Entrepreneurship and capitalising opportunities go together. The majority of people who don’t visualise a career in the business arena may not have an idea of where to find and how to identify Entrepreneurship prospects.
Many questions accompany the reluctant attitude towards Entrepreneurship. But where do risk-taking business people get their ideas? How do they exploit market opportunities to become successful? The number of questions to this end is unending.
The good news is that it’s easy to start your own business and enjoy the rewards that come with its success. As an entrepreneur, you get the chance to be your own boss. You have the prerogative to set schedules while exclusively choosing the talents you want to join you in your journey. To become a successful Entrepreneur, meticulous planning, creativity, and can-do attitude are vital.
What is Entrepreneurship?
Entrepreneurship takes a variety of meanings. The basic definition is the process of creating a business and building it to make profits. Entrepreneurship requires a business person who is ready to take risks when others can’t.
The broader definition of the term translates into taking a business-oriented action to solve a problem. It can be creating aa product that solves issues innovatively or designing a game-changing solution that is unique. Notably, entrepreneurs tend to have a unique DNA in their persona. They take action!
With entrepreneurship comes great risks. Over 90% of start-ups tend to fail after launch. However, there is an optimistic cloud hovering above the concept. In the end, businesses become successful, and an entrepreneur can manage the new venture progressively.
For an entrepreneur to succeed, many factors need consideration. It’s essential to identify a market gap and focus on fulfilling the needs created by such a gap. If an aspiring entrepreneur creates a product or service that solves a given need, it’s easy for the business to thrive.
Entrepreneurship isn’t about transacting products and services. There is a social entrepreneurship that concentrates on finding solutions to a community problem.
Entrepreneurial ventures play a considerable role from an economic viewpoint. It’s through an entrepreneur that jobs are created, thus improving living standards. The industry leads to reduced inflation, the rise of innovation, better production of products and services, and improved gross domestic products, among others.
Why the Singapore Marketplace Is Perfect for Entrepreneurial Start-Ups
Singapore is strategically located. It’s politically and macro economically stable. The tax system and modern infrastructure perfectly position the country as an entrepreneur’s haven.
Singapore ranks on the top ten list of the hottest start-up environments globally. There is a high number of start-ups spanning a multitude of sectors such as tourism, e-commerce, gaming, fashion, and F$B, among others. some reasons that make the Singapore market place viable for entrepreneurship include:
High Mobile and Internet Penetration
Smartphone usage in Singapore is on an all-time high the mobile penetration in the country is the highest across the globe. There is an ultra-high-speed broadband infrastructure that connects residential and commercial premises. This makes it a viable market for businesses that operate e-commerce ventures.
A Hospitable Environment
Singapore is ranked top on the global ease of doing business index. New businesses have rules to follow, and the bureaucracy is minimal. Start-ups can be conceived and launched in a matter of hours. Also, Singaporean immigration laws are entrepreneur-friendly. Authorities indeed have a particular focus on changing the old notion that Singapore has nothing to offer.
Government Assistance
The Singaporean government provides aspiring entrepreneurs on different fronts. The strategic position opens up your start-up to over 2.8 billion people in the broader ASEAN region. As a foreigner looking to start up, getting immigration policies and permanent resident visas isn’t a tall order.
For entrepreneurs, getting Government Assistance in the process of starting a business is crucial. Not only does the government provide a start-up friendly environment, but it has set up agencies that offer insights and grants to new companies.
Some government-based agencies that help start-ups include:
Economic Development Board
The Economic Development Board offers comprehensive investor support and focuses on creating a business-friendly environment for start-ups.
Standards, Productivity, and Innovation Board
This acts as Singapore’s enterprise development agency that supports the growth of innovative start-ups. The agency helps small businesses to gain a competitive age. The board helps the business in areas such as securing funding, capacity building, innovation, technology, and getting market access.
Accounting and Corporate Regulatory Authority
The Accounting and Corporate Regulatory Authority regulates the listing, registration, and regulation of start-ups. Its charged with licensing public accountants. The authority controls compliance and new business structures. Also, it provides information regarding government practices and incorporation protocols.
