Starting a Bussines requires a lot of discomfort, anxiety, patience and hard work to start with an idea and build on it every day. Every entrepreneur’s journey is filled with unique lessons for struggles and challenges.
Bussines owners have gone through various valuable lessons, from learning how to run a business to becoming an entrepreneur. Such is the journey of Stelian Balta, founder and CEO of Singapore-based HyperChain Capital, a digital asset management and investment firm.
Balta is an entrepreneur and investor who has invested in more than 40 companies since starting his company. Even though he was successful at a young age, he himself had actually started a business from scratch since he was a teenager.
At the age of 16, he designed and created online games and became a millionaire investor after making his first million dollars at the age of 24. Not only entrepreneurial success is noticed but also the philanthropic spirit. When asked about his corporate philosophy, Balta was quick to point out since he first started HyperChain Capital a few years ago, his philosophy has always been to do good.
To learn more about his journey and its biggest results, Balta shares six lessons for aspiring entrepreneurs, as quoted from entrepreneur.com .
Don’t be afraid of failure.
With big failure, big success will come. “I think being comfortable with failure is very important. I failed many times. You need to try and build on things,” said Balta.
He also admits that he enjoys experimenting and trying things. It all started from scratch. Lack of support and capital at the beginning of starting a business is stressful and frustrating. However, if we keep trying and are not afraid of failure, then we will accept that it is part of the way of working so that it will be easier when building a company.
“Every entrepreneur’s dream is to be successful, but there is always a price to pay for it. You have to be fully aware that failure is an integral part of success, so don’t let that stop you.”
Anticipating the future
According to Balta, anticipating critical needs in an ever-evolving market is an essential quality of great entrepreneurs with great execution. In addition, timing is also an important component.
“If you want to be a successful entrepreneur, forget the things that have been done and start focusing on creating something new. Try to see things from a different perspective and be innovative, assess and measure what could happen in the future with what happened in the past and what is happening now,” he explained.
Do what you love and are good at.
If you don’t truly love and have an interest in what you do, you will most likely quit your dream, as many budding entrepreneurs have done in the past. For that, before deciding to start a business, then you must really love what you do to be able to get through difficult times. If you can find something you like and are worth pursuing, the rewards are great.
“In my early 20s, I was really passionate about making games. After five years in the gaming industry, I feel very close to the cryptocurrency market because we create games and monetize them through virtual goods. Entering the crypto market was a pragmatic and logical step to take given my work experience. Having seen in-game how virtual goods can have real value for money, we are one of the first proponents and investors in the digital asset industry,” he explained.
Develop strategies to reduce risk
As an early investor in a volatile industry like this, any startup or business carries an enormous level of risk. The main strategy is to invest in people, be there from the very first discussion around ideas and plans and help them with strategy, funding and processes.
“There are a lot of unknowns but being in the field with entrepreneurs I think is a good strategy to reduce risk,” he said.
As a budding entrepreneur, you must have a variety of strategies to reduce risk so that the company can survive in the long term, whether through diversification, planning, and obsessive forecasting.
Never stop learning and working
You have to keep investing in education or learning to get real profit. This means taking the time to learn new skills that will enable you to build something unique and desirable. It’s important to stay focused on assets, such as new skills, connections, and experiences for your portfolio.
“Basic things like reading a lot and working hard all day give you important long-term gains, lucky or not. In ten years, it’s hard to believe how things can change.”
Never be afraid to execute
Business ideas alone are not very valuable. If you want to start a business and be successful, you have to be brave enough to put your ideas into action. Execution is everything in business, ideas without action are nothing.
“I’ve always loved experimenting and building things and being an entrepreneur allowed me to do that,” he said.