Almost two-thirds of millennials in Singapore plan to be entrepreneurs within the next 10 years according to a recent study by GoDaddy, a webhosting service provider. That said, running your own business comes with its own set of risks — many start-ups actually fail.
This can be attributed to various reasons as the role of an entrepreneur, unlike that of an employee, is not defined clearly.
Besides having a clear vision on how to build the business, you need to have the right skill sets or hire the right people to help you realise that goal.
The complexities of entrepreneurship and some of its related skills became a key point of discussion at the inaugural SUSS Ministerial Forum 2019 where Prime Minister Lee Hsien Loong was the guest-of-honour.
Here are some key takeaways from the discussions:
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Remember the importance of building resilience
Resilience is a virtue that entrepreneurs must possess as it will help us get through hardship and find ways to get better and catapult our business to greater success.
That said, not all start-ups or business deals may work out for entrepreneurs. When we are stuck in such “rock-bottom” situations, we need to rely on our resilience to get back up and give our dreams another shot.
There will be plenty of setbacks in business, so building our ability to face down these challenges will be crucial to building a successful company.
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Industry 4.0 technologies, such as blockchain, have made the leap from buzzword to reality.
More companies are exploring blockchain business opportunities, pushing many accounting firms to also undertake blockchain initiatives to understand the implications of this important and versatile technology.
As blockchain technology gains adoption, it will impact all record-keeping processes, including the way transactions are initiated, processed, authenticated, recorded and reported. And while it is still early to say how blockchain will radically affect the audit process, it will likely have far-reaching consequences.
Keeping a close eye on such financial technology (Fintech) will serve entrepreneurs well in time to come.
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Find ways to enhance one’s financial education independently
Handling finances is an important aspect of running your own business as an entrepreneur.
A business owner’s grasp of financial literacy correlates with how much control they will have over their business.
Therefore, gaining an understanding of critical financial statements like the Balance Sheet and Profit and Loss Statements is vital, as these documents provide a clear view of the health and growth trajectories of the business.
That said, while business owners need not be involved in all financial aspects of the business, possessing a degree of financial acumen means you will be better equipped to make decisions.
Besides, financial literacy is a vital skill for the future generation that will help shape them into self-sufficient and successful working adults.
Watch more videos: SUSS Ministerial Forum 2019