SMEPortal.sg
The website provides all-inclusive solutions to start-ups looking to start, grow, and maintain their ventures. It offers links to government information and how-to guides
Top-notch Infrastructure
besides a high-speed broadband connection, Singapore boasts top-notch infrastructure (ports, highways airports); the country relies on an effective e-governance system that ensures swift communication between government agencies and businesses. It facilitates quick application and issuance of business permits, licenses, work passes, and immigration documents.
Entrepreneurship Trends Shaping the Singaporean Business Sector
In Singapore, entrepreneurship is steadily growing. More entrepreneurs keep popping up with innovative start-up ideas and focus on making their ideas the next if thing. As time goes, the entrepreneurship industry keeps changing. Many trends are shaping the face of entrepreneurship in the country. This has given the sector a completely new look, and stakeholders cannot afford to be left behind.
To succeed in the Singaporean entrepreneurship arena, there are current trends you need to follow here are some trends to follow.
Traditional Businesses Are Leveraging E-commerce
Digital businesses aren’t the only ones capitalising on e-commerce in Singapore. A large percentage of traditional companies are taking up e-commerce in droves. It means brick and mortar start-ups can amplify their visibility in a short time. For instance, a start-up can resort to eBooks to inform the target audience about their products and services. A traditional restaurant or a local gym can leverage e-commerce to generate leads who can buy their recipes or supplements online.
Businesses Will Use Mobile Marketing Creatively
The mobile market in Singapore is growing fast. Upcoming businesses can capitalise on this trend to reach, appeal, and engage a broader audience. They can leverage mobile in several ways, including:
- Capitalising on geo-targeting to reach local customers with targeted ads.
- Building apps and using them to reach to customers who download the app
- Leveraging bulk SMS to keep customers informed about new products and services
- Accepting mobile payments after customers make sales
Digitisation and AI
The global entrepreneurship industry is experiencing an industry-wide evolution where businesses are taking up digitisation and AI models. Digitisation is accelerating market penetration, consumer engagement, and higher productivity. Companies are collecting customer data efficiently, and the costs have gone down. The prospects indicate that digitisation will incubate the growth of businesses with an expected turnover of S$625 billion by 2030.
Augmented Reality and Virtual Reality
Augmented Reality and virtual reality is the next big thing in the Singaporean business scene. The country is pioneering AR an VR in the media and entertainment industry. Local start-ups have reaped huge returns from the use of VR. Brands are leveraging the two to create new experiences for their users. Several niches such as education, construction, health, and aviation industries cannot afford to ignore AR and VR. Fortunately, the Infocomm Media Development Authority in Singapore supports growth and collaboration in this filed.
Mentorship Is On the Rise
In the course of supporting start-ups in Singapore, established entrepreneurs are encouraging upcoming entrepreneurs to take up the risks. This has led to an increase in the number of mentees looking for insights and counsel. Mentorship programs are a prevalent occurrence, and mentees can learn skills to help them in marketing, entrepreneurship development, and the basics of the industry. Other areas mentees benefit from include financial technology, cybersecurity, analytics, and supply chain management.
Increased Focus On Cybersecurity
Singapore yearns to become a smart nation. Thus, it has a strict emphasis on maintaining data security. Already, there is the National Cybersecurity Strategy that has been mooted to secure the country’s cybersecurity prowess. Previously, the Nanyang Technological University of Singapore partners with BAE Systems to provide advanced cybersecurity protocols. Also, the country has beefed up capacities to secure information and operational technologies. With cybersecurity, it’s easy to keep health care systems, military, power grid, and transit systems safe.
Why Entrepreneurship Is Important to the Singaporean Economy
Entrepreneurs are propellers of economic growth in any country. Entrepreneurship is an essential economy pillar Entrepreneurs are perceived as assets. They need to be rewarded, motivated, and celebrated. Innovative entrepreneurs can change a society’s way of life. Once their start-ups succeed, they can change the standards of living by creating employment chances and wealth.
There are countless reasons why entrepreneurship is essential. Entrepreneurs who succeed enjoy a significant return on their investment. As such, they drive change in different spheres of life while promoting social change. Other than stabilising the economy, there are other reasons why entrepreneurship is essential.
