How to be an entrepreneur?
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besides needing to have 6 months of cash flow, what are the requirements to start a new business or be an entrepreneur?
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Acumen.
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what business do u wanna start?
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start wat biz?
best go and register and start a church!!
sure earn money one!!
but u must know the bible very well lor
or else no one believe u ok!!
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depend on the biz you want to undertake, like if you are opening taoist funeral and undertaker shop, u dun even need a 6 month cashflow, just ching tong chang only, money flow in liao.
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basically all you need is some money, a product, good marketing strategy and thats it.
i started mine with just a few hundred dollars before i make thousands per year.
but be prepared to set aside 500 dollars to start a business bank account which you have to open within 3 months from the day you register your business at ACRA.
one other thing is that you must be confident and commited yet careful. first few months are very difficult, but once you get a regular customer, you'll start to see your business is making profit.
I say dont start a business if you a scared of commiting and you're not confident of your product. Do some research first on the demand of the product here. Calculate the risk, how many percent profit you will make, etc.
depending on what business you want to start, best is to have at least 20K for capital the minimum...
hope this helps
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If you have to ask "how", you're not an entrepreneur. You probably don't have the vision, resourcefulness and sheer talent that most entrepreneur rely on every day to sustain their entrepreneurial journey.
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Wise words from Retarded Moron.
Hey, can you make more backflip videos?
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Say yes to everything, even though in your heart you know cannot be done.
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Originally posted by ditzy:
Say yes to everything, even though in your heart you know cannot be done.
YES MAN hahahah! -
Originally posted by Veggie Bao:
Wise words from Retarded Moron.
Hey, can you make more backflip videos?
Look me up on Facebook.
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Originally posted by Rooney9:
besides needing to have 6 months of cash flow, what are the requirements to start a new business or be an entrepreneur?
Do you mean you want us to give you an idea of what business to start?One tip, don't just start one business with the amount of capital that you have.
Distribute your risks on your business venture and maximise on the returns by starting 2 or 3 different businesses at one time.
If you tell me you believe your risk and loss percentage had increase with my suggestion, then I can ask you to go knock your head against the wall and tell yourself not to start any or multiple businesses which you are not confident of making money out of it.
You want to start business? You need to believe that you will succeed first, then think about how to launch your business.
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Originally posted by parn:
Do you mean you want us to give you an idea of what business to start?One tip, don't just start one business with the amount of capital that you have.
Distribute your risks on your business venture and maximise on the returns by starting 2 or 3 different businesses at one time.
If you tell me you believe your risk and loss percentage had increase with my suggestion, then I can ask you to go knock your head against the wall and tell yourself not to start any or multiple businesses which you are not confident of making money out of it.
You want to start business? You need to believe that you will succeed first, then think about how to launch your business.
are you a in business now? may be you are rich. people like me who wish to start a small f&b business is facing one major problem, the rental is enough to kill. one small space about 130 sqft in neighbourhood shopping mall is about $8000 per month.
have problem in starting one business, talk less about multiple. may be you can share with me if i wish to go into f&b business (takeaway type). what do you suggest to sell ? i start a business with the mentality that i can afford to fail. do you think is the correct mentality ?
rooney, what business do you wish to do ? can share with us ?
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furthermore, once you sign the 2 years lease (minimum) with the management of the shopping mall, you are unable to break the lease or else the penalty will be very expensive. how man ?
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how to be an entrepreneur ah?
wa lan, very the stress one leh
there are many skills u need to learn before starting wor.
if u don not have many capital for a new start then u need to do a lot of role ur self lor.
i think the basic skill u much have is good in caculation lor, need to count money ma
then u need to know bookkeeping lor
then u also have to know purchasing, logistic and warehousing lor
then u also have to know what is salesmanship and marketing lor
then ur interpersonal relationship have to be good also lor
then u much also know product and service desigh also lor.
sibei headache one leh, knn, go find a job and work better lah
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Originally posted by Rooney9:
besides needing to have 6 months of cash flow, what are the requirements to start a new business or be an entrepreneur?
