Era of the Entrepreneur: Why workers are becoming their own bosses
6 minute read
If you’re an entrepreneur, it’s your time to shine. Startups are on the rise and small businesses are garnering support like never before from local communities and the government. In Singapore alone, 63,480 new enterprises were registered in the past year. But businesses are not just surviving–they are thriving.
The pandemic has reshaped the consumer landscape, and there is extensive space for new businesses to lead the way by finding solutions to problems new and old. Do you have what it takes to join the throng of new entrepreneurs? It’s clear that now is the right time to start a business, and this is why.
Current state of affairs
There has been a steady incline of workers leaving their jobs, a phenomenon that’s been well-documented and labelled as the Great Resignation. The “why” is simple: the pandemic led to an economic downturn and stagnant wages. The workforce were unhappy, especially when coupled with big businesses’ uninspiring response to Covid-19.
Many who were not let go or furloughed were still pushed to resign due to long hours, inability to work remotely, health concerns, and inflexible arrangements. During the global lockdown they were compelled to think creatively about how to jump ship to a new company or somehow make supplementary income, all while the cost of living continued to rise.
By the time the Great Resignation was in full swing, there were already dozens of side hustles, startups, and small businesses cropping up in response. You may be wondering if there’s still time to get in on the action with your own ideas. Read on to find out.
Is it a good time to start a business?
Without a doubt, yes.
The “when” is now. The shift to working from home has made digital communication a necessity. Those people who are now reliant on their phones and laptops for work are also consuming more online media than ever before.
You can take advantage of the influx of online users by harnessing digital marketing, eCommerce, and social commerce. We’re in an age where you can reach more customers than previously possible, and from anywhere in the world. This is one of many key business trends you’re going to see in 2022 and beyond.
On top of that, the economic slump can work in your favor – the businesses that have closed are leaving customers wanting, with their needs unmet. All you’ve got to do is find a need and fill it with your solution. This can span from telecommunications tech, to logistics solutions, to new media, to that restaurant you finally have time to start.
Southeast Asia: the startup haven
This brings us to the “where”. Southeast Asia has proven to be a lucrative region for startups and innovation in the past few years, which isn’t changing anytime soon. It’s here that you will find the intersection between developing nations and foundational entrepreneurial support.
Julien Labruyere, CEO and co-founder of Sleek, even went as far as saying, “Southeast Asia was a hotbed of innovation even before the pandemic. The circumstances are simply accelerating its inevitable rise to prominence in the business world.”
It also helps that there are ample sources of funding, including a sophisticated venture capital ecosystem, accelerators and incubators, and government business grants for pandemic relief. These encompass many industries, so it’s not difficult to find support for your specific needs.
While some developing parts of the region are leapfrogging straight into the digital world, others are solidifying themselves as key tech hubs, resulting in fertile ground for innovation and economy building throughout.
Knowing this, it’s no surprise that Southeast Asia’s digital economy is poised to hit $363 billion by 2023, according to Bloomberg, far exceeding the initial prediction reported by Google, Temasek, and Bain & Company.
Pros and cons of being your own boss
Before you jump in, it’s important to understand the big picture of life as an entrepreneur. Running your own business comes with undeniable perks like creating your own hours and dictating the direction of your work, but there are also some drawbacks to keep in mind.
Almost every aspect of running your own business is either a benefit or a hindrance, depending on your perspective. Here is a list of pros and cons that can help you decide for yourself whether entrepreneurship is right for you.
How to get started
Should you take the leap? There is substantial room to create fresh ideas for products and services that help your community, especially if you’re planning to establish your business in Southeast Asia. With plenty of funding, resources, and consumer willingness, the golden age of entrepreneurship is here.
It can be exciting to think about what comes next in your own entrepreneurial journey. Whether you’re looking to start a new business or enhance your current company to run even more efficiently, there are solutions that will take your business far and beyond expectations. If you’re more of a big picture thinker, let Sleek take the hassle out of your back office admin so you can dream big and focus on your booming business.