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Inculcating a creative, innovative spirit
DRIVEN by Arthur Tay's entrepreneurial zest, SUTL has had waves of reinvention over the years. This speaks volumes of his creative and innovative spirit, and his capacity to assess market needs in order to seize opportunities.
Successful entrepreneurs also know that execution is as important as ideas. They should always build a solid foundation to ensure successful and sustainable growth.
First, entrepreneurs will need to build a strong management team that encourages entrepreneurship and innovation with a strong focus on execution in every staff member. This spirit should exist in the very DNA of the company. In building this team, the entrepreneur also must identify and groom their successor as early as possible so that the stability and continuity of the business is never at risk.
In undertaking an expansion plan or new venture, entrepreneurs may need to phase their capex (capital expenditure) requirements to make sure this is within the financial capacity of the enterprise and not at the expense of its working capital needs. This is so the smooth operation of the existing business is not disrupted. Alternatively, entrepreneurs may consider working with a synergistic partner to share the capex requirements or to help manage risks, such as when entering a new market or when new capabilities are required.
Last, but not least, entrepreneurs must always be prepared for the unexpected and have contingency plans in place such as immediate access to funding.