Business

Advices For Hong Kong Startup Entrepreneurs In The Early Stages

When you are thinking of startup business ideas, it may have come to selling products online, online coaching, virtual assistants, language teaching (e.g. German, French, Mandarin, etc), buying and re-selling websites or domain names, graphic design, logo design, website development, mobile application development, presentation design, podcasting, business consulting, travel consulting, fitness coaching, yoga coaching, language translation, and more.

But when you are serious, you would start your proper business by setting up an entire company.

Advice 1: In the early stage of your Hong Kong startup, you must have a checklist which includes the refinement of initial ideas, building an MVP (i.e. minimum viable product), conducting alpha testing, getting useful data from alpha testing, pivoting the idea, validation of scalable product, creating a pitch and demo to secure investment, and more.

Advice 2: The founder should try his best to remove the highest universal risks on the startup journey without reinventing the wheel from scratch and without wasting unnecessary time connecting the dots. If a product is not invented locally in Hong Kong, it may have been existed a couple of years ago overseas.

Advice 3: Incorporate early. Go through the company incorporation of your new HK business.

Advice 4: Develop a framework for the startup development phases. Allow an overall view of the innovation entrepreneurship journey and be opened to a scalable approach.

Advice 5: Always start with develop a minimum viable product (MVP) before diving into the deeper ocean. A MVP allows you to quickly change your product or even the marketing direction when your product or marketing have headed into the wrong places.

Advice 6: Design good interventions and rapid sustainable solutions.

Advice 7: Reduce startup failure risks and boost your startup ecosystem.

Advice 8: The series A stage usually happens in the first 18-24 months of a typical startup company.

Advice 9: Have a good understanding of what a startup is and should do. A startup is a company designed to grow fast. Being newly founded does not automatically qualified in itself. Most startups would have failed, so it is important to design your startup with a sense of intention.

Advice 10: Understand the local and global scopes of your business. When you start a hairdressing shop, you will only have to compete with other local barber shops. But when you start a social media site, you will have to compete with the whole world.

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