Things That I Know About Entrepreneurship
Was thinking of something to share over here, but have no idea. So, I have searched these keywords over Google, what should an entrepreneur do and what should an entrepreneur know. Read through some blogs and website, I am quite agree with some of the facts below:
– Business is all about the customers, entrepreneur solve market needs.
– The best way to predict is to create it.
– Action trumps everything. Stop thinking and get underway.
– Learn from mistakes
– If you want to build a successful company, give up control.
– Build a top-notch business team
However, I have different perspectives view for these: It can cost a lot of money, there is no such thing as work-life balance, sell everything and monetize your free time, you will be lonely.
Starting a Business Doesn’t Mean It Can Cost a Lot
If you want to be an entrepreneur, don’t stop yourself by saying “Oh, build a business need a lot of money. I don’t have money and I gotta work first! When I have money, I will invest into it!”. This is not true for me. In Malaysia, I think most of the fresh graduate (24 years old) salary is about RM2,000 to RM3,000, depending on working field and regional. Just think about this:
– How long it takes you to save RM100,000?
– What business you can do with RM100,000 in Malaysia, if KL?
– What your age when you save RM100,000? Who pay for insurance, cars, house, and marriage?
# In my opinion, the most value of a youth is TIME and ENERGY
Being an entrepreneur doesn’t mean you have to pay lots of money to buy an office, hire people, buy products for selling and dealing with so damn high risk especially when you are young (unless you get a contract or good family support) – Retail-based business. You can actually can consider on doing product-based (selling something you make or design) or service-based business (selling your personal services).
A good business starts with an exciting idea, but it ended up solving customer problems. I would suggest you (youth) to start thinking on personal values in terms of ability, experience, current situation and personal belief. What’s make you better and what’s help the people. Get yourself involve in the servicing line, which you can work from home in spare time and spare place, then only move to product or retail-based. No worry service based business can’t go far, you can turn services into product and brand later on! Take myself as an example, I started my company with less than RM 500 (USD 150), 2012 and now we are in a team of 8 (2013). It is possible!
To Be Success in Entrepreneur, You Need To Be Balance!
Indeed, we (entrepreneurs) need to put more effort and time to start and grow a business. Some said if you want to be a successful entrepreneur, there is no such thing as work-life balance, sell everything, save money, monetize your free time and etc. Maybe I am new to entrepreneurship (3.5 years self study and 1.5 years full time) or maybe different view on SUCCESS, but I disagree with these said.
For me, being an entrepreneur is just because of 3 things which is A DREAM TO ACHIEVE, to MAKE MONEY and FREEDOM. A successful entrepreneur is not just making out of the most money, monetize everything including his free time. No! Apart of marketing and sales (to get money), we should consider all the other part such as technical & production, team & management, finance & accounting and personal & company law! All of these areas of business are important and none of them should be neglected – be balance!
Besides, an entrepreneur should practicing life balance which can bring more happiness and healthiness to his/her life. The excitement and enjoyment that you get from business will be the sum of what you put into your business. Happy entrepreneurs perform more and do jobs better. Do remember that entrepreneur is the leader who shaping the company and it’s culture. So, let’s start spend quality time rather than quantity time.
Find Your Team, Not Working Alone!
Indeed, you will be lonely at some point and realize that how hard it was to brainstorm, plan and execute the plan. Even if you have partner(s), you will inevitably run into struggles. Some businessmen that I met even said they are not confident to empower their employees because afraid of back-stab, employee won’t care as much about their business and etc. Eventually, they find relatives to help and/or to do as much as possible to cover everything.
Yes, multitasking is a common trait shared by successful entrepreneurs, but you have only two hands and 24 hours a day. So, do apply the rule 80:20 (Pareto principle) or 70:20:10 (mine). Successful entrepreneurs should always positioning themselves at the right place, knowing what they are good at and what tasks to delegate to others.
I believe that no one person can build a valued & successful business alone. To make it happen, entrepreneurs need a committed team that sharing the same vision and happiness. Start invest in the team, design a comfortable environment workplace, advocating reading & open discussion, setting own goals and attend more seminars/workshops because these will improve the team understanding of each others, business and skills. Team building and education is an ongoing process and eventually you will find ways to do things better, less time and less effort. You won’t feel lonely!
# If you are working alone now, find your partners and build team. If you have already a team, share your opinion with them and just make it happen!
Just Don’t Become An Entrepreneur If…
As far as I know, there is a lots of new entrepreneurs coming out lately in Malaysia. Besides, some of my friends was telling me that they want to start their own business as well. Some has clear idea but no plan/action yet, some even don’t have idea yet. Entrepreneurship is real damn exciting experience, but don’t become an entrepreneurs if just because you
1. Frustrated with Your Current Job
– You might be tired of working long hours on job, long distance travelling for work or hate your current boss/manager. But these are not the supporting factor for you to move on. You will loss the motivation one day especially when you need to work even longer time and irregular pay.
2. Want to Make A Lot of Money And Fast
– Starting a business need more effort than working and it seems likely not to happen (make money) in first few years. It is risky and don’t put money at top priority. Money is just a tool, not your boss. Money come when you have values and ready for it.
3. Afraid of Contribute to Company and Ended Up with Nothing
– Life is just about give and take. If you are not giving out the “time & effort”, you can’t take in “money, opportunity and improvement”. You can’t hold time and it loss gradually, so hold the opportunity.
– Besides, if you feel hard to contribute to a company, how you gonna commit to clients who need more than commitment? Stop escaping ourselves and say having own business is better than work, face it.
# Photo credit to blogs.ubc.ca