With globalization, more companies will tend to move to other countries where there are more opportunities and the cost of doing business is low. With China and India starts to welcome foreign companies to invest there, jobs are disappearing faster than ever. Many of those jobs are gone forever.
So what if you get retrenches because the industry you are in becomes redundant? Are you tired of all these job changing process? For those who want to start a business, there is never a better time than now. This is because the government is encouraging entrepreneurship and public perception of businessmen have become more positive.
However, starting out a business is not just register a company name with ARCA. There are many characteristics and essential attributes one need to possess. So what does it take to be an entrepreneur? Are you prepare to know more?
1) Are you prepare to work very hard?
As an entrepreneur, you have to prepare to sacrifice family and social life. Most of your time will be spent on your business. It demands a lot of time and energy to maintain a business. However with careful time management, you also can cope both family and social life with your business well. There are already many real life cases happen in Singapore. Therefore, it is not mission impossible.
Doing business is a long-term commitment. It is not a 100m dash, I can say it is a marathon. Be prepare to face lots of challenges and disappointments. There are a lot of ups and downs, and you can expect “failures” along the way. T o overcome all these, you must be passionate about the business and the drive to push your unique ideas through no matter what happens. Entrepreneurs loves what he does nd will work tirelessly, even if it means sacrificing his social life.
Being a new business, many banks will not lend money out, unless your idea is very very unique. Thus, do you have family or friends to fall back on when the need arises? Sometimes short of cashflow is the urge to make you shutdown your business. Try to be strong and think of many ways to get it around.
4 ) Do you have a solution to every problem?
You cannot pass your problem to anyone when problem arises. You are expected to solve them. Employees usually regard problems as something to be avoided, but entrepreneurs will try to find opportunities in every crisis.
5) Are you flexible enough?
Entrepreneurs must keep an open mind and responds to changes and challenges. If they stick in the mud, then chances are their business will fail. The more flexible you are, the more adaptable your business will be.
6 ) Do you have a “no failure, only feedback” mentality?
Failure is actually feedback that can be used to improve your performance. It is not the opposite of success. Inaction, apathy and tolerance of mediocrity are.
So after reading those mindsets and characteristics? Do you have what it takes to be an entrepreneur? Do not be afraid after reading all these and found out you got none of the above. It may be hard to tune from working life and entrepreneur life. No worry. There are many books and courses around to help you. Look around. You will be amazed that there are actually a lot of helps in place. Embark on the learning journey before you start.
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