Self Employment and Enterpreneurship

TIPS FOR BEGINNER ENTREPRENEURSHIP

It’s not an easy feat to start-up a new business, it takes a lot of hard work and determination. A start-up’s success or failure can be determined by experience and planning so it can be helpful to learn from those who have already achieved their goals. Having a mentor is the best option but it’s not always easy to find the right person. We have put together 7 tips that will help get you started along the way.

  1. Challenge Yourself-Starting up a new business is not easy. The future of it’s success is down to you so push yourself to try new experiences and acquire new skills that can be used to help you succeed.
  2. Take action Being a successful entrepreneur comes with taking action, to get started you must stop talking and start doing. Start by researching ideas, networking with likeminded individuals and exploring your options. The first step is always the hardest.
  3. Know your passion -Choose an interest that you can be passionate about, because if you can’t get excited about what you are doing, nobody else will. There’s no doubt that running a business takes a lot of time so you might as well choose something you enjoy, if you like to cooking why not open up your own restaurant. Steve Jobs once said that the only way to be satisfied in your life is to do work that you truly believe in. Avoid businesses or industries that you don’t already know a good deal about that may be an obstacle to your success.
  4. Create your own vision -To be successful entrepreneur you must have a clear vision of what you want to do and a desire to create it. Set the vision and remind yourself of it each day.
  5. Ask for advice and find mentor-One of the misconceptions some new starters may face is that they already believe they know everything or maybe afraid to ask for help. For some people this can be a difficult obstacle to overcome. Put pride aside and feel free to ask for other people’s expertise, you will be surprised what can happen when you ask. Find a mentor who can offer advice and guide you from the beginning because the fastest way to change yourself is to surround yourself with people who are already the way you want to be.
  6. Take the risk -To start-up a new business takes a lot of patience because you will never know the outcomes of your effort. It is inevitable that you will have set backs along the way but it is the persistence to keep moving forward that makes the difference between success and failure.
  7. Don’t ever give up -To be success in entrepreneurship is a continuous learning process, never give up on the challenges that you need to face.

Here is a useful link to a UK career site Prospects which gives tips and tricks for starting up your own business. Click Here

ENTREPRENEURSHIP SUPPORT

More and more students are now choosing to set up their own business after leaving university. Becoming an entrepreneur can by a highly rewarding experience and there are now more platforms than ever to help support your ambitions.

Below is information on some of the organisations that can help to get you started:

1. DARe (Darussalam Enterprise)

A statutory body with the aim to nurture and support local enterprises from start-up to Growth. DARe works closely with ministries, government and non-government agencies locally and abroad to help foster growth of business enterprises and thus increase GDP contribution. Through DARe a common, unified approach will be taken to direct, support and encourage growth of local enterprises under a single body represented and driven by the private sector.

DARE can help get your business started and offers programs based on your level of experience, which determines the level of assistance you need.

  • i. DARE, Industry Business Academy (IBA) Level 1
  • ii. Industry Business Academy (IBA) Level 2
  • iii. Industry Business Academy (IBA) Level 3

All enterprises under DARe will be channeled into a funnel which will initially start with “High Volume” type of activities and schemes. By the end of the funnel, DARe will have more specialised and focused schemes tailored to take local enterprises globally and thus will bring significant contribution to the GDP of Brunei.

For more information you can reach DARe at:

Website: www.dare.gov.bn

Phone: +673 8363442

E-Mail: dare@ei.gov.bn

2. Young Entrepreneurs Association Brunei (YEAB)

Young Entrepreneurs Association Brunei (YEAB) provides members with an opportunity to learn from each other's experience and take advantage of peer mentorship as they grow their businesses.

Their activities include community growth, networking, forums and discussions, collaboration, business development and youth empowerment.

Website: www.yeabrunei.com

Phone: +673 8228828

E-Mail: dare@ei.gov.bn

3. Entrepreneurship Village

Established in April 2014 by the Ministry of Education, Entrepreneurship Village (EV) is spearheaded by UBD to facilitate its workshops, trainings and forum on entrepreneurship, innovation and sustainability.

