Many expatriates living in Hong Kong may be working for some companies, but others may have chosen to work on their own startup businesses. Opportunities are there for both choices.
What are the tips to start and run a successful startup?
As a startup entrepreneur, you must constantly reinvent yourself and your business. This is one of the most important keys as it improvises a lifelong journey for your business.
You should plan. You should working according to your plan for the success. At the same time, keep in mind that you may fail, not once, not twice, but many times. It is okay to fail multiple times, and then drag yourself back up.
Every time your business hits a roadblock or gets a hiccup, you and your team must learn from the lessons, and improve to become stronger than ever.
Go through the process of your company registration at the early stage, even when it is still a startup.
You are an entrepreneur. You are the owner of your startup. You should not restrict yourself to a single core competency. Make yourself highly knowledgeable in many different areas, especially areas that are related to your startup.
Your business should focus on a core competency.
It is dangerous for you to be not indispensable in the early phase of your startup. But it is dangerous for you to be indispensable after your business has grown much larger.
Hire the best when you can afford. Sometimes you may have to hire from overseas. When the applicant has the right skills and experience, he needs to apply for a Hong Kong work visa.
Hire people who have potential to grow or have passion, and they may often surprise you in a few years by taking up very important roles in your company (after your business has grown in size and value).
Be very confident with your own idea and be passionate about it.
Have the right attitude and work hard. You will become role model of your employees.
Network with people out of the company, and network with people who can complement your skills or knowledge.
Learn how to effectively work with other people.
Learn how to motivate other people. Learn how to tell them stories.
The type of company
A limited company can be most people’s choicewhen incorporating in Hong Kong. This limited company type is a private limited liability company.
You have to provide a company name, one or a few directors, one orseveral shareholders, a company secretary, a physical registered address in Hong Kong, and some capital.