5 Essential Tips for Success as a Hong Kong Entrepreneur
How can you succeed as an entrepreneur in Hong Kong or become a successful Hong Kong entrepreneur? It is one of the most intriguing and lucrative questions in the cutthroat corporate world. The most exciting thing is also the riskiest for those who own them. Hong Kong entrepreneurs must continue to think outside the box if they want to create profitable enterprises that are successful on a global basis.
Starting a business in a free economy like Hong Kong makes you a businessperson and an economic force. As you start up your firm, there will undoubtedly be a plethora of legal, staffing, financial, marketing, and customer difficulties. By deciding on your goals and ambitions, you may create a clear route for your firm’s success and expand it.
A successful entrepreneur in Hong Kong
Hong Kong’s vibrant business landscape offers a wealth of opportunities for those with an enterprising spirit. Let’s understand why and how you can achieve the goal of becoming a Hong Kong entrepreneur.
Why should you become an entrepreneur in Hong Kong?
Nearly all open-minded legal systems make it easy for foreigners to form businesses and support their investments. One advantage of Hong Kong is that foreign business owners are allowed to have full ownership of the companies they register there.
They can partially or fully own their corporates because there is no cap on the holding percentage. With the help of a Private Limited Company form, people can easily incorporate groups of up to 50 people.
Hong Kong’s low-tax environment is beneficial to investors as well. Almost every lawful business, including trading, E-commerce, manufacturing, consulting services, and even owning financial assets, is acceptable in Hong Kong. Companies based in Hong Kong are not subject to any limitations while opening bank accounts.
Hong Kong is located on China’s southeast coast, which intrigues investors with its highly advantageous situation. Hong Kong is not just one of the biggest business hubs, but it is also Asia’s beating center. Flying to any country in this region only takes 5 to 8 hours, thanks to the region’s well-developed and integrated transportation system. Hong Kong has a sizable pool of highly skilled, adaptable, and enthusiastic workers.
How to become a successful entrepreneur in Hong Kong?
Here are how you can become a successful entrepreneur in Hong Kong!
Offer great customer services
The establishment of a successful and profitable business is facilitated by providing exceptional customer service, which cultivates loyal consumers for the company. Start with a sincere desire to delight your users or customers, but also consider beyond marketing your goods and services, if you want to deliver this caliber of first-rate customer service to your target audience.
Think about your users’ collective experiences, what they think and feel, the goods and services they would like, and what you could change to make it better. Therefore, to choose the best and most practical company idea and become a prosperous entrepreneur in Hong Kong, you must keep all of these considerations in mind.
Promote yourself
Being an entrepreneur is one of the most thrilling things because it gives you the thrill and exhilaration of discovering if something works. However, you must learn how to market yourself if something doesn’t function in accordance with the demands and needs of the business organization.
Any pitch can be improved with confidence, particularly after a failure. Learn how to communicate your idea without sounding like a salesperson by investing some time in this. Don’t be afraid to ask for a sale suggestion, but keep in mind that the customer is always the priority.
Build networking
Beginning networking with experienced company owners is the next step that all aspiring entrepreneurs must take. By connecting with new people, learning about the challenging business environment, and getting the chance to learn from those who have achieved the success you want, networking can help you build your network.
Attend startup and industry gatherings to meet new investors, clients, mentors, and team members. Additionally, social media sites like LinkedIn, which are an effective instrument for helping you build networks, are available to you. As a result, ensure that both you and your startup have profiles on LinkedIn and that you are consistently adding new contacts.
Hire great talent
The failure to hire the appropriate people for the success of their business entity was one of the biggest mistakes made by business owners in Hong Kong. You need to hire staff with the necessary experience and background who suit the company culture you are trying to create in order to establish a successful and lucrative business entity.
You can foster innovation and improve your reputation in the cutthroat business world by including business professionals from outside the organization among the people you rely on. Hiring slowly and letting people go quickly is an ancient adage.Make sure your offer letter specifies that they are “at will” workers who may have their employment terminated at any moment.
Hire experienced attorney
The next thing that all aspiring entrepreneurs and business professionals are required to know is that they need to employ a knowledgeable business lawyer. This comes after you understand how to establish a reputation for the success of your business entity in Hong Kong. Hire the best lawyer for your company with expertise and counselled numerous business owners. An adept startup counsel can assist you with the following:
- Establishing an employee stock option plan.
