Dubbed the ‘Silicon Valley of Southeast Asia‘, Singapore is home to a flourishing startup scene. We have 31 startups that have achieved unicorn status — or have a US$1 billion valuation — with more than half of these startups being set up in the past two years. When we zoom out, startups across the region have seen a 40 per cent increase in terms of growth in 2020.
There is little doubt that building a successful business entails hard work, and this has become even more challenging in today’s macroeconomic environment. The ability to rally a team and harness every member’s strengths is key to scaling the business for success.
I recently had the pleasure of speaking to Rachel Lim, Co-Founder and Executive Chairwoman of fashion brand Love, Bonito, and Abheek Anand, Managing Director of leading venture capital and growth investing firm Peak XV Partners, in a recent episode of ‘At The Table’, a series where we bring together thought leaders in their respective fields to discuss some of today’s hottest topics.
You can watch the full episode here.
The conversation was illuminating, to say the least. We delved into the secrets to starting a company, the growth journey towards scaling up, and what it takes to support talent and teams in reaching milestones and successes.
Here are five key takeaways from our conversation.
Authenticity is a hallmark of true leaders
True leadership stems from authenticity. Forging meaningful relationships and being an integral part of your team helps to close the gap between you and your team. During our discussion, Lim highlighted that in a world where we often look up to leaders like Steve Jobs or Mark Zuckerberg, entrepreneurs sometimes feel the pressure to mimic their styles instead of finding their unique paths.
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Lim says, “I learned the hard way that trying too hard to emulate a leader I wasn’t meant to be was a mistake. I believed that to be a great leader or entrepreneur, I had to possess the same qualities as these successful figures. However, embarking on a journey of self-awareness and discovery helped me shape my leadership style into something authentic and genuine and reflects who I really am today.”
Find strength in resilience
While we often hear about successful entrepreneurs who seized opportunities at the most opportune time, the reality is that the market is unpredictable. As Anand highlighted, “The best founders are the ones who are incredibly resilient in the face of the downs and are able to double down on the things that are working in challenging times.” This is something Anand firmly believes in, and uses the quote by motor racing legend Ayrton Senna to illustrate this.
Whether you’re navigating the startup rollercoaster or your career path, the key to overcoming tough times is resilience. The most accomplished entrepreneurs and professionals are not those who do not fail, but they are often the ones who embrace setbacks as opportunities to pivot, learn, adapt, and emerge stronger than ever.
Knowing and articulating your ‘why’ is key
In ‘The StartUp of You’ by Reid Hoffman, he says that “The person passionate about what he or she is doing will outwork and outlast the guy motivated solely by making money”. He’s absolutely right. At LinkedIn, we are mission-driven – we do well, and we do good.
Having spent a decade there, I have seen first-hand what’s possible when you work with a team that shares your passion and purpose. It isn’t just a fancy tagline. It is the heartbeat of our organisation and one that provides a competitive advantage.
Our purpose empowers our people to make the right choices every day for themselves, each other, and our members. Anand sums it up, “Missionary organisations almost always are more successful in the long run than mercenary ones.”
When times get tough, a clear sense of purpose is like a lighthouse that guides you through the storm. It is a driving force that keeps all entrepreneurs moving onward and upward.
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Lim agrees, “Entrepreneurship is like a marathon, and it is undeniable that there will be tough times. But what keeps me going is having a clear conviction and purpose of why my products and services exist.”
Embrace change and cultivate a growth mindset
In the fast-paced world of startups, having a growth mindset and being adaptable are the keys to success. In other words, as your business landscape changes, change with it. To illustrate this, Lim quotes author and futurist Alvin Toffler, “The illiterate of the twenty-first century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.”
So, it’s not just about accepting change but actively embracing it for growth and looking at challenging times as a real opportunity to take stock of what’s working and what’s not, where the areas of growth are, in order to stay agile.
“It is important for founders to have an ability to be very customer-centric while being market aware. This means to be aware of where the market environment is so you can adapt a business strategy that plays into that market environment,” says Anand.
Invest in yourself and a team you can rely on
As I spoke with Lim and Ahbeek, a fundamental principle stood out – successful entrepreneurs are not made overnight. The path to success in the ever-evolving startup landscape is a gradual process of self-mastery, personal growth, resilience, and continuous learning. Honing your skills, persistent effort, and a deep commitment to your goals will be integral to your success.
Further to that, entrepreneurship is not a journey you can embark on alone. It’s important to bring the right people with you on the journey and place them in the right roles in order to succeed. It is also a two-way street – employers have to understand the motivations of their employees and ensure their needs are met so the team can grow together.
Remember that overnight success is oftentimes a rarity. By understanding your purpose, embracing resilience and unwavering dedication, I hope that these tips can help to transform your aspirations into reality.
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