Students are offered the opportunity to enrol on an entrepreneurship program involving curricular development, courses and workshops designed to help explore skills and ideas.

EV focuses on developing individuals with the right entrepreneurial mindsets to allow them to become more self-reliant and self-sustainable, thereby creating a society of entrepreneurial thinkers.

You can contact EV at:

Email: adna.rahman@ubd.edu.bn

Phone: +673 7182829

4. iCentre

The iCentre was established to develop entrepreneurship, technology and innovation based startups through an incubator program. Over the years, the iCentre along with strategic industry partners have created a technological and innovation ecosystem that supports the development of startup companies geared towards nation building.

Please contact iCentre through the below details:

Email : icentre@icentre.biz / startup@icentre.biz

website : www.icentre.biz

Phone : +673 2382616

5. CRAFT

CRAFT's main objective is to produce the right environment to promote the development of multimedia in Brunei through the provision of shared infrastructure and effective programs, such as physical labs, workstations and rendering facilities. Multimedia developers can use the facilities, workshops and mentorship programmes provided to help connect with key industry players.

For more information or further enquiries about the CRAFT program, please contact the Brunei Economic Development Board at

Phone: +673 2230111

Email: craft@bedb.com.bn

Website: www.bedb.com.bn

6. SME Brunei

The Goal of SME Brunei is to assist aspiring entrepreneurs to start or run a successful business. To achieve this goal, their website contains the following information:

  • Writing a Business Plan
  • Starting a business and legal matters.
  • Business Management in the aspects of operations, financial and marketing.
  • Business Resources from websites, books, courses and seminars.
  • Relevant news in Business and Entrepreneurship.

Website: Click Here

7. Livewire

LiveWIRE Brunei aims to inspire and develop the enterprising spirit among young Bruneians. In order to achieve this, the programme provides the following services:

  • Bright Ideas workshop - A programme to raise awareness of enterprise as a possible career option and to help young people to develop their business ideas
  • Become a Successful Owner Manager (BSOM) - Provides young people with the skills to start up and manage a successful business
  • Business Awards - To recognise and reward outstanding entrepreneurs
  • Leadership Camp - Enable participants to develop business leadership skills
  • Business Network - An invaluable opportunity to network with people who can provide advice, expertise and knowledge to help young people develop their business
  • Business Plan Series - Facilitates the production of robust, viable business plans
  • Forum and Dialogues - Opportunities to benefit from the knowledge and expertise of successful and established entrepreneurs
  • SME Weekend Promotion - Provides invaluable promotional opportunities for young businesses.
  • Train the Trainer course - Increases the supply of people who can deliver high quality enterprise training
  • Brunei Entrepreneurship Education Scheme (BEES) - Provides enterprise training to secondary school students as part of the National Curriculum Development.

Website: Click Here

Phone: 2220964 / 2220962 / 2220951

Youth Development Resources (YDR)

In 2008, BEDB established the Youth Entrepreneurship Development Program (YEDP) under YDR. The program aims to encourage local youth to kick start and/or to grow their own small businesses. The program’s three main forms of assistance are motivational seminars, mentoring and training, and business micro grants for purchases of equipment and machinery for the intended business. To date, YDR’s micro-grant scheme has helped 116 micro businesses in a variety of industries, including food and beverages, tailoring, weaving, beauty salon, and fish mongering.

Please get in touch with BEBD for more informations:

Email: investment.promotion@bedb.com.bn

Phone: +673 2230111

Local Business Development Initiative

BEDB’s Enterprise 100 Transformation Programme assists promising enterprises in achieving continuous and sustainable growth and thereby contributes to the nation’s economic growth. This is in keeping with the objectives of His Majesty’s Government, as outlined in Wawasan Brunei Darussalam 2035, to increase nonoil and gas GDP and local employment. To promote rapid, transformative outcomes, participating companies will be able to use the assistance schemes administered by BEDB in the Transformation Programme such as Enterprise Technical Assistance Scheme (ETAS), facilitation services on government-related matters, investment fund facilitation, SME training programs, and networking platforms.

