests on the licensing of two-wheelers and their riders.

In fact, in 2013, ex-Nee Soon GRC Member of Parliament Lee Bee Wah recommended that cyclists go through safety lessons before licence issuance. Following various letters to the news forum in a bid for registration to discourage reckless riders, the suggestion was revisited in 2016.

At that time, the Land Transport Authority (LTA) raised several practical difficulties implementing the scheme. They explained that it would be overly resource-intensive and could result in fewer cyclists since owning a bicycle would be too burdensome.

Experts and observers share their take on the issue

Image Credits: The Straits Times

Dr Cecilia Rojas, who focuses on active mobility research, shared that the registration of bicycles would help reduce bike theft and abandoned or illegal parking.

However, the Singapore University of Social Sciences (SUSS) lecturer added that the authorities should clarify who needs to be registered. The licensing process should also be seamless and adopted over time so people can adapt to the new rules.

“Bicycles are bought, sold, exchanged very regularly. Also, in cases of road bicycles, sometimes just the frame or the handle or the wheels are changed, making the bicycle lighter or faster. Would these types of changes be required to be informed (to the authorities), or a new licence be required?” Dr Rojas questioned.

Tham Chen Munn, a business development director for traffic solutions firm PTV Asia-Pacific, also raised an excellent point. He asked if the registration of these devices would aid the authorities in catching hasty riders.

To that, the co-founder of cycling group Love Cycling SG, Francis Chu, noted that despite e-scooter registrations, those were ultimately banned from walkways.

“On the roads, vehicles move faster and the distance between them is further apart compared to those on the pavement. If on the footpath it didn’t help address the errant riders, it will be more difficult to capture the number plate on the road,” remarked Mr Chu.

Various suggestions to be considered

Mr Chu mentioned that setting a mandatory online test on road-cycling safety could be considered. Similarly, drivers could also go through a similar test on the proper response to road cyclists. He added that the LTA could examine protected bike lanes and junctions if there’s enough space to work with.

On the flip side, Mr Tham requests speed limits to be reduced in specific areas. He’s referring to places with a high traffic flow of people walking and cycling.

“We’re not talking about expressways, we’re not talking about major arterials, leave those as they are. There are opportunities to (introduce a speed limit of) 30kmh in places that can be safe for people to come out and play and be more active,” he commented.

So, with all that said, what’s your take on the issue? Would you be keen to register for a compulsory theory test to be “certified” safe to cycle? Or would you give up cycling altogether since registration and licensing is too much of a hassle?

FairPrice: Save up to 44% with discounted items from now till 21 April 2021

Can you believe it’s already mid-April? Time is indeed passing too fast. But that also means it’s time to look at new deals again.

Folks doing their grocery shopping by this weekend may want to check out these neighbourhood super deals at selected FairPrice stores:

As for our weekly promotions, we will be looking at some discounts on Ben & Jerry’s ice cream tubs, limited edition banana caramel / peach flavoured Kit Kat, and more. Let’s get started!

#1: Ben & Jerry’s Non-Dairy Ice Cream – Netflix & Chill’d

Now: 3 for S$29.50

Usual Price: S$13.90

Savings: S$12.20

Friends who suffer from lactose intolerance can find it hard to enjoy even a small serving of ice cream. But what if we tell you there’s now a non-dairy ice cream alternative? Ben & Jerry’s Netflix & Chill’d now comes with a non-dairy option just for you. There’s also the Chocolate Fudge Brownie non-dairy flavour, so start scooping!

#2: Crusty’s Fish Skin Crisps – Hot & Spicy Chicken

Now: S$5.45

Usual Price: S$7.50

Savings: S$2.05

Is there anyone out there who’s a fan of Crusty’s crisps? It’s time to stock up on your favourite flavours from now till 21 April:

Soy Skin Crisps – salted egg & wasabi seaweed
Salted Egg Fish Skin – original, mala, truffle & tom yum

Can’t decide what types to buy? You may be interested in reading this recent Crusty’s snack review by a local lifestyle blogger.

#3: Nestlé Milo Sandwich Cookie Biscuit

Now: 2 for S$6.95

Usual Price: S$5.50

Savings: S$4.05

With more of us heading back to the office slowly but steadily this month, maybe some of you might agree that it’s screwing your work-from-home (WFH) routine. While you can sleep in a little later and have a hearty breakfast on WFH days, it’s probably hard to do so now. But still, don’t skip that first meal of the day! Slip in these Milo biscuits and have them before you start work.

