It's now 8 months since I first set foot on the entrepreneurial path. What prompted me to do this, and what have I learned so far?
What prompted me to be an entrepreneur?
Security of Income
The idea of having control over my own destiny has been on my mind since the Covid era. From the basic view of job security, it has become clear that no job is sacrosanct. This became even more apparent when I entered the InsurTech world.
It used to be taken for granted that an actuary, especially a qualified actuary can never be retrenched. This is no longer true. Qualified Actuaries have lost jobs in the US, Australia, Singapore and the UK, in the insurance, consulting and insurtech segments.
Yes as an entrepreneur, I have to constantly be on the hunt for opportunities (there are ways to structure business so we don't have to constantly hunt), but at least it's in my own hands. Having control gives peace of mind.
Flexibility in Work and Life
There are times in our lives when we accelerate our careers, there are times when we accelerate our personal lives. But I truly believe we don't have to sacrifice one for the other, as both are very important to us.
An entrepreneurial path allows me to tailor make my career life to be flexible around my personal life rather than the other way round.
What have I learned so far?
Be ready to pivot
I started my entrepreneurial journey as an insurance agent with my ex-employer. Very insightful stint, but it was far more work than I realised, and it did not suit my personality.
When I spoke about my budding actuarial consultancy side by side with the insurance agency business, I realised my passion lied on the actuarial consultancy path (duh).
Pivoting meant that I had to sacrifice the small but decent income stream I had started generating on the insurance agency business. But the opportunity cost (and emotional cost) of not pivoting was much higher, and I had to make the call to do it.
The Divine is real
Call it luck, serendipity, the Universe, or God's grace. Whatever it may be, we definitely rely on something out of our realm of reason, influence and ability to grow as an entrepreneur.
Unexpected help, alliances, guidance, connections, re-connections, are daily occurrences in the life of an entrepreneur. Grace flows to the valleys and not the peaks. Humility is key as we don't know who could be the person that connects us to a key client, partner etc.
The world is our oyster
People are much more alike than we realise, and much more eager to connect and share experiences than we expect. I'm so fortunate that as an Actuary, I live in a borderless world.
With virtual meetings, cross border friendships, collaborations, clients etc are awaiting us if we just knock on it.
Just do it
The first step is the most daunting one, so they say. I found indeed it is. Then the next steps come one after another.
We can plan and plan and map out all the risks etc, but execution is key.
Borrowing from the tech startup world, building a MVP and iterating again and again is far more effective than spending months in planning.
Yes we will make mistakes, we may look silly. But then we get to learn from it and look less silly (I think).
What's next?
I'm not sure, but I'm looking forward to it. Every day is different from the previous one, and I'm sure I will learn something and make new connections.
Who is the Artist, and who is the paint brush?
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