The 5 Important People in an Entrepreneur’s Life
Recently, I was invited to deliver a seminar about innovation and writing executive summary to a group of university students in NTU for two consecutive weekends. Somewhere in the midst of trying to put some pragmatism into the minds of people who are planning to become entrepreneurs, I made this comment about the four most important people that an entrepreneur must have in their lives. As I thought about this again, I realize that there are actually 5 important people that an entrepreneur must have in their lives. Let’s start with my list:
The Lawyer: Yes, they are expensive and they charge by the hour. However, they are extremely important when it comes to drafting contracts whether it is hiring an executive, sending a warning letter, an agreement between two companies, mergers and acquisitions, and guess what, when you IPO your company. In every phase of an entrepreneur’s life, it is important to get a good lawyer to ensure that everything is in order.
The Accountant: This is the person who will audit and ensure that your accounts are in order. They are extremely helpful in helping you work out tax issues and how your enterprise benefit from tax incentives set up by the government. The accountant balances the numbers to ensure that you know the financial health of your business.
The Banker: Who needs a banker when you have an angel investor or venture capitalist? The banker fulfills a few important roles: (i) setting up your company’s corporate account, (ii) loans that you might need to deal with cashflow problems or expansion, (iii) pay bills by setting up automatic payment systems. As your company evolves towards a big corporation, an investment banker will be crucial because they do the underwriting for the company to go IPO. In fact, before you even IPO, the bankers from the private equity department will flock to you to make their clients. Of course, for those who made it, you will need a private banker to manage your assets.
The Doctor: Everyone is puzzled about this. If you are the CEO of a big company and down with a serious aliment, it can send tremors to the stock exchange. You need the doctor to ensure that you are in good shape. Of course, the doctor is important for every employee who join your enterprise for health checks. In fact, they are the healthcare providers for you and the people who work around you.
The Real Estate Agent: I added this because I realized that it is not easy to find an office nowadays. A good real estate agent will offer you the best deals when you search the ideal place to be your office. Remember that an office between two streets in Singapore can differ a lot in price, hence having a good real estate agent is important. They can also act as your guide to working out issues with your landlord from doors to electricity.
So, remember these five people, and check if you have any five of these professionals who are your friends. :)
About The Author
Bernard Leong - Co-Founder
Dr Bernard Leong is the co-founder of Chalkboard where he currently serves as the chief technology officer and is the architect behind the solution to help small and medium enterprises to market promotions.
Formerly a partner at Thymos Capital where he does early stage investments, his portfolio and specialization includes online social networks, mobile-web applications and games that leads to iHipo being acquired and also Lunch Actually (Eteract) raising next round of financing. His accolades include the Young Professional of the Year Award for the Singapore Computer Society 2010 and Outstanding Young Alumni for National University of Singapore 2007. His expertise includes technology and social media. Currently, Bernard also serves as an Entrepreneur-in-Residence with INSEAD Business School and also teaches entrepreneurship in NTU.
Read other posts by Bernard Leong here.
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