Planning To Run a Startup in Singapore? Mistakes You Should Avoid

0
1825
Businesspeople Greeting a Job Candidate

Singapore is known for its low tax policies, first class infrastructure and ease of doing business. Due to the availability of private funding and support by the government, Singapore has emerged as a hub for startups, especially in the field of IT, electronics, biotechnology, media and entertainment as well as clean and green technology.

To help the entrepreneurs, who are planning to incorporate their company in Singapore, we have come up with few important points, which every entrepreneur should keep in mind.

Single Founder

Having a partner or two can be helpful to highlight the blind spots in your initial idea. If you have decided to go solo, then you should at least have a team of trusted mentors and advisers to give you good advice on a business idea.

Clash between Founders

One of the disadvantages of listening to co-founders or other advisers is that they may either discourage or distract you. It has been found that many companies get closed due to clashing characters of co-founders.

Work Effort

You have to put quite an effort to make the startup succeed. A half-hearted effort will not suffice the level of effort new business needs. Sometimes, it is required to quit your stable job and give your entire self to the startup. However, balance your work life as working too hard may lead to stress.

Startup Launch

Timing is very crucial in today’ business world, launching a product too early or too late might affect the success rate. If there is a potential demand for your product, you should launch it immediately. As there might be a chance that another company may launch same product seeing the huge potential demand.

It requires a great original idea with proper execution to turn it into a successful business. Do a proper research and analyze the demand and originality of your idea.

Location

Choose a location where there is less competition. You might loss high mass of possible customers if there were already one or more business providing same services like yours in the area.

Financial Management

Every startup needs financial investors to raise money. Make sure you do not give up too much equity to investors. In case, you do give up the main portion of the equity, make sure you have the controlling rights of the company.

Staff Management

You can’t handle entire business yourself. You need a team of competent staff with great skills. Invest proper time to hire the best team of employees.

Marketing

Having a great product is not enough if people do not know about the product. You should invest smartly for the marketing of the product and the brand. In today’s world of social media, you should invest in digital marketing instead of the traditional mode of marketing.

Being an entrepreneur, making few mistakes is inevitable. You can learn from the mistakes and make better decisions in future. However, if you plan things properly, mistakes can be avoided. Make a note of above mentioned points to take better decisions.

If you are a foreigner and looking to establish your business in Singapore, visit http://singapore-visa.net/ to get Singapore work visa in few easy steps. Apart from investing in Singapore , Hong kong is also a good place for opening a new company. Visit  http://www.opencompanyhongkong.com/  to clear the advantages of opening a business in Hong Kong.