How Soft Skills Ignited My Entrepreneurial Journey

In my previous posts, “The Two Faces of Data” and “Beyond the Code: Embracing Entrepreneurship,”  explored the exciting world of entrepreneurship through the lens of a budding tech enthusiast.  We delved into the potential of data analysis to fuel innovation and the importance of venturing beyond the classroom to cultivate an entrepreneurial mindset.  However, my undergraduate studies, with their heavy emphasis on technical skills, left me unprepared for a crucial aspect of this world: communication.  This concern was compounded by my natural introversion and lack of confidence.  Thankfully, a transformative experience during my exchange program at the University of Toronto helped bridge this gap. I took a course called RSM252H 1-1 Marketing, taught by the Rotman School of Commerce. 

This course, specifically designed to develop networking and verbal communication skills, directly addressed my desired area for improvement. By providing practical frameworks and fostering active communication practice, RSM2525H significantly enhanced my confidence and ability to articulate ideas effectively.

This newfound confidence gained from RSM2525H translated demonstrably into my participation in the NUS Venture Initiation Programme (VIP). In short, VIP is an initiative by NUS Enterprise to fund entrepreneurial pursuits by NUS students with a S$10,000 grant for a 12-month term. Here, clear communication within my team proved to be a vital component in fostering collaboration, inspiring each other, and ultimately securing the grant. This experience served as a powerful validation of the importance of soft skills alongside technical expertise in the realm of entrepreneurship.

Building on the foundation laid in my first reflection post, “Beyond the Code: Embracing Entrepreneurship,” this comparative reflection will explore how experiences like RSM2525H and VIP have shaped my understanding of the crucial role effective communication plays in this field. By analysing the impact of RSHM252H and the VIP programme, I hope to explore how the valuable skills gained from RSHM252H are transferable to VIP, allowing me to not only develop entrepreneurial ideas but also navigate the collaborative and communicative aspects of bringing them to life.

 

Building Confidence: The Impact of RSM2525H on My Communication Skills

RSM2525H was a module I hadn’t expected to take. Apprehensive at first due to the high workload, including presentations and weekly elevator pitches, I wasn’t sure what to expect. However, my desire to improve my communication skills motivated me to enroll.

The course was well-structured, introducing us to several frameworks for improving communication, improving work and personal relationships  and  being more comfortable networking. In the first lesson, we learned about the Effective Persuasion Model (see Figure 1), which focuses on framing problems and delivering messages effectively. 

Figure 1: Effective Persuasion Model 

 

As the instructor emphasised, “know your customers 99%” (understand them thoroughly) – is the cornerstone of success. By deeply comprehending their needs, wants, and pain points, we can tailor the products, services, and marketing messages to resonate on a personal level. This not only fosters stronger customer loyalty but also allows one to anticipate their future needs and stay ahead of the curve. This framework resonated with starting a startup: understanding the problem (the goal), the customer (the audience mindset), and tailoring the message (the solution).  I’ll draw further comparisons to my personal journey later.

Next, we learned the Impact Checklist, a practical tool that helped us evaluate presentation skills based on factors like clarity, delivery, and audience engagement. This framework proved invaluable when preparing our minute-long elevator pitches, ensuring we hit all the crucial points within the tight timeframe. We also used the Impact Checklist to analyse presentations by prominent figures, comparing effective and less effective communication styles. For instance, we examined the October 2020 Senate hearing with Facebook, Twitter, and Google CEOs. Analysing these presentations through the lens of the Impact Checklist (see Figure 2) highlighted the importance of body language and vocal delivery.  Seeing how a speaker’s energy level and gestures can influence the message’s impact resonated deeply. Even the most compelling content can fall flat if delivered monotonously with crossed arms. Conversely, strong eye contact, open gestures, and an enthusiastic tone can breathe life into the words and captivate the audience’s attention. This experience solidified my belief that effective communication is more than just the content itself; it’s also about how you deliver it.

 

Figure 2: Impact Checklist Framework 

 

Body language and energy level emerged as the most impactful aspects for me, truly amplifying the message’s impact. Think about it: even the most well-crafted message can fall flat if delivered with crossed arms and a monotone voice. Conversely, strong eye contact, open gestures, and an enthusiastic tone can breathe life into your words and grab the audience’s attention.

Finally, we learned the Six Universal Principles of Influence and Persuasion: reciprocity, scarcity, authority, linking, liking, and social proof. (See Figure 3) However, I will only focus on my main takeaways, which are reciprocity and liking, which I find most useful for networking and meeting new people. Reciprocity emphasises returning favours and it has to be personal. It can simply be a handwritten personalised card. On the other hand, liking is crucial for building and maintaining relationships – where people will be more likely to say “yes” if you have a good impression in their books. 

