3 Insightful Lessons any Business Owner or Aspiring Young Entrepreneur can Learn from Melvin Ho, SYEA Winner 2021
If you are a Business Owner, chances are, you’ve probably heard of Singapore Young Entrepreneur Award (SYEA).
However, if you haven’t, SYEA was established in 2014 by team of passionate youths driven to make an impact in the business world through honouring and empowering other youth entrepreneurs who have both succeeded and excelled in implementing commercially viable and sustainable changes to their businesses.
In 2021, Melvin emerged as one of the winners of SYEA in the category of Job creation & economic growth, where he excelled against all their judging criteria, such as innovation, financial performance, and long-term business strategy to name a few.
From a former banker to becoming a successful award-winning entrepreneur today, here are 3 top lessons from his entrepreneurship journey which we have condensed and took away for YOU, as a Business Owner, where you can learn from and hopefully, successfully apply them to grow your own business.
Lesson 1: Having a supportive team and loyal customer base goes a long way
Melvin couldn’t have possibly made it this far without the unwavering support provided from his team at BizSquare and the trust his customers and partners put in him, which allowed him to take his business to greater heights. Without a doubt, running your business as a one-man show would severely limit your business scaling potential no matter how talented or hardworking you are. Having the right team would amplify your business operations and help free up your time to improve your business strategy and capture more opportunities. Likewise, investing in loyal customers would bring about repeat business and could even drive word-of-mouth recommendations for your business, and thus, potentially lead to increased revenue and accelerated growth
Lesson 2: Never delve into any business that you are unfamiliar with
Congruent to Melvin’s beliefs, if you are an aspiring entrepreneur or business owner seeking for business opportunities, it is vital that you have the knowledge, expertise or network related to the business you are entering in, which could then enable you to fully understand the business environment and how to best establish and grow the business if you are an aspiring entrepreneur or allow you bring in significant contributions if you are a business owner.
Lesson 3: Stay organized and have clear targets
Like Melvin, entrepreneurs and business owners would undoubtedly have a hectic work schedule, and the real question here is, how can you remain focused and maintain your level of productivity despite your busy day-to-day schedule?
One effective method recommended by Melvin includes creating a daily to-do list and taking it seriously, followed by doing up a weekly achievement list and setting monthly targets to be met. According to Melvin, having those respective lists and targets would boost your daily work productivity, aid in allocation of weekly work priorities, and help optimize your business direction monthly. In summary, staying organized and have clear targets would surely be beneficial for you and your business in the long run.
Regardless of whether you are a business owner or an aspiring entrepreneur, we hope that you have gained something from our derived lessons and perhaps, Melvin’s personal favourite quote on entrepreneurship could also serve as an advice and enlighten you in one way or another:
“If you are prepared and know what it takes, it is not a risk. You just have to figure out how to get there. When you are prepared, there is always a way.”
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