3 things you need to know about entrepreneurship

Some of us at one point or another would have toyed with the idea of starting our own business in Singapore; some would have had this ambition since young, some mid-way along their careers, some after ending a long corporate career.

At each point in life, we would have different considerations and environmental factors like time, family commitment, financial means, peer support, experience and opportunities available. Sometimes all these factors and resources seem to be favorable and we start to seriously plan and gather everything together.
Before that and everything else, there are some alternative lessons that I have learnt along the way which I hope to share with all aspiring entrepreneurs…..

1) Understand yourself really well

We often do a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis on the environment, products or services before we start a new business or a career move. In our enthusiasm or optimism, sometimes we overlook the one most important factor that is ourselves. How well do we really understand ourselves? What is the SWOT analysis of us like?

What if the industry of business that you are planning to do isn’t really your forte or personality strengths? Only when we really know ourselves inside will we stand a better chance of succeeding.

2) How far are you willing to go to make a business succeed or sustain?

It is important that you do a self check and be very honest as to how much risk and how stake are you prepared to give and/or lose on the business. What if all your savings are wiped out, no one is willing to give you a loan anymore and everyone including family and friends around you tells you that it is better to just give up and cut losses? What would you do? Would you succumb to opinions and environment? How far would you go? Do you trust your gut feeling or make a rational decision? Are you a “heart” person or “brain” person? Where do you draw the line and make a decision? Help yourself to understand where your own breaking points are as all these will ultimately affect all your judgment calls and reaction in the journey.

3) The Ultimate Stress Test Level

Many times we overestimate our ability to tolerate stress and underestimate the intensity of stress in entrepreneurship. Do you have the “stomach” to stay in a business? What is your ultimate stress test level? What if starting and/or running a business exceeds the maximum stress test level, many times over what you have ever experienced? Are you able to take the heat of intense pressure? How do you react to stress? Would you lose your temper, your drive or your sleep? What if you consistently lose your temper, drive and sleep? How would you be able handle it? Having a clear head and grounding on how much you could withstand helps you to continue to move on or know when to take a “rest” before you continue the journey.

Starting the route of entrepreneurship means that every experience, learning curve and time spent is intense, steep and sometimes beyond your wildest imagination whilst stretching your limits. It could be very enriching , sometimes demoralizing, sometimes disappointing and yet add so much color to your life and help you to grow in so many facets all at once.

Everything starts with yourself, master yourself and you will master your own destiny, path and success……. I wish all aspiring and current entrepreneurs success and a very fulfilling journey.

Selina Ho, Managing Director, The Lifestyle Partnership Pte Ltd