Making It On Your Own

In the first of a six-part series on starting your own business, discover what qualities you must have to get a good start in the business world.


In the past, we are told to study hard, get good grades, join a large company, get a huge pay check and welfare benefits until you retire. It's not the same today. You have to take care of your own employability - and livelihood.

So whether you are an entrepreneur by default, or you choose to be one because it's going to give you more freedom, here are my personal top ten criteria to be a successful entrepreneur:

1. Be proactive

Things will not happen if you don't make them happen. Rather than to sit and wait, entrepreneurs take charge of their own fate by making things turn out the way they want it to be.

2. Be true to yourself

As mentioned by Stephen Covey, begin with the end in mind. You have to look into what your ultimate goal in life is, and how your enterprise is going to help you reach that goal in the long run. By the defination of "the end in mind", that means what you want people to remember you for, after you have passed on.

3. Sell yourself

As an entrepreneur, you represent your business 24 hours a day, 7 days a week. You need to sell the benefits of your business to your potential customers and investors. You need to sell the idea of sacrificing time for your business to your family and loved ones. Above all, you need to inspire your staff, and all your staff should help win customers for you.

4. Be a fast learner

The easiest way to be successful in any field is to learn from someone more successful than you. And if you can't find someone, then read more, surf the Internet more and attend seminars more. As a rule of thumb, the total amount of knowledge in the world doubles itself between every 10 and 14 months.

In the case of your business, new competitors or substitute products may appear every other day.

5. Be a good networker

Check out various networking groups such as Singapore Institute of Management, Business

Networking International, Rotary Clubs, Toastmasters and even places of worship. Remember: networking is about making friends that you can collaborate with, in business and in life, in the future.

6. Be positive

Successful people find opportunities in problems, while unsuccessful people find problems in opportunities. Work towards what you want to achieve, rather than staying away from good opportunities that have a problem or two.

7. Add value

The purpose of all businesses is to add value. Customers are willing to pay higher prices if they perceive that they are getting more value.

Customers will come only to you and not anybody else if you can convince them the values you provide cannot be found anywhere else.

8. Be organized

Lack of planning can cost a lot more to your business. Have the right systems in place so that you don't work round the clock all the time. Learn from McDonald's, which hires teenagers who sure can keep the restaurant clean even though they may not be expert at cleaning up their own rooms! Let your system work for you, so that you don't have to.

9. Do your sums

Since being an entrepreneur is about using a commercial entity to make money for you. Know where your sources of income are, and the amount of funds outflow you need to keep the business afloat.

Many businesses go out of business not because they are not profitable, but because they ran out of cash. Have tight controls over cash flow.

10. Take Action

There is no such thing as an armchair entrepreneur. The rewards will be great if you take enough action.

It is only entrepreneurs who are dedicated and successful who will be rich, and continue to stay rich.