Lecture Notes: Interview with Jin - Founder of Blooming+ Malaysia

Introduction

• Speaker: Jin, R&D Chemist and Founder of Blooming+ Malaysia.
• Company Focus: Health and beauty oral products.
• Annual Revenue: Approximately three million.
• Age: 27 years old, started Blooming+ at 23.

Background and Business Start

• Initial Business Challenges:
  • Previous e-commerce team collapse led to debt.
  • Learned financial management the hard way.
• Initial Funding:
  • Saved through frugal living and assistance from family (red envelope money) and boyfriend.
• Factory Opening:
  • Motivated by a desire to ensure quality control and fulfill a long-standing dream.

Industry Insights and Practices

• Market Practices:
  • Some manufacturers may secretly add materials to improve product efficacy, which raises ethical concerns.
  • Importance of verifying product legitimacy through licenses and certifications (e.g., NOT, MAL).
• Product Safety:
  • Risks of mercury in whitening products and its health hazards.
  • Importance of compliance to avoid prohibited substances.

Business Philosophy and Strategy

• OEM and Profitability:
  • OEM (Original Equipment Manufacturer) can be highly profitable.
  • Importance of product cost management and long-term brand building.
• Launching a Brand:
  • Importance of understanding market and customer needs before product design.
  • Personal experience of failing to adjust products based on customer feedback.

Key Lessons and Advice

• Data and Business Management:
  • Importance of maintaining and analyzing data for business insights.
  • Learning to calculate business expenses beyond initial perceptions.
• Entrepreneurial Challenges:
  • Addressing information and cognitive gaps for young entrepreneurs.
  • Managing finances and avoiding premature business expansion.

Personal Reflections

• Judgment and Decision Making:
  • Insights from a financial literacy class emphasizing personal judgment.
  • The importance of developing judgment skills through experience.
• Personal Strengths:
  • Intuition based on data analysis and logical reasoning.
• Advice to Past Self:
  • Emphasizing calculation over emotional decision-making in business.

Final Advice to Young Entrepreneurs

• Path to Success:
  • Gain experience and funding before venturing into business.
  • Work for others to learn and gather resources before starting out.
• Coping with External Influences:
  • Focus less on others and more on personal growth and self-paced progress.
  • Avoid self-imposed limitations and remain open to learning and adaptation.