Are you a person who feels is born to be an entrepreneur but have never taken the first step to become one? Maybe 2020 is year for you take the plunge and turn dream into reality!
We in Malaysia can consider ourselves lucky as the startup scene is supported by several government agencies, venture capitalists, and accelerators such as MaGIC, MTDC, MDeC, and many more. Moreover, we can take encouragement from the fact that ASEAN is the fastest growing internet market on the planet and the world’s seventh largest economy.
However, before you go on your path of creating that business empire, here are 6 things that you should keep in mind:
1. It all starts with a business plan
Although this might seem simple and obvious, many people make light of the need of having a proper and detailed business plan. This stage is where you lay out your resources, goals, and projected results.
A proper business plan will help you identify areas in your business model that requires modification. When your ideas are put in concrete terms, you will see things clearer and making necessary adjustments will be easier.
2. Passion is key
Most of us have probably heard the famous Steve Jobs Commencement speech at Stanford University. Just in case you haven’t, it goes something like this:
“You’ve got to find what you love. And that is as true for your work as it is for your lovers. Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do”.
His words remain true to this very day. Don’t start a business that you wouldn’t want to do in five years’ time.
3. Truly understand the market
Make your consumers a priority because, without them, you will not be able to make a profit. Research the demographics and psychographics of your potential customer. The secret to a successful business is knowing how best to market your product or service. You can achieve this by understanding your customer’s buying habits. So make sure you research, research, and research.
4. Be well-rounded but prepared to delegate
A startup company is generally small in size. It will take time to earn profits and eventually expand your business. So, in the meantime, it is important that you be as well-rounded as you can.
It isn’t uncommon for employees in a startup to perform multiple tasks. You are not going to know everything when you first start but you will need to start anyway. Hopefully, you’ll figure things out on the job.
Having said that, it’s important to know your limits. Hire and delegate certain aspects of the job to someone else. Not only will it take some of the burdens from your shoulders, but good recruit will do better in areas where you are lacking.
5. Find a mentor
As we mentioned in the previous point, there are limits to what you can do. No one person can have all the knowledge, experience, and perspective to handle every business situation. You will need to surround yourself with advisors and mentors.
A study conducted by Gerard Roche, and published in the Harvard Business Review, underlines the importance of having a mentor. A total of 1,250 top business executives were surveyed and nearly two-thirds of them reported to have a mentor. Additionally, one-third of them has had two or more mentors.
The study also found that executives who have had a mentor earn more money at a younger age, are better educated, and are more likely to follow a career plan. In turn, they sponsor more protégés than executives who have not had a mentor.
6. Prepare for long hours
Drop by a typical startup office and you’ll likely to see people buzzing around with work into the long hours of the night and over weekends. Of course, almost all businesses require hard work to succeed but startups usually have inexperienced managers and little room for error. It’s important to know what you’re getting yourself into and have the right mentality from the get-go.
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