Entrepreneurs Spur Economic Growth
Through innovation, entrepreneurs create new products and services. The resultant effect creates additional opportunities for businesses that offer support services to the new offering. This ends up progressing economic development.
For instance, the ICT industry made huge impacts and grew phenomenally in the last decades. As a result, associated industries came up and flourished. Among them were call centres, network providers, maintenance, and hardware companies. This was replicated in other sectors, including construction, education, real estate, and others.
Entrepreneurs Augment National Income
Entrepreneurial start-ups have the potential to generate new wealth. Existing ventures can be limited in terms of income-generating opportunities. When an entrepreneur develops innovative products, they have the potential to create new market and revenue streams.
Entrepreneurship creates additional employment chances. In return, it enhances incomes, generates taxes, and increased government spending. Once the government spends taxes to improve stagnant economic sectors, it boosts the standards of living, efficiency, and capital growth.
Takeaways
- Entrepreneurship can create wealth for entrepreneurs and related start-ups. It has an immense ability to create new wealth while improving living standards.
- Entrepreneurs can drive societal change once they innovate and create new products
- The industry has the potential to boost the economy tax-wise
- Entrepreneurs contribute to social change. They transform a society’s way of life.
Benefits of entrepreneurship
Entrepreneurship comes with a horde of benefits. Business savvy individuals who take the risk are guaranteed good returns since their start-ups succeed. The list of benefits includes:
You Can Operate from Any Location
Entrepreneurs have the liberty to run their start-ups form any location. With a reliable internet connection, it’s easy to manage an e-commerce start-up from any global location. In Singapore, many businesses are managed from an offshore location. Entrepreneurs can live in countries where the cost of living is significantly low. In Singapore, it’s easy to run a business and enjoy low tax rates.
Enhances Standard of Living
The standard of living is measured around different aspects. For instance, an increase in the consumption of different products and services can determine the standards of a given household. With diversified products in demand, the population enjoys better living standards. The thing with entrepreneurs is that they can provide innovative products that are easily absorbed in different niche markets.
At the same time, the sector augments the income of the workforce it employs. This builds the capacity of individuals to purchase and enjoy life better.
Promotes Research and Development
Entrepreneurship builds on innovation. Ideas can be tested and realised through experimentation. Primarily, entrepreneurship attracts funding for research, experimentation, and development. Different institutions collaborate and support entrepreneurial ideas and concepts.
Entrepreneurship is associated with progressive events that shape events in modern society. Through it, it’s easy to achieve prosperity in the socio-economic and cultural arenas of life.
Better Production of Goods and Services
Entrepreneurial start-ups provide more than job opportunities and steady income. They are pioneers in the production of products and services. These businesses are committed to the provision of the basic needs of society. They offer better prices compared to big box enterprises that charge incredibly high rates that deplete the income of consumers. In return, entrepreneurship enhances the survival of a country’s population.
The Best Entrepreneurship Courses in Singapore
Aspiring entrepreneurs act on instinct to start a business. However, instincts aren’t enough. To succeed with the start-up idea, an entrepreneur must get proper skills. Entrepreneurship skills enable an average person to mould into a prosperous entrepreneur with practical training. The programs offered in different institutions in Singapore can transform reluctant persons into top-notch entrepreneurs.
Acquiring a degree in entrepreneurship enables an individual to gain extensive entrepreneurship knowledge. Aspiring businesspeople can learn high-level skills that allow them to master business plan writing, funding, and customer engagement skills. The abilities you can muster with an entrepreneurship course are non-limiting. Other basic courses cannot hoe you to become a distinguished entrepreneur.
Passion to do business independently can indeed make you a successful entrepreneur. However, it’s essential to acquire entrepreneurial knowledge to avoid falling off halfway through. A majority of aspiring entrepreneurs fail because they ignore the need to gain professional course knowledge. As such entrepreneurial education is crucial to a start-up’s success and growth. Here are some courses that will reinforce your endeavour to become a notable entrepreneur in Singapore.
