I left law school behind to launch a snack empire that's now a staple in Singapore. Here are 5 essential tips for aspiring entrepreneurs.

My name is Chris Hwang, and I'm the cofounder of The Golden Duck. At 23, I walked away from law school to establish a snack brand that's now a global sensation in over 3,000 outlets.

The Golden Duck specializes in creating gourmet snacks that transform Asian tastes like salted egg yolk into enjoyable bites. Our ambition has always been to become the Ben & Jerry's of the snack world.

Our journey began humbly. Back in 2015, we introduced ourselves with only salted egg yolk chips.

Initially, production was so constrained that our small kitchen could muster just around 50 packets daily.

As our popularity surged in Singapore, we expanded our operations.

Expanding involved hiring more hands, ensuring product quality, and managing complex scaling operations, all of which were among our toughest challenges.

We've overcome several obstacles. The COVID-19 crisis severely impacted us, wiping out our tourism revenues instantly. Consequently, our team shrank from 200 to 120, requiring difficult conversations with colleagues.

Reflecting on a decade of steering The Golden Duck, here are five insights for budding entrepreneurs aiming to establish their brand.

1. Start Small and Economical

Contemplating entrepreneurship? Dive in without delay.

There's no need to abandon your current job right away. Dedicate weekends to crafting a strategic plan.

Today, you can test your ideas without hefty investments, especially with advancements in AI technology.

If you’re driven by a vision, initiate it. Failures may occur; this is my fifth venture, with past setbacks fueling my passion for long work hours.

Embark on your endeavor using minimal resources.

I've witnessed entrepreneurs start with as little as $5,000 and transition to raking in millions. Others commence with nothing, yet achieve massive scalability.

Many underestimate how little capital is needed to try out a business concept.

2. Understand Your Customer Deeply

Gaining a profound understanding of your consumers is crucial.

Create detailed personas—give them names, know their living environments, understand their financial priorities and interests.

Using this strategy, we've succeeded in markets like Singapore and Hong Kong. For global reach, pinpointing and engaging our ideal customer is vital.

Our ideal customer is a 30-something woman. Some may own cars, but most reside just outside Singapore's city center.

She is a culinary enthusiast, actively uses social media platforms like Instagram and TikTok to share her flavorful adventures. Ambitious dreams drive her.

Accurately defining your target market is key to successful marketing.

3. Innovate for Your Audience, Not Your Ego

Focus on innovation that aligns with consumer desires, not personal preferences.

While I'm a snacking aficionado, my tastes don't always match those in Europe or beyond.

Acknowledging these differences is crucial. By sampling top products abroad, I target enhancing my offerings to suit global palates.

4. Authenticity is Key Today

Globally, people seek genuine, unique experiences.

Classic flavors like sour cream and barbecue are familiar, but consider innovations like sour cream and Sriracha, a flavor we launched in our newer chip range.

Though many are aware of truffle flavor, introducing truffle wagyu provides an exciting twist—another of our creations.

A noticeable trend shows consumers look not just for unique moments but distinctive, staple products.

This creates vast potential not only for Asian flavors but for global taste exploration.

5. Fail on a Small Scale and Correct Quickly

While I've seen many advise 'failing small,' it's the swift correction that truly matters.

Once a setback happens, don't settle with 'it didn't work.'

Entrepreneurship thrives on adaptation. Businesses often discover their true direction a year or two after starting.

Constant iteration is necessary. Perhaps your audience prefers more salt, or different packaging entirely.

Ignoring quick fixes to small failures leads to premature conclusions.

Like life, building a business is a journey of constant transformation.