Miranda Yan

Co-Founder of VinPit

Miranda is the Co-Founder of VinPit, a data company that helps users run checks on vehicles for their past history.

Where did the idea for VinPit come from?

Used cars are a lucrative business because people could really use help in getting a great car without worrying about the things like previous damage and registration details. It was that untapped area which can really serve a large community of car buyers.

What does your typical day look like and how do you make it productive?

My typical day starts with getting organized in mind so as to know what are the agendas for the day and then connect with my team to actualize them one by one.

How do you bring ideas to life?

I would first conduct market research and competitor analysis, to identify if one business idea is actionable or not. Once this is assured, I would start making concrete arrangements that are detailed to every single step and assign them to the right people who will be responsible for hitting the target within a timeline. This way I push forward with steady progress.

What’s one trend that excites you?

Big data definitely excites me. The utilization of big data helps companies make more customized recommendations and targeted products/services. I think that will benefit both businesses and consumers.

What is one habit of yours that makes you more productive as an entrepreneur?

Eat the frog. Always deal with the biggest work headache of the day, which can deliver peace of mind, lessen anxiety, and help me make more room for big decisions.

What advice would you give your younger self?

Professionalism is something others can never take away from you. Focus on upskilling yourself in all aspects when you can. They can be a valuable asset to your future career path, opening unexpected new doors.

Tell us something that’s true that almost nobody agrees with you on.

In the future, there would be no need for currency. As the world is going digital, we will have a digital account for every single value we’ve delivered, and every kindness we’ve shown. That account helps us purchase things we need.

As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?

Regular self-review. This helps me identify what has worked and what hasn’t in developing my business, and what can be improved upon. One should not only look ahead but sometimes it’s also necessary to look back to see if you have missed anything important.

What is one strategy that has helped you grow your business?

PR marketing has helped me grow businesses a lot. It has helped my business gain media exposure and has helped us maintain a certain level of visibility. Once you foster a brand presence through media exposure, the rest becomes much easier.

What is one failure you had as an entrepreneur, and how did you overcome it?

Found the wrong partner who was unprofessional in management yet wanted to control all. My way of dealing with it was setting clear boundaries with him, clearly defining each other’s authority scope for the benefits of the company.

What is one business idea that you’re willing to give away to our readers?

Building a consultancy company should be a great idea. Setting up a platform and bridging the gap between professionals and customers in need while taking a certain percentage of the transaction fees.

What is the best $100 you recently spent? What and why?

I spent 100 dollars recently on the purchase of electronic signature services. I find handling paperwork takes extra time, cost, paper, and room for printers and scanners. If this whole process can be transitioned online, there can be greater work efficiency.

What is one piece of software or a web service that helps you be productive?

I used ProofHub to stay productive because it can help me conduct project management and organize work in an orderly way.

What is the one book that you recommend our community should read and why?

I love the book Alchemist by Paulo Coelho; This book features a boy called Santiago with a strong faith in what he’s looking for – treasure – and is willing to make dedicated efforts to find it. Strong believers are intimidating.

What is your favorite quote?

My favorite quote is “It is the possibility of having a dream come true that makes life interesting…”

Key Learnings:

  •  Know as much as possible in the field you are working on, and develop a comprehensive skillset.
  •  Foster the sharp eyes for the right partners to work with and for the right talents to hire.
  •  Trust the power of data, brainstorming, creativity and team work.