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Reasons signaling you should not start a business

Are you considering launching your brand?

You’ve decided to create a business to be your boss because you no longer like your work as an employee. But do you understand what’s at risk? A sad reality is that not everyone has the innate ability to be an entrepreneur.

Before you take the plunge, there are a few things you should know. Here are some reasons signaling you should not start a business.

Unwilling to sacrifice

You’re not prepared to make sacrifices. You have the incorrect mindset that if you start your own business, you will be able to work from home in your PJs and take long vacations whenever you want.

But the truth is that starting a business takes a lot of time and effort. If you’re not willing to put in the hours and make the necessary sacrifices, then it’s probably not the right time for you to be an entrepreneur.

Not persistent enough

Image Credits: unsplash.com

You might be convinced that you have a great business idea, but starting a business is not as easy as it seems. There are a lot of things to take into account, from the initial planning stages to the day-to-day tasks of running the business.

One of the biggest mistakes people make when starting a business is not being persistent enough. They give up too easily when things get tough, or when they don’t see results straight away. But success doesn’t happen overnight—it takes hard work and dedication. So if you’re not prepared to persist, then starting a business is not for you.

Unprepared to slog it out

You might think that you’re ready to craft a brand for yourself, but there are a few things you need to take into account before you take the plunge. For one, starting a business is not all glamor and glory, and you will need to be prepared to slog it out day in, and day out if you want to make your business a success.

You will also need to be able to handle rejection, setbacks, and tough times with grace and resilience if you want to make it through. Do you have what it takes to start a business? It may seem that you do at the early stages when you’re all pumped for success, but it will become quite apparent soon enough if your motivation is short-lived.

To cut the long story short, you should not start a business if you’re not ready for hard work. There are no guarantees in the business world, and you could lose a lot of money. Furthermore, if you are not crazily passionate about it, you probably won’t be able to succeed. Only if you’re mentally ready to put in the time and effort and do whatever it takes to be successful, then maybe you should consider leaping into entrepreneurship.

Essential entrepreneurship takeaways from Zoom’s founder & CEO

Say “Zoom”, and the average person would instantly get what you mean.

In recent times, the pandemic has brought about various changes in the way we work and communicate. Job interviews are shifting from in-person encounters to video calls, and connecting with friends and family members based overseas are also done through the webcam.

“Let’s hop on a Zoom call soon” or “I’ll drop you the Zoom link in a while” have become phrases we hear all the time. But do you know the creator behind the trending software used by millions now? Eric Yuan’s the name to note. He is also Time’s 2020 Businessperson of the Year, and we give him credit for that.

Here are some essential entrepreneurship takeaways from the 51-year-old Chinese-American billionaire businessman himself.

#1: Just do it

We will start by reinforcing Nike’s catchphrase. Do you know that Zoom was founded in 2011 when Eric Yuan was 41 years old? If he had allowed his age to deter him from creating Zoom 10 years ago, we wouldn’t be having the ease of communicating across time zones in this COVID-19 era.

#2: Remember the helping hands

Zoom came to life thanks not to just Eric Yuan but also his supportive friends and family who trusted him. They backed him up financially, and because of that, he was able to garner a total of $3 million in capital. Together with funding from venture capitalists, Zoom was able to progress to where they are right now.

#3: Keep at it

Image Credits: immigration-ways.com

For quitters, the startup life may not be for you. Yuan shared that he got rejected eight times and accepted only on the ninth in his visa application to get to the US. This was after he had heard Bill Gates’ 1995 keynote speech regarding the future of the internet and wanted to get there to be part of the first wave of the internet revolution.

#4: Provide better solutions to problems

A startup usually exists because the founder wants to create a solution to pressing issues. But it has to be not just a mediocre solution but one that can set yourself apart from what’s already out there in the market. “Lead with the focus on the customer,” Yuan noted. While it’s good to know your competitors, don’t get overly obsessed with the research.

#5: Aim for user satisfaction

Those who’ve eyed the local startup scene or are well aware of new international ventures will know that sometimes startups waste time marketing the product when it’s not ready. On the other hand, Eric Yuan believed that happy customers would bring in money for the company eventually. Let your wonderful product speak for itself, and then leverage that word-of-mouth strategy to grow your business.

