If you have an entrepreneurial spirit, now is your time to shine. Startups are flourishing, and small businesses are gaining unprecedented support from local communities and governments. In Singapore alone, 63,480 new enterprises were registered in the past year, and they are not just surviving but thriving.
The pandemic has reshaped the consumer landscape, creating ample opportunities for new businesses to provide solutions to both new and existing problems. If you believe you have what it takes to be an entrepreneur, now is the perfect time to start your own business. Let’s explore why.
Current State of Affairs
Many workers have been leaving their jobs in a phenomenon known as the Great Resignation. The reasons are clear: the pandemic caused an economic downturn and stagnant wages. Employees were unhappy, especially with the inadequate response from big businesses to the Covid-19 crisis.
Those who were fortunate enough to keep their jobs still faced challenges such as long hours, inability to work remotely, health concerns, and inflexible arrangements. The global lockdown forced them to think creatively about switching to a new company or finding additional sources of income, all while the cost of living continued to rise.
As the Great Resignation gained momentum, numerous side hustles, startups, and small businesses emerged in response. If you’re wondering if it’s still possible to join this trend with your own ideas, keep reading.
Is It a Good Time to Start a Business?
The time is now. With the shift to remote work, digital communication has become essential. People who rely on their phones and laptops for work are also consuming more online media than ever before.
You can take advantage of this increased online presence by leveraging digital marketing, eCommerce, and social commerce. We are in an era where you can reach more customers than ever before, regardless of their location. This is just one of the key business trends you can expect to see in 2022 and beyond.
Furthermore, the economic slump can work to your advantage. Closed businesses have left customers unsatisfied and with unmet needs. Your task is to identify those needs and provide the solutions, whether it’s in the telecommunications, logistics, new media, or restaurant industry.
Southeast Asia: The Ideal Startup Hub
Now, let’s consider the ideal location. Southeast Asia has become a thriving region for startups and innovation in recent years, and this trend shows no signs of slowing down. It’s a region where developing nations intersect with robust entrepreneurial support.
Moreover, there are ample funding sources available, including a well-developed venture capital ecosystem, accelerators, incubators, and government business grants for pandemic relief. These resources span various industries, making it easier to find support tailored to your specific needs.
While some parts of the region are rapidly embracing the digital world, others are establishing themselves as key tech hubs. This creates fertile ground for innovation and economic growth.
It’s no surprise, then, that Southeast Asia’s digital economy is projected to reach $363 billion by 2023, surpassing initial predictions reported by Google, Temasek, and Bain & Company.
Pros and Cons of Being an Entrepreneur
Before you embark on your entrepreneurial journey, it’s essential to understand the bigger picture. Running your own business offers undeniable benefits, such as setting your own schedule and having full control over your work. However, there are also drawbacks to consider.
Almost every aspect of entrepreneurship can be seen as either an advantage or a disadvantage, depending on your perspective. Here’s a list of pros and cons that can help you determine if entrepreneurship is the right path for you:
- You set work hours, style and location
- You’re the first to get paid and you decide salary
- You don’t have to answer to a boss
- There are limitless funding options to apply for
- Your business is your passion project – you drive it
- You can follow your instincts every time
- You must intentionally “switch off” to have a good work-life balance
- Steady income is not guaranteed
- If you take holiday or get sick,
- your business and earnings will be put on hold
- You may have to dig into savings to make ends meet
- You must maintain your passion, even through failure
- If your instincts are wrong, you alone bear the responsibility
How to Get Started
So, are you ready to take the leap? There is significant room for creating innovative products and services that can benefit your community, especially if you plan to establish your business in Southeast Asia. With ample funding, resources, and a receptive consumer market, the golden age of entrepreneurship is here.
As you contemplate your entrepreneurial journey, consider the next steps. Whether you’re starting a new business or aiming to enhance your existing one, there are solutions available to take your venture beyond expectations. If you prefer focusing on the big picture, let RMS handle your back-office admin, freeing you to dream big and concentrate on growing your business.