Becoming an entrepreneur in a competitive market like Singapore is an uphill battle. For anyone interested in doing so, conducting thorough research and determining what resources are available before starting a business would be best.
In a recent DollarsAndSense video, we were interested in finding out some of the challenges that local entrepreneurs have when starting their businesses.
Vivian Lee is the Lead Founder and CEO of Go!Mama, a company that distributes lactation pods. Her company is dedicated to making daily life easier for breastfeeding mothers using innovative technological solutions.
Mao Ting is the Founder of Sunnystep, a company specialising in orthopaedic shoes that maximise comfort for the feet and the body.
Chua Ee Chien is the Owner and Operator of Jekyll and Hyde, a bar and restaurant located at Neil Road. By serving up unique renditions of local favorites such as Chicken Rice and Char Kway Teow, the establishment has survived the Covid-induced F&B crash and made over a million dollars in revenue.
How Many Businesses Are There In Singapore?
All three entrepreneurs got the answer, which is 500,000 to 1 million.
“Seems like about the right number since Singapore’s got about 5 and a half million people,” Ee Chien explained.
According to ACRA, there are over 580,000 business entities in Singapore today. 99% of all enterprises in Singapore are Small Medium Enterprises (SMEs), hiring 71% of the workforce and contributing to nearly half the GDP. Competition in the market is stiff, and entrepreneurs should use the resources available to stay ahead.
The Business Registration Process And Different Business Types
For the next few questions regarding the business registration process, all the entrepreneurs answered with relative ease. However, they also shared that it was not all smooth sailing when it came to registering their own business.
Vivien, as a first-time founder, expressed that she had many questions about the business process that were left unanswered, as there were no resources available online to cater to her specific business situation.
The other two founders expressed similar sentiments when it came to setting up their business and business structure.
We showed them the GoBusiness platform jointly developed by GovTech, the Smart Nation Digital Government Office and the Ministry of Trade and Industry, which provides a start-up guide explaining various business structures and even walks entrepreneurs through the step-by-step process of registering a business. They were impressed.
“I did have a question about what kind of business structure I needed to set up for my business,” Mao Ting said, “so I think this would have been very helpful.”
When Do Companies Need To File Their Tax?
This next question stumped our contestants. Only Mao Ting, who chose “by the 30th of November”, got it right. Even then, she confessed that she had learned this lesson the hard way.
“In our first year of operating, I completely forgot about tax returns,” she explained. “Only until a few months later, I received a letter from IRAS.”
Other business owners, like Ee Chien, recommend that entrepreneurs have a dedicated accountant to handle such matters.
But for those who wish to keep abreast of key points in their business timeline, GoBusiness also has a set of Regulatory Requirements Guides highlighting essential compliance rules for every business.
What Is Considered An Intellectual Property (IP) For Businesses?
The entrepreneurs seemed informed about the various IPs a business can own, with some examples being product designs and trade secrets such as recipes. They also agreed that, as a business owner, one should take steps to safekeep their IP.
“Building a business is all about building a competitive advantage,” shared Mao Ting, “so you have to protect everything you can.”
The GoBusiness IP Grow, which is part of the GoBusiness platform, features a comprehensive suite of 20 intangible assets / intellectual property (IA/IP) service directories that businesses can use to cater to their IA/IP needs. There is also the e-Adviser for IP service, which is a short survey that business owners can take to determine the exact kind of IP protection they may require.
“Often, people don’t think about the IP from the get-go, and sometimes it gets a bit too big before you realise that someone has accidentally copied it,” Ee Chien added. “So, I think it’s very useful to have this.”
Advice For Budding Entrepreneurs Looking To Start A Business?
While these entrepreneurs worked long and hard to realise their dream of owning a successful business, the process is now much simpler. For budding business owners, there is now a plethora of resources available to support you in your business-building process. With the help of the GoBusiness website, you may pursue your entrepreneurial aspirations without fear of being lost in administrative work. Our three contestants also agreed that anyone interested in starting their own business would do well to use the website to its fullest advantage.
“As soon as I’m out of here I’m going to check this out,” Vivien remarked, eager to see what more the website had to offer.
“Singapore gives so much support to small businesses. I think it’s wise for small business owners to take full advantage of it,” Mao Ting advised. “And if GoBusiness existed earlier, I would not have missed my first tax return!”
“With GoBusiness being more supportive of people being entrepreneurs,” added Ee Chien, “I would definitely recommend you go through it and see how that can help you.”
The post The Beginning of Something Great: 3 Entrepreneurs Share Their Experience on Starting a Business in Singapore appeared first on DollarsAndSense.sg.
0 Mga Komento