If you're considering building your own start-up in Hong Kong, you have to put your entrepreneurial skills to the test.
Let’s be honest: not everyone is born an entrepreneur (e.g. yours truly). But, the good news is you may already have certain innate qualities that can help you run a business successfully. Entrepreneurship is a path that can be carved out, with entrepreneurial skills you can pick up on the way to becoming your own boss. To kick things off, here are some essential qualities that every business owner should have, according to five successful entrepreneurs in Hong Kong. Learn from their mistakes and get a glimpse of the unglamorous side of running a business before you launch your own.
5 essential entrepreneurial skills for business owners in Hong Kong
1. The ability to stay focused
It’s important to remember your motivation as an entrepreneur – your “why” – as there are many ups and downs in the journey. The early stages could be especially challenging, as you’re working alone or with a small team; you’d be receiving mixed feedback and limited support from friends who aren’t in a similar position. During these times, connecting with other business owners and like-minded individuals could be incredibly helpful (and Launchpad is a great resource for building these connections!).
While it’s good to stay focused and get things done, it’s crucial to take care of yourself in the process. For me, this means doing sports and taking time to reconnect with my “why”. Personally, I find that sticking to a routine helps me stay on track. Whether this works for you or not, do keep going – you got this!
– Linda Morrison, 36, Founder and Creative Director of MiliMilu
2. A strong sense of self-worth
I learned the hard way that people only see your value when you project it. Recognise what you bring to the table and don’t let anyone else sway your opinion. Create a powerful mental image, so that by constantly reinforcing your own true worth, people won’t dare try to diminish it. Believing in your vision, decisions, and capabilities is key to overcoming challenges and making bold moves. Sure, there’ll be moments of uncertainty, but don’t let that discourage you. Embrace the learning curve and use it as an opportunity for growth. Take control of how the world sees your worth.
– Marianne Obena, 34, Founder of Home Makeover HK
3. Resilience and adaptability
When I decided to transition from my thriving career in law to becoming a professional organiser, I knew I was in for a roller coaster ride. However, I’ve also come to realise the importance to just hold on and embrace the journey. It’s essential to savour the highs and celebrate them. Equally crucial is the ability to swiftly move forward when things don’t go as planned. Ultimately, finding joy in the ride and maintaining a forward momentum are the key ingredients to success.
– Nassim Secci, 38, Founder of The Happy Space Company
4. Time management
Time management is an essential entrepreneurial skill (I actually recently wrote an article to explain why). As entrepreneurs, our personality is to want to do it all. This makes us very “busy”, yet somehow feeling like we’re not making much progress on the initiatives that enable scalability. Therefore, as a small business owner, time management is your friend. And the key to time management is prioritisation – knowing the tasks you should spend time on and, more importantly, the tasks you should not. Business owners need to focus on growth opportunities; other tasks that bulk up your to-do list can be delegated or deferred.
– Georgia Way, 40, Founder of Runway
5. Take action!
As a newbie entrepreneur, the most vital entrepreneurial skill I’ve learnt is to embrace a “try it out” mindset. This means taking action and launching your idea, even if it’s not perfect. To grow and succeed as an entrepreneur, we have to act on our ambitions, instead of just dreaming about them. Whether it’s launching a website or reaching out to your first prospect, everything can feel intimidating. But, we learn and improve by “doing”. Your website can always be revamped, your copy can be refined, and you can work on perfecting your pitch. The key is to start and keep moving forward.
– Jade Chaudey, 31, Strategic Marketing Consultant and Founder of J. Consulting