Retrenchment / VSS compensation packages in Malaysia: A Comparison (part 2)

More data...

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Malaysia Airports (airport, 2002, Source: news article)
Employees accepting the VSS offer will be paid between 0.75 and 1.75 times their last drawn salary multiplied by their years of service.

Intel Malaysia (2006, source: Intel sources)
VSS: Offered 1.5 months salary for each year of service and three months pay for leaving on short notice

Hualon (2008, receivership, news article)Note : This is a unique case. Co was bankrupt, put under receivership and then sold to a new owner. Local law does not provide for retrenchment benefits if company is bankrupt. However, Hualon employees campaigned and got something at the end : "Hualon Corporation textile workers received compensation ranging from RM1,000 to RM17,000 based on years of service"

A good article below for more details on case
http://www.socialistworld.net/doc/3254


Hong Leong Bank, MIMB (post-takeover of EON Bank), Nov-2011

VSS payment formula is based on a VSS multiple that ranges from 1.4 (for executives) to 1.6 (for non-executives) multiplied by the length of service (capped at a maximum of 22 years) multiplied by the basic salary or 50% of total monthly salary until retirement, whichever is lower.

In addition, the Bank is also offering medical relief of up to RM1,000 reimbursable for a period of 6-months from the date of separation, continuation of housing and motor vehicle loans at staff preferential rates for a period of 12 months from the date of separation. 

Retrenchment / VSS compensation packages in Malaysia: A Comparison

Usually companies do not make public the severance packages (retrenchment, voluntary separation scheme) paid to the affected employees. You will find that you are most likely to get such data only if the company has an in-house union and/or belongs to an industry with a strong union (e.g. banks)

It is always good to arm yourself with some form of market data (who paid how much to whom) especially if you want to negotiate with your employer for a better severance package. Note however, that no circumstances are exactly the same -- Compensation package typically depends on the type of organization e.g. MNC/GLC/local, industry, job position, circumstances under which you've been made redundant, company's financial position, company's moral and CSR standing etc.

Hence, the compensation data below (or which you've gathered) should only be used for general comparison purposes only. That said, as you can see below, most companies pay above statutory rates (i.e. min. required as per Malaysian Employment Act) which is ---

For service up to 2 years: 10 days wages per year of service
Service between 2-5 years: 15 days wages per year of service
Service of more than 5 years: 20 days per year of service

I also hope that more retrenched employees would share the compensation data that their ex-employer have paid out in the past. This will help the other soon-to-retrenched workers

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Maybank (bank, VSS in 2001, source: news article)
paid 1.35 to 1.85 months per year of service or 65% of one's last drawn salary X no of months to retirement (whichever lower, subject to a maximum of 36 months)
also gave RM 1,000 cash as medical assistance and continuation of certain staff benefits for 2 years

Intel Penang (electronics, 2001, source: news article)
Report indicated that those who opt for the scheme will receive 4 months' base salary as well as a 1.5-month salary for each year of service.

Malaysia Airline (airline, 2006, source: press release)
Payment based on current monthly salary ranging from 1-3 months for every year of service. Apart from that, MAS will give a one-off medical benefit, buy back all unutilised leave, give a free air ticket to be used by the end of the year and give laid-off staff hospitalisation coverage for a year

Timedotcom (telecommunications, 2006, source: news article)
Package of between 1.8 -2 months' salary for each completed year of service with the company

EON (car distributor, VSS in 2006, source: news article)
paid 1.5 times their last drawn salary per year of service subject to a maximum of 24 years, or last drawn salary X remaining months to retirement subject to a maximum of 36 months, which ever is lower. Medical assistance of RM 1,000 per employee. Outplacement training and workshops, and employment placement assistance

NST/MalayMail (newspaper publisher, 2006, source: thestar quoting sources)
voluntary separation scheme (VSS) of between 1.1- 1.75 months' salary per year of service based of the last-drawn basic salary.

Spansion Penang (electronics, VSS in 2009, source: news article)
Employees who have served < than 2 years offered 10 days’ pay and a month’s salary in lieu of notice, those who have clocked 5 years or more were offered 20 days’ pay and two months’ salary in lieu of notice. The offer for employees in between the two categories was 15 days’ pay and 1.5 months’ salary.

