So you’ve decided to launch a startup and you think that Asia is just the place to do it. That’s great, but it’s not just a matter of launching the startup—it’s a matter of succeeding with the startup. A failed startup does nothing but waste your time and resources. Thankfully, we’re here with some tips to make sure that you’ll have some startup success in Asia.
1. Pick a Good Location
You might be thinking to yourself “A good location? But I already chose Asia! That’s my location!” Technically speaking, yes. But Asia is a huge continent with a highly diversified population. There are a lot of different countries to choose from and within those countries are even more areas of varying conditions. It’s best to do research and find out which countries might be the most welcoming to your startup idea.
2. Pick Good Partners
If you’re not native to Asia then the chances are that you don’t have many contacts there. You should spend some time contacting other businesses and building relationships. Having a partnership between your startup and a pre-established business can do you wonders.
3. Come Up With a Clear End Goal
You need to walk into this situation with an idea of how you want it to turn out. Yes, you want it to be successful, but in what ways? Are you trying to develop a new business model? Are you looking to experiment with new technology? Figure out what you’re aiming at before you take the shot.
4. Commit to the Startup
If you want to really succeed then you’re going to need to commit to the startup. You can’t abandon the plan halfway through or get cold feet. Ride things out to get the best results.
5. Think of the Startup as an Experiment
You need to go into things with the understanding that startups are experimental. Not every experiment goes the way you want it to. Some succeed, some fail, and some have totally unexpected results. Just because things go differently than you anticipated doesn’t mean that you have necessarily failed. Try to find positives if you don’t meet your end goal.
6. Hire the Best Talent for Your Startup
If you are lazy or cheap with who you hire then you’re going to set yourself up for defeat. Pick people who know what they’re doing and don’t hire from your already established business. You’ll want fresh blood for this.
7. Learn the Culture Early
Before launching your startup in an Asian country you are going to want to study their culture. Some things that we think are fine might be offensive in some Asian countries.
Likewise, some things we might find offensive might be expected. Don’t ruin your startup by ignoring the society it’s aiming at.
8. Decide on Associations Before You Begin
Do you want to associate your startup with your already established business? Consider your business’ reputation in the target country before deciding.
9. Don’t Be Afraid of Failure
If you spend all your time concerned that you’re going to fail then it may end up being what causes you to fail. Failures are a part of life and without that you will never get the satisfaction of success. So embrace failures as your step to success.
10. Take What You Learn and Apply It Elsewhere
If your startup is truly successful then you’re going to need to figure out what worked to make it that way. If you can, scale that up and apply it to your other businesses.
As Startup Specialists we have used our knowledge and experience to set up a free portal of frank, accurate information. Do check out www.startupinthailand.com for more details on doing business in Thailand or for a free startup consultation. We operate as a single source for your business operations in Thailand/Asia with our Thailand Market Entry Services and we specialize in Startups | Representations | Regional Business Development | Virtual Offices | Liaison Services. Check out your options here.