1. SUTD Technology Entrepreneurship Programme
The SUTD Technology Entrepreneurship Programme (STEP) empowers upcoming generation of entrepreneurs. The course is ideal for entrepreneurs with a noteworthy focus on leadership innovation, venture oriented, and engineering-focused people. The course lasts for four and a half years. Students in the integrated programme experience one year in hubs in the US and China. They intern and take immersive courses in the Silicon Valley. Upon graduation, the students graduate with a Master of Science in Technology Entrepreneurship. The Singapore Management University offers the course.
2. Advanced Certificate in F&B Entrepreneurship
Aspiring Food and Beverage entrepreneurs with novel food concepts can qualify for this course. If you’re passionate about innovation in the local F&B scene, this course will enable you to acquire knowledge as a start-up in the food business. You gain skills in starting off, sustaining your business, and turning your venture into a profit-making entity.
The FB certification programme prepares you to create economic benefits and social value. It has 6 modules, and the instructors come with expert F&B entrepreneurs. These gurus help you to leverage industry resources to help you apply innovative ideas in your start-up.
3. National University of Singapore – Master of Science in Venture Creation
The Master of Science in Venture Creation is offered in the School of Continuing and Lifelong Education. NUS enterprise supports the course. The programme emphasizes on internship, experiential learning, and a practicum. Students enjoy access to a variety of modules in six academic disciplines. The NUS Business School and the Yong Loo Lin School of Medicine are part of the program.
The curriculum offers a Summer Programme in Entrepreneurship, New Venture Creation, and a Lean Start-up Practicum and an Experiential Entrepreneurship Internship. Its electives include Network Security, Sustainability Marketing, and managerial economics.
4. Master of Science in Entrepreneurship and Innovation
Kaplan Singapore offers the Master of Science in Entrepreneurship and Innovation programme under the auspices of the Royal Holloway University of London. The course equips students with skills that enhance their potential entrepreneurial capacity. They acquire knowledge about starting new ventures and project innovation. Students gain communication, critical thinking, and entrepreneurial proficiency.
The programme takes 15 months in Singapore. It entails modules in Entrepreneurship Consultancy and marketing, Small Business Management, Social Entrepreneurship, and venture creation. Other modules are Financial Planning, Independent Business Research, and Research Methods.
5. Advanced Diploma in Entrepreneurship & Small Business Operation- Raffles College of Higher Education
The Raffles Singapore College offers the Advanced Diploma in Entrepreneurship & Small Business Operation. It prepares students to conceptualise, lead, and implement entrepreneurial projects. The curriculum features Entrepreneurship and Business Planning, public relations, digital marketing, strategy, and market research, among others. The course takes 12 months, and it costs over $16,500.
5 Singapore Government Grants for SME and Start-ups
Starting in the entrepreneurship world isn’t easy. Getting funds, formulating ideas, and starting up requires personal input and external support. In Singapore, entrepreneurs enjoy massive support for the government through grants. If an entrepreneur gets support and funding, the chances are that they will start up smoothly. With such backup, they are likely to succeed with their start-up. Additionally, if the business gets community validations, succeeding is highly possible. Armed with a revolutionary start-up idea in Singapore, breaking even is realistic. Here are some Singapore government grants that start-ups and SMEs can utilise.
1. ACE Start-ups
SPRING Singapore is a Singaporean agency that oversees ACE Start-ups Schemes. It caters to newbie entrepreneurs with innovative business concepts. The scheme offers mentorship assistance and capital grants. Accredited Mentor Partners identify applicants and later support them with networks, programs, and start-up advice.
To qualify for the grants, you need to be a first time entrepreneur with Singaporean citizenship or permanent residency status. Unique business concepts have a higher chance of qualifying. With a highly feasible business model, a proficient management tea, and a promising potential market, your start-up will qualify. The funding provides up to $50,000.
2. Capability Development Grant
The Capability Development Grant provides funding to upcoming businesses. It focuses on capacity building in over 10 areas. They help start-ups to make headway in the consultancy, equipment, training and certification. Start-ups can apply for grants up to 70% to cater to new product design, concept development, and manufacturing.
To qualify, SMEs and start-ups need incorporation, and they should be operational in Singapore. The grant offers up to $30,000.
