Is entreprenuership really encouraged?
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Just caught the Cross Fire Episode on Channel U. Was very interesting as it was talking about whether we can make big bucks in Singapore. The topic veered to entrepreneurship as the answer to making money, and that employment is not a source of wealth at all.
Present there was the man behind the now failed Tang Dynasty Village, who is now a bankrupt. He was mentioning that Singapore cannot accept failures let alone bankrupts. Bankrupts are never given a chance to recover from failures and start again.
I find this very true having been through a failure myself. I had a few legal cases before as a result of being a gurantor for the loans my business took. 3 years has passed, now I am employed, but I am still unable to get a car loan of from any bank at all!!! This is utterly stupid!! -
Initially, I never even know what are shares about until Singteltel issued their stupid share and bought at $1.90. These freaking shares are not doing well for more ten freaking years. After IPO, many ah soh, ah pek and people like me started trading and had lost all our hard earned $$$$.Originally posted by ndsef:Just caught the Cross Fire Episode on Channel U. Was very interesting as it was talking about whether we can make big bucks in Singapore. The topic veered to entrepreneurship as the answer to making money, and that employment is not a source of wealth at all.
Present there was the man behind the now failed Tang Dynasty Village, who is now a bankrupt. He was mentioning that Singapore cannot accept failures let alone bankrupts. Bankrupts are never given a chance to recover from failures and start again.
I find this very true having been through a failure myself. I had a few legal cases before as a result of being a gurantor for the loans my business took. 3 years has passed, now I am employed, but I am still unable to get a car loan of from any bank at all!!! This is utterly stupid!!
My case was sued by BOC and Keppel securities in shares trading and credit cards debts involved with Amex, HSBC, Citibank, Bank of China. FYI......I owed keppel securities S$35k+++ for not more than 4 months from the day I incurred heavy lost. Total for ready credits and credits cards was about S$90k.
I was sued by BOC and Keppel securities and put on judgement in May 1999. Somehow, with my family's help I managed to clear all debts without owning a single cent even before any further legal actions.
I got the hardest hit from BOC and keppel securities with threatens and harsh shouting at me.
Citibank was good and had been very helpful by given me time and reducing interest charged for my overdue accounts in full settlement. I was quite grateful to them for their professionism. I will never forget their kindness.
Now, I faced problems in applying for credits too. I don't understand why I had cleared all my debts and yet they are still penalising me.
Actually, I find no big deal. I will never get loan to buy car or whatever, beside my CPF have more than enough to buy a 4 rooms.
I want to be cash rich guy. I will still patronise Citibank if I had make it better than before.
For car, I bought in cash. -
Well, from a general point of view, I'd believe entreprenuership IS encouraged. But NOT failures.
Basically it's apparent; it's fine if you want to venture into business and fuel the economy. But if you fail, it's your problem.
These days, being employed isn't the way to security or wealth. Being employed means UNCERTAINTY. So what's left? Run your own Business. At least you're able to fight to stay afloat - rather than told to leave and not have a fighting chance.
And, running your own business, gives you the chance to tell others, to leave. Can't beat em, join em! Hire foreigners too! Locals are too expensive!
See what I mean? -
our market is long saturated. money-making opportunities are few and far between.
the govt of course encourages entrepreneurship especially overseas. -
If you want to make money, you muslt learn from people like Dennis wee,,,
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It should be "Is MAKING MONEY really encouraged?".
"Entrepreneurship" may be encouraged (a MIW remedy to fix unemployment
problems) but I think "MAKING MONEY" is not.
I think their concept of entrepreneurship is similar to gambling, ie "TAKING RISKS AND LOSING EVERYTHING" is encouraged.
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Good one... I am with Dennis Wee by the way. Truth is, he made his money during the 1990's property boom. Now its the same, tough business. But he's alright now since Real Estate Agency is somewhat a big MLM.Originally posted by shade343:If you want to make money, you muslt learn from people like Dennis wee,,, -
Originally posted by Lowclassman:
I had problems with all the credit lines I used up for my business. You are right about Citibank! I owed them about $24k and after negotiations, the sum was reduced to $14k and I paid them in one go. I am now a Citibank customer, I gave up on all other banks.
Initially, I never even know what are shares about until Singteltel issued their stupid share and bought at $1.90. These freaking shares are not doing well for more ten freaking years. After IPO, many ah soh, ah pek and people like me started trading and had lost all our hard earned $$$$.
My case was sued by BOC and Keppel securities in shares trading and credit cards debts involved with Amex, HSBC, Citibank, Bank of China. FYI......I owed keppel securities S$35k+++ for [b]not more than 4 months from the day I incurred heavy lost. Total for ready credits and credits cards was about S$90k.