More cases (especially for involuntary separation or dismissals)
One good website to check is www.mp.gov.my which is the official website for the Industrial Court of Malaysia for past cases. Or simply google using keywords such as "malaysia industrial court case RM" and one can get a list of past court cases and the judgement passed by the court (e.g. how much was awarded).

I will update compensation database as I get more data

More than a year

It's been more than a year since i stopped blogging...now everyone's twitterring
Is blogging a dying trend?

Jogjakarta - itinerary and highlights

A few friends and I went to Jogja (also spelled as YogYakarta) last week. Took AirAsia flight - reached Jogja around 9 am. Fortunately, the hotel - Sri Wedari - provided airport tranfer and allowed us to check-in early

Hotel was good - service was great, food was good, price reasonable (around RM 120 per room/night) but the location was not strategic. it's located at Jalan Solo, which is about 20min drive to town centre (Malioboro/Kraton ect). Taking a taxi to town would cost about Rp 25K to 3

1st day - explored Jogja town. Jogja town itself is surprisngly clean and green. After checking in and resting for short while, we headed to town and visited kraton, Sultan Palace - was bit dissapointed as there wasn't much to see and place looked run down. There are lots of "tour guides" hanging around the entrances offering "free" services but one ix expected to tip them at the end of tour. Plus they will offer other tour packages to Borobudur etc from agents

Then went for lunch at a restaurant (near kraton), apparently owned by the sultan's brother. Plate of fried rice would cost aorund Rp 25,000 while an avacado juice aorund Rp 18,000. Need to pay 17% govt tax. I'd think all should try the avacado juice - it's really delicious

We wanted to head to Tamansari but was told that there's nothing much to see (pool is dried up) as the place has been partially destroyed in the last earthquake in 2006. We headed to Molioboro Road to the Tourist Info Centre on a horse-cart - it's amazing to see that the horses are so well-trained, they are not scared by vehicles (esp motorcyclists) zooming so close by.
Short ride costed us about Rp 15,000.

Person manning the Tourist Info Centre said we can go to the Bird Market (lots of the locals seem to like to rear birds). As for local food, we were told that we should try bakpia (indonesian pastries with durian/bean fillings similar to our tau sah piah) and gudeg with rice (jack fruit boiled with coconut milk, sugar etc). As we made our way to the bakpia shop, it began to pour.
We were kinda stuck at the shop for 1.5 hours before deciding to take the beca to Malioboro Road to book our car/van/tour packages for the next 2 days.

Initially the plan was to cover Solo/Sukuh/Prambanan the next day followed by Borobudur/Dieng Plateau the following day. But one tour operator told us there's not much to see in Solo (it's like kraton, plus places of interests have been partially destroyed in arthquake). Plus one may feel it's not worth the long trip to Sukuh just to see a small temple at hilltop. Also, it's better to cover Dieng on full-day trip (given that it typically rains in the afternoon)

After booking our 7-seater car to Dieng (Rp 450,000) and Borobudur/Prambanan (Rp 400,000), we went for dinner at a local cofeeshop. Dinner (white rice with fried fish or chicken plus vege) was cheap at Rp 15,000 . Then it's off to shopping along Molioboro till shops closed (around 9pm)

2nd day (Dieng) - MPV picked us up at around 7 am. It's a long journey up hill and we finally reached one of the places of interest (kawah or volcanic crater) after 3.5 hours drive. The last half hour ride was pleasant due to the cool air and scenic view (farm terraces). We've never seen a volcanic crater in our lives - it's an eye-opener. The crater we saw is at least 25m long in diamater. And one can smell the stinging suplur fumes from afar.

Then another 10-min short drive before we stopped to visit one of the Candis (temples). And last stop was one of the air warna telaga (coloured lake) - view was maginificent. the lake that we saw was crystal green in color. Apparelty there are 3 coloured lakes in Dieng but we managed to only cover one. There are many kawahs as well. Apparently, foreginers need to pay Rp 40,000 each as the package entrance fees to visit the kawahs/candis/telagas. Our driver did not tell us about the package and we ended up buying individual entrance tickets which cost more.
Also, our driver only brought us to 1 kawah, 1 candi and 1 telaga - perhaps due to shortage of time. One whould visit at least 2 of each!

