Tek Siong, Hock
100th Blog - My Technology Entrepreneurship Journey
To commemorate my 100th Blog on the excelroot.com, as well as a new beginning of year 2022, I think it might be a good idea for me to try to blog something a little bit different.
After much thought, reminisce my 3 to 4 years of the entrepreneurship, there are some important lessons that I've learnt and unlearnt, which I want to take note for self-reflection, as well as sharing with others.
Before It All Began
1) My entrepreneur spirit and instinct has long being with me, and definitely not something that I wake up one day and decided to do so.
After over 15 years of doing enterprise software, I've realized that there are not many SME can afford the heavy price tag of Good ERP.
"Every Company Can Have Digital Transformation With ERP". Is it a dream or can it be a reality?
2) I've found a technology solution that has a market potential, or at least that's what i've thought so. In retrospect, my company's current strategy and direction was far cry from my initial business plan. I've learnt that, many technology company didn't succeed on what they were set out to do. The key is to adapt quickly and grab whatever chances that came by.
3) I've seen friends with great business idea, and think they can spend their spare time, while having their full-time job, to realize their business idea. Unfortunately, very very few persisted and succeed. Unsurprisingly, I've decided that I must take a first step forward, i.e. quit my comfortable full time job and devote my best self and all out to do in my new endeavor.
4) How I overcame the phycological barrier of "Fear of Failure"?
I've persuaded myself, 'You deserve 1 to 2 years time to realize your dream', in any worst case, you can always go back to find yourself a job, period'.
I'm so lucky because I have the full support of my family.
5) I did not just quit immediately. I've used at least 2-3 months, while still under employment, to register the company, bank account, set up the website, email, office, business cards, purchase laptop, refining my business plan, etc.
6) I've learnt that, for any technology startup company, it make more sense to have a founder that is technical savvy, and another founder that is Marketing or Sales savvy.
The Journey Begins....and Continues
1) As a startup company, it is not easy to convince any new prospect and win the trust. I've learnt to pose confidently, enthusiastically and doing extra miles to land my first few customers.
2) Do whatever it takes to get the first few customers.
Build prototype solution, repeatedly enhance it after getting feedback from your prospects, offer free hands-on session, free trial, to name a few.
3) My best marketing tool is the company website. I've applied all the marketing strategies to make sure that my website and solution comes up in the First or Second page of the Google search, which could bring me 1-2 solid leads every month.
4) I've never thought that I could get any leads from my acquaintances, given I do not have much friends in the business. Never did I realized that my acquaintances in the IT industry do bring many leads to me. Relationship matters.
5) Entrepreneurship is not all sunshine and rainbow. I have been working more than 12 hours daily and hardly take a day off, even on the weekend, for the past 3 years. Passion is all that keep me going. I've kept myself in a surviving mode on a mediocre pay and re-invest the revenue to grow my solution and company.
6) My customer is my best salesperson. Customers that are appreciating great service, had not hesitated to introduce new prospects to me.
7) "1 Percent Improvement Every Day".
I keep investing in enhancing and R&D to build a technology barrier in my solution. This will help to steer clear of price war and navigate from the Red Ocean to the Blue Ocean.
Happy New Year 2022!