I was sued by BOC and Keppel securities and put on judgement in May 1999. Somehow, with my family's help I managed to clear all debts without owning a single cent even before any further legal actions.
I got the hardest hit from BOC and keppel securities with threatens and harsh shouting at me.
Citibank was good and had been very helpful by given me time and reducing interest charged for my overdue accounts in full settlement. I was quite grateful to them for their professionism. I will never forget their kindness.
Now, I faced problems in applying for credits too. I don't understand why I had cleared all my debts and yet they are still penalising me.
Actually, I find no big deal. I will never get loan to buy car or whatever, beside my CPF have more than enough to buy a 4 rooms.
I want to be cash rich guy. I will still patronise Citibank if I had make it better than before.
For car, I bought in cash.[/b] -
Americans are encouraged to become entrepeneurs because their society are easy going when comes to succeeding and failing.
Even if some have failed, people who are close to them would still encourage them, persuading them that not all is lost. For them, family and friends support counts a lot and that's why many entrepeneurs there have succeeded despite having experienced failures before. -
You can become an entrepreneur here provided u have enough $$$.
It is very difficult to raise funds cos banks need collateral.
Also very hard to get help from govt. Your co. must satisfy many criteria.
S'pore - small mkt. Overheads like rent, transport & salary very high.
After deducting, u don't have much profit.
Once u successful, everyone copy u.
Must go overseas but also very risky. Can get cheated by yr overseas partners if not careful.
Ya, once bankrupt, very hard. Bank will come & seize everything in yr hse./ bank a/c. Cannot own car, have maid, travel out of country must seek permission. Also difficult to find job. Also once u are working, have to pay a portion of yr salary to the creditors. -
Rosy picture commonly painted:
Go and strike on your own. Seize the opportunities.
Hard reality:
You can be bankrupted and once a bankrupt, you're treated very much
like a criminal. -
its just a trick for people to set up business.....many has tried, nearly as many has failed. fresh grads has tried and we have fresh failures just as quickly as NUS/NTU push out grads.....i pity those parents who gave more than 1/2 of their savings to their sons/daughters who got psychoed to be entreprenuers...most of them happened to just dump the savings into the sea or has the savings 'stuck' in the investment dat is and will continue to be henta kaki-ing for yrs and yrs and yrs.
for every sucessful EP there is 100 unsucessful ones....kinda shocked why so many people htink they can all be dat 1%....
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Very true. On job applications you have to state if you were ever declared a bankrupt. And if you say yes, thats like the kiss of death to your hopes of getting employed.Originally posted by macjoe:Rosy picture commonly painted:
Go and strike on your own. Seize the opportunities.
Hard reality:
You can be bankrupted and once a bankrupt, you're treated very much
like a criminal. -
Original bankruptcy period is 20 years, only recently it have been changed to 7 years. if u set up a "business" and take clients money and declare it "lost". After 7 years you are free. Loophole.
during bankruptcy period the bank cannot take the possesions that u use to make a living e.g If you are a photographer, they can't take your camera even if it's worth few thousand dollars. They also cannot take away the appliances you use to cook food. -
stupid fresh grad think the world so easy ah??? must go out and work and build your own clients, every successful new business is one that took some clients away from the past employer
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+1 very agree on your postOriginally posted by gerrykoh:You can become an entrepreneur here provided u have enough $$$.
It is very difficult to raise funds cos banks need collateral.
Also very hard to get help from govt. Your co. must satisfy many criteria.
S'pore - small mkt. Overheads like rent, transport & salary very high.
After deducting, u don't have much profit.
Once u successful, everyone copy u.
Must go overseas but also very risky. Can get cheated by yr overseas partners if not careful.
Ya, once bankrupt, very hard. Bank will come & seize everything in yr hse./ bank a/c. Cannot own car, have maid, travel out of country must seek permission. Also difficult to find job. Also once u are working, have to pay a portion of yr salary to the creditors.
The fact is that banks in Singapore lend money to people who don't need the money.
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To be truthful, Entrepreneurship and Venture Captialism is what really fuels a country's economy.
Example:
Why is the American economy so powerful.
Look at silicon valley for example. They have this culture of taking risks and not giving up. In silicon valley, it's easier to obtain funds if u failed the first time round, coz how the venture captialists feel is that, good! this guy failed b4, now he has experience and he will be more careful this time.
But down here, oh! this guy failed before... better becareful...of him... no wonder singaporeans are so risk adverse...there's something seriously wrong with our education system.