3. Early-Stage Venture Funding
The Early Stage Venture Fund is a Singapore initiative that supports start-up and enterprise ventures. It the biggest government equity scheme that funds start-ups in conjunction with venture capital entities. ESVF caters to the funding of new tech start-ups that are based in Singapore.
The fund coordinates with the National Research Foundation. NRF provides S$10 million through matching criteria, and it helps to seed venture capital funds. These venture fund firms get the chance to invest in MNRF shares in five years.
4. Productivity and Innovation Credit (PIC)
Inland Revenue Authority of Singapore grant offer caters to research development acquisition and registration. Additionally, it covers the cost of approved business designs, intellectual property equipment and workforce training. The PIC scheme provides tax deduction and pay out bonuses.
To qualify, start-ups need to be based in Singapore, and sole proprietors have a higher eligibility chance. Your start-up can enjoy a 400% tax deduction offer and up to $400,000.
5. Financial Sector Technology and Innovation (FSTI) Scheme
The Financial Sector Technology and Innovation authority is a brainchild of the Momentary Authority of Singapore. The scheme offers support to innovation. This grant aims to empower financial start-ups to create innovation hubs in Singapore. Also, it supports the enhancement of technology infrastructure and innovation.
To qualify, a start-up needs to be a Singaporean Financial Institution, including tech and solution providers, with financial institutions in the country.
The FSTI, in conjunction with MAS, provides up to 70% of the qualifying costs, and it offers $200,000 in 18 months.
Five Key Elements of Entrepreneurship in Singapore
Entrepreneurs don’t need to have graduate degrees or MBA qualifications. However, several elements make an entrepreneur successful. Enterprising business people need to be quick when it comes to identifying opportunities. A successful entrepreneur is impulsive. They conceptualise big business ideas from small things. The need the following elements to make it on the entrepreneurship front.
1. Innovation
In the business sector, entrepreneurs serve as a source of innovation. Innovation is one element that makes a budding entrepreneur successful. An entrepreneur uses innovation to capitalise on market opportunities while providing solutions. These individuals can innovate new products, technologies, marketing strategies, or services.
2. Risk-Taking
Entrepreneurship and risk-taking are relative. An entrepreneur runs and manages the start-up single-handedly. The risks are wholly upon the business owner. If you avoid the risk, it means that your business will remain stagnant. A discerning entrepreneur takes these risks relatively. At the same time, risk-taking comes with the opportunity to gain a competitive edge. This way, it’s possible to exploit the chances available in the economic landscape.
3. Vision
Of the many driving forces behind entrepreneurship, vision is a crucial determiner. It supplies the energy that propels a start-up by leveraging an entrepreneur’s foresight. This proactive aspect gives a start-up roadmap into the future. It identifies the risks involved, tasks, and the ideal culture to adopt.
Arguably, successful entrepreneurs in the world are known to take off with vision as one of the critical elements. Vision enables them to idealise short and long term goals, and it helps them to chart future objectives.
4. Organization
Entrepreneurship is a sole proprietorship in many ways. Business owners handle risks, and they enjoy success in the end. Though the sole proprietor chooses the talents to join the management team, the entrepreneur has the ultimate control over operations. This calls for exceptional organisation and top administrative skills.
5. Leadership and Inspiring Others
Within the entrepreneurial structure, the proprietor consolidates business assets. The entrepreneur is charged with handling responsibilities and turning them into life-changing visions for others. From the onset, you need to float your concept to give it a head start. An entrepreneur needs to turn ideas into products and services to make profits. Leadership is essential to entrepreneurship. It’s imperative to take the lead for a start up to achieve success.
5 Steps to Take for Entrepreneurial Successes in Singapore
Managing your own business comes with liberty and flexibility. Start-ups that fail do so since they ignore planning. Different enterprises operate differently. When you go for best practices, it guarantees success in the end. Here are five start-up steps that a Singaporean entrepreneur needs to succeed.
1. Identify Your Business and Niche
From the onset, you need to identify the products and services that you need to offer. There is an abundance of options in the entrepreneurship scene. It can be an FB, Software, or healthcare solutions business. However, you’ll need to be clear about what you offer and why it’s essential to provide the said product and service.
