Should I Start My Own Business?

[ckhouse80]

After 10 years of working as employee, I realized that no matter how good you are…one day you will be jobless cause by following reasons:
…old
…..economic crisis
…….merger and acquisition

After step in this “working world”, I worked very hard for my bosses and just earn for my living. Sometimes I asked myself ‘why I work hard for people but not work for myself?’.

After watch a video clip recently and gave me different thinking and asking myself ‘why I work hard for people and not people work for me?’ I think this is time for me to think seriously…”should I start my own business”…

After I did some research for 72 hours i.e.259,200 seconds. Some feedback from friends:
…try
…..you may success
…….if failed then works for people again

Is it really that easy to try and give up existing job as employee?

Is it really that easy to success in your own business?

Is it really that easy can come back to work as employee after failed?

[ckpeh]

Cashflow cash flow cash flow.. if you have the $...
Many successful business pple have rich daddies... if not.. its not as rewarding as you think... no bonus.. need to pay rental and employees.. work 24/7 if you want to be successful..

[ckpeh]

.. the positive points are .. freedom of time ..staff reporting to you.. pple calling you Tow Kia.. and sense of achievement...
statistics points to 80% failure for most new businesses (If I remember correctly)..

[Ivanloh]

Believe you can and you will make it. Go ahead!!!

[triton]

not necessarily true that all of them have rich parents.

my take is that you have to know what business you want to get yourself involve first, then look at the factors that affect your business.

1) capital input
2) employee - local or foreign
3) location of business
4) rental
5) the whole process of business from input to output
6) source of input of (like raw materials)
7) target group
8) when you break even
9) your working hours will be changed

my suggestion is that if you are in your mid 40s, do consider carefully, if re-join the workforce, can you get your last drawn pay when you left. is this pool of money you have considered 'extra'? if they are not, how long do you need to work to get this sum back.

nothing is easy. you have to make your own decision.

[seiko.citizen]

...
Is it really that easy to try and give up existing job as employee?

Is it really that easy to success in your own business?

Is it really that easy can come back to work as employee after failed?

to stop working as an employee and become employer requires a total change of mindset. you must be more active, willing to put in bucket loads of energy/time/money initially before you can reap any kind of rewards.

i would not like to say success is easy, afterall, everyone would then believe owning a business as an easy ticket to riches.

and finally, from my pov, those who have attempted to branch out are a double edge sword recruit. they can be more on the ball knowing full well that running a business is not easy; but they can also be risky, in ways that their mind are running differently to others, and this can prove to be a problem should they attempt to branch out on their own again.

[ckhouse80]

I pan to start consulting business, my expenses is staff and rental. At the age of 31 should be ok for me to try right?

[feilong108]

Now the rental for commercial area is at the all time high....do source around out of CBD area to lower the expenses....as for salaries...do note that this year govt rate is 2.5 months for year end bonus ....

Age to me got nothing to do with starting a business...as long you have the proper planning and can execute out the plan then i dun forsee any issue liao...

There is never the 'CORRECT' time to strike out on your own...all depend on your luck,capital and planning....

[Frogmen]

Luck counts alot too beside the hardwork & effort apply on business.

[wolfeyes1974]

seems like some of us are in the same situation....i was contemplating to have a career change or have my own biz...

i guess it depends on yr current and future financial committments as well? most singaporeans have mortgages, car loans, kids and parents to support. At age 31...i guess you should try..

perhaps you can try a "part time" consultancy first and slowly build a base (not sure what kind of consultancy you're doing)? sign up virtual office package to keep costs low...partner with some friends/associates to share the workload of the projects?

just my 10 cents worth..

cheers

james

[m33pok]

what type of biz are you thinking to run?

[seiko.citizen]

Im not sure if it is allowed in sg (or even possible) for certain business (consultancy, accounting, migration office, etc) to be operated out of home. Obviously those staying HDB are going to have a headache finding a spot to accommodate that. but say, you have a spare bedroom, and relatively easy to get to; you can usually operate from there. brings down your cost be quite abit.

at the moment in perth, im pretty much just using parent's spare yard space and making use of the spare lounge out for storing my "goods". but then again, i sit on a 1012sqm block so space isnt much an issue for me.

[Haolian King]

It is not whether you can or not, it is whether you want to or not...

I say go for it. There is never a good or bad time to start.

[LimTH]

After 10 years of working as employee, I realized that no matter how good you are…one day you will be jobless cause by following reasons:
…old
…..economic crisis
…….merger and acquisition

After step in this “working world”, I worked very hard for my bosses and just earn for my living. Sometimes I asked myself ‘why I work hard for people but not work for myself?’.

After watch a video clip recently and gave me different thinking and asking myself ‘why I work hard for people and not people work for me?’ I think this is time for me to think seriously…”should I start my own business”…

After I did some research for 72 hours i.e.259,200 seconds. Some feedback from friends:
…try
…..you may success
…….if failed then works for people again

Is it really that easy to try and give up existing job as employee?

Is it really that easy to success in your own business?

Is it really that easy can come back to work as employee after failed?

My Friend,

GO FOR IT................Remember to showcase more Rolex watches when you made it.
Alternatively, let me know when we could send our resume to you.
Rgds
Kenny Lim

[stektan]

I personally believe that not everyone has the life/destiny to be successful as an entrepreneur. If you are not religious, perhaps you can consult with a Feng Shui master first. Doesn't cost alot but you can get some tips about timings, industry etc..