Ask zoomers and millennials about their first career choice and you’ll find that “entrepreneur” is a popular option. This is unlike earlier generations who preferred more traditional professions or who made the switch to entrepreneurship only after gaining corporate experience.
In 2020, 63,480 new enterprises were formed in Singapore, up from 61,573 the year before, making it the highest number since 20161. What’s the big attraction of entrepreneurship?
Already got a full-time job, but looking for a side hustle? Starting your own business could be an option for you too, but first, check that your employer's policies allow it. Declare your intentions to your manager or human resources team to avoid potential conflict of interest – that’s where you enter a nature of business that competes with what your full-time employer does.
Entrepreneurship isn’t all sunshine and rainbows. In your quest to become the next Ian Ang (Secretlab co-founder) or Tan Hooi Ling (Grab-co-founder), you may have to wear multiple hats, work non-stop, and say goodbye to beauty zzzs and hanging with your squad. You may even neglect your personal finances – which can be detrimental to both you and your business.
The importance of looking after your personal finances
Why should your personal finances be in order when you could be looking at making S$1 million in 12 months?
Simple ways to manage your business and personal finances
With so much to do and limited budget as an entrepreneur, taking your business to the top and looking after your personal finances at the same time can seem impossible. However, there are easy ways to enjoy success as an entrepreneur and peace of mind at the personal level.
Ways to manage your business finances
Ways to manage your personal finances
While there are no shortcuts to success, there are smart and simple ways to manage your finances as an entrepreneur. Get it right from the early stages, and you’ll not only be able to focus better on your business but you’ll also be more confident about taking necessary risks to grow it without worries about your personal affairs. You’ll feel more in control and have more time for yourself and family again. Don’t forget, you’re an asset too!
1. Source: The Straits Times© Singapore Press Holdings Limited. Extracted with permission. “New enterprises bloom in Singapore despite Covid-19 gloom,” 27 June 2021.
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