Our Young Business series continues as we dive into the minds of two young entrepreneurs from Penang, Malaysia as they discover and have written these 5 Unbreakable Lessons that Young Entrepreneurs Must Learn and Master in order to succeed in today’s highly changing and competitive world. Let these young Malaysian entrepreneurs tell you what works for them and for you too.
Throughout my journey as a young entrepreneur, Kevin and I have had to go through, and learn as fast as we could, many harsh realities and life lessons. Validated learning is crucial for any entrepreneur and I would love to share the top 5 lessons that we have had to learn, live and love till now.
1. Learn to have a Finger in Every Pie
When you decide to come out and become an entrepreneur, many people get overwhelmed immediately. This happens because no matter which profession or what field you specialise in, you suddenly find yourself having to learn EVERYTHING related to running a business such as legal law, taxation, book-keeping, man management, business planning, financial planning, and the list can go on and on. There’s no escaping this, learning everything is the only way an entrepreneur can succeed.
2. Learn from the Experienced and Established
It is not easy to venture out by yourself and attempt to fit in a world that is both harsh and cruel. It therefore becomes crucial that you learn from the entrepreneurs who have already made a foothold for themselves in the world, and learn as much as you can from them. Kevin and I have learnt a lot from young entrepreneurs who have made a foothold for themselves in the world like Jazz Tan, Ray Beh and Micheal Teoh, just to name a few.
3. Learn to Maintain a Strong Mental Mindset
When you start out as an entrepreneur, a lot of people will discourage you from doing it. Many people in the world, including and especially your parents, will tell you not to be an entrepreneur simply because it’s a risky and dangerous life. There is actually a lot of truth in that. An entrepreneur’s life is by no means a fun and riskless ride so if you want to ride all the way to the top, you have to learn to close your mind off from discouragement and stay positive, all the way towards your vision.
4. Learn to Surround Yourself with People who Share the Same Mindset
Everyone has a lot of friends in every aspect of their life, but when it comes to business, learning to surround yourself with people who share the same drive, passion and ambition is a major lynchpin. A team that truly understands the vision and are driven to reach it will always motivate and push each other forward. Kevin and I have been very lucky to have met two very unique individuals in our lives, Gooi Shuh Mien and Lim Ming Yi, who are now our partners in our Dotcom ventures and are invaluable to the team. It is therefore important that you surround yourself and build a team with like-minded people in your life because business is a people game, and in a people game, the business with the strongest team always comes out on top.
5. Learn to Pitch
This is a no-brainer; it is something that goes without saying the most important aspect of being an entrepreneur. After all, if no one understands your business, there is no way it will go very far. Pick up pitching skills from books and spend as much time as you can afford practising, whether in front of a mirror or in front of your friends, to ensure that your charisma and message will be properly conveyed to the public when the time calls for it.