By the time we reached Jogja town, it was almost 5 pm. Driver dropped us at Molioboro - we headed for dinner (no lunch) and then shopped till 9 pm

3rd day (Borobudur/Prambanan) -- Van picked us up at 5 am for Borobudur/temple tour. We reached Borobudur at around 6 am and the ticket counter just opened. it's better to visit Borobudur on a weekday as it is less crowded. The place is apparently packed with local tourists during weekends. Foreigners have to pay more for the ticket (USD 15 or Rp equivalent), which also entitles one to tea/coffee/bottle of mineral water.

Majestic view, spiritually enriching esp for us Buddhist. It's advisable to hire a tour guide (fixed price Rp 60,000) to learn more about the place. Also asvisable NOT to visit temple during the weekend (as it'll be filled with lots of local tourists)

After Borobudur, we were taken to smaller temples before finally reaching Prambanan. Entrancve cost USD 13 Prambanan is a Hindu heritage site, similar to Angkor Wat. But the reliefs are carved deeper, hence looks more interesting and left deeper impression

Shopping: Good buys include batik sarong (can get good quality ones for RP 40,000-50,000), batik housecoats (for less than Rp 15,000 or RM 5), cushion pillow covers ( 1 pair for Rp 20,000), costumer jewellery (necklaces cost about Rp 10,000). Trick is to bargain down, can go down to as low as 1/3rd of shopkeepers' opening price.

Unlike most other places, the shopkeepers and street vendors are nice and polite. They wouldn't scold you in return if you bargain too low.

Honestly, JogJakartans in general are friendly and polite.

In Search of a Billionaire with high ethical values and integrity

I have just finished reading a book on HongKong/SEA's billionaires and how they made and lost/kept (mostly kept) their fortune... It is titled "Asian Godfathers" by Joe Studwell

Interesting read...but I also find it sickening to the core to learn that Asian tycoons are mostly (if not all) amoral, who largely made/kept their wealth at the expense of the public. Their blatant disregard for fair-play and ethical behaviour is disturbing and makes one want to jump up and shake their inner conscience (if they still have on)

And there is not fairness in this world given that most continue to flourish, despite their conduct

Is it not possible for an entrepreneur (especially in Asia) to become super rich if he/she doesn't cheat/lie but conduct his/her business with highest moral values?

Perhaps. I remember reading a book called Winners Never Cheat years ago...the author Mr Huntsman is a self-made billionaire who built his business empire the old-fashioned way i.e. with integrity.

If only there are more entrepreneurs like him....

Remembering Hock

When i first heard from a friend about Hock's death, I was shocked beyond words. And when I found out how he died, it was extremely disturbing and sad. Dont understand why another person would want to harm Hock, whom to me, came across as an extremely nice, gentle person

I dont know Hock well, having met him only a few times but heard so much about him from my ex-bosses, colleagues and friends for many many years. From their stories and having met Hock briefly several times, i would say that he definitely left a very deep impression on me.

I was also fortunate to have attended a talk by him two years ago - hearing about all the pranks that he used to play on others, I was really surprised when he spoke seriously about his subject matter (Malaysian economy and the equity market). I had earlier presumed that his speech would be puntuated with jokes etc. He was a real professional who took his craft seriously.

And his summarised CV really "wowed" me. Yes, I have heard about how super intelligent he was but didn't know he has so many paper qualifications as well.

But more importantly, I would always remember him as a kind, humble and down-to-earth person who enriched the lives of his friends.

Hock, may you rest in peace

Happy 2010

Haven't updated my blog for almost half a year
Was busy with work, exam, holidays and now, preparing for Chinese New Year

Happy 2010 everyone - may everyone have a blessed year ahead

Holidaying in Kerala India

It is July and some people are already planning for the December holiday. Well, at least I am. We have not really decided on where to go but one consideration is to go back to Kerala in South India. I was holidaying there way back in 2005 – spent about 10 days there and thoroughly enjoyed the trip. I think Kerala was named as one of the top 50 destinations in the world by National Geographic and truly lived to the accolade.

