Before any startup founder reaching a level of success in her new business in Hong Kong, she must be aware of at least five major distractions that they would probably encounter. They must learn how to stop them or avoid them. The distractions include success envy, the self-limiting beliefs of other people, outdated strategies, disorganization, and inadequate knowledge of your business and your niche. When the entrepreneur, unfortunately, falls into the distractions (or sometimes it is known as the shiny object syndrome), she must pause and go through the steps below to first overcome the problem.
Sometimes, you do not even know exactly where an idea first originated. It could have come through very randomly without much of any reasons behind to back it. The best to deal with this urgent excitement is to sit on ideas before launching them. Before you ask your whole team to stop whatever projects that they are currently doing, and let them switch to your new idea, you may initially think the project is going to change everything in the world. Often it will not, and you should do the required research on the idea (and the industry), and think about whether this is the best use of resources in your company. You must know that not every idea should be acted upon. Let yourself have this buffer time which can spare you from an overly hasty decision that you will regret in the future.
Have open communication with your team. When you have a new idea (that pops up from nowhere), first you must talk to your team members about it. Ask your team what they think, and listen to their perspectives and concerns. They are the people who will be able to help you understand when you may be moving too fast.
You must set both long term goals and short term goals with each new project. The downside you can immediately see is you have to spend the time thinking thoroughly before starting to execute any of your ideas, and it may slow you down. But when you have set long term goals for each project, the upside is this boundary that prevents you from going too fast towards the wrong direction when you have made a wrong decision. Keep checking the long term goal allows you to come back to the right track quickly.
Setting short term goals allows you to close a gap (which would have wasted your and your team’s precious time without getting positive returns). This would keep your team focused.
Pause, stop or abandon your projects only when absolutely necessary. When the long term goals are in place, do not pause, stop, or abandon a project until it is completed. But there may be an exception. The only time probably you would pause, stop, or abandon a project is when it starts to cost far more investment than you have anticipated, and you and your investors can afford it. Another good reason is when the outside landscape (including competition) has significantly changed causing any results of the project to be ineffectiveness.
Go through Hong Kong company registry to incorporate your business and make it legally valid.