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Article from ST Recruit, 12th June 2004
WANT TO BE YOUR OWN BOSS?
Before you plunge in, career coach PAUL HENG advises you to take stock of the path ahead.
It was reported in the media recently that Singapore’s unemployment rate remained steady during the first quarter of this year, and was at 4.5 per cent at the end of March. Jobs were created but the unemployment rate has persisted due to an influx of fresh job seekers into the market.
If you have been hunting for that elusive first or next job for a while, perhaps you may wish to heed the Government’s encouragement and consider the possibility of self-employment. Before you embark on that, however, think over the following 10 points.
1. Why?
Ask yourself this basic question: “Why do I want to do this?” It is essential that you can honestly tell yourself that you have a keen interest in developing something to call your own, that you honestly do not wish to enter or re-enter the job market, and that you want to make money.
Wanting to make money should not be borne out of greed, but if you do not want to make money, why go into business in the first place? So long as one is not overly greedy, it is perfectly all right and legitimate. As a matter of fact, it should be one of your motivators.
It is potentially dangerous to go into business to prove a point to someone else, such as former boss who fired you.
2. Are you ready?
I guess one can always argue that it is difficult to judge when one is ready or not. Besides the financial aspects of irregular or zero income for the initial months, you must be ready mentally and physically to endure the demands of self-employment.
If you have been used to enjoying the support of secretarial and administrative staff, get ready for a major shift. You may have to be the office manager-secretary-accountant-delivery man-boss, all rolled into one.
Mental strength, stamina and focus are the key elements of success. If you can find a mentor, that would be great. My advice to aspiring entrepreneurs has always been: “Do it and don’t look back!”
3. What business?
This is probably quite a difficult question for most people to answer. Many will say: “I know I want to do business but what do I do? What services or products do I offer to my customers?”
Again, fall back on basics. Ask yourself: What are my interests? What do I feel most strongly and passionately about?
Always start with some ideas, speak to lots of people, check out the market potential, then zero in.
4. Do you like to sell?
Unless you intend to go into a partnership arrangement or have multiple partners, you must have an interest in selling, in marketing yourself and your company to your potential clients.
Do not pre-judge your interest and ability to sell. Even if you have never been in sales before, that does not necessarily mean you have no interest or are unable to sell.
Bear in mind that you need to explore potential partnership arrangements with great care. It is better to keep a friend than go into business with him and become enemies.
5. What are your strengths?
It is always good to take stock periodically of what your strengths are. In coaching executives to be more effective in their leadership roles, I always start with their strengths rather than the areas for improvement. This approach has always resulted in more positive coaching results. Similarly, before you embark on your journey, recognize your key skills and talents, and plan to make the best use of them.
6. Work on your weaknesses
Gaps should be identified, acknowledged and a practical plan mapped out to close them.
If you feel you could do with some coaching on presentation skills and techniques, or if you face difficulties drafting a sales mailer, take the time to find out how you can go about strengthening yourself in these areas.
7. Do s SWOT analysis
The SWOT analysis is a time-tested tool that could be helpful to you as you assess the viability of your proposed business. When doing this, it is recommended that you solicit the input of other people. Be objective and look at things from all perspectives. Given the pace of change these days, it would be wise to err on the side of caution, since you would not want to risk failure.
8. Network
Don’t underestimate this need. Pull out all your name cards and go through every one with a keen eye. Anyone who looks likely to be of some “use” to you, plan to establish contact so you can seek whatever assistance you may require of him. Start building a base of contacts by networking aggressively. Nurture these and do ensure you “give” as much as you “take” from your contacts. In other words, be prepared to help your contacts out when asked.
9. Your business plan
Once you are almost certain that this is the way to go, put together a business plan. You may not need this if it is going to be a small, self-funded business. However, once you need to solicit funding and assistance from others, you will definitely need a professionally written business plan. In any case, having a business plan, in whatever shape or form, is a good guide for you.
10. Financial planning
As part of your business plan, give serious thought of your overall financial situation. How much savings can you afford to plough into the business? Where are you going to get your funds to start the business? Set realistic limits on additional capital injection and cut-loss situations.
Apart from the above, it is fundamentally critical that you obtain the moral support of your spouse and immediate family members. The self-employment journey is fraught with challenges and dangers. You may trip over more than once before you even begin learning how to walk. When you fall, or when the cash flow situation gets a little tight, your spouse and family members can prop you up rather than cut you down with their words or actions.
Article contributed by Paul Heng, managing director of NeXT Career Consulting (www.nextcareer.net) and founding president of the Asian Association of Career Management Professionals (www.aacmp.org.sg).
Extracted and reprinted with permission from his book. Jump Start Your Career, available in all major bookstores and at www.amazon.com
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