(This article was also published on: https://www.pwfo.org/blog/why-becoming-an-entrepreneur)
Countries all over the world seem to encourage their citizens (young and old irrespective of commercial / professional experiences) to pursue entrepreneurship i.e., set up their own business. No doubt many people have entrepreneur spirits and are creative enough to produce new products and/or services. However, before jumping in to set up one’s enterprise, an honest question must be asked: Why?
The journey of entrepreneurship is never an easy one. The objective to get rich should not be the primary reason to be an entrepreneur because most fail! Many ends up penniless and may also owe their family members / best friends large sums of money.
Questions such as “what are these products / services for? are they innovative enough to set them apart from something similar in the market? do they really serve the specific need of customers or are they just add-on products which are optional and dispensable to the consumers?” should be asked and answered honestly and objectively. One must be pretty clear that the products / services have markets big enough to be sustainable. Some sort of market research has to be done to have a feel if there is any chance of success.
If advance technology is involved, then there must be sufficient talent to explore and develop the technology further in the medium to long term. Would-be entrepreneurs should ask themselves seriously can they handle or at least understand the technology to make right decisions.
Many entrepreneurs tend to underestimate the roadblocks and headwinds throughout the journey. Some are too optimistic in generating revenue and underestimate the expenses incurred for getting into the markets. Much sooner than expected, seed funds dry up before the next round of investment could be attracted to support the business. The only result is closing down of the business. Sale of the core technology, if any, may not be able to cover the close down expenses.
A boss is not a staff. One must ask oneself: do I have the knowledge and experience in running a business. If not, then how can one learn and fill up the missing gap in the shortest span of time? The risks to be faced and stressed to be endured could be enormous. Psychological preparation is necessary. Sometimes, advice from mentors and coaches could be valuable beyond imagination.
Despite the above, the journey although a difficult one but could be very fulfilling! One’s potential could be fully explored and pushed beyond the limit! This should probably be the only reason to embark on the entrepreneur journey!
Belinda will guide you on how to enter Hong-Kong, China. She will be delighted to give a 30 minutes free Q&A interview to deal with any specific question you may have.
Send an email to Ms. Belinda Wong to book an appointment.