#4: Nestlé Kit Kat Banana Caramel / Peach (Limited Edition)

Now: S$5.90

Usual Price: S$6.90

Savings: S$1

We can’t travel to the land of the rising sun just yet, but FairPrice is here to bring Japan to you. The Nestlé Kit Kat Banana Caramel / Peach flavours are apparently limited-edition products. Let Tokyo Banana Cake take a break and have a Kit Kat either in banana caramel or peach. We reckon it might sell out real quick, so head down to the stores to bag them home as soon as you can.

#5: Eversoft Skinz Blossom White Brightening Blackhead Exfoliator

Now: 2 for S$14.90

Usual Price: S$14.90

Savings: S$14.90

Before we come to a close, here’s a 1-for-1 item you must get if you’ve been trying different blackhead-removing products but can’t seem to find the right one. Why not give Eversoft’s Brightening Blackhead Exfoliator a try? It doesn’t just remove blackheads. It also helps to exfoliate your skin to remove impurities and unclog pores. Get smoother and fairer skin tone with prolonged usage!

Not all the abovementioned products are available at fairprice.com.sg. Head down to the stores to get your items by 21 April.

Must-buy items from now till 21 April 2021

FairPrice’s weekly saver deals till 21 April 2021

Local brand Naiise owes some vendors up to S$10,000, closes its last Singapore physical store today (11 April)

If you’ve been a Singapore resident for some time now or all your life, chances are that you must have heard of Naiise.

Naiise is a homegrown creative marketplace for creatives and makers to connect with their customers through the platform’s online and offline initiatives. But things aren’t looking good for the brand, apparently.

News has it that the brand has owed its vendors thousands of dollars. According to its founder, Dennis Tay, the company is struggling with the payouts because of the pandemic situation. However, it seems like the vendors’ payment defaults happened way before COVID-19 started.

Anyhow, Naiise will close their last local physical store at Jewel Changi Airport today (11 April) after attributing it as a significant investment at the wrong time. The decision follows after the closure of its Paya Lebar Quarter mall’s outlet in July 2020.

Naiise vendors’ side of the story

Ex-owner of Canvas Avenue, a brand specialising in handmade wooden accessories and printed clothes, created a Facebook group named “Naiise Vendors” in June 2020 after she was due to be paid S$5,000.

Image Credits: Facebook

Ms Wendy Wang said: “I thought it was a bad sign, and I put up the post to get the news out there in case we may not get our money back.” The 35-year-old was referring to the resignation of Ms Amanda Eng, chief marketing and buying officer of Naiise, during the same period.

While Ms Wang has received her due payment in full, other Naiise vendors aren’t having a pleasant time dealing with the company.

Another vendor named Ms Suzianna Mohd Sofiee noted that Naiise had been late on payments since she joined them as a merchant in December 2019. The 36-year-old added that she was denied S$1,800 in sales made from January to March 2020. Based on her contract, she was supposed to receive the amounts from April 2020 but did not.

Until she threatened to file a case with the Small Claims Tribunals in October 2020, Naiise responded. But the agreement to repay her in S$250 monthly instalments were not met, and she only got one payout in December last year. The company later requested to make S$30 recurring repayments this year instead but has yet to fulfil it.

Some merchants have given up

The co-owner of Freshly Pressed Socks said he had dismissed the debt of about S$4,000 considering the time and costs needed to chase for payments.

“Naiise used to be about supporting local designers and — yes, on principle, it is about establishing Singapore’s brand — but at the back of it, brands are all suffering because of them,” Mr Vincent Teo of Freshly Pressed Socks remarked.

Similarly, the founder of Bespoke Parfums Artisanaux shared that she had already wasted S$700 sending two official letters in 2018 and 2020 to settle a total of S$10,000 in outstanding payment.

Ms Faizah Lokman added that it would cost her up to S$4,000 if she were to file a lawsuit to enforce the demands. This is not forgetting that it may take up to six months for the entire procedure to happen.

“They can close anytime, and our company’s civil proceeding fees would go down the drain,” she noted.

Image Credits: TODAYonline

Are you one of the affected vendors, or know someone seeking claims? Maybe the Small Claims Tribunals via the State Courts of Singapore’s website can help. Click through the link for more information, and we hope you will receive a favourable outcome soon.