3 Lessons for Budding Entrepreneurs

May 29, 2013

in Investing

By Alvin Chow (guest contributor)

I learnt the following three simple but powerful lessons that will help budding entrepreneurs from a talk by Dennis Wee, Founder of Dennis Wee Group (with my elaboration):

1. Get a job first

I like the way Dennis Wee puts the perspective of having a job – getting paid to learn. A self made multi-millionaire entrepreneur, he mentioned that it was very difficult to start a business right from the beginning. The best and safest way to start a business is to have a job first. A job can provide learning opportunities indirectly and at the same time, you get paid! Hence, you should view stress in your job positively, give your best and deliver a great performance to earn greater rewards and success.

Your job forces you to do things you will normally not do on your own. It forces you out of your comfort zone, and this is why most people are very unhappy and often complain about their jobs. If you can’t handle a job, you might find it very difficult to be an entrepreneur. An entrepreneur has to manage his time as there isn’t a boss to ensure he turns up for work on time, or carry out the tasks he needs to do. It takes a lot of self discipline and courage to repeatedly leave your comfort zone to grow the business.

Therefore, every time you face a challenge in your job, it is an opportunity for you to overcome it and grow. Do not shun challenges, as that will bring you nowhere. If you do what you always do, you will get what you always get. It is not the job that needs to be changed, it is the person that needs to change. A successful person is like a diamond, a product of a long period of intense stress.

2. Find a mentor

To supercharge your learning and business building, you should find a suitable mentor. A mentor can instill the right beliefs in you that help you go where you want to be. In law of attraction terms, a mentor is someone who has a higher energy level than you, and by interacting with them, their energy will motivate you toward your goals.

You may think that successful entrepreneurs may not have the time to help you, but you’ll be surprised that many are more than willing to impart their knowledge and experience to budding entrepreneurs.

3. Leverage

Dennis Wee defines business as really about leverage. What he means is that business is about having a system where you use resources (people, time and money) to earn more money together, than each single entity can do alone.

The more leverage you can apply, the more money you can earn. Many entrepreneurs make the mistake of having to supervise every single thing in their business, but this not only takes away their energy and time, but also limits the expansion of the business. An entrepreneur needs to design a workable system and remove himself from it as far as possible. The entrepreneur can then use the freed up time and energy on developing the business.

 

By guest contributor Alvin Chow, who blogs at Big Fat Purse, a Singapore personal finance blog.

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