1. You don't need experience to start a business. You just need an idea.
The former Time Warner music executive never dreamed he would ever start a business. But he was inspired by an idea which he chased for six years. He believed in the unbelievable and dreamed the impossible dream.

2. Prepare to be laughed at. A lot. And never take "No" for an answer.
Bureaucrats on both sides of the Causeway, he said "all thought we were smoking drugs" when he first approached them with his idea of launching Asia's first budget airline.

3. You get so much information from the Internet.
Nearly everything can be found on the World Wide Web. Enough said. Also see rule 8.

4. Hire a good accountant.
His first business decision in 2001 was to hire an accountant to help him and his partners put together a viable business plan for AirAsia. And the rest, as they say, is history.

5. You don't need a lot of money.
So claims the entrepreneur who mortgaged his house to raise funds in 2001. Then he bought an ailing airline for the token sum of RM1 (42 cents) and took on its US$11 million (S$15 million) debt.

6. Invest in the brand: One Brand, One Culture.
This means putting all your marketing dollars into marketing one consistent image only. "Use marketing during a recession to increase your profile," he said. AirAsia trebled its ad spend during the SARS outbreak while its competitors lay low.

Mr Fernandes also chose to flatten the organization structure to create a culture where all staff treated as equals and not afraid to speak up and realize their dreams. He flashed pictures of a Thai stewardess who also became Miss Thailand and later qualified as a pilot.

AirAsia allowing people with great attitude and multi talents to thrivefrom Cabin Crew to Cadet Pilot to Miss Thailand/Universe 2005

7. Do not listen to anyone for advice.
See rules 1 and 2 again.

8. Rent - don't own - Technology.
AirAsia used technology to score many firsts. Mr Fernandes proudly listed AirAsia's many technology achievements, including being the

First Asian airline to offer e-ticketing and dispense with paper tickets
First Asian airline to offer online booking - Internet bookings currently make up 65% of sales
First airline to offer ticket purchase via mobile phone.

Its website airasia.com also scooped accolades, including:
The Number One travel website in Asia (Google)
Biggest e-commerce website in Asia (AC Nielsen) with 2 million monthly unique visitors and over 1 billion hits
People from over 200 countries surf airasia.com which is available in six languages

9. Be a media slut
"We're very accessible to the press and journalists," Mr Fernandes advised. "Use them and save tons of money. We had to - we had no money."

10. Never lose touch with the shop floor no matter how successful you are.
The maverick founder of Asia's first budget carrier still rolls up his shirt sleeves and regularly does counter check-ins and hauls baggage at the airport so he is in constant touch with what AirAsia "guests" (rather than passengers) want.

Bottom line is, Mr Fernandes concluded, "Don't be afraid of failure - or you will never get started. If it doesn't work, just try again." ET