#6: Pay attention to employees & company culture

Image Credits: unsplash.com

As we come to a close, know that certain startups are bound to see a high turnover rate. While you may not be able to satisfy your workers with a market-rate salary or a speedy promotion raise, at least pay attention to them and your company culture.

“As a CEO, you need to think about your employees. Zoom’s culture is: Deliver happiness. If we are happy, the customer is happy. It’s a simple formula, and we lead by example,” Yuan remarked.

For more entrepreneurship insights, catch the entire webinar with Zoom’s CEO here.

4 Practical Tips On Making Your Online Business Successful

With a growth mindset, you aim to expand your online business in many ways! For starters, you want it to be more profitable than ever. All these goals can be possible once you employ the necessary changes. Remember that building a successful online business is a marathon and not a sprint! Nothing good happens overnight.

#1: WORD OF MOUTH

Millennials consume everything at a fast rate! When we want something, we want it now. With the digital consumer culture, it is best to create a positive online community. Post your clients’ feedback and tagged photos.

Singaporeans turn to the web for reviews on businesses and other services. Get positive word of mouth by providing professional service, monitoring your online presence, and giving back to the community. You may partake in or host charity events once a year.

#2: STOREFRONT OF YOUR BUSINESS

You have a fantastic product and a bulletproof selling process. It is time to design your own website. When creating your own website for your online business, you must keep things simple. You have about five seconds to grab someone’s attention. Otherwise, you will never see them again!

Ensure that you keep things simple by choosing two plain fonts and by making navigation clear. Collect as many email addresses as you can by offering promotions at the front page. Lastly, make buying accessible within one or two clicks. Ultimately, you must think of your website as your storefront. You have to make it eye-catching and consumer-friendly.

#3: POWER OF EMAIL MARKETING

As I have said above, you may collect as many email addresses as you can. Use these e-addresses to test the power of email marketing. It is such a strong tool to turn your potential consumers into loyal buyers. Allowing them to subscribe in your mail-list gives you permission to send regular promotions or new product updates. You are developing a long-lasting relationship with your client. Make each email count!

Email marketing is beneficial not only because it is cheaper that print marketing, but also because it is 100% measurable. You will be able to track whether you hit the target or not.

#4: EXPANSION OF THE CLOUD

With a startup business like yours, you can benefit from no-cost programs such as the “cloud” (e.g., Google Drive). Storing your files in one digital place will you monitor your gains and losses. The major advantages of using the cloud are its accessibility and its cost-effectiveness.

You will be able to access your business accounts and accounting files from anywhere and anytime using cloud-based applications. This way, you no longer have to pay for other applications.

Image Credits: unsplash.com

Being an online entrepreneur has its ups and downs. You just have to find practical ways to handle the obstacles and to move forward.

Source: Entrepreneur

5 Books Every Inspired Entrepreneur Shall Read

A good portion of your business decisions are usually influenced by personal experiences. However, as a budding entrepreneur, you will be able to grow by seeking the knowledge and advice of the successful people before you. What better way to start than by reading books that can inspire you?

That said, here are “5 Books Every Inspired Entrepreneur Shall Read”:

1. THE EFFECTIVE EXECUTIVE BY PETER DRUCKER

For Peter Drucker, an effective execute gets the right things done. To do so, he identifies the five practices that are essential to the business, namely: setting right priorities, managing time, making effective decisions, knowing how and where to deploy strength, and choosing what to contribute to an organization.

Image Credits: facebook.com/UnleashUrBiz

Filled with insights and perspectives into seemingly obvious scenarios, this book has been inspiring people for over 45 years.

2. TRIBES BY SETH GODIN

In this book, Seth Godin argues that with our modern world, everyone has the opportunity to start a movement and to bring a group of like-minded people together. He refers to this fanatical group of people as a tribe. Examples of tribes are those who follow the latest offerings of Apple and Starbucks.

Image Credits: facebook.com/tribesbysethgodin

According to him, if you are an entrepreneur who wishes to have a loyal following, a great tool to use is the Internet. Furthermore, he highlights the importance of uniqueness and fulfilling unmet needs to the overall growth of the business.

