If you’re thinking about getting out of the corporate world and venturing into the entrepreneurial world, then you’re probably not the only one who thinking of it.
In schools, almost 80% of students in Singapore are interested in entrepreneurship.
I spoke with Mr Vincent Low, owner of G-Energy, a local energy company, who is an entrepreneur in every right and learnt what it takes to be a successful entrepreneur.
He started his company with 4 other partners at a time when not much was known about sustainable energy. But 11 years on, and his company has expanded into countries around the region.
But beyond that, Vincent has also tried his hand on e-commerce platforms online which he feels can be a lucrative business for online entrepreneurs.
FSaaM: How did you get to being an entrepreneur?
Vincent: I started working for MNCs (Multi-National Corporations) and after many years of working for them, I got tired of working for other people, and so I decided to set up my own business.
FSaaM: What sort of characteristics are needed to be an entrepreneur?
Vincent: Openness to change is very important. You must be ready for change in a few areas: environment, culture, management, style.
FSaaM: What industries or sectors are suitable for entrepreneur-wannabes to enter in today’s market?
Vincent: I’ve always believed in 4 sectors which will are suitable for entrepreneurs to enter in: energy/environment, food, healthcare services and e-commerce.
FSaaM: What are some of the reasons why some entrepreneurs fail?
Vincent: I think you need 3 things to do business: Identify a trend; Skill and Knowledge of the business and Investment.
So if anyone of this is not done properly, then there’s a chance that the business might fail.
Also, some entrepreneurs and business owners take the easy way out, become lazy and cut corners. This can cause the business to fall apart.
FSaaM: Lastly, how should the younger generation prepare themselves if they intend to pursue the entrepreneurial route?
Vincent: The younger generation should try to think of innovative new business ideas. There is a new economy out there and yesterday’s way of doing business, is no longer the same as tomorrow.