Starting up business and assessing the risks

Starting up business and assessing the risks

BRUNEI - Moving away from the stability of a job with a salary is always a big risk, especially when there is a family to support.

Concerns about success, and how to sustain your expenses are some of the key issues one will consider before making the leap.

Mohd Denny Azriman Hj Madni, of Ambuyart Animation, says that apart from addressing these basic questions, there were a few other things he wished he had known before jumping ahead.

Ambuyart Animations is a local animation studio that specialises in creating 3D cartoons. In 2011, the Authority for Info-communications Technology Industry of Brunei Darussalam (AITI) awarded B$180,000 (S$180,000) to Ambuyart Animations Company in the form of a grant as part of their initiative to develop the animation sector of the ICT industry in Brunei.

Before that, Denny had a job in a bank, but because of his passion in cartoon drawings, he decided to take another job at the Brunei Press to replace the cartoonist there.

While he was in the bank the only experience he had was in the form of freelance cartoon jobs, but he joined the company full time in 2005. Between 2009 and 2010, Denny said that he realised his progression would be in cartoon animation and he quit his job in 2010.

"It was difficult. Things were stable, I had a monthly salary and on top of that I had extra income because of freelance projects," he said, adding that he knew going into his next venture, he would only be paid after project completion.

"I knew the risk, but the opportunity was there," he said.

He added there are a few things people need to know before going into a business, and they have to expect that there could be a possibility that for the first few months there will be no income.

Denny said that he had enough finances reserved just for a few months, but that he doesn't recommend it.

"It has to be enough for at least a year," he said. He added that having support from the people around you is also important.

The three things that Denny said budding entrepreneurs should have is to have passion, patience and persistence. "If we have passion for things but we are not patient, we will be reckless."

He added that one thing he was glad he did was to not listen to a friend who encouraged him to immediately quit his job, because at the time there was no business.

He said that the initial startup cost would differ company to company, and that larger businesses would obviously have a larger startup cost.

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