3. THE INNOVATOR’S DILEMMA BY CLAYTON CHRISTENSEN

“The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail” is a bestselling classic by the businessman and Harvard professor – Clayton Christensen. This book comes from the idea that businesses will decline innovations based on the assumption that consumers cannot currently use them. Thus, these potentially great ideas only go to waste.

Image Credits: facebook.com/HBR

By knowing this dilemma and using it to your advantage, you can be able to beat other businesses in their own markets.

4. TO SELL IS HUMAN BY DANIEL PINK

In this fascinating read, Daniel pink offers a fresh perspective at the science and art of selling. Although you may not consider yourself as a salesman or saleswoman, all entrepreneurs must understand how to sell and this book teaches you how to. It breaks down the stigmas about salesmanship and manifests the uncomplicated strategy for moving others.

Image Credits: facebook.com/ToSellIsHumanTheSurprisingTruthAboutMovingOthers

5. CREATIVITY, INC. BY ED CATMULL AND AMY WALLACE

“Creativity, Inc.: Overcoming the Unseen Forces That Stand in the Way of True Inspiration” is one of the small amount of prime books about creative leadership and business. It is filled with meaningful insights about what develops, drives, and sustains an innovative culture.

Written by the Co-founder and President of Pixar and Disney Animation Studios Ed Catmull with the help of a journalist named Amy Wallace, this interesting read is a must not only for entrepreneurs but also for business leaders!

Image Credits: facebook.com/CreativityIncBook

Sources: 1, 2, & 3

Opening A Franchise in Singapore? Know These 5 Things First

Starting a business in Singapore cannot only be expensive but also difficult. As Albert Kong, CEO and chairman of Asiawide Franchise Consultants that advised 650 franchise clients in Asia, once said: “Starting a business in Singapore is much tougher than other countries in the region especially when it comes to dealing with landlords and managing employees.”

1. SAVE LOADS OF MONEY FOR FUTURE EXPENSES

You must save for the franchise fee, renovation of the space, rent requirements, raw materials, and employee salary. Regardless of whether you are making a huge profit or not, the franchisor will request a share in your revenues.

For example, the franchise fee for a cafe is about S$50, 000 for a 3-year contract. The renovation costs may hit about S$100, 000 for only a 600 sq ft place. The rent of this 600 sq ft place costs about S$7, 000 a month. Additionally, the raw materials and employee salary for the first few months costs an extra S$100, 000. These costs heavily depend on your franchisor and landlord.

2. EMPLOYEE EXPENSES ENTAILS HIGH COSTS

Employees in Singapore are among the highest paid workers in the world. Not to mention, as an employer, you will have to contribute a given amount to the Central Provident Fund (CPF). Employees can leave you whenever they want and because of it, you will have to spend more resources to hire and train again. To avoid this, layout a 1-month waiver for employees that want to resign.

3. FAMOUS BRANDS ARE THE SAFEST

A household name such as 7-Eleven is your safest bet if you are franchising for the first time. First, the landlord will be more lenient to you as they know the “required look” of the establishment. Second, consumers tend to buy brands that they are most familiar with. In Singapore, the famous F&B franchises are Subway and Ya Kun Kaya Toast.

4. FOLLOW YOUR PASSION

Follow your passion so you do not feel the stress of costs too much especially during the first few months. If you are motivated by your happiness then, you are more likely to succeed in what you do. Furthermore, you may consider franchising a unique business with a popular brand to avoid the competition.

5. BUILD GOOD BUSINESS RELATIONSHIPS

It pays to have a good business relationship that is open and honest with the suppliers and the landlord so that if disagreement and troubles arise, you can settle it out in a friendly manner.

Image Credits: 드림포유
via Flickr

Sources: Business Insider Singapore

Unwilling to sacrifice

Not persistent enough

Unprepared to slog it out

#1: Just do it

#2: Remember the helping hands

#3: Keep at it

#4: Provide better solutions to problems

#5: Aim for user satisfaction

#6: Pay attention to employees & company culture

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