Future Letters for My Son

WRITING IN PROGRESS. DON'T READ NOW Choosing the right industry plays the most dominant external factor in your success as first time entrepreneur. External factor is mostly out of your control. Internal factor is something that is within your reasonable control. I had seen several smart and diligent people, but they are not successful financially because the market size of their industry is too small or their market is too Commoditized.  Commoditized refer to an industry with too many small players competing on prices only. Almost no value added can be done in this industry.  There are five criteria of the right industry. Two of the criteria must be met and you should work hard to find the other three criteria, but not waiting to start until you found one. 1. Not capital intensive Capital is the first challenge of many new entrepreneurs. You will not be able to open a capital intensive company as your first own company, such as new bank, factory, plantation, airlines, etc. Yo...

WRITING IN PROGRESS. DON'T READ NOW It is important to set your career path as early as possible. You do not want to waste time doing many useless stuff.  There are few recommendations on career path after your undergraduate. Career Path A (Conservative) Career Path B (Standard) Career Path C (Aggressive) These are my recommended career path after your undergraduate: 1. Work at few companies Allocate maximum three years working for other companies. Start with choosing the right industry because you will open your own company of the same industry as well. Apply for jobs and see which industry you are landed. There is a letter I wrote about how to choose the right industry. Most important to note is salary is the least importance here. The main objectives are: - Learning curve. You will learn a lot during your employment. - Make a lot of trial and error. The companies are bearing all these mistakes on your behalf. - Build network. Get to know all the stakeholders of the company i.e. ...

There are two options you can do after high school. All options have pros and cons. I will discuss them here. 1. Get an undergraduate degree 2. Do not get an undergraduate degree. What are the available options? Why should you get an undergraduate degree? 1. Social life Doing business cannot be separated from meeting up with people, i.e., customers, employers, employees, colleagues, suppliers, etc. Therefore, it is essential to learn how to interact with people at all levels. Meet up with new people to learn about how people behave, their traits, and how to respond. Learn who you can trust, not trust, and beware. Never trust bad intention people because they will forever never change. Improve social skills to get what you want from them or just being a likable person. Never afraid to say no. Learn how to convince people. In our daily life, we always need to persuade and motivate people to act on something. Enjoy social life. One of the keys to happiness is to have a good social life....