I’ve set up 5 companies across 3 different countries in Asia over the past 8 years (Malaysia, Pakistan and U.A.E.). Some have done extremely well, some started off well, sputtered and then came to an abrupt stop and one has not seen any lift off. So you can rightfully say that my entrepreneurial success has been a mixed bag. The good thing however is that it’s given me tremendous learning.

Recently I shared my 10 Lessons of My Entrepreneurship Journey, but when I hear the arguments people use when they consider whether they should start their own company, I hear so many myths that just aren’t true. So if you’re considering starting or even joining a startup, here’s my list of 5 popular myths of being an entrepreneur in Asia.

1. You Need a Great Idea

When I decided to quite the corporate career rat race (you may want to read yesterday’s NYT article about brutal competition in the corporate world) I had no clue what I was about to do. I knew that my learning (and career) had plateaued in Unilever and looking forward I couldn’t identify any job that I was looking forward to, so I knew I had to move out for me to learn and grow.

The obvious answer was to start an HR services company since this was the field I was professionally schooled in for the past 18 years. However I was very averse to the idea of becoming a consultant – I viewed them as the stereo-typical ‘hot-air-talkers’. I really wanted to make something but of course I wasn’t smart enough and I didn’t have the capital to set up a manufacturing facility. So I ended up in consulting.

And you know what? It was the best decision ever. I love it all – the excitement of closing a deal, learning about different industries/companies, always being on your toes because your income is as good as your last performance, and designing fantastic solutions for clients. It’s one of the best professions to be in.

2. You Need a Lot of Cash

Of course this depends on the business you want to start. Obviously a consulting firm requires almost no capital (apart from working capital to get yourself going) whereas a manufacturing unit to produce XYZ most likely requires a significant cash outlay. The good thing about setting up shop in Asia is that

1. things are overall cheaper,
2. there are more service providers available to help you with the non-core activities, and
3. we in Asia are extremely creative and are able to come up with solutions that mostly cost less and perform as good.

3. Don’t Say No To Clients

During my last 8 years I changed my business model 4 times. One major thing I learned was that specializing in an (abundant) niche is the best way to succeed. As the mantra goes,

Focus, focus, focus!

This includes saying no to customers that you can potentially serve, but don’t fit within the area of expertise that you have carved out. You want to build your credibility where your clients see value and you can then be the best in the world. Don’t get distracted. However whilst your credibility builds you will get clients coming to you, asking whether you can also do this and that. The best thing to do is to find partners who can deliver on these requests so that you can develop a second income stream.

4. Do Things for Free to Get Your Foot in the Door

Don’t know about you, but I hate to work for free. I sincerely belief my experience and skills represent something that customers value and therefore I should be able to earn a decent living from it. More importantly than not working for free is the image it creates in the eyes of the client. If you are providing services/products for free it means that they’re not worth anything – thus you end up diluting your brand value. Of course we all know that sampling works, but find ways for clients to sample your service/product without it taking away from you building your own credibility and brand.

5. Everybody Can Do It

Unfortunately this is not the case. Running your own joint is not for the faint hearted. In a previous article I listed the following practical considerations before you decide to hand in your resignation letter:

• Can you afford it, do you have money set aside for the next 2 or 3 years to run your kitchen?
• Are you disciplined enough to manage your own time instead of being driven by the heart beat of a large organisation?
• Can you live without the ‘frills and spills’ that come with a large organisation?
• Can you give up that big car and start driving a Suzuki again?
• Can your partner (and kids and parents) understand why you are not working for that big name company anymore?
• Can you commit yourself for a number of years to persevere, evolve and adapt if and when necessary?
• Have you got an exit strategy in case things go south?

If you answer yes to the majority of these questions, you can and possibly should try your hand at entrepreneurship in Asia or maybe another frontier market. If you would like to discuss entrepreneurship further, connect with me on Twitter or LinkedIn and make sure to subscribe to the blog to get more tips on leading your own business.