Most Asians / Malaysians who visit India would typically cover the New Delhi/Agra/Jaipur route. Not many seems to know about Kerala - It is a pity because the place has so much to offer. When we were there way back in 2005, we could hardly see any Asians there. We saw a few Japanese backpackers but there were definitely no Malaysians. The local shopkeepers were all so curious to find out our nationality when we told them we’re not from Japan/Korea :-) My memories of the place:
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Getting to Kerala
There was no direct flight to Cochin then – Cochin’s the gateway to Kerala. And the cheapest flight we could find was via Sri Lankan Airlines, with 2 stops i.e. KUL-SG-Colombo-Cochin. We have never been to Sri Lanka but it was good that we at least managed to visit the airport. J The airline’s actually quite good – good service and delicious in-flight food.
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Cochin town – We arrive at this small lovely, seaside town in the evening. Being my first time in India, I was a bit apprehensive about the place initially. As I spent more days there, I begun to like it more. It was pretty easy to go around by foot (although one may get stares now and then). And then there’s the old Ambassador taxi cars (which were probably more than 25 years old) and the ferries (ferry ride was actually quite pleasant, and not that crowded). There’s quite a lot to do in the town itself:

Mattancherry --- visit the historical sites –the Jew town, synagogue, church; One can spend the whole afternoon there esp if you like to shop as well. Lots of small little shops selling local handicrafts/souvenirs although it can be more pricey than the normal shops in town. For e.g., I found the kurtas cheaper in the town area (shops where locals frequent);

Fort Cochin – I personally liked staying at Fort Cochin (we stayed at a premium quaint guesthouse called Chiramel Residency) better than the other side of the lake as there’s less traffic, with a more laidback feel. Anyhow, it is quite easy to go to the other side of lake via ferry. Business districts are also on the other side and get a better feel of local life on the other side of lake. What can one do at Fort Cochin? Take leisurely walk in the evening to look at the churches nearby, the fishermen fishing using the traditional Chinese fishing nets. Lots of street vendors selling catches of the day. Or just go for a ferry ride to enjoy the sunset and scenery. Or drop by one of the luxurious hotels for tea and enjoy the hotel seaview / garden.

Kathakali performance – watching the performers putting on their make-up is itself interesting (yes they do that in front of the audience before the performance begins). Their makeup is as (if not more) elaborate than that of the Chinese Opera performers. Admission ticket to performance is not cheap and one has to book early (cos the place gets filled up quite fast). Performance lasted about 2-3hours

Walk around downtown – get a taste of the local food, lifestyle, culture by walking around town on foot. To MG Road etc. We went to the bank to exchange some money, and change our flight home – English is widely spoken – so no problems at all
Food – Seafood is cheap. Also went to one of restaurants at Fort Cochin which mainly caters to tourists - one can get “Chinese” food here as well. Dec’s not the mango season but other local fruit juices (pineapple) are just as tasty…just be a bit careful with food/drink intake as one may develop diarahea (I didn’t get one until days later)
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Alleppey backwaters - this was the highlight of our trip. Absolutely stunning scenery and great experience. Strongly recommend touring the backwaters in an overnight houseboat cruise. We initially wanted to do the 3D/2N trip (from Alleppey to Kollam) but as it was the peak season (Xmas), most tour cos. only offer overnight trips (starts at about 12 noon till 9 am next morning). Despite the peak period, we manage to get a good rate for an overnight cruise i.e. Rp 5000 for 2 persons. Non-a/c room, two to a room with attached bathroom(one really does not need air-con) Some houseboats have air-con with 2-3 rooms per boat. Price is inclusive of tour guide, lunch, tea and dinner.

I must say the houseboat food (lunch/tea/dinner – banana fritters for tea, rice with seafood/vegs for dinner) was really yummy and service’s great (there will be 3 local workers in the boat i.e. a guide, the cook and a boatman, but they mostly leave us to ourselves to enjoy the view). Enjoy the beautiful view as one cruise down the endless network of little canals, rivers, lakes during daytime. Occasionally you would pass by the small villages where one can see women do their daily washing / cooking near the river banks and children take their baths. At night, the houseboat will stop in the middle of a lake – one can sleep at the open deck under the stars (ok, not for long cos then the mosquitoes may get to you) or on the comfy bed in the room

