Alex Foo, co-founder of the entrepreneur-focused psychometric profiling tool Starteur, offers three key tips for entrepreneurial success. These insights, derived from both his attendance at the Global Entrepreneurship Summit 2016 (June 22-24, USA) and his personal journey as a young entrepreneur, were shared during a Shopee University session. Foo’s trip to GES 2016 was sponsored by Shopee, the e-commerce platform by Garena. This sponsorship reflects Shopee’s commitment to nurturing the next generation of Singaporean entrepreneurs.
· Prioritize Networking:
Foo, a 21-year-old entrepreneur preparing for a Computer Science degree at the National University of Singapore, firmly believes that “who you know is more important than what you know.” He observed at GES 2016 that experienced entrepreneurs readily shared their knowledge, confident in their unique approaches and understanding that sharing fosters mutual growth. He emphasized that Shopee University embodies this spirit, providing a valuable platform for Shopee merchants to exchange knowledge and learn collectively. This initiative, launched by Shopee this year, accelerates growth by connecting aspiring entrepreneurs with those already succeeding in their desired fields.
Foo also highlighted the significance of finding business partners with complementary strengths. Choosing the right people to collaborate with creates a dynamic learning environment and strengthens the entire community.
· Embrace Failure: Foo pointed out a key distinction between Silicon Valley and Singapore: US entrepreneurs are generally more comfortable with calculated risks, which gives them a competitive advantage. In contrast, Singaporean entrepreneurs tend to be more risk-averse, fearing the stigma of failure and potential financial losses. To progress, Foo believes Singapore needs to adopt a mindset that views failure as an opportunity for learning and growth. He emphasized the importance of calculated risk-taking, gathering all necessary information before making decisions, and then committing to the chosen path.
A Shopee merchant attending the session echoed this sentiment, observing that the fear of idea theft often hinders collaboration in Singapore. He praised Shopee University for creating a rare and valuable space for open sharing, drawing parallels to his own positive experiences with collaborative communities in China.
Foo stressed the value of a supportive community in navigating setbacks, where individuals can openly discuss their failures, offer each other advice, and learn from shared experiences.
· Be Passionate: Foo challenged the misconception that entrepreneurs are solely motivated by profit. His experience at GES 2016 highlighted that genuine passion for one’s work is crucial for long-term success. He encouraged aspiring entrepreneurs to discover their passions early on, as this allows them to attract like-minded individuals and provides the resilience to bounce back from failures.
Foo believes his experiences at GES 2016 were invaluable to his development as an entrepreneur. He appreciated the opportunity to connect with successful individuals from diverse backgrounds and sees Shopee University as a platform to foster similar connections and innovation within Singapore. He expressed confidence that these initiatives will empower the next wave of entrepreneurs and lead to greater participation in GES 2017.
During the Shopee University session, Foo also underscored the importance of data-driven decision-making for achieving sustainable business growth. Utilizing tools like Google Analytics allows entrepreneurs to gain valuable insights into customer behavior and market trends, facilitating informed strategies and minimizing reliance on guesswork.
Foo emphasized the need for continuous improvement and adaptation. He asserted that relying solely on luck hinders consistent growth and that entrepreneurs should actively experiment and refine their offerings based on data and feedback. He debunked three common myths about entrepreneurs based on his GES 2016 experience:
· Solely Money-Driven: Entrepreneurs should see money as a means to an end, prioritizing positive impact and letting financial success follow naturally.
· Self-Serving: Most entrepreneurs are driven by a desire to create meaningful change through their work and products.
· Know-It-Alls: Entrepreneurs constantly seek knowledge and improvement, especially in today’s competitive market where stagnation is not an option.
Shopee plans to introduce training and development workshops led by Foo in the future. Chris Feng, Chief Executive Officer of Shopee, emphasized Shopee University’s belief in the potential of anyone to become an entrepreneur. He expressed pride in supporting Alex’s participation in GES 2016 and commended their shared values. He reaffirmed Shopee’s dedication to empowering aspiring entrepreneurs through initiatives like Shopee University.
Beyond fostering a community for knowledge sharing, Shopee University offers practical training based on the successful practices of its top sellers. Their courses cover various aspects of e-commerce, including photography, online marketing, and search engine optimization.
Interested?
Shopee is available for free download on the App Store and Google Play in Singapore, Malaysia, Indonesia, Thailand, Vietnam, the Philippines, and Taiwan.
Further Reading:
WorkSmart blog posts: GES 2016, Shopee’s fulfilment strategy in Malaysia and a Shopee University session on photography in Singapore.
Suroor Asia blog post: Shopee Malaysia’s commitment to mompreneurs.
Hashtags: #ges2016, #shopeeSG