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Streamlining Your Life in Order to Go Do a Startup (or Anything Else That Will Take Full Focus)

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Streamlining Your Life in Order to Go Do a Startup (or Anything Else That Will Take Full Focus)

    Editor’s Note: The following is a guest post by Thursday Bram. She writes for 21times.org, a daily newsletter helping developers take the plunge into building a business.

    Pick up the dry cleaning. Wash the dishes. Paint the house. Every day, there’s something else that needs to be done. It can seem like there’s never enough time to get everything done on your list.

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    If you’re planning to found a startup, though, time is the most important asset you have — you need as many hours as you can invest in coding, marketing and all the other details of operating a new business. The same is true, by the way, of most big projects you can think of in your life. You can’t be running around, worried on whether your day-to-day chores are getting done. You’ve got to streamline your life.

    How Far Can You Afford to Go?

    We have this stereotype of startup founders as a couple of guys coding in a garage at all hours of the day. It’s rare that we think about startup founders with kids, active social lives or even owning houses. There’s some truth to the stereotype: in order to build a business that you can sell for $100 million or take to an IPO, you’ve got to invest something in it to create value. If all you’ve got is time, that’s what you have to put into it.

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    But how much time can you really afford to free up? If you can save up enough to live on, you can probably free up all the hours you might otherwise devote to an employer. Family, significant others and kids aren’t quite so easy to deal with, though. You may need to have some tough discussions about where you’re willing to put your time in terms of your family. I’ve had a few of those conversations myself — there are some people who just won’t understand, some who are willing to let you do whatever you think is right and others who will give you the time you need, but only with a specific deadline in mind.

    Make sure you understand the real limitations of streamlining your life before you wind up having to explain to a very irate significant other that you just didn’t budget time for him or her.

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    The Ultimate Streamlining Option

    Personally, a lot of my time goes towards taking care of specific tasks in order to achieve a certain end. For instance, I own a house. I spend time maintaining the house and the surrounding yard. I spend time improving the house as well. I have two ends in mind: first, that I have a place to live, and second, that when I sell the house, I get as much money as possible. If I’m in startup mode (how I internally think of spending all available hours on one project), having a place to live is important — but I’m honestly not going to care if I have a trimmed lawn. I’m also not going to be focused on increasing the value of my house. The most logical thing I can do, from the point of view of operating the startup, is to sell the house.

    As long as I value the end result of the best startup I can build for any other end result that I spend time on, I can trade away the work. I can sell the house and rent an apartment that needs minimal cleaning and maintenance. I might even come out ahead with money from the sale that I can add to my savings.

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    You can’t trade away your obligations to your friends and family, but just about everything else can probably be eliminated, if you’re willing to make some dramatic changes. In some cases, you may need to spend some money to get necessary end results — you have to eat, after all, and buying food that requires minimal prep time does take some cash, whether you go with pizza or something a little healthier. But if you sell most of your belongings, you won’t need to dust ever again. That’s the extreme end of things, but to ensure that you can sink as many hours as possible into building the best project ever, you have to be fairly extreme.

    The More Realistic Version

    Honestly, most of us aren’t prepared to take a hardcore approach to freeing up time for founding a startup or doing anything else. Selling everything we own and moving into a small box to code for six months or a year is just a tough sell. But you can take some smaller steps in that direction, provided you’re thinking about a longer time frame for what you’re starting.

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    • Start by clearing off everything you can manage easily. We all have junk cluttering up our day that we know we don’t need to be messing with. Block video games on your computer, stop checking celebrity gossip sites and otherwise eliminate the things you only do when you think nobody’s watching.
    • Track your time. Pay attention to where you’re spending your time. That’s the first step to finding more efficient options than you might be using now. You’ll find the big time sinks (hours you could be spending on your startup!) if you’re looking for them.
    • Make appointments with yourself and your project. Block out chunks of time whenever you can to work on your project. Don’t let anything else interfere with these appointments. Treat the time like an appointment with the most important client you’ll ever land.

    Your time is the most important asset you can invest in your startup. Even if you can’t sink every single hour of your day into it, you need to invest as much time as you physically can.

    (Photo credit: Deadlines and Schedules of Events and Important Dates… via Shutterstock)

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    Last Updated on January 27, 2022

    12 Reasons Why You Should Consider Working in Singapore

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    12 Reasons Why You Should Consider Working in Singapore

    Nine out of 10 foreign workers are satisfied with working in Singapore, a recent governmental survey reports. Being ranked best for numerous criteria from best intellectual property protection laws to the easiest country to do business in, Singapore also receives a bunch of accolades for the overall quality of life, top education standards and efficient medical system, ranking the nation as the healthiest in the world. So, what exactly makes the City of Lions such an impeccable place to start your career or relocate your business? Here are just 12 reasons why you should consider doing it!

    1. Singapore ranks second as the most globalized economy in the world

    The Global Competitiveness Report 2014 – 2015 named Singapore as the world’s second prospering economy. By defining “competitiveness” as the set of institutions, policies and factors that determine the level of productivity of a country, the report claims to be the most authoritative assessment of the country’s prosperity and well-being. What does that mean for you and me? High wages, low unemployment rate, excellent work conditions and nourishing business development and investment climate.

    2. Salaries are extremely lucrative

    As the economy is booming, Singapore companies are hungry to acquire overseas specialists, offering top salaries and lucrative benefit packages to attract highly-skilled workers and talents. With a median salary of 3.500$ per month, software engineers can earn up to 72.000$ annually, whereas general practitioners usually receive around 80.000$ per year, according to PayScale. Elementary school teachers earn around 34.000$ per year and working as a waitress part time will bring you around 1100$ per month.