The requirement is to stop asking and start doing.
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Originally posted by eagle:
The requirement is to stop asking and start doing.
how to start business without thinking through. if i win lottery, i will stop asking and start doing but all i have is my hard earned money.
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i went to this shopping centre in surabaya, indonesia, found a hush puppies shoe and checked the price. It was about S$180. The same in Sg sells for $165. The average hush puppies salesperson in sg earn $1500 a month? The one in Surabaya earns $100.
Taking into account the rental difference between Sg and Surabaya, it is indeed more difficult to do a business in Sg. Wonder why there are so many rich indo-chinese? hahaha.
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Originally posted by Fairyfairy86:
how to start business without thinking through. if i win lottery, i will stop asking and start doing but all i have is my hard earned money.
By the time you finish thinking and planning (that's if you finish because it will never be enough), others would already be way ahead.
The key thing is the perception of money. You are extremely afraid that all your hard earned money will be gone; you can't afford to risk a single cent. And that's where differentiates the successful and the failures in businesses. There's no such thing as a totally risk free venture that will make you a tidy sum.
The same thing goes for investing. I researched a lot and determined that I want to enter a particular stock, and told my sis so. She said will only buy if I can guarantee her will profit within 6 months. I told her forget it, don't buy. {There are other concepts here as well which I won't touch}.
Another example: I started a finance blog which has about 100~200 unique readers a day now... Starting from US$1 a month or less from adsense advertising, it has grown to about US$20+, while I'm doing it to help myself think clearer before plugging my funds into any investments. My main risk is the time I took to set it up, because the opportunity cost of my time is quite huge; I can easily go outside and ask for much more. But I just went ahead and set it up.
The key is, just do it. Learn and think as you do. Think too long and you won't go and do it in the end.
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Originally posted by eagle:
By the time you finish thinking and planning (that's if you finish because it will never be enough), others would already be way ahead.
The key thing is the perception of money. You are extremely afraid that all your hard earned money will be gone; you can't afford to risk a single cent. And that's where differentiates the successful and the failures in businesses. There's no such thing as a totally risk free venture that will make you a tidy sum.
The same thing goes for investing. I researched a lot and determined that I want to enter a particular stock, and told my sis so. She said will only buy if I can guarantee her will profit within 6 months. I told her forget it, don't buy. {There are other concepts here as well which I won't touch}.
Another example: I started a finance blog which has about 100~200 unique readers a day now... Starting from US$1 a month or less from adsense advertising, it has grown to about US$20+, while I'm doing it to help myself think clearer before plugging my funds into any investments. My main risk is the time I took to set it up, because the opportunity cost of my time is quite huge; I can easily go outside and ask for much more. But I just went ahead and set it up.
The key is, just do it. Learn and think as you do. Think too long and you won't go and do it in the end.
It's like a bungee jump.
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The greatest risk is to risk nothing, if I risk nothing , does nothing, has nothing ; is nothing and ultimately becomes nothing.
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Originally posted by Fairyfairy86:
are you a in business now? may be you are rich. people like me who wish to start a small f&b business is facing one major problem, the rental is enough to kill. one small space about 130 sqft in neighbourhood shopping mall is about $8000 per month.
have problem in starting one business, talk less about multiple. may be you can share with me if i wish to go into f&b business (takeaway type). what do you suggest to sell ? i start a business with the mentality that i can afford to fail. do you think is the correct mentality ?
rooney, what business do you wish to do ? can share with us ?
how about starting employment agency, or tuition agency.
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the rental of a small shop space in suntec can go as much as $40,000 a month. Can't go into it unless one is quite sure of the business plan and potential. How many freaking merchandise one has to sell literally for FREE before even breaking even?
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Must you sell something?
Must you sell it at a shop space at Suntec?
You might as well say you can't afford a car because the price of a merc can go as much as $200k.
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all depends on your products. If fit, sell at flea market. Rental very affordable.