Want to launch a business in 2021?

Hear from women in business: 10 entrepreneurial tips from Asia-based female founders

Text: The Soko Edit

Founders of The Soko Edit

Starting a business? Now? Are you mad? We’ve been told dozens of times that starting any kind of enterprise right now is trickier than ever. But with crisis comes opportunity, and the right amount of courage, dedication and support might mean that now is the best time of all to launch your own company.

While Singapore's push for entrepreneurship has resulted in an increase in the number of people starting their own businesses, according to The Business Times, these gains have been seen mostly among men. However, research from McKinsey Global Institute revealed that increasing gender equality in Singapore's workforce could add S$26 billion to the country's GDP by 2025.

So, to get you inspired and motivated, we asked advice from Asia-based female entrepreneurs and women in business who belong to The Soko Edit community, a local curated platform supporting female entrepreneurs and business founders by selling their products and telling their stories.

Here’s the round-up:

Jamie Koh of Brass Lion Gin

ONE: Pivot, pivot and pivot again

Thanks to Covid-19, companies across sectors have been forced to take an entirely different direction, but whether it’s a change in demand or competition, constantly evolving is key. In the words of Jamie Koh, founder of Brass Lion Gin, Chupitos Shots Bar and Beast Southern Kitchen: “The pandemic has meant we’ve had to switch strategies and adapt many times due to the ever-changing situation, but I would say that is just part of the parcel of running a business.”

TWO: Stay ahead of the curve

Your business venture idea should tap into an emerging trend in order to land with impact and gather momentum. If it taps into a popular trend without offering a fresh angle, it’s time to pivot. Thai interior décor brand Grey Shade saw an opportunity to use concrete in their designs. Co-founder Frida Machakan Chumyawong says, “Concrete material didn’t seem like something people were particularly interested in at first. But I followed Steve Jobs’ famous advice of ‘some people say give the customer what they want but that’s not my approach. Our job is figure out what they’re going to want before they want it’.”

THREE: Know your audience

Before you get stuck into creating your business product or service, pinpointing who will buy your product, their price appetite and how well they’ll understand your proposition is critical. “People are used to buying mass-produced products which are much cheaper than hand-made ones, and this can affect my sales,” says Ruchi Zaveri, founder of artisanal brassware brand Nhest. “But this has helped me choose my target audience well and I have learnt how to sell the product in a way that people can visualise themselves using it.”

Frida Machakan Chumyawong of Grey Shade

FOUR: Recognise your strengths

The current entrepreneurship narrative teaches people to get their hands dirty and do it all. But knowing your strengths and getting support in weaker areas will produce a stronger result and boost confidence. We appreciate Jamie’s candor when she says: “Be prepared, do your homework. Know what you’re good at and with all the other stuff — either be willing to learn it quickly or pay someone else to do it!”

FIVE: Find a co-founder

Businesses with 2–3 co-founders are more likely to survive than those with one person at the helm. On days you feel like throwing in the towel, they remind you it’ll be worth the fight. Even if you can’t find anyone to complement your skillset, seek a support network. “It’s important to have a strong support system who will be there for you. Do not keep your feelings in, share them! You will gain so much insight from other perspectives,” says Vera Ong, founder of Align Swim and LetsFloatSG.

SIX: Don’t ditch your day job too soon

Consider your options. Can you work a flexible schedule, even part-time? It’s easy to get carried away and go all-in, but entrepreneurship is risky business and a stable income can take a huge weight off your mind. Do it only if you are ready to struggle in the beginning, warns Eesha Zaveri founder of Eesha Zaveri Jewellery. “The market is more competitive and crowded than ever right now.”

Eesha Zaveri of Eesha Zaveri Jewelry

SEVEN: Beware of naysayers

Whatever your business venture idea, people will tell you it’s not going to work. This is especially true in the current high-risk climate. Be ready to listen to advice but make your own decisions. Jamie shares an inspiring story: “Starting out 10 years ago in my early twenties, I was trying to open a bar in Clarke Quay. People were always telling me ‘you’re so young, what do you know? You’re going to close in six months. But it pushed me to prove people wrong; it spurred me on.”

EIGHT: Listen to your gut

If your idea fires you up inside, it’s worth more than 1000 opinions to the contrary. It’s up to you to have the drive and passion to see it through. “Love your work such that even if you are working at 1am, it doesn’t feel like work,” Eesha reminds us.

NINE: Embrace mistakes

Mistakes are part of the process — the sooner you embrace this, the quicker you’ll improve every aspect of your business. “Every time we create something, there’s always doubt about whether or not it will work,” admits Priyanka Desai, founder of minimalist jewellery brand, De’Anma. “Learning that mistakes are part of the process is something I’ve realised along the way.”

Hayley Teo of Rooki Beauty

TEN: No one said it was easy

The barriers to entry are higher, but the rewards have the potential to be far greater. Hayley Teo, founder of Rooki Beauty explains: “I was having a difficult day and I complained to my partner that running Rooki was too hard. He told me, ‘If it was easy, everyone would be doing it. Everyone would run their own business and be their own boss’.”

The Soko Edit is a curated platform for people to discover female-founded brands from around the world. We want to make it easy and enjoyable to support female entrepreneurs and founders, and we do so not only by selling their products but through resources, talks and mentorship opportunities. Visit thesokoedit.com and shop to support female founders around the world.

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