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    3. Progressive personal tax system

    Calculating and paying taxes in Singapore is extremely easy and usually takes around 30 seconds to submit your online tax return. If you already obtained a residence permit, your personal taxes in Singapore range from 0% if you earn less than S$ 22.000 per year to 20% for incomes above S$ 320,000. Non-residents are expected to pay a flat rate of 15% from all income gained in Singapore. In addition, all of your earnings gained overseas and brought to the country are not subjected to any taxes.

    4. Getting a work/residence permit is really easy…

    With a population of only five million, and dropping fertility rates, Singapore is highly interested in acquiring new residence and labor force to boost the country’s economy to soaring heights. If you already have a job offer secured, applying for a work permit would take only a few clicks on the governmental website and you will know the outcome within just one day. No lines, no paper bureaucracy and no huge list of supportive documents or blankly stated requirements. Their entire procedure is even simpler if you are a business owner wishing to relocate your business to Singapore, or a start-up entrepreneur wishing to develop your company within the island. You are likely to receive your work permit for a longer term, plus the renewal process is fast and simple. Residence permits are usually issued along with your work permit for the same period of time.

    5. …And the same with permanent residence status

    If you have lived and worked in Singapore for over a year and enjoyed your experience, you can start considering applying for a permanent resident card. Again, the whole process can be done online without much hassle or paperwork involved. Among the factors of a successful outcome, expats name young age (below 50), educational background (degrees obtained in Singaporean universities will earn you extra points), the industry you work in (again extra points to those who are involved in scientific research and working with innovative technologies), and your ability to speak one of the four languages. The processing time does take up to six months.

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    6. The adaptation process goes easy

    As English in the main working language you won’t experience the dreaded language barrier. The local society is an absolute melting pot of Chinese, Malay, Indian and British cultures with 42% of population being foreigners. There is a huge amount of expat communities and meet-ups, restaurants serving awesome foods from all over the world, and imported goods you are used to buying back at home. As expats say, “Singaporeans are generally very comfortable with diversity and have been very welcoming to foreigners” with rare case of racism or religion discrimination occurring. There are numerous international and English schools available, along with pre-school daycare centers, so your kids won’t experience much troubles either when changing environments.

    7. Top notch higher education

    If at any stage you feel like lacking relevant educational background or certain skills to get a promotion, you should consider getting a degree in one of the six Singapore universities. National University of Singapore currently ranks number one in Asia and 22nd in the world offering degrees in Arts, Law, Medicine, Computer Sciences, Public Policy and nearly any other profession in demand. Tuition fees for undergraduate programs range from S$ 28.600 to S$ 129,200 for medical degrees. However, all students (foreign or resident) can apply for governmental grants and tuition aid, cutting down the costs by 50%, as currently around 20% of government spendings go into education. If you are aiming at a top executive position, getting an MBA in Singapore will cost you S$ 58,000 full-time or part-time.

    8. It takes three days to open a business

    Being ranked #1 for the ease of doing businesses by World Bank consequently for seven (!!!) years, starting your business in Singapore is easy and fast indeed. The whole process is done online and your registration will be deemed completed within a few hours after you pay a registration fee of the S$65. Afterwards, you can either refer for further assistance to ACRA (Accounting and Corporate Regulatory Authority) offering you a huge selection of agencies and providers to handle all your business needs – from business start-up services to preparing all the documents for your annual returns.

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    9. Singapore is rated #1 as the best labor force in the world

    As your business grows and you feel it is time to expand, hiring new professional team won’t be much of a struggle. With expats and work migrants flooding the market, local labors are known for their effectiveness, strong work ethics and superb educational profiles. Filling in top executives and managerial positing will not be a problem either as the share of high-skilled professionals with relevant background rose from 27% in 2003 to 31% in 2013. Moreover, 25% of residents reported to have worked for the same company for 10 years, which means less personnel changes and headhunting.

    10. Low crime rates and zero corruption

    Currently ranked the 5th least corrupted country in the world, Singapore surpassed a long chain of reforms and law enforcement practices on the road to a bribe-free society. The Corrupt Practices Investigation Bureau has kept an eye on matters since 1952 and tries all cases according to strict Singapore laws with long-term jail sentences and huge fines up to S$ 100,000. Same goes towards any sort of crimes–even minor offenses are treated with extreme severity. Think: three months of jail and three hard cane strokes for painting graffiti on a war memorial. When living and working in Singapore you don’t need to worry about your belongings getting stolen, nor your life threatened. Besides, you don’t need to have any sort of “special connections” to do business and get through all the legal and bureaucratic procedures.

    11. You can become a millionaire in less than 10 years

    According to a recent report issued by Boston Consulting Group, over one half of wealthy Singaporeans accumulated the majority of their wealth in less than 10 years. That’s the quickest growing rate in the world. Now, Singapore boasts one of the highest millionaires’ density in the world with 8.8% of the population having assets over one million US dollars. The phenomenon exists due to the ease of doing businesses in Singapore, advantageous location with easy access to nearby booming markets of India, Indonesia and Malaysia and quick implementation of progressive new technologies.

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    12. Absolute political stability

    Obviously, your business and you as an employee do not exist in a vacuum and are highly dependent on governmental policies and law-making. The Singaporean government is known for conducting open and fair policy towards constantly introducing new laws, tax relieves, and regulations to enhance the countries’ business environment even more. With the People Action’s Party forming the majority in Parliament since 1965, Singapore has a very stable and orderly government indeed.

    Featured photo credit: Larry Teo via unsplash.com

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