10 Tips for Becoming a Successful Entrepreneur in Hong Kong
How do you become a successful entrepreneur in Hong Kong? It is one of the most inspiring and multi-million dollar questions in the competitive business world. Even if it is the most exciting thing, it is also the riskiest for people who own them. For Hong Kong entrepreneurs who want to build successful startups on a global scale, they are required to keep thinking outside the box.
Once you set up a startup in a free economy like Hong Kong, you become an entrepreneur and a driver of the economy. There is no end to many legal, staffing, financial, marketing, and customer issues that will come up as you setup your business venture. In order to grow your business, you need to set up a clear path for the success of your company, by determining your goals and plans.
More importantly, surround yourself with great staff, get the word out about your products or services, and secure start-up capital by working hard. Luckily, there is a lot of valuable advice out there for aspiring entrepreneurs. They will tell you it takes a lot of hard work, sacrifice, setbacks, frustration, and failure (learning) from their experiences before achieving success.
It’s important to state that from the outset of the business, that no magic bullet can transform your company into a productive and successful entrepreneur overnight. However, for those prepared to work hard to succeed, there is an almost formulaic blend of entrepreneurial skills that can help you in setting up a successful business venture apart from the rest.
Are you ready to start a successful business in Hong Kong?
Here are ten core tips that will assist you in navigating the startup landscape in Hong Kong and become a successful entrepreneur.
#1 Tip- Select a Business Idea
First and foremost, all the entrepreneurs in Hong Kong need to select a business idea that has a significant market opportunity and define the reality of the business plan. You need to search for entrepreneurial ideas that you want to sell and make sure to figure out the big market for your products and services. Investors and co-founders always invest in the company that has witnessed an enormous market opportunity and has the potential to grow into something meaningful.
Always consider what would be the most critical facet of your target market and how the product or service that you create can benefit them and understand the feasibility of the idea that you have formulated in your head.
#2 Tip- Get a Successful Mentor
An entrepreneur is always inclined to take on many risks alone. Just because the plan you are working on is a dream goal of yours, this doesn’t mean that you can’t look for outside help from others. In fact, seek help from other entrepreneurs and business professionals who are more experienced than you are.
As an entrepreneur in Hong Kong, you should have a successful role model whose experience will guide your career and who is willing to share their experiences with you. Consider putting together an advisory board with a successful mentor, and don’t be afraid to figure out the errors to make better decisions for the success of your business.
#3 Tip- Monitor Your Finances
The next thing that all aspiring entrepreneurs in Hong Kong are required to do is to monitor their finances constantly, and raise as much startup funding as they can in order to stand out from the crowd. There is no denying the fact that it’s harder to raise capital for the funding than you may think. You need to make sure that you have enough funding for all the expenses of the development and marketing of your products and services.
Developing excellent products and services for a new startup takes time and money. Most startups have failed because the entrepreneur wasn’t able to adjust their spending to avoid running out of cash. Always watch over your expenses, avoid unnecessary costs, and keep a boundary line between personal and business finances.
#4 Tip- Hire the Right Employees
One of the biggest mistakes done by entrepreneurs in Hong Kong is that they failed to hire the right people for the success of their business entity. In order to establish a profitable and successful business entity, you are required to bring on employees who have relevant experience and background that fit into the company culture you are trying to build.
Include business professionals from outside the company for the people you rely on, and that will help you in fostering innovation and enhance your reputation in the competitive business world. As the old saying goes, “Hire slowly and Fire fast.”Make sure that your offer letter says they are “at will” employees and can be terminated at any time.10 Tips for Becoming a Successful Entrepreneur in Hong Kong Click To Tweet
#5 Tip- Provide Exceptional Customer Service
Exceptional customer service creates loyal customers for the business entity and helps in building a prosperous and profitable business. To provide this type of excellent customer service to your targeted customers, start with a genuine desire to delight your users or customers, but also think beyond selling your products and services.
Consider the cumulative experiences of your users, what they think and feel, what kind of products and services they want, and what you can do to make it better. So, you need to keep all these points in mind to decide on the best and most feasible business idea possible to become a successful entrepreneur in Hong Kong.
#6 Tip- Learn How to Self-Promote
One of the most exciting parts of being an entrepreneur is the thrill and exhilaration you get from seeing if something works. But if something doesn’t work according to the requirements and needs of the business entity, then you need to learn to self-promote.
Confidence can take any pitch to the next level, especially at the time of failure. Spend some time in learning things such as how to share your vision without coming across as “sales.” Don’t be scared to ask for the idea of a sale, but remember one thing, the client is always the focus.
#7 Tip- Networking
The next thing that all aspiring entrepreneurs are required to do is start networking with professional business owners. Networking can help you in strengthening your connection base, while learning new things about the competitive business world and afford you mentorship opportunities from people who have the success you desire.
Attend industry and startup events that will land you a new investor, a new customer, a great mentor, and a great employee. You can also take the help from social media platforms like LinkedIn, which is a powerful tool to help you in getting networks. So make sure both your startup and you have profiles on LinkedIn and that you are continually adding new connections.
#8 Tip- Build Reputation
As a business owner, you want others to think highly of your venture, but your reputation extends far beyond just how you appear. If you’re going to attract more and more customers to your business, you have to build, attract, and even educate your market continually. Remember that your marketing strategy must include the following:
- Use social media to promote your business such as Pinterest, Facebook, LinkedIn, and Twitter.
- Issue press releases for any significant events.
- Build a professional-looking, current website.
- Engage in content marketing by writing blogs, articles, guest posts for relevant websites.
- Learn the fundamentals of SEO, so that people searching for your products and services might find you near the top of search results.
#9 Tip- Hire an Experienced Attorney
Once you understand how to build a reputation for the success of your business entity in Hong Kong, the next thing that all aspiring entrepreneurs and business professionals are required to know is that they need to hire a savvy business lawyer. Make sure you hire the best attorney for your business that is experienced and has advised many other entrepreneurs. An experienced startup lawyer can help you:
- Setting up a stock option plan for the employees.
- Incorporating your business entity.
- Assembling contracts with any co-founders.
- Limit your potential legal liabilities.
- Protect your ideas and inventions through patents, non-disclosure agreements, and copyrights.
- Getting recommendations from other entrepreneurs and venture capitalists.
- Preparing in protective offer letters to prospective employees.
- Helping you in negotiating terms with prospective investors.
- Prepare critical agreements for the business.
#10 Tip- Just Do It
There is never a perfect time to set up a business entity and become a successful entrepreneur in Hong Kong. All you need to do is to follow the professional and experienced advice of business owners, set your business goals, arrange your finances, select which type of business entity you want to incorporate in Hong Kong, and just do it. Take the first step to build your business entity, even if it’s only part-time while you still have a paying job.
Being a successful entrepreneur in Hong Kong takes a lot of work, a lot of perseverance, and a lot of vision. These ten tips, from entrepreneurs who have already found success in the competitive business world, will help you in navigating the path much more easily.
Are you ready to become a successful entrepreneur in Hong Kong? If so, start dreaming big and give time in setting up the business idea, arranging finances, and finding the business idea. Never forget to focus on yourself! For more information about incorporating and registering your business in the financial hub of Hong Kong, feel free to contact Startupr.