There’s a need to identify your customers and check out the competition in the process. Availability of customers stamps the success of your venture. Since customers may be hooked to a similar product or service, it’s essential to provide a better product proposition and value. If you’re introducing a new product, check whether the intended customer cluster needs the offer.
2. Scope the Competition
In the process of looking for customers, consider scoping out the competition. Your idea isn’t entirely exclusive to you. Already, established competitors will have a more significant consumer appeal, and you need to know how to deal with it. If you figure out how to stand out, it’s easy to succeed and gain a competitive edge. You can reach out to friendly stakeholders in the industry to offer you crucial insights.
3. Find The Right Talent
Starting your firm is challenging. To thrive, consider getting the right people for critical tasks. With proficient marketing, product research, and communication team, you can manage the start-up effectively. Investors are likely to evaluate the team in your corner before they decide to partner with you. It’s essential to bring on board a team with technological knowledge to help your start-up to keep up with the big league.
4. Attract Funding
Start-ups that launch on a tight budget need to go big at some point. If your social circles cannot provide funding, it’s essential to look for funding from venture capitalists or government grants. Consider pitching your unique start-up idea to grant agencies. If it’s a revolutionary idea, it’s easy to get funded.
5. Set A Start Date
Even if you have a killer idea, you need to have a Launch strategy if you delay, competitors can visualise a similar design and leave you in limbo. It’s essential to start with passion and have a product or service offering that will induce change. The always risks are always a threat, but with the right approach and attitude, it’s possible to realise your entrepreneurship dream.
Top Organisations in Singapore that every Entrepreneur should be Part of
Do you want to be part of the entrepreneurship future? It begins by identifying and joining high-calibre entrepreneurship organisations around you.
We uncovered a few of these organisations:
ACE
Website: https://ace.org.sg/
ACE stands for Action Community for Entrepreneurs. It’s a private sector organisation operating at a national level, and which seeks to drive innovation and entrepreneurship in the country.
The organisation was established in 2003, and restructured into a private entrepreneurship entity in 2014. Still, the organisation enjoys tremendous support from the government.
Join the organisation to take advantage of the many resources offered in the country. It’s also good for networking.
Lastly, you might want to join the organisation to be connected with the start-up ecosystem in the country.
Investment Network
Website: https://www.investmentnetwork.sg/
Investment network is an angel investment network. It consists of a group of investors who come together to invest their money and time in the various entrepreneurial opportunities in the country.
Angel investors differ from venture capitalists in the sense that they invest their own cash instead of relying on external financial sources.
They’re mostly used by early-stage start-ups that can’t get funded with any other option (e.g. venture capital and banks).
This network was started in 2004; and today, it consists of about 1.4 million members (consisting of both entrepreneurs and investors).
NUS Entrepreneurship Centre
Website: https://enterprise.nus.edu.sg/
NUS Entrepreneurship Centre nurtures entrepreneurs. It’s an organisation dedicated to helping entrepreneurs stroke the spirit of enterprise and innovation.
Established in 2001, the organisation introduces its members to the world of entrepreneurship. It’s an education facility known for offering comprehensive entrepreneurial support for aspiring entrepreneurship students.
It aims to nurture talents and help the students develop a global, entrepreneurial mindset.
The organisation provides entrepreneurial education, comprehensive entrepreneurial support, active industry partnership, catalytic entrepreneurship outreach, on top of being Asia’s thought leader in entrepreneurship and innovation.
KESUMA
Website: https://www.main.kesuma.org.sg/
KESUMA is an association of entrepreneurs, established in June 2003 by Ibrahim Ariff. It’s an open membership association that’s open to entrepreneurs of all ilk and races.
The organisation is dedicated to helping its members become better entrepreneurs, capable of making informed entrepreneurial decisions.
Join the organisation if you are aspiring to be an entrepreneur and they’ll mentor you into one.
SBF Entrepreneurial Development Centre
Website: https://www.sbfgroup.biz/index.htm
SBF Group is an education facility dedicated to helping aspiring entrepreneurs in Singapore understand the challenges that lie ahead and take necessary precautions.
They offer a range of programs that psychologically prepares you for the challenges ahead. Among them is a specialised training and support initiative that seeks to assist those that are seriously looking to start a business.
