The startup journey is fraught with risks and it is inevitable to commit mistakes when you run your own business. Along the way, some people may repeat the mantra “No pain, no gain” to you. Don’t listen to them!
We’re telling you that your journey need not be so painful all the time. However, if you commit these costly errors in judgement, then you can say goodbye to your sanity (momentarily) and some precious time and money.
Keep Networking to a Minimum
It doesn’t matter how talented you are if nobody knows about you and your great ideas. You can’t not network, especially in Singapore.
As important as capital is to a budding business, your network will determine the net worth of your business. The wider your network is, and the deeper your engagement with them, the more ammunition you have to succeed in your business.
According to Li Ka Shing, Hong Kong business magnate, an aspiring entrepreneur should be prepared to dedicate one-fifth of their time to network. This includes forging relationships and establishing contacts at conferences, fairs and events. With proper follow-up and sincerity in friendship, it is highly likely that you can taste success in your business. After all, people are more inclined to do business with people they can count on.
Read more about the 5 things you best avoid when starting business in Singapore at Rikvin.com.
