Do you want to own a business in Singapore? But, how do you determine if being an entrepreneur is for you? There are certain personality traits which define your potentiality of becoming an entrepreneur. No matter how easy and straightforward the process of company registration Singapore is, one must possess few positive traits to become successful in your entrepreneurial venture. After all, owning a business is not an easy feat for everyone.
Needless to say, Singapore has acclaimed to be the “entrepreneur hub” and facilitates a vibrant ecosystem for new and serial entrepreneurs to thrive. However, simply the presence of a conducive business environment will not ensure the success of your newly conceived business. It is the characteristics of entrepreneurs what matters the most.
Let us leaf through the process of company registration before diving deeper into the entrepreneurial traits.
Singapore Company Registration
Before venturing into any business in Singapore, you must incorporate it with the Registrar of Companies i.e. ACRA (Accounting & Corporate Regulatory Authority). The process involves two steps 1) Company Name Reservation and 2) Company Registration.
The complete process can be done electronically. Hence, it is fast, efficient, simple and free of bureaucratic hurdles. The authority has laid down a few minimal setup requirements which must be fulfilled prior to company registration Singapore. It promotes a law-compliant business environment. The entire process should not take much time as long as the documents are in order.
Here are the personality traits you must possess to start and run a company in Singapore:
You must be passionate about what you are doing. Passion fuels the drive and determination required for making the journey of company registration Singapore successful. You need passion simply because you are going to work too hard in the long run, where profit is not guaranteed. So, you need to be motivated by some deep-rooted desire. Please note that if you are not fully passionate about your work, stress and hindrance will build up on your shoulders and unfortunately, you would witness the downfall of your business.
Determining a distinct goal when starting a business in Singapore is crucial as it lets you remain focused in your aim. So, you make sure to set a goal at the very initial stage of company registration Singapore. Even after company incorporation, the entrepreneur must have some micro goals related to business expansion, boosting sales and hiring resources, etc.
Citing the challenges and risks that often come with bootstrapping, many people drop the idea of pursuing the entrepreneurial career. But, if you are determined from the days of company registration or before that, no one can stop you from achieving the success.
For a successful startup venture, you must have a high level of tolerance along with a spirit of determination. Also, you should have the willingness and ability to learn from the mistakes of the past. During the teething days of startups, you are likely to face repetitive fails and difficulties in business; You must be courageous and resilient enough to move forward with revived motivation. A real entrepreneur is always open to constructive criticism of the experts. So, be ready to learn to feed off the negativity and take the positive side from the criticism.
Being a learner will benefit you in several ways in your Singapore company registration journey. Since industry and regulation of authorities have constantly been changing and evolving, you must be a continuous learner to cope up with the change. It helps you to stay ahead of the competitors. To be sharp and updated, you can read books, news, attend webinars and learning programs. You can stay connected to the internet and social media to get notified.
At the initial stage of your entrepreneurship, you might not have the luxury of delegating the work to the professionals due to the tight budget. Technically, you start as a ‘solopreneur.’ It means that you might have to run the business on you own. You would have to wear many hats to manage various aspects of your business. So, it is very much important for the entrepreneur to be mentally strong and decisive to take on all the tasks.
If you possess all these personality traits, you are eligible to take the leap of faith into company registration Singapore. Contrarily, if you have an innate desire to become an entrepreneur, but you lack these traits, you may take some time to develop and evolve your personality so that you can easily jump into the sea of entrepreneurship.