Journey of Entrepreneurship (JOE)
Website: http://joe-academy.com.sg/
JOE is an education program delivered in four different phases. It incorporates both technical and soft skills.
With JOE, good entrepreneurship is more than financial literacy. Incidentally, 99% of businesses fail because of this one simple misconception.
Which is why the institution strives to teach entrepreneurs about soft skills such as problem-solving, creativity, and innovative thinking.
Asian Institute of Entrepreneurs
Website: https://www.sgpbusiness.com/company/The-Asian-Institute-Of-Entrepreneurship-Pte-Ltd
The Asian Institute of Entrepreneurs was started on 5th March, 2009. It’s a student recruitment agency also known for offering marketing consultancy services.
Networking Groups You Should Join in Singapore
There are so many groups of networking communities that you can join today and share your experiences and ideas with them.
Singapore Entrepreneurs Network
With SEN, entrepreneurs meet every month to network and connect with other entrepreneurs in the country. The organisation was launched by an entrepreneurship network going by the name of Project Senso, which operates in both Singapore and Malaysia.
To find out more about this networking group, follow this link
Aspiring Entrepreneur Venture Nights (AEV Nights)
With AEV, Singapore entrepreneurs have a chance to submit their business ideas and have them reviewed, revised, and refined by the event’s organisers in the country.
Attending entrepreneurs have three minutes in which to present their ideas. Their presentation is then judged by the organisers who look into the viability of the project and offer you constructive criticism and advise on how to best improve it.
If the idea is feasible enough, you can request the organisers for coaching, mentorship, and investment.
Follow this link to find out more about the event.
Start-up Grind Singapore
Start-up Grind is a global community of entrepreneurs that strives to educate, inspire, and connect entrepreneurs, investors, and innovators from all over the world.
Entrepreneurs meet to share ideas or the lesson they learned while growing their businesses.
In Singapore, the event was first introduced in 2012. Since then, they’ve held so many conferences, fire chat events, and mixers, where entrepreneurs meet to build a support network and learn from each other.
Here’s a link you can use to find out more about the event.
The Hub Singapore
The Hub is another global networking community connecting entrepreneurs from five continents. In total, there are more than 60 hubs in the world.
They have networking events, collaboration tabs, workshops, and talk panels, but only members are allowed to attend.
The Hub is also known for providing co-working spaces and collaborative environment for working. It also facilitates cross-sector collaboration by welcoming entrepreneurs, impact investors, social entrepreneurs, students, policymakers, and creatives.
To find out more the Hub Singapore, shoot your inquiry to this email (email: hub@thehub.sg).
CoFoundersLab Matchup Singapore
CoFoundersLab strives to connect entrepreneurs with like-minded investors, advisors, or a team they can work with.
It’s a good community network to join if you’re looking for people with skills or the resources you need to develop your ideas and bring them to life.
Follow this link check out their schedule and find out more about their events.
Founders Drinks
Founders Drinks is a social networking group started by e27. Initially, the group comprised of old friends meeting up for drinks. It’s then that they decided to turn it into a monthly event group, where entrepreneurs meet to discuss a range of entrepreneurial topics.
The group also organises fireside chat events, conferences, and group talks.
Today, they have expanded to Indonesia, Malaysia, Thailand, the Philippines, and Vietnam.
TiE
TiE was started in 1992 with one goal in mind – to help aspiring entrepreneurs get started on the right foot.
They were able to do this through a series of programs, including the Mentor Match and Young Entrepreneur Match programs.
The organisation has a well-laid-out plan, consisting of five pillars – education, mentoring, funding, incubating, and networking, with which it uses to encourage its members to develop or grow their businesses.
Drinks Entrepreneurs
Drinks Entrepreneurs is a globally known non-profit organisation that’s dedicated to connecting entrepreneurs through their monthly event series.
Their events are free to attend, and not just limited to entrepreneurs. Anyone with an entrepreneurial mindset is allowed to attend. That includes entrepreneurship students, aspiring entrepreneurs, or staff members.
To find out about this meet up group or their next event, be sure to follow this link.
Why Join a Community Network?