Getting to Alleppey itself is an interesting story… In order to save cost, we decided to take a train from Cochin to Alleppey. To get to the train station in Cochin, we took a local bus. The bus ride was really scary as the bus was quite old and the driver, very aggressive (perhaps worse than Malaysian drivers). The bus was like within inches from an oil tanker. On the other hand, the train ride was pleasant, not as crowded as one would imagine in the movies (ok, definitely no one sitting on the train roof-top). Train was quite punctual (unlike another friend’s experience in New Delhi, where the train was delayed by more than 5 hours). Due to a miscommunication, we did not manage to get first class tickets and joined the locals in the normal carriage (Non-a/c) with open windows. It’s not bad at all – not as crowded as we would imagine. A breezy ride. Just be aware that the train does not stop for a long time at the train station in Cochin and there’s no announcement – we practically had to chase after the train (it started moving before we can embark).
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Varkala – A popular beach resort; but the good thing is it is not that crowded (as say, Goa according to another backpacker tourist). Stayed at one the budget guesthouse (clean, cheap and convenient) located at the cliff-top – the cliff-top is a touristy place with rows and rows of hotels/guesthouses, restaurants and small shops catering to the tourists. The good thing about staying at the cliff top is that it is so convenient – one can walk down the flight of steps to the long stretch of beach at the bottom of a cliff, chill out at the beach and then conveniently walk up for a drink/meal or to one’s room to answer nature’s call. One can practically spend weeks here – yoga in the morning (some foreigners were doing the sun salutation at the beach during sunrise), go sun-bathing in the afternoon, ayurvedic massages in the evening and shopping at night. Or just take cab ride down town and visit the famous Janardan Swami Temple
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Periyar – Wildlife reserve. Hired a private car (with driver) from Varkala to Periyar. Personally, I think Periyar Wildlife Sanctuary is over-rated and a disappointment. We thought it would be more convenient to stay in the Sanctuary itself but quickly regretted staying there and moved out after one night. We stayed at the Periyar House (inside the Sanctuary and run by the government) which costs some Rp 1100 per night. This hotel is considered an economic place in the Sanctuary but for that kind of price, one can get far better place outside. The room, although spacious, looked old. And there’s definitely nothing to do in the evening/at night except to watch TV or unless one goes outside the Sanctuary. But to go out to town for dinner/to shop, you have to pay when you re-enter the Sanctuary.

We went for the day-trek package (you need to pay for gears and guide) but did not manage to see any wild animals except a few elephants from afar (no tigers, wild boars). After trekking for hours, one will reach the hilltop – the view’s magnificent.
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Shopping – good buys in Kerala include pashiminas and kurtas. Bough kurtas for my nieces/nephew for less than RM5 each and they looked so cute in them.. I managed to get adult kurtas for between RM10-15. Other good buys include embroidered wall hangings (which can be used as a sofa throw) and cushion covers. Souvenirs like fridge magnets are hard to find, even in touristy places like Mattancherry and Varkala

A tragic death and MACC

It was shocking and extremely sad to read about Mr Teoh Beng Hock’s death yesterday. Watching the TV news, I initially thought he had committed suicide (by jumping off the MACC building in Shah Alam). But later after reading more blogs/news reports /comments made by his family/friends/colleagues, it is not so clear now….mystery of death remains

I had earlier mentioned about the possibility of joining the MACC (in name of national service) when it was first set up. I thought an MACC job will just be the typical office work with piles and piles of paper work like following paper trail, scrutinizing accounts, names and networks etc., a job like that of an auditor. Didn’t know and never imagined that it will involve questioning witnesses, suspects etc until wee hours in the morning….and certainly never imagined a death would be associated with the agency

And just before that tragic day, the Sun newspaper had published an interesting piece on MACC …

Doubts over MACC’s partiality by Terence Fernandez
ON June 10, Citizen Nades and I were seated in the office of Daniel Li, the deputy commissioner of Hongkong’s Independent Commission Against Corruption (ICAC). What was to be a courtesy call on the island’s No1 graft fighter turned into a counselling session where we poured out our frustrations over the implementation of the Malaysia Anti-Corruption Commission (MACC) Act which Li had helped to draft.
"Surely it can’t be that bad," Li said, pointing out the various provisions that have been included in the Act including the five committees to oversee the activities of the commission.
He raised his eyebrows when we told him that certain provisions, such as having assets disproportionate to one’s income, were omitted……
(to read more go to: http://www.sun2surf.com/article.cfm?id=35877)

Testing your business ideas

Recently, another friend told me that she is thinking about starting her own business and should her business turns out to be successful, she will gladly quit her job. I am sure most people (including myself) have had such thoughts before but may be hindered because they don’t know how / where to start, they lack capital etc. Though I will share some tips with everyone:

Firstly, to start a business, one needs an idea. However, a good business idea is only the first step and it takes a LOT more than a good idea for entrepreneurial success. But that’s a topic for another day.

