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CuGu

What Is The Stress Of Starting Your Own Biz

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Most of us want to have our own business but sadly most of us end up retiring as an employee...

What do you think is the reason for this?

1. Fear (lose all saving then how?)

2. Don't know what to start (No idea what can earn)

3. No capital (Don't have enough food on the table liao..how to start?)

4. No family support (cos all think sure die one)

5. Others (Fortune teller say no)

 

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Most of us want to have our own business but sadly most of us end up retiring as an employee...

What do you think is the reason for this?

1. Fear (lose all saving then how?)

2. Don't know what to start (No idea what can earn)

3. No capital (Don't have enough food on the table liao..how to start?)

4. No family support (cos all think sure die one)

5. Others (Fortune teller say no)

I think for most people it is a variation of 4 and 5.

4 - I am doing it alone, no partner ... so no push factor

5 - Lazy... its quite a lot of work.

Last time, a group of us found an ebook online from onlinebusinessworkz.blogspot.com, i asked my 3 friends if anyone is keen to share... after 3 days.. no one. so i guess we are all in charge of our own life. btw tired so sell something on q00 using the book, it opened my eyes.

but i stop because i am preparing my wedding no time now... i am planning to start with my wife later

 

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Many arguments.

Lack of 'push' factor/environment!

Full of 'pull' factor/environment!

In bad time (esp low education), full of entrepreneurs. History tells. Example, Singapore 30 years ago.

They were 'forced' to do something they do not familiar with and learn!

In learnt environment, people love to do familiar things - higher payout! Doctor/lawyer/professor.......

No 'reward/return' for learning something that they don't know.

Or 'punishment' for doing something not familiar with! End up bankruptcy!

In learnt environment,need many areas of 'knowledge' in order to beat the calculated risks

- Economy, exchange rate, investment/financing risks, interest rates, global news....knowledge

- Sales/marketing/4P/Strategy/competition.... knowledge

- HRM, salary benchmarking, JD, Job enlargement, verticle/horizontal.....human....knowledge.

- Accounting/Finance, simple breakeven analysis, taxation, capital budgeting, future money value, cost of capitals, ROI, ROE, CAPM....knowledge.

- Organisational behaviour/Org theories, leading for change! A leader? A follower? How to introduce/manage changes.....knowledge

- International business, globalisation....foreigner setup business next to you...you setup next to him......knowledge

- Personal wealth management...human life cycle, insurance, cash, stock, property...classes of assets.....knowledge

Anyhow 'chiong' ? Cannot, die first and fast.

If you have not much education/money/employment chance, what will you do? Typical cases:

- 'Vehicle' drivers?Bus/Taxi/Lorry/Van/Delivery, right?

- Ah Long runner

- Go casino?

- Play horse?

- 4D?

.....

 

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Starting a business whether online or offline can be quite tough without the support

of family or friends.

However, if you can find a good coach or mentor, someone who had already done this "business"

before and is very successful ... then you are already ahead of many others who doesn't know what to do ...

and how to start a business. :)

 

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depends on what kinda business you are doing . 

mentally , financially and physically will wore off .

solo business will be very very very lonely .

no one to ask no one can seek help with .

 

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Must be a all rounder, sales, administration, executive, management, finance.

if no experience, no sales... no leads... no referral... very hard to substain.

 

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On 28/05/2016 at 4:12 PM, csshee23 said:

Must be a all rounder, sales, administration, executive, management, finance.

if no experience, no sales... no leads... no referral... very hard to substain.

Absolutely right! 

All rounder - Sales (get orders), business development (create new accounts, distribution channels), product/service development (OE/SI/EPC/trader model? distributorship, own producet/service? business plan), marketing (flying/brochure/catalogue, medias), accounting & finance reporting (at least break-even analysis know-how, ACRA, IRAS, financial projection, cash inflow vs cash outflow, working capital, cashflow analysis, banking.....), rental of various resources (table/chair, photocopier, stationery, wifi, email/web hosting, server....), HR (recruitment, training, benchmark remuneration...), Bizsafe to bizstar, ISO/EMS/Ohsas, project reference list, regulatory rules & regulation (law, at least CPF, NEA, MOM, SCDF.....), shipping know-how... 

- Macro/micro environment analysis - Porter 5 forces, PESTEL, SWOT....frequent positioning and re-positioning, build 'fire wall' against rivalry.

- Identify 'gaps' in 'brothers'....and many many.

No wonder most of entrepreneurs ended up in mental health institution!.

Edited by bepgof
 

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On 10/12/2016 at 7:26 PM, bepgof said:

Absolutely right! 

All rounder - Sales (get orders), business development (create new accounts, distribution channels), product/service development (OE/SI/EPC/trader model? distributorship, own producet/service? business plan), marketing (flying/brochure/catalogue, medias), accounting & finance reporting (at least break-even analysis know-how, ACRA, IRAS, financial projection, cash inflow vs cash outflow, working capital, cashflow analysis, banking.....), rental of various resources (table/chair, photocopier, stationery, wifi, email/web hosting, server....), HR (recruitment, training, benchmark remuneration...), Bizsafe to bizstar, ISO/EMS/Ohsas, project reference list, regulatory rules & regulation (law, at least CPF, NEA, MOM, SCDF.....), shipping know-how... 

- Macro/micro environment analysis - Porter 5 forces, PESTEL, SWOT....frequent positioning and re-positioning, build 'fire wall' against rivalry.

- Identify 'gaps' in 'brothers'....and many many.

No wonder most of entrepreneurs ended up in mental health institution!.

very true.....

do it as sole proprietor is this tough...but add a wrong partner and your headache can increase by 100% ....:p

 

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