A place for like-minded people
Like-minded entrepreneurs, start-ups, and business ventures flock together.
Nothing is more empowering than sitting in a group of like-minded individuals. It’s a place for sharing ideas, harnessing motivations, and pooling energies.
You have people to hold your hands, guide you, advise you, motivate you, and grow with, in your quest to grow a successful business in Singapore.
It’s through networking that you’ll learn about your true potential, mistakes, and how to improve your ideas best.
Constructive Criticism
The worst mistake you can ever do as a business person in Singapore is surrounding yourself with “yes people” – or people who tell you what you want to hear and not the plain truth.
Your business network doesn’t care about your feelings. All they care about is seeing you succeed.
They’ll analyse your idea and tell it as it is. Is your idea feasible? Does it need improvement?
How can you remedy the shortcomings in your product? Or should you just drop it altogether and figure out something else?
A chance to Grow
The business you spend much of your time with can mean the difference between growing a successful business or setting yourself up for failure.
You want to hang around successful people or people that will challenge your thinking and encourage you to work even harder and smarter.
You have fellow business people to learn from. You can copy their mannerisms, saving habits, stoicism in times of crisis, and so on.
Consequently, this should speed up your business growth and increase your chances of succeeding.
It’s a Community
One person can only do so much. But there’s so much power and potential in partnering with a like-minded individual.
First, you get to enjoy the mutual love you share among yourself. Also, when things get rough, you can count on your brothers to be there to bail you out.
There’s no individualism.
When success comes knocking at your door, your brothers will rejoice with you. The same way when life knocks you down in the dump, your brothers will be there to offer you a helping hand.
A checklist for Successful Entrepreneurs in Singapore
Success begins with a plan. Otherwise, it’s just luck – and luck, like we know it, cannot be replicated.
You have a checklist (read: a series of questions) that you might want to think about before embarking on your new venture.
What exactly am I Doing?
Many Singaporeans have a habit of diving into business without a proper plan, and the end result is always failure.
You have to lay down everything in theory before jumping into action.
Failing to plan is setting yourself up for failure. Here’s how you know that you’re not headed in the right direction:
- You have an investment idea that you haven’t put on paper.
- You’re a generalist. You talk about things without getting into specific details.
- You have trouble describing your business in entirety.
Setting goals is part of planning your business. Remember also to find out more about your partners, and include them in your plan.
Here’s a list of things to include in your plan:
- Set a timeline and expected milestone: Where do you want to see yourself, and when would that be?
- Monetisation Strategy: You’re not running a charity. Your key goal is to make money at the end of it all. The least you could do is figure out how to make that money exactly.
- Budget: Business budget refers to anything that facilitates your business. How much money do you need to cater for all your business expenses? Remember, you need money to make money.
- Strategy: A strategy is how you achieve your goals. What’s your game plan?
When planning, you have to consider all the possible scenarios. Look at the good, the bad, and the neutral.
Am I Financially Ready?
It’s natural for entrepreneurs to be optimistic when launching their business. However, no matter how promising your idea is, it’s going to take you quite some time before you turn a profit.
Expectations are your worst enemy, and if you must expect anything, then expect the worst and take necessary precautions.
You have at least three months to be in the red. The question is, “are you ready for it?”
Here are the questions to determine whether or not you’re financially ready to launch your business:
- Can my budget sustain the business for at least 3 to 6 months?
- Can I operate for six months without any income as I focus on growing my business or start-up?
- Do I need a part-time job to supplement my business income?
- Do I have enough funds to inject into my business if the need arises?
Am I Mentally Prepared for this?
The business you’re about to start will drain you emotionally. You’re bound to fail over and over again before success comes knocking. You have to be mentally prepared for all this, lest you find yourself quitting a few months in.
Here’s how you know if you’re mentally prepared for business:
- Are you mentally prepared to fail, not just once but repeatedly? And how do you plan to get back up?
- Mistakes will be made. You don’t have to beat yourself for any of it. Learn from it and move on.
- You’re your own motivation.
- The fate of your business is in your hands, and yours alone. You’re responsible not only for its success, but failure as well.
- There no such thing as the last mistake. You’ll keep on making mistakes as long your business operates.
- Find a support group.
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