Singapore is a favorable country for entrepreneurial activities. It’s politically sound and financially stable. The availability of the latest technology, infrastructure, tax systems, a hospitable environment, and government assistance makes the city-state a perfect shelter for entrepreneurs and investors.
Despite the opportunities and the ease of doing business, you need to consider many factors to be a successful entrepreneur in Singapore. It’s very important to understand the customer needs and know the market-gap so that you could concentrate on satisfying the needs to fill the gap. This way your business takes no time to flourish.
Similarly, these are the basic qualities an entrepreneur should possess to sustain for long period:
- Determination and passion: It’s the foremost quality for an entrepreneur to have. You should have a passion to achieve your goal which creates strong determination to be successful.
- Self-discipline: Self-discipline creates a sense of responsibility to accomplish the goals and get the work done on time. It nurtures self-direction.
- Risk-taking: You should learn to take a calculated risk and be able to differentiate the beneficial and harmful risks. You should have alternative plans too.
- Innovative thinking: You should be creative and be able to think out of the box. It results in the creation of unique products and services.
- Perseverance: This quality helps you sustain and become a successful entrepreneur. With perseverance, you’re able to push yourself through critical situations.
Here is the complete guide to help you become a successful entrepreneur in Singapore:
- Business and niche identification: You can deliver various products and services to your customers. You need to take time and identify the correct niche to start your business.
Business can be either software, healthcare-related, or any home-based startup you are comfortable with. You should be clear about the products and services you deliver and its value to the customers.
- Look for the competition: It’s very important to understand the market and deliver the needs as per the need of customers. There are lots of established competitors providing trustworthy and reliable products and services. You should be able to cope with the competition and find a way to stand out among the crowd.
- Find the right partners or expertise: it is challenging to start a business. Yet, with the right person and experienced communication, product research, and marketing team, you can manage your business efficiently.
- Get funds for your business: Capital is the most important prerequisite for a startup. The perk of starting a business in Singapore is that it provides a variety of attractive schemes and support to help small new firms.
Schemes like business angel scheme, a sector-specific accelerator program, technology enterprise commercialization scheme, etc. There are also avenues that guide and assist to get funds for your startup. You can find more details here: starting a business in Singapore.
- Business networking: You should be an active member of social media platforms. Doing so lets you know about the market and helps you channel with different networks. Social Media also provides you an opportunity to connect with entrepreneurs from different countries and allows you to develop your ideas and implicate those ideas into your business.
There are different networking groups such as Singapore entrepreneurs network, Aspiring entrepreneur venture nights, the hub Singapore, drinks entrepreneurs, etc you can join to create opportunities for yourself to grow, build constructive criticism, and meet similar-minded people.
For foreigners to start a company in Singapore, it is mandatory to appoint at least one local resident director. We can help you appoint and know the role and function of nominee directorto start and flourish your company in Singapore.