Entrepreneurship
7 Ways in Which Entrepreneurs Might Waste Their Capital
Entrepreneurs must guard against 7 tempting ways in which they might end up wasting their hard-earned capital in order to maximize their chances of ensuring financial success to their firms.
Success Icons
Custom designed logos and fanciful letterheads might tempt you, but they are some easy ways in which you might lose your money. Instead, you can benefit from the templates provided in Project Gallery of Microsoft Word, Template Chooser in Apple’s Pages, etc. While these avenues will help you design your own free logo, you can also receive business cards, envelopes, letter heads and invoices matching your logo.
Luxury Car
Remember the quotation of Kate Lister, a veteran entrepreneur who says that “the latest luxury car doesn’t make you a better business person; it makes you a poorer one.” All that you need is a car that gets you where you would want to go, while luxury does not matter much.
Expensive Offices
Fanciful offices are quite expensive, and a huge waste of money for a start-up entrepreneur. Most successful businessmen today make use of business incubators than renting out their own space.
Costly Advertisements
Though marketing is crucial to your business, advertising out of your price range is a bad idea. If your website, advertisements, brochures, signs, pamphlets, and billboards are more expensive than what you thought, it is mere waste of money.
Consultants
Thoughtful people may not need a consultant if they can skilfully spare some time and effort to do the research and workout solutions for themselves.
5 Characteristics That Most Successful Internet Entrepreneurs Have
The uniqueness of Internet entrepreneurs ensues from the fact that they contend with an ever changing online world which they have made their marketplace. A successful entrepreneurship in the online world requires a great degree of discipline and effort. Experts list out five important characteristics possessed by people who are successful entrepreneurs on the online market place.
Willingness to Learn
The ever growing nature of the online world presents an infinite scope for learning something new at every step forward. While rendering the efforts easier, enthusiasm also bestows the energy required to accomplish a given task.
Sound Work Ethics
E very successful online entrepreneur is aware that sparing the necessary effort is an essential characteristic for success as online entrepreneur. While becoming rich overnight on the online market place is just a fanciful talk, it is always true that the amount of success is directly proportionate to the effort that an entrepreneur is willing to spare.
Determination
Persistent efforts even amidst challenges that will put you down is a significant aspect in the success you can achieve online. Since constant change is the essential nature of online market place, adaptability to change is crucial to success in the online market place. Learning from mistakes and making the necessary adjustments will keep you on the march ahead.
Patience
Patience and constantly maintaining workable expectations must always go hand in hand while working online. Since overnight success is always not a reality, it is essential to stay focussed and persistent in efforts. Right efforts and focus will help you achieve your cherished goals.
A Work Visas For Professionals And Entrepreneurs
To encourage foreign entrepreneurs and professionals to setup a Singapore company and work in the country, the government provides a work permit called Employment Pass for those who will meet with these following qualifications:
- A Diploma/degree from a reputable university
- Related work experience
- At least a minimum S$2,500 monthly salary
- Professional qualifications and skills
These four factors play an important role for the approval of the Singapore Employment Pass. However, the Ministry of Manpower may also base its decision on the reputation of the applicant’s company, his job responsibility, his age, and current citizenship.
Meanwhile, it is important to note that having a degree does not automatically mean that a person is qualified for Employment Pass since he also needs to meet the criteria in terms of work experience and professional skills. In fact, some foreigners may qualify for this work permit even if they will not meet the educational criteria as long their professional skills are highly impressive or sought after.
The validity of Employment Pass usually lasts a year or two. And during this period, individuals who have this work visa can easily travel in and out of the country without any hassle.
Also, the Employment Pass holders can apply for a permanent residence status just after six month of staying in Singapore, although it is highly recommended that you apply after some years in Singapore.
Foreign Entrepreneurs And Singapore Companies
There are three unique types of Singapore company that have been specifically created for foreign entrepreneurs and business entities planning to have a presence in the country: a subsidiary company, branch office, and representative office.
These are the basic differences between these business entities for foreign entrepreneurs and investors:
1. Subsidiary Company
This is probably the most ideal business entity for foreign companies planning to form a Singapore company or expand their presence in the country. This is because this formation provides countless of benefits especially when it comes to tax incentives and limited liability. As a separate legal entity from its parent company, a subsidiary company may have a different name and is allowed to conduct any business activities in the country as long as these are legal.
A foreign company with a subsidiary company enjoys a limited liability, an arrangement in which it is not liable for any losses, liabilities, and debts of its Singapore auxiliary business. And because a subsidiary company is incorporated in Singapore, it also enjoys local tax benefits even if it is 100 percent owned by foreign businessmen and entities.
However, this business setup is required to appoint at least one resident director who may be a Singaporean citizen or holder of EntrePass, Employment Pass, or Permanent Residence Status.
Meawhile, a subsidiary company may have one to 50 shareholders who may be a foreign or local individual or another business entity. For more info. follow link: rikvin.com/incorporation/setting-up-a-singapore-subsidiary-company/
Singapore Company: 3 Business Models For Foreign Entrepreneurs
Singapore, being one of the most viable business centers in the world, provides three business models for foreign entrepreneurs and investors who want to setup a Singapore company or expand their already existing business in the country.
These are the three business models for foreign businessmen in Singapore:
- Representative office
This entity is prohibited to engage in any revenue-generating and commercial activities since this is not a legal business entity per se. But despite this limitation, most corporate lawyers believe that a representative office is ideal for foreign investors and entrepreneurs who want to conduct market research before relocating their business in the country.
Aside from conducting market research, a Singapore representative office is also allowed to provide customer service (as long as it does not involve answering technical and repair questions), supervise the activities of local distributors and agents of its parent company, and act as a representative on a negotiation deal (but is prohibited to enter into a contract).
- Subsidiary company
This business model is usually the most recommended for foreign entrepreneurs and investors because it is eligible for local tax benefits and limited liability protection.
Being incorporated in Singapore, a subsidiary company is treated as a separate entity from its parent company abroad. And with such arrangement brings countless of benefits: it is considered as a local resident business and enjoys several tax benefits; its parent company is not legally liable for its losses and debts; and it is only required to submit its own audited accounts excluding the parent company’s.
What Can You Learn From Entrepreneurs Success Stories?
The difference between most of us and the Henry Ford’s and Bill Gates of this world is the total self-belief and confidence in their ideas to just “make it!” No issue the size, no issue the range, no issue the naysayer around them. And, knowing packed well that the road to achieving their aim was going to be paved with key set-backs and failures. You’ve heard many of the stories about the above icons and people like Bill gates, Newton and Henry Ford. Their journeys were packed with huge difficulty, devastating setbacks and yes, heartbreaking failures. But still, because of the sheer level of faith in themselves and what they set out to achieve, they were able to leave a legacy that today affects every one of us, every hour of every day. There are also the names you will never hear, unless you really look around at what is going on very near to you in your life. You are sure to know some of the millions of everyday people who have made magnificent differences in their lives and the lives of those around them.