Worldwide, the interest in entrepreneurship continues to grow. A GoDaddy survey showed that an average of 50 percent of millennials in countries around the world want to become entrepreneurs within 10 years. Among millennials in Singapore, 74 percent have that goal, while 32 percent already started their business while still studying.
In the U.S., data from the U.S. Census Bureau shows that before the pandemic in 2019, there were only 3.5 million applications for new businesses. This increased to 4.4 million applications filed in 2020 and further soared to 5.4 million in 2021.
The U.S. has the highest Global Entrepreneurship Index (GEI) at 83.6. It is touted as the best country in which to own a business. That metric is based on the available economic and social infrastructures and the population’s ability, attitude, and aspiration for entrepreneurship. Next to the U.S. is Switzerland with a GEI of 80.4, Canada with 79.2, and the U.K. with 77.8.
Business Financing
A would-be entrepreneur with a concrete business idea often has difficulty finding an investor or legitimate moneylender in Singapore willing to finance the startup. Fortunately, the internet has made it easier to connect with people who can provide funding. Companies in any country, from the U.S. to Singapore in the East, are now willing to help small enterprises get off the ground and grow.
Various financing and lending products are available for entrepreneurs, depending on the business need. For example, if you need funding for inventory or working capital, you can take out a business loan or line of credit. Leasing might be a better option if you’re looking to finance equipment purchases. And if you plan to expand your operations by opening a new location, real estate loans can help.
Microloans
A “microloan” usually refers to a small loan, often under $100,000. In developing countries, these are typically given to entrepreneurs too poor to qualify for a bank loan. In the U.S., the Small Business Administration (SBA) offers microloans of up to $50,000 through its Microloan Program. On average, microloans in the U.S. are around $13,000.
Microlenders typically have a lower interest rate than banks. They are more willing to work with borrowers who don’t have a perfect credit history. However, they also tend to have shorter repayment terms, so making sure you can afford the monthly payments before taking out a microloan is important.
Personal Characteristics of an Entrepreneur
What does it take to succeed as an entrepreneur? There are many qualities that are important for entrepreneurs to succeed, but some personal characteristics are particularly essential.
First, you need to be able to tolerate risk. Starting your own business is a big risk, and not everyone is cut out for it. If you’re the type of person who likes to play it safe, entrepreneurship might not be for you.
Second, you need to be able to handle failure. Not every business succeeds, and even the most successful entrepreneurs have had their share of failures. If you can’t handle disappointment and setbacks, entrepreneurship is probably not the right path for you.
Third, you need to be self-motivated and driven. Entrepreneurship is not a nine-to-five job where someone tells you what to do. It’s up to you to make things happen. If you’re not the type of person who is comfortable taking the initiative and driving your own success, entrepreneurship is probably not right for you.
Fourth, and finally, you need to be able to sell. Whether you’re selling your product or service or selling yourself to investors, customers, or employees, being a good salesperson is essential for any entrepreneur. If you’re not comfortable with the idea of selling, entrepreneurship might not be the right path for you.
Becoming an entrepreneur is a big decision, and it’s not right for everyone. But if you have the drive and desire to succeed, it can be a great way to achieve your goals and build a successful business.
Starting Out
There are a few key things you need to do to start and grow your business.
1. Write a business plan. This will help you determine your goals, strategies, and how to allocate resources.
2. Find financing. You’ll need funding to get your business off the ground. There are many options available, including loans, grants, and venture capital.
3. Build a team. Recruiting the right employees is essential to any business. Make sure you take the time to find people who share your vision and are passionate about your product or service.
4. Market your business. Whether it’s online or offline, you need to get the word out about your business. Create a marketing plan and make sure you’re reaching your target audience.
5. Focus on customer service. Keeping your customers happy is essential to any business. Make sure you have a solid customer service strategy in place to keep them coming back.
Startup and Succeed
Entrepreneurship is a popular choice for people around the world who want to start their own business and achieve success. There are many things you need to succeed as an entrepreneur, including risk-taking ability, resilience to failure, self-motivation, and sales skills. If you have these qualities and are driven to succeed, entrepreneurship can be a great way to achieve your goals.
