I was frustrated, I think, working in a large organization.
I wanted to be able to make a bigger impact.
We’ve all thought about it: Quit the 9-to-5, start a company, become the next Jeff Bezos.
Only, it’s easier said than done.
Estimates suggest anywhere from 50 to 90 percent of start-ups fail with the first few years.
So just what is it that takes someone from an employee to an entrepreneur?
I’m here in Singapore with three former employees, who gave up their day jobs to join start-up generator, Antler.
I wanted to find out what led them to take the leap.
I, personally, was working in the fashion industry for a long time
and noticed that there was a problem that needed to be solved.
The fashion industry wasn’t being inclusive enough and didn’t cater to plus-sized women,
and so I felt like I could enter entrepreneurship by solving a real problem for real women.
I was a management consultant before.
But I felt the lack of being able to create and see something grow.
I would say I’ve always wanted to be an entrepreneur.
My dad is an entrepreneur and I’ve seen him pursue his dream as I grew up.
I did an MBA last year at INSEAD and, really, I think the turning point was when I was in Israel
and someone told me the only way to fail is to stop trying.
And, that moment, I knew I was ready.
I started a company called Vaniday, which is a beauty marketplace,
and that gave me a lot of confidence to start something on my own.
I had experience working at a large department store, doing womenswear buying.
But it means your role is very siloed, and so the impact you can make is very limited.
That was one of the big reasons why I left a corporate job.
So, they had the dream.
But what made them stand out to Antler, whose program helps aspiring entrepreneurs start new businesses?
So we’re looking for three things in an entrepreneur at Antler.
The number one thing is a spike, so something that you are really great at.
It could be a personality trait or it could be something that you’re passionate about.
We also look for that inner drive, the inner engine, so basically meaning to be a self-starter.
The third thing is we look for tenacity.
Tenacity’s really this thing about never giving up, perseverance, you’re in this to succeed.
And a lot of great start-ups they fail because people actually gave up,
but not because they didn’t have a great idea and a great team.
Definitely solve a real problem.
Make sure that it’s something customers need and are willing to pay for.
The most important is really the support system around you.
So please, please do talk to your loved ones, your friends, extensively.
Don’t start something on your own. Work with other co-founders so you can balance out
skill sets, and the ups and downs of the early days, which are very frequent.
It’s also a lot of instability to be an entrepreneur, financially and personally,
so be prepared and do everything you can to succeed.