Mindset Preparation for Running a Long Term Successful Startup
Everyone in Hong Kong is talking about setting up a business and going through a company registration while living in Hong Kong. But you are at the point of not pretty sure, you should avoid going into business before you know you have a winning idea. When you think your idea is good enough for launching a successful startup, it is the right time to talk to someone else who would possess the required skills to help you with developing your idea into actual business.
Do not jump right into the execution phase. In the first stage, you would have to create a plan. In your big business plan, you will make a list of all the tasks and projects with the priority. This way, you will have a list of projects that have gone under the top priority list. Start with this list. Set up a work schedule with deadline for each task. It is upmost important in day one to get the top priority of your business right. The rest would be a lot easier.
The plan and the priority list that you have created above (for your new HK business) would get you a lot more organized. On a more detailed level, you would spend most of your time working on your computer. Organize your files both in your computer and your paper files (if there is any). Make everything easy to find and easy to refer to at a later stage. Being organized is a good method to enable you and your team to work faster than expected.
Assume your customers are going to be in the Hong Kong local market. Think of a way or a few methods to brand yourself and your business. Branding yourself is understandable, because you are the founder of your startup. Your popularity and visibility are almost equivalent to the popularity and visibility of your new business. To increase exposure, you should go to the online forums of your industry, attend the offline local community events, and more. Only at a later stage when you have a sponsor or investor who agrees to supply you with advertising and marketing money, you will then buy advertising for the purpose of branding.
As important as always in life and in business, you always will need to make back-up plans or a plan B. When a step in your production process relies on an external and/or third-party Hong Kong vendor or supplier, you should prepare for one day that this vendor isn’t going to deliver on time. You will prepare early that you will need a second vendor (in plan B). Depending on your specific situation, you may end up using a foreign vendor for plan B.
Overall, running a business is only for serious people. From the very beginning you will need to know exactly what you have signed up for. You will find that people tend to give up half way more often than you have believed.