If you have finally decided to abandon the traditional 9 to 5 job, the rat race, and instead embrace everything that entrepreneurship has to offer, the odds are pretty that you are at times both incredibly excited and incredibly nervous about your future – especially your financial future!
It’s critical to remember that when you take the plunge and join the world of entrepreneurs out on the global market today you aren’t risking nearly as much as you might think you are. There’s a lot of control in taking complete and total ownership over your financial sure, and a lot more risk in living at the beck and call of your employer that is always looking for ways to cut costs and downsize to boost their own profits.
At the same time, it can be really easy to get sucked into all of the swirl that the startup phase of your business is going to bring to the table. You want to be sure that you have your head on straight so that you can attack your new business in the best way possible, building up your options and give yourself every opportunity to become a smashing success.
Here are the important things you can’t afford to forget when you are launching your startup!
You’ll have total freedom – but that’s a double-edged sword
Yes, there’s nothing better than no longer having to wake up to an alarm clock unless you absolutely must (or want to) but it’s important to remember that all of this freedom can become dangerous and even disastrous, especially in the early stages of your startup.
You’ll need some kind of schedule to keep you on course, help you build towards your goals, and achieve the milestones that you are looking to create so that you can push your startup into a more stable phase. Embrace your freedom but make sure that you don’t let it control you.
Flexibility is your biggest competitive advantage
You may feel as though you are at a disadvantage compared to more established operations in your industry or your market, but nothing could be further from the truth.
Those kinds of companies are more set in their ways, are brought down by precedent and past decisions, and oftentimes grow so large that they just can’t move and adapt to changing circumstances the way you can.
Your flexibility and your adaptability in the startup phase is your biggest competitive advantage and you need to be sure that you are making the very most of it at every opportunity. This is the kind of competitive advantage that can give you the edge you need to dominate new markets (or carveout new market space), and the kind of competitive advantage that you want to be sure your business never loses.
Your startup lives and dies by the people that you hire
It is almost impossible to create a smashingly successful business today all on your own, regardless of how easy technology has made the majority of your day to day operations.
Embrace the need to hire top-tier people, make sure that they are empowered to make smart and savvy decisions, and hire slowly while firing quickly and you won’t have much to worry about!
About the Author
Singapore Company Incorporation Consultants Pte Ltd
Address: 10 Anson Road International Plaza #27-15 Singapore 079903
Telephone: +65 66531211