Losing Your Job May just be the Best Thing That Could Happen to You

So you have just lost your job? Retrenched? Got fired? Victim of some office politics? It’s a devastating and painful situation, I know. I have been through that.

Never let a crisis goes to waste. When you hit rock bottom in life, that is when you have nothing else to lose. Don’t be discourage. Instead, pause, rest, relax and even sleep. So that you may dream. Be daring to dream. Then go for it. Work towards your dream, every step you take will only bring you closer to your dream because when you have hit rock bottom, you have nothing to lose.

Work towards your dream, every step you take will only bring you closer to your dream because when you have hit rock bottom, you have nothing to lose.

Perhaps you are someone in your forties, you have always been working in a big corporation. You have never think of being an entrepreneur. However, after all your years of working, you have also realised that the minute you lose your job, you lose your identity, your financial security and everything about yourself. Some day, when you are old and retired, it will be the same feeling as now– rejection, unwanted and useless feeling. It will be different if you are an entrepreneur. If you succeed, you never lose it even when you are old. Even if you do not succeed in expanding your business and becoming very rich, you gain in knowledge and skills that will at least provide you a way to make a living.

You don’t agree? Still overwhelm with fear and worries that you may not succeed? Let me present it with this real life example. My friend, Jenny (not her real name), was a deputy director in one of Singapore’s largest company. She began her career as an account manager and later on promoted to manage a marketing department. Much of her work involves managing people. As the world moves towards digital technologies, she had little opportunity to be hands-on because she had all her staff to do the details of advertising campaigns, marketing events, etc. When she lost her job, she realised that she was having difficulty finding another management job, given the tight market situation with high unemployment. During the difficult time, Jenny explored the possibility of starting a small business in advertising. She learned up WordPress website development and Google Advertising. Then she began to help new start-up business in promoting their products online.  This is what Jenny said to me:

Though I have yet to become very rich, through starting up my business, I have learned many valuable skills that enable me to at least make a decent living. I am not worried about being retrenched and out of job again. To the minimal, I own this business that helps companies promote their products digitally and such skills are always in demand.

So if you have lost your job, you may want to seriously consider starting your own business. Don’t waste your crisis. Someday, tell yourself, losing your job was  the best thing that had happened to you.

 

Where to begin?

When I was trying to start my business, I was very lost. I do not know what business I should begin with. I read a book by Adam Khoo that says that every entrepreneur knows right from the start where their destination will be. That is, they already have a vision of what they want to achieve. However for many of others who have been working for others all our lives and never dream of running a business, when we hit rock bottom and had no other path to walk, we can be very lost as to what we want to do, where to begin. What business to go into? Where to get the funding? How to promote our products?

If you are thinking of starting a business in Singapore, I think it is good to check out some of the government grants and measures that the government has put in place to help startups. Here are some good sites to visit:

  1. Business Grant Portal – Get familiar with what the Singapore government is providing to support you in your startup business. Announced in the 2016 budget, this portal that has just been set up in the fourth quarter of 2016 helps firms access the many grants from various Government agencies more easily.
  2. Spring Singapore – As the enterprise development agency, SPRING works with partners to help enterprises in financing, capability and management development, technology and innovation, and access to markets. As the national standards and accreditation body, SPRING develops and promotes an internationally-recognised standards and quality assurance infrastructure.
  3. Startup Resources from Channel News Asia – This portal by Channel News Asia provides very good resource on Financing, Marketing, Legal and even stories of other startups.
  4. ACRA – Check out how you can register for a company. Should you go for sole proprietorship or private limited? Read the guides. If you are providing a service for newly registered businesses, you can even purchase the company list from ACRA.

One very important thing to do is to build your brand and promote your products. Sign up for an Iapps2u digital business card and begin your journey to build your brand online.

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