Jul 2023 - Career SPACE Newsletter

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From Zero to Hero: Key Steps to Successful Entrepreneurship


It is undoubtedly true that many Hong Kong employees have dreamed of starting their own businesses to fulfill their ambitions and ideals. However, entrepreneurship requires more than just passion and creativity; it also requires careful planning and execution.

While the inspiring stories of successful entrepreneurs like Steve Jobs, Elon Musk, and Jeff Bezos may be appealing, following others mindlessly or without careful consideration can lead to the “survivorship bias” trap.

1. Look before you leap: Are You Suitable for Entrepreneurship?

In today’s rapidly changing business environment one has to ask: “Am I entrepreneur material?” or “Can I handle the risks and uncertainties?” However, a successful entrepreneur will recognise the possible long-term benefits despite short-term losses and seek further opportunities, even in crises, with a clear vision.

Entrepreneurship always requires a significant investment of time, energy, and money. It is a challenging process, so you before start a business, you should ask yourself: “Do I have the key skills required for entrepreneurship?” Adjusting your mindset can help your company steadily rise and go further step by step.

2. Watch and learn: Understand Different Business Models

Before starting a business, you should clearly understand which business model suits your enterprise. For example, starting independently, jointly with a partner, or even franchising. They all have their unique characteristics and risks. Creating anything is difficult, so to take a step towards success, carefully weigh each model's pros and cons and choose the most suitable one for your business.

In addition to business models, learning about different local entrepreneurial cases can also expand your knowledge. Observing and adopting the outstanding qualities of other companies often leads to greater success. For example, the increasingly popular online shops or self-service delivery stores that have emerged due to the pandemic are products of current business model transformations worth considering.

3. How to Find Angel Investors and Obtain Entrepreneurial Funds?

In the early stages of entrepreneurship, businesses need sufficient funds to expand their operations and pay their daily expenses. Therefore, it is essential to find additional funding sources outside of business revenue. The way to do this varies by industry.

Suppose you plan to make a significant impact, such as starting a company that requires a lot of capital for things like innovative new technology, you can explore methods used by other entrepreneurs to raise funds, such as angel investors and venture capital. With sufficient preparation and sincerity, you can gain the favour of investors and achieve a Win-Win result.

However, if you are a novice entrepreneur or plan to operate a small business, you can raise funds through things like crowdfunding, which can often combine small amounts into large sums. Once you obtain funds, managing them prudently by spending within your means is essential. How to use the funds well through crowdfunding will determine whether your business can succeed in the long run.

4. Avoid Common Entrepreneurship Pitfalls and Develop Steadily

Many entrepreneurs have made mistakes such as expanding too fast or having insufficient cash flow, leading to the failure of their businesses. If you are preparing for entrepreneurship or you are a boss who has already launched your business with limited experience, you should be aware of the 6 common mistakes of entrepreneurs to avoid getting into trouble.

In addition to maintaining stable operations, recruiting talent and establishing a good corporate culture are also essential. In the early stages of business development, having positive minded and capable talent are often the key factor that sets a startup apart. Therefore, when recruiting new employees, there are 6 types of people entrepreneurs should avoid as they may pose unnecessary risks to your company.

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