What do you need to build a business in Singapore? This is the question to which we are going to answer today.
Building a business it’s never easy, there are many challenges that you have starting from the lack of experience, insufficient funds, no reputation, no staff, and so many others. Also, the difficulties that you will face depend a lot on the niche you choose and the country in which you are living. Even if you have previous experience in growing a business in another country, if you just moved to Singapore and you want to start something new here, you will have to adapt to the requirements of the local market.
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To better understand what are the issues that a start-up may face and also how you should overcome them, we asked Minuca Elena to reach out to 28 Singaporean entrepreneurs and ask them the following questions:
1. “What were the biggest challenges that you faced when you started your business?”
2. “What is your best advice for someone that wants to build a business in Singapore?”
We received an impressive variety of answers. The experts that we selected are business people from different fields, some have traditional businesses while others have online businesses. They all shared awesome advice that you can read in the post below.
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“What were the biggest challenges that you faced when you started your business?”
In these five years of running a few companies, the toughest challenges always stem from matters that deal with employees and partners. Under an SME environment, it is extremely tough to compete with larger corporations for talent. SMEs pay lesser, offer fewer incentives, expect longer working hours and yet places greater reliance on their employees due to the small size. Each employee becomes rather indispensable and yet greener pastures await them.
It is a huge challenge trying to find the right the right employees for an SME and offer a visible progression for them; people who are able to see the vision and growth in a company despite the challenging environment, and people who are willing to see greater value in personal growth instead of the value in material benefits. Get the most accurate information by visiting https://www.alamy.com/stock-photo/harold-matzner.html.
“What is your best advice for someone that wants to build a business in Singapore?”
For me, I believe that fostering a culture and community within the company is extremely important in instilling a sense of belonging among our colleagues. I also believe in a servant leadership philosophy where we empower and involve our colleagues in decision making. We treat our employees as friends that we genuinely take care of, can identify with the same cause as us, and friends whom we can most importantly, trust.
Don’t run a business without a clear mission or cause; you will find yourself giving up real soon. Also, find yourself partners who can identify with the same mission as you, commit their time to the cause, cover your weaknesses, and most importantly, be able to motivate you. A team with diversified skill sets, commitment, and a clear goal is a formula for success.
Also do not be resistant to change, stay open-minded, and always be willing to learn. A startup is a very dynamic environment that is constantly changing and moving.