 

Figure 3: 6 Universal principles for influence and persuasion 

 

As such, this course equipped me with valuable tools for success, not just in the classroom but in the real world. I learned the importance of truly understanding your customers (“knowing them 99%”) and the power of persuasive communication, especially the impact of body language and energy. Beyond skills, the course fostered a growth mindset, teaching me to detach myself from rejection and build strong networks. Overall, this experience has been a springboard for personal and professional development, and I’m excited to apply these learnings to future endeavours.

 

From Frameworks to Action

The skills I honed in RSM2525H have become more than just professional tools; they’ve permeated my personal life as well. For example, the emphasis on “knowing your customers 99%” has fostered a deeper level of empathy in my interactions, allowing me to better understand and connect with the people around me. Additionally, the communication and persuasion techniques I learned have empowered me to articulate my thoughts and feelings more effectively, leading to stronger relationships both personally and professionally.

Building on these valuable lessons, I was eager to apply them to a real-world challenge: developing a potential startup idea and pitching for the VIP $10,000 grant. As we learned in the “Effective Persuasion Model,” a strong framework is crucial for building a successful startup. This involves understanding the problem (the goal), the customer (the audience mindset), and tailoring the message (the solution).

Fueled by a personal experience during my overseas exchange, I identified a pain point: the high cost of international money remittance. Bank transfers were slow and had unfavourable exchange rates, while third-party platforms like Wise or YouTrip had hidden fees or transaction limitations like transaction limits. Blockchain technology, with its potential for instant, reliable transactions at fair exchange rates, seemed like a promising solution.  This aligns particularly with the concept of disrupting correspondent banking  discussed in the Stablecorp article on on-chain FX.  Correspondent banking, the traditional system for facilitating international payments, is often slow and expensive. Blockchain technology has the potential to streamline this process, making it faster and more affordable for individuals like myself to send money abroad.

With this vision in mind, I assembled a team of trusted friends. As we built our pitch deck, the guiding principles were “keep it simple” and truly understand our customer’s needs (the “know your customers 99%” concept). This translated to clear, concise slides with impactful statistics highlighting the shared remittance frustration (See Figure 4).

Figure 4: Some slides from my VIP pitch deck 

 

This journey transformed theory into action by allowing me to leverage my past experiences. Consider a slide from my pitch deck (Figure 4). The lesson learned from my first post, “Two Faces of Data”, empowered me to better digest and utilise data for storytelling. In this case, I used data to illustrate the pain point of “Realities of Remittance.” The visuals condense information for easy audience comprehension.

Similarly, the experience from my second post,  “Beyond the Classroom”,  honed my ability to frame a narrative that highlights my entrepreneurial spark for solving real societal problems. Here, we focus on remittances and aim to build solutions for the unbanked community. According to the World Bank Group, an estimated 1.4 billion adults globally lack even basic bank accounts. These unbanked individuals, often women, the poor, the less educated, and those in rural areas, are the most challenging to reach.

Lastly, the “Effective Persuasion Model” and customer focus, core skills of RSM2525H, were instrumental in crafting a winning VIP grant pitch. As we honed our approach, isolating the problem and prioritising the customer became our central focus. This success story, born from a personal pain point and culminating in a funded idea, wouldn’t have been possible without the perfect blend of knowledge application and insightful mentorship from RSM2525H. I’m incredibly grateful for this experience and the skills it has equipped me with for my future startup endeavours.

 

So, what’s next?

In conclusion, this experience has been a springboard for significant personal and professional growth. Honing my soft skills has empowered me and reignited my entrepreneurial spirit, not just for any venture, but for one that creates a positive impact.  

This journey has been a powerful confluence of my past experiences, highlighted in this reflection series, prompting me to move beyond a traditional tech career and pursue something more purposeful.  The VIP grant itself unlocks exciting avenues for further development of our idea, a project that directly addresses social issues. With newfound confidence and a broader skill set, I now approach the future with a collaborative and innovative mindset, energised by the prospect of leveraging my skills and entrepreneurial drive to tackle the exciting challenges and opportunities that lie ahead, all while making a real difference in the world.

 

Reference:

1. McDougall, A. (2023, August 15). The seven defining opportunities in “on-chain” FX. Medium. https://medium.com/stablecorp/the-seven-defining-opportunities-in-on-chain-fx-a2d55b5b87a0
2. World Bank Group. (2022, July 21). Global Findex database 2021 reports increases in financial inclusion around the world during the COVID-19 pandemic. World Bank. https://www.worldbank.org/en/news/feature/2022/07/21/covid-19-boosted-the-adoption-of-digital-financial-services