If you are considering becoming an entrepreneur, remember that only you can change your circumstances. If you are unsatisfied with your job, don’t put the blame on your boss, the economy, or the people you love. They can’t change things for you. Only you can do that by first making the decision to stand up for yourself and your goals.
Once you have decided to become an entrepreneur, you must determine which business is best for you. Explore different things. Find out what it is that boost your energy when you are down and tired. Consider your personality as well as your intuition. When identifying which business is best for you, consider what you know, what others do, and try to solve a common problem. If you were laid off but you have a great number of skills, you may be able to combine said skills to provide personalized products or a service for residents. You can learn about an existing business that interests you and provide one that emulates it. This is not limited to the type of business, but rather, if you really like the way a coffee chain runs its day-to-day task management, consider implementing that into your new company. Other companies may use methods that you admire. Then you want to solve a common problem. Is there a service that you and others want to see in a particular market, but it doesn’t exist yet? Then you can make it happen!
Of course, to become an entrepreneur, it takes business planning. This will help you make the process go faster from registration to filing applications to getting funding from moneylenders and investors. A business plan will make everything else easier. You will be surprised how quickly a business plan can surface. By sitting down and asking yourself a few questions, you will be well on your way to writing your business plan. Ask what business you are building. Ask who you will serve. Ask what promises you will make to customers. Ask yourself to list your objectives, your strategies, and your steps to achieve each goal.
You have to know your audience. Don’t be reserved. Figure out who will buy your new products or use your service. This is incredibly important because it validates your market. Consider the size of your target market and why customers will need your service or product. Understand your finances. You need to consider the real possibility that you may be your only investor in the beginning. This is why it is important to understand your personal finances and to ensure you have a business plan with financial information covered. The type of business you create (limited liability partnership, sole proprietorship, corporation) will determine the amount of money you will need for the start up costs. It is also important that you have a support network when you start a business venture. You should find others who not only believe in you, but believe in your product. You might start with family then include social networks, local vendors, advisors, partners, and others entrepreneurs.
If you are interested in starting a business there is information available for foreigners registered in Singapore. The requirements for limited liability partnerships or personal company registration vary based on applications and filing fees. Thankfully you have resources for residents and companies that need assistance with tax information.
There are government websites which allow you to act appropriately in terms of incorporation. You can contact an authority office and they will provide approved banking information as well as offer information on corporate accountants and moneylenders service. You can get information on how to employ people from your home country who will work for a set number of months as directors or reserved personnel. There is a lot of information which you can pass on!