Becoming your own boss
October 21, 2010 by admin
Filed under Careers Advice
Starting a business is a rewarding option for those with the entrepreneurial spirit.
Contrary to popular belief, business is not synonymous with entrepreneurship although they are often inseparable. Business is essentially about making profit whereas entrepreneurship describes the mindset one uses to run an organisation. For some entrepreneurs, profit may not have been in the original equation, but by doing it right, profit becomes a much-welcome byproduct.
Traits of the entrepreneur
John Hornaday of Babson College, the leading business school for entrepreneurship, published a research paper on Characteristics of successful entrepreneurs (1982) based on surveys and detailed interviews. The following are some of the common traits he identified in these prosperous individuals:
- dynamic and independent leaders who take on challenges and take calculated risks
- initiative, resourceful and perceptive with foresight
- self-confident and can get along with others
- knowledgeable, creative, versatile
- flexible, responsive to criticism
- energetic, diligent, perseverant.
Although the traits are identifiable, there are many factors that contribute to the success of a business venture – the market situation, supply and demand, competition, the support staff, new policies carried out etc – some of which are beyond the entrepreneur’s influence or control. Hence, if you are going to go into business yourself, you have to always be on your toes, be open to – even invite – change and be prepared go the extra mile to make your business successful.
Entrepreneurship support programmes
There are many support programmes in Hong Kong which cater to the needs of young entrepreneurs. The following organisations provide relevant information, training courses, consultation and advisory services, technology/finances support, networking opportunities and business updates.
Securing funds
- Small Entrepreneur Research Assistance Programme (SERAP)
- Support and Consultation Centre for SMEs (SUCCESS) – Financing
- SME Funding Schemes
- SME Loan Guarantee Scheme
Support and networks
- Business Start-up Center
- Hong Kong Trade Development Council – Business Infocentre
- GovHK – Business and Trade
- Hong Kong Productivity Council (HKPC)
- Youth Entrepreneurs Development Council (YDC)
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