Making a success of your entrepreneurial endeavour

We have heard stories shared on news and social media platforms of successful Malaysian and global entrepreneurs with impressive business models.

However, is it that simple to duplicate successful models into your business and for you to be successful as well?

You may have seen people around you share their fantastic ideas and business proposals, but at the end of the day, unfortunately, their businesses have failed.

Everyone can start a business but not everyone can scale a business. Many aren’t able to sustain their businesses. Why?

The reason is due to the business owner’s lack of execution power and “know-how” of business processes.

Execution power is how well a business owner can implement a plan and achieve its goals accordingly. However, there is always a deviation between fact and forecast.

If a business owner has strong execution power, he or she may be able to come out with good counter measures in a relatively short time to bring the business back on track and achieve planned objectives.

However, business owners have the “know-how” of running a business which is the most crucial part of a business’s success.

Benefits of entrepreneurship

Here are three key benefits of entrepreneurship that drive many to pursue this path in today’s economy.

1. Pursue your passion

You get to pursue your passion as your everyday job. Every day can feel like play, and you get paid for it. Achieve a niche of how your passion and strengths translate to meet the needs of your clients.

2. Time flexibility

You control the flexibility of your schedule, and make time for what matters in your life. You can work at your best hours, and spend quality time with your loved ones.

3. Control of your success

Control is in your hands as you make key decisions for the company while leveraging on your strengths and skills. The more successful you are, the higher the returns, which as your company grows, far outstrips the earning potential of being an employee.

Entrepreneurship ‘must knows’

Here are three simple but crucial summary points that you must understand before you start your entrepreneurial journey and operate a successful business.

1. Identify the ‘pain point’ in the market

To commence a business, it is crucial for entrepreneurs to identify the “pain point” or “gap” in the market that you can provide a solution for.

2. Understand the business processes

Next, entrepreneurs must create revenue for their business. Therefore, entrepreneurs must know where and how to generate the correct leads of clients according to the target segment they want to serve.

Once business commences, business owners must have proper business processes for their business operation to make sure everything is smooth sailing.

However, this is easier said than done. This is where many business owners face a bottle neck and fail to scale, moreover sustain their businesses.

3. Leverage to scale and expand

Leveraging on the strengths of people around you to add value to each other is important.

Despite entrepreneurial journeys being lonely by nature, if you can leverage on the strengths of people in your community, you will be able to achieve greater heights in your business.

Top 10 entrepreneur jobs

• Accounting Freelancer/Bookkeeper (see below)
• Animator/Graphic Designer
• Baker/Chef/Caterer
• Caregiver
• Consultant
• Financial Advisor
• Marketer
• Photographer/Videographer
• Programmer
• Writer/Blogger

This article first appeared in https://mypf.my

MyPF is on a mission to help simplify and grow Malaysians’ personal finances through financial education.