I was lucky enough to pick the brains of Mr. Co Kehyeng and ask him a few questions about entrepreneurship, and this is what he has to say.
Many dream of becoming an entrepreneur, but only a few take action because there’s always the fear of failure . What advise can you give those who are afraid to start their first business? How can they manage that fear?
Taking the leap to a riskier entrepreneurial venture from a stable salaried job is definitely very scary.
However, failure in business, and for that matter, a first-time business, is really inevitable and an entrepreneur actually needs it. Through painful mistakes and experience, you would learn how to manage your business better.
When you learn from these failures, you can be successful. Proof of which are the big companies right now, who also started as a start-up.
My advice is to really examine if they want to do business in the long-term and if they have the resources to weather failures for the long term, as well.
It would be best to start small and keep a watchful eye on the finances. The fear of failure will always be there in different situations but the entrepreneur would grow to overcome it.