Thinking of starting your own business? I failed miserably, consider yourselves warned.

[TerrexLee]

Running my own business was a tedious affair that eventually went belly up, so was left with no choice but to return to the job market seeking employment in my mid-30s. Attended a few interviews and somehow felt the interviewers were looking down on me for having ran a company which failed. Haven't received any job offers, still on the hunt for a suitable full-time gig.

I estimated that I lost around 300k purely in opportunity costs accrued from not taking up a salaried role during this entire period, which needless to say makes for sufficient dough to buy a humble HDB flat to nicely settle down already.

I realized that once your resume makes mention of you having dabbled in a business venture previously or took up a self-employed vocation such as being a private hire car driver, your standing immediately takes a huge tumble in the eyes of prospective employers; you are deemed much less employable, ie expect to be profiled within the same category as former bankrupts and ex-convicts.

Why do I say that? Because its true. In their narrow-minded wisdom they expect a former bankrupt to go bankrupt yet again, an ex-convict to inexorably return to a life of crime, a former business owner to forever involve himself in uninspiring enterprises, a private hire car driver to remain a lowly chauffeur all his life.

More at https://tinyurI.com/yx5zrhqg

 

[garlic]

Entrepreneurship is glamorized coz it's hard... if everybody was doing it, it wouldn't be glamorized... the key is to know one's own capbilities... many don't, end up write articles...

 

[krafty]

ya man, doing biz is hard, the best thing to do is invest in property and get rental income.

 

[syed putra]

ya man, doing biz is hard, the best thing to do is invest in property and get rental income.

Thats funny you said this. You buy a property and get a bank loan say for $300k. That is slready enough to start your own business if banks gives small business loans.
Property invcme from rental the most maybe $3K per month. You need to provide basic furniture and amenities such as TV, gas cooker and fridge, washing machine etc, which will deteriorate when lease expire. Cost of cleaning and upkeep maybe $10-20k wiping out your rental income.
On the other hand, if you infulge in a small budiness and it works, your revenue may reach $100k per month. Beer and alcohol distributors for example may assist in financing your premise in terms of renovation and interior if you subscribe to their products. Same with tyre distributors wrt car workshops provided you place product advertisement on your signboard.

 

[krafty]

Thats funny you said this. You buy a property and get a bank loan say for $300k. That is slready enough to start your own business if banks gives small business loans.
Property invcme from rental the most maybe $3K per month. You need to provide basic furniture and amenities such as TV, gas cooker and fridge, washing machine etc, which will deteriorate when lease expire. Cost of cleaning and upkeep maybe $10-20k wiping out your rental income.
On the other hand, if you infulge in a small budiness and it works, your revenue may reach $100k per month. Beer and alcohol distributors for example may assist in financing your premise in terms of renovation and interior if you subscribe to their products. Same with tyre distributors wrt car workshops provided you place product advertisement on your signboard.

i paid in full, no bank mortgage.

the only character flaw is that i am a miser.

 

[tanwahtiu]

Why business failed? Becos business required gov linked connection likely to succeeded.

Many successful bizman joined PAP PA become RCC or RCCC members porlumpar PAP to the end.

Alot of entertaining chnghu lang, buyers and suppliers kah kai that will help make yr biz success.

7th month Ghost month go join them bid some ghost thropy the ghost will help u too.

CNY buy one fat roast pig cut and shared with suppliers and buyers they help u too

Or else get a job and wait for ah neh biz devil to entertain the HR devil to kick u out put ah nehs in ...

 

[cocobobo]

Step 1 of doing biz in SG : join local pap RC

Even if you have very good product and big retailers buy from u, u have to be a true blue slurping cocksucker like johntan before you see them respond to your invoices.

 

[horny]

Business tend to fail in singapore cos of high cost and strict government policy.does this happen to other countries?

 

[krafty]

Business tend to fail in singapore cos of high cost and strict government policy.does this happen to other countries?

you are spot on, doing biz in s'pore is extremely hard, meaning it's difficult to make money, business dealings wise, you have to go under the table a lot, in s'pore, you will probably end up having coffee at cpib.

 

[laksaboy]

Some businesses are very profitable and virtually recession-proof. Even a little jail time is worth it.

 

[horny]

you are spot on, doing biz in s'pore is extremely hard, meaning it's difficult to make money, business dealings wise, you have to go under the table a lot, in s'pore, you will probably end up having coffee at cpib.

singapore rules so strict ,catering in singapore still can eat till laosia but other countries never heard of lao sia case

 

[nightsafari]

Why business failed? Becos business required gov linked connection likely to succeeded.

Many successful bizman joined PAP PA become RCC or RCCC members porlumpar PAP to the end.

Alot of entertaining chnghu lang, buyers and suppliers kah kai that will help make yr biz success.

7th month Ghost month go join them bid some ghost thropy the ghost will help u too.

CNY buy one fat roast pig cut and shared with suppliers and buyers they help u too

Or else get a job and wait for ah neh biz devil to entertain the HR devil to kick u out put ah nehs in ...

good summary!

 

[nightsafari]

Business tend to fail in singapore cos of high cost and strict government policy.does this happen to other countries?

in the developed world yes, with the possible exception of the US.

 

[nightsafari]

singapore rules so strict ,catering in singapore still can eat till laosia but other countries never heard of lao sia case

actually singapore rules are not so very strict. you go some ang moh countries see the rules until head spin.

 

[syed putra]

Should be like temasek. Look around for new start ups, hijack and bring it to stinkapore, and destroy it by intefering with management.

 

[metalrover]

MLM business in sinkieland boleh?

 

[syed putra]

MLM business in sinkieland boleh?

I have seen mlm selling electric matresses for thousands. Said to cure all kinds of disease.provided you do not get electrocuted first.or burnt alive.

 

[aerobwala]

The reality is Singapore is a small market, other than daily necessities such as food and drink, how many time can you sell to 3.5million people.

 

[krafty]

most of my friends who make it big are venturers overseas.

for those businessmen want to be, this is one hot tip.

 

[syed putra]

The reality is Singapore is a small market, other than daily necessities such as food and drink, how many time can you sell to 3.5million people.

Monaco is a small market too. But they target very high income individuals.