10 tips for Singapore Startup founders – Starting up is a tough thing to do. No one wants to jump into the deep end and try something out with no idea whether it will work out. Startups take up a lot of time and it needs a lot of effort and determination to bring your vision to life.
Starting up has its many difficulties but also through the many challenges one could learn a lot more about business and also about life in general.
We will like to share 10 tips for Singapore Startup founders that might helpful for the budding entrepreneur who just needs this little tips to tip the game in his/her favor a little more:
- Be prepared to be paid close to nothing for a few months
Most people going into business assuming that they will take off and make good money within the first few days or weeks. But in actual fact, no one sees the years of the founders not making any money at all and suddenly hitting the jackpot and achieving great success.
This periods are tough, especially for those who have family to feed. You must be prepared with some savings that will allow you to last for awhile
Most founders do not prepare for this and when the time gets tough, they give up, but they might just be one step away from the success that they wanted. This is also one of the reasons why most startup fail, because most of the time the startups don’t fail, the founders fail.
- Have enough capital or raise enough to last at least 1 year in trying to fulfill the vision
Most of the time, founders only prepare 6 months worth of runway for themselves, after which they are on the deep end of the pool and hoping that they do not die. That is the mistake that most people make. The problem with businesses is, it takes time for people to find out about you and learn about your business. And when the time is up, you have already burnt through your cash and is prepared to shut down.Starting up capital can either come from your own savings, finding an angel or raising funds early.
But without much of a proven idea or product, no one will want to fund you. Be prepared to use your own savings to bring things to the next level, because if you do not work hard and pay for your own projects, no one will.Remember that the 1 year timeline is not hypothetical, usually for most startups, this is usually the case.
- Harden your skin when the doubters try to put your down
Are you someone who likes to be loved by everyone around you? I am sorry you are not fit for the entrepreneurial world. In this world, you get scoffed at and doubters are going to doubt you at every turn. That good friend of yours will start to ask you why do you even bother and go find a proper job.
Your usually very supportive family members might be the first to remind you that you are not young anymore and that all this “fooling around” should stop.We have been there and done that and we know what are the potential haters words and we just want to prepare you for the tough parts.Harden up, dig in and make it work. No one gets to a successful level without letting the haters hate and letting the doubters doubt.
And when you “suddenly” become successful, the doubters will wonder why they doubted in the first place.
- Pick up sales skills
As an entrepreneur, the single most important skill is to be able to sell. Either sell your product or service or sell to investors.
Every other skill can either be outsourced or capabilities built in-house through hiring, but an entrepreneur that can’t sell should not even bother starting up at all.
The single most important thing that you need to do is to go out there and find more customer, close them and bring the dough in.Even if your product is not something that can be sold easily, you need to sell your idea to potential investors for you to raise funds so that you can throw them at the problems you might have. If you cant sell, you are highly dis advantaged
- Talk to fellow entrepreneurs
Fellow entrepreneurs are probably the most forgiving people because they have been through what you are going through right now.There are many mistakes that can be made and also many paths that can be avoided.
For someone that is starting out, seek out this fellow entrepreneurs, let them give you an idea and a guide to where you should go and what you should look out for.This fellow entrepreneurs needs not be doing similar things, neither do they need to be in the same industry.
Problems such as management, fund raising or even finding an office space might be things that will be of much help if you get advice and ideas from fellow young entrepreneurs who will be kind enough to spend time with you to guide you and help you to find an idea on how to get pass some of this problems.
- Find a mentor in the same sector/industry Fellow entrepreneurs might see problems that you don’t, but someone that has been through many years of entrepreneurship might be able to see way more than any of you can.Finding a mentor with the right skill sets and also experience is important, this person can give you an idea of how they became successful and what it takes for you to be.The mentor that you choose is also important because he or she can shape you up to become quite a different person with diverse views and this might change the course of your life going forward.
- Learn fast, change fast, maneuver fast
There is a saying, fail fast so that you can get up fast. When you start a business, there is no such thing as a straight road to victory, you will meet challenges and you will have to conquer them one after another.Are you going to be able to learn fast and get up fast and change your plans. This is important for this fast moving world where being slow might mean that you do not have any more space to survive in this challenging world and market.
When you fail fast, you recover fast, the faster you are at reaching your goal, never stop pushing and never stop trying, the hardest part in a business is the start, once you push through the initial periods, you will make it.
- Decide on whether to raise funds or get financingRaising funds means you lose equity but it also means that you will have money to keep growing and grow faster. Getting financing means putting your own money on the line, putting yourself forward.
The decision is up to you because there is a period of time where you might have problems and might want to know that the money is not yours.
Decisions like this will make or change the company because the fund raising will mean losing some form of control that some founders may not like.
- Have an end goal in mindWhat is the end goal. What are you working towards achieving, the vision is what matters and when you want to work towards an end goal with your startup, you should try to achieve something out of it.
The whole point of it is to have a vision that you want to work towards, so you wont feel tired or give up half way because there is a goal you are working towards.
Make sure it is clear, make sure it is workable!
- Enjoy the whole processCongratulations, you made it to point 10. The whole point of starting up is simple. You have a vision that you wanted to fulfill and no one else is doing it. You decide to start up to fill that space or to reach that vision.
So why make it such a stressful process when you can instead learn to enjoy it.
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