Starting a business and being a business owner can be tricky if you have little entrepreneurial ardour. Being the boss of your own, you can take control of your life and get rid of the monotonous office hours and work, but that might not be for everyone.
However, with a rapidly growing economy, it comes as no surprise that a huge pool of entrepreneurs worldwide flock to Singapore to reap the benefits of its company registration process.
If you are all set to incorporate a company in Singapore, you must know a few critical factors before you jump into the sea of entrepreneurship, and understand whether you are an entrepreneur or a businessperson.
While Company name approval can be done in an hour and the entire process takes just 1 to 3 days to accomplish, let us guide you through the steps of being a successful entrepreneur in Singapore.
Difference Between a Businessman and an Entrepreneur
A lot of people might not know this, or often get confused with this two. In short, A Businessman is a Business person. An Entrepreneur is a business which inspire people. While it might sound like both are almost the same, there is a huge difference between an “Entrepreneur” and a “Businessman.”
A businessman will buys something for a lower price, be it service or product. and sell it for some profit. They are often deemed as an individual who is not creative and can’t come up with good ideas. There will be a precedent that he follows, a fool proof idea that others have been doing for ages.
On the other hand an entrepreneur is someone who is capable of creating something out of the ordinary. An entrepreneur can be seen as a person who is creative and unique, and believes in starting from bottom and is never afraid to take risks.
Their profound differences can also be seen in their mindsets. A Businessman will engage in carrying out any activity, related to commercial and industrial purposes. He sets up a business as a new entrant in the market as for the existing business. Businessmen go for a business which is highly in demand or which can make huge profits for them irrespective of uniqueness.
This can be tough because businessmen are bound to face tough competition with the hundreds of rivals already existing in the market undertaking the same business. By virtue of this, customers are treated as the king of their business by the businessman.
This is not the same as an entrepreneur. They are a person who conceives great ideas or concepts to start an enterprise and brings it into reality. This is often seen in startups. They are the ones who lead the market always no matter how many competitors will come later, but their position will remain untouched.
In an economics standpoint, the entrepreneur is considered as the most important factor of production of a business, and in the long run, entrepreneurs will become a businessman.
Examples of entrepreneurs are Bill Gates (founder of Microsoft), Mark Zuckerberg (co-founder of Facebook), Larry Page (co-founder of Google), Steve Jobs (co-founder of Apple), and most recently Jeff Bezos (founder of Amazon).
Singapore being the Destination of Choice for Entrepreneurs
Here are the reasons why entrepreneurs choose the Republic to incorporate their Singapore Company.
- Rated No. 1 in the world
- Third wealthiest nation in the world
- Third most globalized economy among 60 of the world’s largest economies
- Most politically stable country in Asia
- No. 1 in best labor force in the world
- No. 1 in Asia for quality of life
- Personal tax rates start at 0% and max out at 20% above SG$200K
- Singapore corporate tax rates is about 8.5% up to SG $300K profits and a flat 17% above that
- Singapore’s network of over 50 comprehensive Double Taxation Avoidance Agreements
- Have strong protection of your great ideas and innovations thanks to Singapore’s strict enforcement
- There is no estate/death/inheritance tax in Singapore.
Advantages of Being an Entrepreneur
You are your Own Boss
You choose the work you like and that makes the most of your strengths and skills, which may bring you more job satisfaction. Entrepreneurship can be exciting as each day is filled with new opportunities to challenge your abilities, skills, and determination.
You have your Own Flexible Hours
Entrepreneurs can schedule their work hours around their commitments, including spending quality time with their friends and families. They have the ultimate freedom to work whenever they want, wherever they want, and however they want.
It Allows you to Set your Own Earnings
It is evident that you will be the one setting your own wage and making investments. The work that you do would be for something you own, which in the long run can be a huge advantage compared to when you are working as an employee.
Disadvantages of Being an Entrepreneur
It Needs Huge Amount of Dedication
For your business, or entrepreneurship it to be successful, you have to take a level of time commitment that many people are just not willing to make. This may take a toll on your personal life.
Competition with Other Business
As much as it is going to be a huge challenge, it is very important for an entrepreneur to stay competitive. Differentiate your idea from others in your niche in order to build a solid customer base and make it in the industry.
Not a 100% success rate
Although you need to make some sacrifices to make this happen, you should know that this type of venture does not guarantee 100% success.
One major drawback of being an entrepreneur is that more work and longer hours will be required from you than being an employee. The amount of effort, time and investment to make your venture successful might have certain downsides too.
How to Become a Successful Entrepreneur in Singapore
Find your Niche
The competitive nature among the businesses in Singapore is surging at a astonishing rate. More often than not, start-up businesses fail to attain break-even point and forced to cease their operation due to their poor business strategies.
Therefore, it is obvious that when you start selling the same thing as other, what will make you different from others? Hence, dare to be different and make your product or service something to be sought after.
Sight your Target Market
Determining the target market before kickstarting the operation is the outmost crucial step. When you stay focused on your target audience, the more fruitful will be the result of your marketing plans. With Social Media being the main platform for marketing in the era, it is always advised to engage your target clients there. Doing this can last a long term relationship.
Search for an Investor
Fund or Capital will be the investor of your business, and it is crucial to kickstart a new venture if you don’t have the required funding for it. The good news is that Singapore government has rolled out a series of funding assistance for the start-up business. It includes cash grant, incubator program, and equity scheme. There is also a high concentration of private venture capitalists and angel investors which enables entrepreneurs to get easy access to any funding assistance.
Right Delegation of Tasks
Delegation or duties helps the business grow, if the task is delivered to and by the right people. Many entrepreneurs chose not to delegate the task to the professional for the sake of saving few dollars and it often don’t turn out well.
Delegation can save time, minimize learning curves and give quick and better result. You concentrate on your business, leave the rest to the other professionals.
Hire the Right Employees
This only can take place if you have the right and sufficient funding. Once you have done your Singapore company incorporation, you can hire both local and foreign individuals as your company’s employee. Nevertheless, make sure to adhere to the regulations of Ministry of Manpower (MOM) and the Singapore Employment Act.
Paul Hype Page & Co – Acra service provider and Asean Chartered Accountant.
Paul Hype Page & Co. have 3 physical offices in Singapore, Malaysia and Indonesia
Our Firm Goal is to assist Foreigner and Foreign Companies to set up business in Asean.
How we can help you:
We will call you back, please click below link and make appointment with our Sales consultant:
Step 1- Listen to your Business plan and Relocation needs.
Step 2- Analysis your Singapore Tax Planning
Step 3- Recommend the most suited type of Company Incorporation , Open Bank account and
Step 4- Arrange for your Spouse and Children Visa
Step 5- Assist as your company to hire staffs and handle all HR matters
Step 6- Every financial year end, we assist you with your yearly Acra Financial and Tax Compliance
Step 7- Assist you to expand business to Malaysia, Indonesia , Vietnam and Thailand.
Get in Touch with Us Today.
Paul Hype Page
Categories: Business Opportunities in Singapore