Thinking of starting your own business? I failed miserably.

[nuttyprofessor]

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 hunt for a suitable 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 realised 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 basically grouped within the same category as former bankrupts and former convicts.

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

 

More at

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

[Jamesc]

You are right. 

 

[Kb27]

It depends on how you think.

 

An employer may view someone starting a business as "more entrepreneur", forward thinking, more innovative, willing to take risks.

In certain jobs, that's an advantage.

 

But in civil service, that would be a disadvantage, bcuz they want employees to follow the rule book, and not try to think out of the box.

[G1234]

 

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 hunt for a suitable 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 realised 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 basically grouped within the same category as former bankrupts and former convicts.

 

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

 

More at

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

 

 

LOL. Sounds like a way to promote his website. No? 

 

[Watwheels]

I think TS is consumed by the failure he's going thru. Being not able to lift up his head and face the world again. If you brand yourself as a failure you will more or less become one, isn't it?

 

By now you should have a better understanding of what your strength and weakness are. What basically made your business failed. What you have is experience that fresh grad doesn't have. If you do not bring that out in your resume you will be going nowhere. Running a business you are basically doing almost everything from purchasing to accounting. You are pretty much an all rounder.

 

Maybe you are too truthful in your resume. Who will find out what you did in a business that folded? Unless the business got your full name on it.

 

For ppl who have nothing to loose they will try try again until they succeed. For ppl who have spent so much on studies they will not put themselves thru anything risky.

Edited October 22, 2017 by Watwheels

[Hoseyboh]

I think TS is consumed by the failure he's going thru. Being not able to lift up his head and face the world again. If you brand yourself as a failure you will more or less become one, isn't it?

 

By now you should have a better understanding of what your strength and weakness are. What basically made your business failed. What you have is experience that fresh grad doesn't have. If you do not bring that out in your resume you will be going nowhere. Running a business you are basically doing almost everything from purchasing to accounting. You are pretty much an all rounder.

 

Maybe you are too truthful in your resume. Who will find out what you did in a business that folded? Unless the business got your full name on it.

 

For ppl who have nothing to loose they will try try again until they succeed. For ppl who have spent so much on studies they will not put themselves thru anything risky.

It take a lot of courage to start a business if you are drawing a comfortable salary . Looking back, still break into cold sweat recalling how I started mine. Sold my house to accumulate bullets to start the business. If failed, will be without a roof over my head....

[DACH]

How much you have failed is not so important.

What is the most important, is how much have you dealt with the failure and add value to your life.

[Kb27]

Depending on the type of business, you'd probably have gained vast experience, even if your business failed.

 

You'd been a CEO, a salesman, a marketing guy, possibly HR, admin, finance, and even the manager/supervisor and worker.

 

You'd have a network of customers, peers and companies you dealt with.

 

Just pull them up, they are your assets, when you're looking for a suitable job.

Those experience are real and not bs, something a new grad doesn't have besides mastering books and exams.

 

A business failing can be due to the wrong time, the wrong place. But that doesn't take away any experience learned.

[currypuff]

Depending on what jobs u are interviewing for, write on your strengths and experience for that job. No one is interested in what your other interests are expertise u hv, if it's not in line with what they are looking for. Worst, they may think you are blowing your own trumpet... No offence bro

[Angcheek]

Running own biz , most important is the cash flow .

[BanCoe]

To TS ..... sorry to hear that.... but you’re link is contradictory to what happened to you.... you lost $300k due to business gone bad but the link you put says...they acquired bad habits ... there’s a difference...

 

“A few weeks ago, Mediacorp's Channel 8 Frontline program featured 2 former business owners (one in construction, the other in the travel agency trade) who used to earn millions per year, yet lost their entire fortunes in gambling. “

 

anyways the travel industry is in quite bad shape already for last 10 years and possible to even earn millions ?? Construction industry... yes and maybe so but tough too..... but it’s their wayward habits or distractions that led to their downfall

Edited October 22, 2017 by BanCoe

[Spring]

Nanz Chong Komo, entrepreneur who ran the one.99 shops became bankrupt and use that experience to turn around her life and also became a motivational speaker. Admittedly, not all bankrupts and failed business entrepreneurs will be like her but u got to be positive n make the extra effort to get your life back in order.

 

Whilst there will always be employers who look down on failed businessmen, I don’t think all are like that n there will be some willing to give u a second chance. Obviously, you will need to prove yourself more than the average Joe but you got to start believing. Don’t get into a self pity mode Nor should u be too sensitive about your failures, good luck n jiayou!!

 

 

http://www.straitstimes.com/singapore/back-with-fizz-after-the-fizzle

[Chongster]

“Why do I say that? Because its true. In their narrow-minded wisdom they expect a former bankrupt to become bankrupt again, a former convict to return to a life crime, a former business owner to forever dabble in uninspiring enterprises, a private hire car driver to remain a lowly chauffeur all his life.“

 

Maybe TS is a a-hole magnet, but the above is not true to me. Starting and failing a biz is completely legit answer to the question what have you been doing with your life. I have at least 3 colleagues in that category, 2 of them were restaurant owners.

 

V interesting war stories they have, and they connect readily with the clients.

[Kusje]

“Why do I say that? Because its true. In their narrow-minded wisdom they expect a former bankrupt to become bankrupt again, a former convict to return to a life crime, a former business owner to forever dabble in uninspiring enterprises, a private hire car driver to remain a lowly chauffeur all his life.“

 

Maybe TS is a a-hole magnet, but the above is not true to me. Starting and failing a biz is completely legit answer to the question what have you been doing with your life. I have at least 3 colleagues in that category, 2 of them were restaurant owners.

 

V interesting war stories they have, and they connect readily with the clients.

 

I reckon it also depends on what exactly "starting a new business" entails and how you explain it.

 

Anyway, I don't understand why TS needs to add a link to another website just to read a story he wrote.

[kobayashiGT]

I think TS is very brave. He did something a lot of us can only dream of. 

 

Failure in business is inevitable. there are so many things to put into consideration when comes to success in running a business. 

 

At least you tried before. You have my utmost respect.And you are still young, starting again isn't hard for you! 

[Jman888]

singapore environment was never pro small time entrepreneur, opportunity cost is many times higher than neighbouring countries where people who fail and pick up and go again without much damage. Over here one wrong move easily half millions gone within a year. 

[Throttle2]

i will never start a business if i dont hv the passion for the business i am doing.

If start business simply to make money and without passion.

Sure to fail.

[Jamesc]

Interviewers only want cookie cutter candidates.

 

Anything out of template they will reject.

 

They are not risk takers.

 

Maybe the candidate would have been a great employee

 

but he didn't have the perfect CV.

 

The interviewer won't take him in case he fails and then who

 

has to answer? Better take the perfect CV employee and if

 

it doesn't work out no one can say anything. 

 

Edited October 23, 2017 by Jamesc