Recently there was a few friends of mine got retrenched after serving the the company for a few years in the company. A few of them came up to me and ask, what to do next? It is okay for them to start a business at this economy climate. To be honest, there is no such thing as a good or bad time to start. I have seen start ups fairing badly during good times as well as businesses thriving during bad time.
So the questions is what to do next?
A lot of first time entrepreneurs in Malaysia tend to look for two things and here if why there are not good for your first company.
Number 1. If something they are doing is Sexy at the time. These are not waves of trends but just seem to be the in thing. For example, there was a point in time where Roti Boy was so highly imitated all around Malaysia and today we only see a handful of Roti Boy stalls surviving. Currently, my friends been asking if they should invest in a fish SPA and we see so many of these popping around.
So forget about chasing the Dotcom, Fish Spa craze. Sit down to look for serious trends that will effect lives and provide a solution for that. If you sit down a think of the things that will effect our lives, these are trends that we should be chasing.
Number 2 is they tend look for something similar to their previous work. One thing for sure, if you are good at your work does not make you a good entrepreneur. You see, entrepreneurship is part of building up a good company that might have a value that you can sell it later. If this business can run independently from your direct effort, these businesses tend to be worth more than those who are heavily attached to the person running it.
The other thing is running your business is not the same as working in your business. Professionals with a certain skill sets are stuck with the idea of if they were good at their job they should focus on the same things when they are in business. In most cases, this is one big mistake as an entrepreneur, you should have an overall picture of your business. As you are in your first business, you will realized that you require so much more set of skills to grow you business.
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