You could be a student wondering if you can create a stream of income in between classes. You could be unemployed staying at home thinking if you can spend all those extra hours tending to a small business. Or you could be working the nine-to-five life while dreaming of pursuing your entrepreneurial dreams. Starting a business can be both exciting and daunting. Pursuing something you are passionate about, dictating your own schedule, being your own boss all sound enticing. However, being an entrepreneur is equally be fraught with risks and challenges. It has been said many times before – entrepreneurship isn’t for everyone. How would you know if entrepreneurship is right for you?
There is no specific and exact profile of an entrepreneur. Those who venture into the business industry vary in terms of personality, way of attacking problems, level of creativity, strengths and weaknesses. However, remarkably successful entrepreneurs more often than not share common characteristics that allow them to thrive even in the midst of failure. Do you possess these traits associated with successful entrepreneurs?
Entrepreneurs are risk-takers.
It has often been said that being an entrepreneur is not for the faint of heart because of all the risks it entail—from giving up a steady paycheck, making use of personal savings to augment funds, risking relationships as you transition from your current status to being an entrepreneur and a lot more. Even deciding to be an entrepreneur is already a risk in itself. Success is not guaranteed hence, you need to be able to get out of your comfort zone and allow yourself to take risks. If you are confident enough that you can take the leap and be able to take calculated risks, then you are on the right track.
Entrepreneurs can function independently.
The beginning can be the most challenging and demanding for entrepreneurs. Long hours of work, losing sleep, seeing your friends less, deciding by yourself, and spending a lot of time in the company of your own self. If you can trust your instinct, deal with matters at hand, own any problem that comes your way and be open for rejection, you will find that it is easier to establish a business.
Entrepreneurs are passionate about their cause.
The road to entrepreneurship, more so, success, is more often than not a long and rough one—there are no shortcuts and a wrong turn can lead to failure. When you run a business, you need to stay motivated even and especially in difficult situations. Apart from hard work and perseverance, passion is a powerful driving force for success in any endeavor. We are all passionate about something but not everyone gets the chance to turn it into a business. When you are passionate about what you are doing, it can be like magic or light at the end of a dark tunnel during rough times. Are you a passionate individual?
Entrepreneurs are persuasive.
In running a business, it is highly important to be both credible and persuasive to get what you need. This applies in requesting for fund support, establishing relationships, acquiring your first set of customers, and continuously growing your client base. Having a brilliant business idea may not work if you are unable to convince venture capitalists, financial institutions or even your family and friends to provide you with financial support. This is also critical when you pitch your product or service to your potential customers. Is this the kind of person you are?
If you are a confident risk-taker, independent, passionate, and persuasive, then entrepreneurship just might be your calling. We have covered having the right mindset and motivation which are essential in starting and running a business. However, there are more factors to consider prior to taking an entrepreneurial leap. Among these is assessing whether your business idea is viable, identifying your target market, knowing your competition and many more critical questions that can be answered by writing a comprehensive business plan. If you are in the phase of writing one, these 5 Important Elements of a Business Plan will be helpful.
Another factor is picking a viable location for your business. Whether you are a local or foreign entrepreneur, Singapore is definitely a good place to start a business. Known as the city where it is easiest to start a business, it offers an ideal landscape for entrepreneurs with tax incentives, smooth incorporation process, productive workforce, and its strategic location which can be used as a springboard to enter the Southeast Asian market. We can help you start your entrepreneurial venture in Singapore. Simply get in touch with us should you require assistance in your Singapore company incorporation and we can discuss how we can make the process of starting a business in the city-state easier for you.