Please get in touch with BEBD for more informations:

Email: investment.promotion@bedb.com.bn

Phone: +673 2230111

SME FINANCING SUPPORT

1. BIBD SME 360

“BIBD SME 360 is a newly launched service by BIBD Bank. It aims to support small and medium business enterprises (SME’s) through a dedicated branch that specifically targets this business sector. Here SME’s will be offered services and products such as a dedicated relationship management team, banking solutions, financing, deposits and investments.

Interested and budding entrepreneurs are encouraged to call the BIBD Contact Centre at 2238181 to get more information and arrange an appointment.”

2. Baiduri Bank Berhad SME Support

“As you grow your business, enjoy your local advantage at Baiduri Bank. Being a local bank ourselves, we understand the needs in helping your business maintain a healthy cash flow for your business to reach its full potential.

In collaboration with Ministry of Primary Resources (MPR), we offer financing tools to local SMEs under the Enterprise Facilitation Scheme and the Micro-Credit Scheme. Put together our local knowledge and financial products, you will meet your various business needs.”

  • Micro-credit scheme– A healthy boost for your budding business and keeping a good cash flow is critical for businesses to succeed and grow. Our Micro-Credit Scheme is especially beneficial to business start-ups
  • Enterprise Facilitation Scheme – Make your business grow even higher. Plan the steps you need to take to achieve your next phase of business growth. Suitable for both start-ups and ongoing business, enjoy financing of up to BND5 million and a longer payment term of up to 10 years.

Aside from MerchantSuite, the Business Banking Unit under Retail Banking provides support and services to small and medium enterprises (SMEs), such as the Baiduri Internet Gateway System, as well as the Business i-Banking to assist businesses in paperless transactions and assist them in SME credit facilities where eligible.

For more information, Click Here

Startup Bootcamp Programme, Darussalam Enterprise (DaRE)

“DARE has launched the first “Startup Bootcamp” Programme at its iCentre to incubate startups as well as accelerate growth of new and existing businesses that wish to reinvent themselves.

For a 100-day over 15 weeks, around 50 participants will go through an intensive ideation as well as execution whereby investors, established entrepreneurs, and mentors will work with the startups and businesses to grow in both Brunei and ideally overseas.

There will be three runs of the bootcamp every year. Trainers and mentors come from within Brunei as well as from the region.

Targeted participants are both new entrepreneurs and experienced entrepreneurs so that they can learn from each other. Selected aspiring young entrepreneurs and students are included as well. Ideally, this will also solve unemployment issues in the country as these new and reinvented businesses will grow to absorb more employees in Brunei.

Promising graduates that are unemployed are encouraged to join the boot camp to learn about entrepreneurship as well.

The programme is targeting products and business ideas that are innovative and exportable.”

For more information, Click Here

The Future Fund

DST, BEDB, and the Authority for Info-communications Technology Industry (AITI) joined forces to create The Future Fund, which provides seed capital for IT startups to spur the sector’s growth. The fund also provides guidance to startups on taking their ideas to the market and guidance on boosting the entrepreneurship ecosystem in Brunei Darussalam.

Awardees are incubated and mentored at iCentre. The funds are intended primarily for businesses in gaming, mobile applications, national broadband infrastructure-related services, content aggregation, and content production.

For more information:

Email: investment.promotion@bedb.com.bn

Phone: +673 2230111

LiveWIRE Brunei

“LiveWIRE Brunei is a Brunei Shell Sponsored community programme created for the purpose of increasing the interest of the young especially those who are unemployed, through training, mentoring and encouraging them to venture into the world of business and become the future entrepreneurs of Brunei Darussalam.

It was officially launched in Brunei on 1 st May 2001 , in response to Brunei Darussalam Economic Council (BEDC) effort to support infrastructure for enterprise development as a long-term sustainable economic development. It is officially funded by Brunei Shell Petroleum Company Sdn Bhd; as part of its commitment towards the economic development of the country.”

For more information Click Here