Signs it’s Time for You to Build a Business in Singapore

Posted by Cheryl Lee on January 15th, 2021

The Details of Entrepreneurship

Let’s make it clear from the start. Entrepreneurship is about finding an opportunity and developing a strategy to produce successful results. This happens by combining together various actions that work together to produce big results.

A lot of first-time entrepreneurs confuse and idea with a business. An idea is definitely not a business. A business requires real products and services that enable financial transactions to take place. If you are not making money, but you call yourself an entrepreneur, you just have a hobby.

The Main Functions of Entrepreneurship

To move beyond having a hobby, you will need to develop a foundation of business functions. These are the actions you implement that lead to the sale of your product or service? The basic functions you will need to focus on are marketing/ advertising, sales, and customer support.

• Marketing/ advertising: This is the communication of your product or service to your target market. Your responsibility is to effectively describe the value of your product or service so that it entices people to want to learn more. Marketing is more of a softer approach to this process. Advertising is an aggressive approach that is supposed to lead to immediate sales. You do a combination of the two in order to produce the best results.
• Sales: No sales means no money being made, which means you don’t have a business. Selling requires you to understand your target market, being knowledgeable about their pain points, in order to know specifically what solution they need. When selling, you don’t try to force a product or service on to someone. Instead, you are providing a solution that makes someone else’s life easier.
• Customer service: After someone purchases from you, the relationship isn’t done. You must take care of your customers if you want them to remain loyal and make consistent purchases. This means answering questions, taking care of problems that arise, and keeping the channel of communication consistent.

These business functions must be operated within a system if you want to produce the best results possible. A system means each of these activities are occurring simultaneously. When this occurs, your processes are working together to make your business more efficient. Everything flows smoothly, enabling you the ability to focus on business growth, rather than having to constantly manage every process.

Read more on why you should start setting up your own business in Singapore at Singapore Company Incorporation.