Everyone enjoys the idea of setting up their own a startup in Malaysia but why do some succeed and others struggle?
Many of us lack funds and access to the right advice. Starting up a business takes risk. While it is obvious that it is time consuming, a lot of effort,capital and heart is required to develop it into something that you will be proud of.
As an entrepreneur, you can never give up or take a rest on the hard work that you have put it.
There are a couple of things that you need to be aware off before starting up your own business. Here are a few do’s and don’ts that we think may just point you in the right direction!
- Form clear goals for yourself. It is crucial to have a clear vision about what you are doing. Short term goals to long term goals.What are your low hanging fruits? Where do you see your business and yourself in 5 years or even 10 years?
- Keep your day job! (if you are just starting out!). It takes time to build up the business on the side. Nothing happens overnight and instead of quitting your job without a back up ( or a massive Trust Fund), make sure you are fully ready and operational in your startup before making that jump into independence!
- The right partners & employees. The right people on your startup journey are the most important! They will either make or break you. Trust is most important and while we are all tempted to get into a startup with friends,remember to also choose them base on what motivates them, their ethics and their attitude. You want partners who have your back, not be afraid to tell you the truth and are always in sync with your vision and goals
- Small starts can give you big returns. Be prudent. Putting all your money in at the beginning without the right business plan or strategy could cause you to lose everything. Start it as small as possible, save where you can, do as much as you can on your own and don't be afraid to learn from your mistakes. Most startups nowadays start out by having their office in shared working places such as The Co., It's a great way to meet other startups and exchange ideas!
- Consider a personal loan. Depending on the scale of your idea, speak to professional financial consultant whether a personal loan would work for you to kickstart your business. However, always be prudent and do your research on all the fine prints, interest rates, repayments and other conditions before committing to it. A loan whether coming from a family, friend or bank is a serious commitment. Read more about it here! 5 Tips before committing to a Personal Loan
- Don’t start a business because it's trendy. Passion, passion, passion. You are going to need it because your startup will consume you. Opening a cafe? If you are, then you are going to have to live, drink, breath coffee 24/7 and share that love for coffee with everyone else. Not just on social media but build your knowledge and be on the go to learn new aspects!
- Impatience is a no-no. If you want to start your own business because it could seem like a get-rich-quick scheme, then you are on the wrong path. It is rare for anyone to make their first million in the first month. Don't give up simply because you are not getting the money you dream off in the first 3 months, grit your teeth and hang in there. The reward, when you do strike it, will be a whole lot sweeter.
- Don’t be a Super-hero. Ask for help. While you should strive to do everything on your own (or with your partner) seeking advice from other resources and leveraging on expertise may just give you the Eureka! moment. Search for startup communities in Malaysia that you can be apart of. We have found places like startup grind and startup mamak who are great sources of motivation and ideas.
- Don't cross the law. Stick to the rules and keep to the budget . Make sure your business adheres to the the rules and regulations in Malaysia. You don't want to be caught out for not getting your taxes in order. Get the right advice from the relevant parties such as the Income Tax Office or the Companies Commision of Malaysia
Check out GoBear Malaysia and compare the various personal loans that’s could kickstart your entrepreneurship dream today!