- Your company becoming incorporated.
- Putting together any co-founder agreements.
- Reduce your potential legal responsibilities.
- Utilize patents, confidentiality agreements, and copyrights to protect your inventions and ideas.
- Requesting advice from venture capitalists and other entrepreneurs.
- Preparing letters of protection to prospective employees.
- Supporting you while you negotiate conditions with potential investors.
- Prepare essential business agreements.
Hire professionals for accounting and auditing
The next step for all ambitious business owners in Hong Kong is to keep a close eye on their finances and raise as much startup capital as they can to differentiate themselves from the competition. It is undeniable that raising funds for fundraising is more difficult than you might imagine. You must ensure that you have enough money to cover all of the costs associated with creating and promoting your goods and services.
For a new firm, it requires time and money to develop top-notch products and services. Because the founder was unable to control their expenditures to prevent running out of money, most firms have failed.
Always keep an eye on your spending, minimize frivolous expenses, and maintain a separation between your personal and professional finances.
5 successful Entrepreneurs in Hong Kong
Here is the list of five successful entrepreneurs in Hong Kong!
Tomas Milar (CEO, Startupr, Eqvista, IncParadise and Cheqly)
Tomas Milar has years of experience in the fields of corporate governance, administration, and company creation. All across the world, he has assisted new business owners with the launch, planning, and management of their ventures. Many of his clients, especially multinationals, have benefited from his in-depth understanding of offshore banking.
After starting enterprises for company incorporation in Hong Kong and acquiring IncParadise in the US, Tomas is now entirely focused on creating a Neobank (Cheqly) for SMEs.
Eric Gnock Fah
Company Klook, one of Hong Kong’s earliest unicorns, is Asia’s largest travel and activities booking website. In 2014, it was founded. What was once a three-person team has grown to over 1,000 employees working out of 20 locations across the world. In order to support the city’s food and beverage industry amid the Covid-19 outbreak, Klook recently partnered with on-demand delivery firm Lalamove, established by fellow honoree Gary Hui. Following the recent completion of a global agreement with train ticket seller Rail Europe, Klook is preparing for additional growth in the US and Europe.
Steve Zhao
Steve Zhao is an engineer and businessman who mostly works in the video game sector. At the University of California, San Diego, he received his electrical engineering bachelor’s degree. He subsequently established Blue Tea Games HK LTD and Sandbox VR in 2006.
Juliette Gimenez
An extremely passionate businesswoman, Juliette Gimenez is the co-founder and CEO of Goxip, a mobile-first software that enables users to search, discover, and shop for fashion using image recognition and celebrity style feeds. Before starting Goxip, Juliette was a member of the founding team and the Chief Revenue Officer at Cdiscount TH, the country’s second-largest B2B and B2C e-commerce and marketplace website. Juliette had established and grown the company from a team of 10 to a powerful force of 120 employees before that. She was VP at ubuyibuy, which Groupon acquired.
Andy Chan
Andy is the vice president of products at Oncohealth, where he is in charge of creating and marketing digital health products that improve the treatment of cancer patients. The fastest-growing digital MSK (musculoskeletal) firm in the world, Sword Health, which seeks to relieve 2 billion people of pain, has had him in charge of numerous product lines.
Michelle Sun
Chinese entrepreneur Michelle Sun is from Hong Kong. She established First Code Academy, a K–12 coding school headquartered in Hong Kong that teaches kids how to code and develop mobile apps. The academy had offices in six different Asian cities, including Hong Kong, Singapore, Taipei, Shanghai, and Shenzhen. Teaching took place either in their school’s classrooms or the business’s offices.
Conclusion
To succeed as an entrepreneur in Hong Kong, staying focused on the big picture and remaining attentive to the details that can make or break your business is crucial. By adopting a customer-centric mindset, building a talented and motivated team, fostering a culture of innovation and adaptability, leveraging technology to stay ahead of the curve, and seeking out mentors and support networks, you can position yourself for long-term success in this competitive business environment. So stay the course, remain dedicated, and above all, never lose sight of the value you bring to the table as an entrepreneur in Hong Kong.