We produce scholars who go overseas top unis and come back to the shelters built for them by govt organisations and they are drawing fat paycheck...where is the direct pay back to the society? These scholars are the elites, smartest of the nation, they have all the more reasons to make it big in the business world than ppl who have not as high education as them.
We dont have the culture of taking risks, and giving ppl a second chance, encouraging ppl to make things happen. Singaporeans are just concerned with getting a high paid job, stay nice house, drive bmws and go holidays.
but in the first place if there's no one creating jobs and where is all this wealth coming from?
but ppl think about it. we cant blame singapore's small mkt, even if u want to operate regionally, it's hard, we are surrounded by malaysia, indonesia, thailand.. these countries themselves are struggling with their own economies, we are considered not too bad compared to them and even if we want to expand to these countries, we dont have the experience or resources like a govt owned corporation with huge fundings from taxpayers money.
the one company i see got good potential is Asia Pacific Beweries. Even then, it's share price now is too high for me get the kind of returns I want. -
Is all the freaking high land cost (lands are all over priced with control PAP giant where there isn't true in high demand) and rentals that have jacked up high operating cost, high living costs, expensive stamp duties and ridiculous expensive postage fees on such a tiny island, expensive taxes and all kind of expenses which inevitably people asked for higher salaries, but how many people are actually getting high salaries? Expensive utilities bills that PUB had made tonnes tonnes tonnes tonnes of $$$$.Originally posted by gerrykoh:You can become an entrepreneur here provided u have enough $$$.
It is very difficult to raise funds cos banks need collateral.
Also very hard to get help from govt. Your co. must satisfy many criteria.
S'pore - small mkt. Overheads like rent, transport & salary very high.
After deducting, u don't have much profit.
Once u successful, everyone copy u.
Must go overseas but also very risky. Can get cheated by yr overseas partners if not careful.
Ya, once bankrupt, very hard. Bank will come & seize everything in yr hse./ bank a/c. Cannot own car, have maid, travel out of country must seek permission. Also difficult to find job. Also once u are working, have to pay a portion of yr salary to the creditors.
Many SME have already collapsed or pulled out from singapore. What high tech are we having here???
Taiwan, they are even higher in technologies as compared to sillypore; all the SME in Taiwan have been very successful too. I have some taiwanese friends, they are incredibly creative and enterprising too. sigh....
Freaking singapore!!! -
of course they won't take your rice bowl lah.......Even if you are discharged from bankruptcy. You will not have creditbility with banks for life!!! Unless you strike a big fortune and have loads of money kept with banks, then these freaking banks will looooook you up. No chance will given here in singapore, remember what our mini-stars and MM had said, no free lunches here in singapore!!!! Singaporeans are getting more and more cold blooded by they influences.Originally posted by fai:Original bankruptcy period is 20 years, only recently it have been changed to 7 years. if u set up a "business" and take clients money and declare it "lost". After 7 years you are free. Loophole.
during bankruptcy period the bank cannot take the possesions that u use to make a living e.g If you are a photographer, they can't take your camera even if it's worth few thousand dollars. They also cannot take away the appliances you use to cook food. -
why do you want the banks to look you up? lol
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U realised that all our local entrepreneurs who succeeded & win awards later end up bankrupt or bad publicity eg- 1.99 shop, citiraya, ACCS, Ken-Air, Breadtalk etc.
I think better to keep low profile, don't get featured in the news, very 'suay' after that
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Singapore Lang cannot Oh Loh one.
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The moment someone becomes famous, he is usually carried away trying to justify his new-found image or reputation by launching into expansionary phase or upgrading his staff structure into one with CEO, GM etc thereby incurring higher costs.
Usually he forgets soon his own internal strengths and weaknesses and get into all kinds of new risks without the corresponding ability to handle them or tackle new challenges.
This is where new problems begin and the company goes downhill. -
It's because they get swarmed - swarmed with high rents (landlord knows the entrepreneur is damn famous and probably filter rich), attending to this talk and that function but not their business/competition.Originally posted by gerrykoh:U realised that all our local entrepreneurs who succeeded & win awards later end up bankrupt or bad publicity eg- 1.99 shop, citiraya, ACCS, Ken-Air, Breadtalk etc.
I think better to keep low profile, don't get featured in the news, very 'suay' after that -
Oh here's another way at looking at the call to be an entrepreneur -
MIW: There's plenty of fish to catch. This is the right time to jump in.
E: But there're plenty of your big sharks swimming around.
MIW: Even if I sell away my sharks, there're still sharks swimming around.
E: Right - I jump in only to be gnawed by sharks. Gee - MIW sure looks shark-like.