Mindset: Interview with Clearly Surely (Part 2)-Lighthouse Series
Introducing the second part of the interview with the founder of Clearly Surely, Yi Sheng on mindset. If you missed out on the first part of the interview, read it here!
Clearly Surely is a platform targeted at millennials to learn more about life insurance in a fun way. The platform aims to bring about a revolution in the financial literacy scene in Singapore by merging Insurtech and Edutech into one platform.
In this article, Yi Sheng shares more on his mindset shift from his time as a young entrepreneur to a seasoned one. He also shares some insights and tips for aspiring entrepreneurs who would like to start on this journey, especially in the financial industry.
Daryl (D): What was your mindset back then? What would you do differently now?
Yi Sheng (YS): My mindset back then was simple: as long as I had a good product, people would gravitate towards it without me having to market it to anyone.
It turns out otherwise, there needs to be a tremendous amount of marketing and promotional activity needed. I’ve learnt that without proper marketing and promotion, no matter how good your product is, no one will know about it.
Now, I would test, test and retest the initial prototype with focus groups, suss out their genuine opinion about the product. Can it be better? How? After that, I will have a marketing plan. What is the message I want to send about my brand and product, who do I want to reach out to and what actions I want my audience to take.
D: What do you think the challenge being in the finance industry is and what can people expect? What mindset should they adopt?
YS: There’s too much trust in all things associated with “tech”. Tech is useful only when people adopt it. Just because companies call themselves fintech or insurtech doesn’t mean they actually have something useful.
99% of the time, their tech is non-existent or not useful. True story.
Hardships and tough rejections are all that people can expect. The size of the industry pie isn’t very big (at least in Singapore) and many people are gunning to be the next unicorn in the financial industry. It just won’t be that easy.
What you need is a learning and growth mindset. But above all, a willingness to try and try – until something works.
D: What advice do you have for entrepreneurs now?
YS: Don’t be seduced by the story of Bill Gates, Mark Zuckerberg and Jeff Bezos. Survivorship bias means that most drop outs or start ups will never make it. So go in with the mindset that your company would most likely never be a unicorn, and that is fine.
The world could use more profitable companies that provide genuine value instead of burning investor money in the name of growth, the sexy story of future profit.
Just take the plunge, you will never be ready. You will never have enough money, enough contacts or be able to make a product that is 100% adored by the market. By taking the plunge, you are demonstrating guts that most venture capitalists and investors can only dream of.
D: When do you think is a good time for entrepreneurs to start building their own company?
YS: Anytime. Because there will never be a perfect place to start. Too young – no contacts, not enough money. Too old – too many other commitments, not enough energy. You have to find reasons to proceed despite the adversity. If it were easy, everyone would do it.
D: So, what can people expect from Clearly Surely?
YS: Life Insurance made f**king fun, which incidentally, is our slogan as well.
We are a whole new way to approach Life Insurance, giving you control and the ultimate say – while making the whole process super fun.
Even our moms love using the platform.
D: Final words for our readers?
YS: Entrepreneurship really isn’t for everyone, and that is fine. There will be long hours, worrisome nights, and countless obstacles to overcome. But if you do decide to head down that path, you might be very glad to have embarked on the ultimate journey that life has to offer.
Interested in Clearly Surely and their new and improved platform? Check them out here.
Stay tuned for the second part of the interview series, as Yi Sheng shares more on the mindset he used to have and how it all changed along the way.This interview is part of the “Lighthouse” series, where we aim to shed light on the journey of an entrepreneur and how aspiring founders can navigate better in the unpredictable environment. In this series, there will be articles on how an individual can take an idea and grow it to become a company. There will be interviews, suggestions on programmes, and even insights to what investors look for in a business. Check it out here!
Daryl Seah
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