So, what is the “right” business idea? Well, if you don’t have one, try googling for a list of ideas (try key search words: “business”, “ideas”, “start”). Here’s a sample list:
www.nichegeek.com/10_totally_stupid_online_business_ideas_that_made_someone_rich
http://www.business-idea.com/
http://www.coolbusinessideas.com/
www.bizymoms.com/ideas.html

As you will see, there is definitely no shortage of ideas and most are not new. My personal belief is that one doesn’t need to have a novel idea in order to build a successful business – a good example is Jobstreet, a very successful Malaysian company which provides online job listing services. But JS did not pioneer the idea of a career website/job board. The idea was conceived by US-company called Monster way back in early 1990s, I think. JS successfully applied this idea in Malaysia and later expanded to other parts of Asia.

Say, you have now made a shortlist of promising business ideas or you believe you already have a great business idea. Before you invest all your resources (time, money) into the idea, it is good to put the idea to test…you know, to see if it is worth pursuing. Basically this involves answering the following major questions:

Is there a market for your product/services?
Do you have the capability (knowledge, skills, experience) to run the business?
How much can you potentially make?
(for a more comprehensive list, check this website: www.cfquesnel.com/.../Testing%20Business%20Ideas%20-%2008.pdf

Do your research. Where do you get information about the marketplace etc? Every where. Examples:
(a) Internet -- cheap and convenient. Say you want to set up an organic restaurant in Klang Valley. You can check out competition by googling using search words such as “restaurant”, “organic”, “Malaysia”. Or you may check out if there’s any successful organic restaurant in this world and if yes, what are their key success factors. Or you may try to get an idea of the size of the local organic food industry by googling usig search words such as “market”; “size”; “organic”; “Malaysia”.
(b) company annual reports - you can get reports of listed or non-listed cos. in Malaysia by paying a small fee to Suruhanjaya Syarikat Malaysia http://www.ssm.com.my/). You can get free copies of the annual reports of listed companies (in any parts of the world). E.g. if co is listed in US stock exchange, you can go to http://www.sec.gov/ to download these reports. By reviewing the co annual reports, you can, for example, get an idea of how much a competitor makes per year.
(c) surveys/focus group studies – you can conduct a small survey amongst friends/acquaintances and to find out they wants/needs; to see if they will buy your products/services etc.
(d) cold calls – Say I wanted to estimate the cost of running my organic restaurant business. I would google for the list of organic food suppliers and then call a few of them to ask for a quotation (even though I have yet to set up my business). I will call a real estate agent and asked about rental at my short-listed locations. Some may not respond, but you’ll be surprised that you may get a few helpful ones
(e) market research reports – usually you have to pay $$$ for these. Unless you have the extra cash to spare, then I would suggest skipping this
(f) contacts within industry – you may have a friend who has worked in the food industry / managed a restaurant before. Try contacting him/her and get as much useful info as possible. For e.g., what are the peak hours? How many staff do you need? What’s typical staff turnover and the main reasons for staff turnover? Who are the suppliers and what’s typical payment terms?
(g) observation – say, you want to set up this restaurant at Bangsar. You can spend time at a similar restaurant there to check out the customer traffic during a weekday vs. weekends. Observe -- the average spend per table etc. the average time spent by customer; etc.

Armed with information collected, you can now make a better decision as to whether or not to pursue your idea. It is best if you can also get an objective, hard-nosed person to critique your plan (if possible). Why? Because most people want to believe that their ideas/plans will succeed so much so that they are sometimes blinded to extent that they are not able to see the pitfalls/ flaws of their ideas.

However most people believe that sharing ideas is risky – what if someone steals my idea? Firstly, the risk can be mitigated. For e.g., if you are extremely worried that your well-thought idea/plan may be stolen, then share your ideas only with people whom you know well and trust. Also, don’t share everything – e.g., say, you have done a lot of research on a potential business idea/plan and now have a good understanding of the marketplace, competition, supply chain, cost structure etc. Don’t tell everything that you know…One can still get good feedback by sharing only 40-50% (the gist) of what you know.

Secondly, if it so happens that someone has stolen your idea, it is not the end of the world. You can still go ahead with your plan as long as you know that you can be better than your copycat competitor. Remember, it takes so so much more than just a “great” business idea to build a successful business – ultimately, it’s all about execution and a bit of luck.