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Thinking of starting your own business? I failed miserably.

nuttyprofessor

By nuttyprofessor,
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G1234

G1234

3rd Gear

actually start biz too young also not good.  not enough worldly experience to manage business, employees and finances.  granted there are some youngsters able to prove me wrong but i feel they are unusual (in ability) to start with.  hence their chances of succeeding in business is much higher (than average youngsters).

 

i have seen some small firm CEOs that have also poor management and financial skills.  they think that managing a business is same as raking in the sales.  it is actually much more than that.  a businessman can be a salesman but a salesman not necessarily can be a businessman.

 

but businessman that started old also very rare.  because when one is old, no longer got the vigour to start a business which can be pretty stressful and requires high committment.  i reckon mid to late 30s is the best time to start a business.  you have some capital, you still have drive and you have some worldly experience.

 

Agree. Mid to late 30s is the best. But by mid to late 30s u already have so many committments (house, family etc), and it gets too comfortable to risk it all to start things. 

That's his business actually, you get money for clicking through [lipsrsealed]

 

But it's good to share the real experience. Entrepreneurship is a lonely long road with extreme swings of lows and lowers. Good to share. 

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DACH

DACH

Supersonic
(edited)

actually start biz too young also not good.  not enough worldly experience to manage business, employees and finances.  granted there are some youngsters able to prove me wrong but i feel they are unusual (in ability) to start with.  hence their chances of succeeding in business is much higher (than average youngsters).

 

i have seen some small firm CEOs that have also poor management and financial skills.  they think that managing a business is same as raking in the sales.  it is actually much more than that.  a businessman can be a salesman but a salesman not necessarily can be a businessman.

 

but businessman that started old also very rare.  because when one is old, no longer got the vigour to start a business which can be pretty stressful and requires high committment.  i reckon mid to late 30s is the best time to start a business.  you have some capital, you still have drive and you have some worldly experience.

Yep, but for those with family and kids, starting a business in the mid to late 30s is very hard as they have commitments to the children, like time and money. However when you are old, maybe in the 50s, when you have enough savings, more time, and worldly experience, won't it be a better time to start a business, to  continue working till old, rather than work as an employee for the rest of the life till die?

Can start a small business like a shop selling food.

 

Like Uncle Atas cafe...  :XD:

Edited by DACH
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Acemundo

Acemundo

Supercharged

Yep, but for those with family and kids, starting a business in the mid to late 30s is very hard as they have commitments to the children, like time and money. However when you are old, maybe in the 50s, when you have enough savings, more time, and worldly experience, won't it be a better time to start a business, to  continue working till old, rather than work as an employee for the rest of the life till die?

Can start a small business like a shop selling food.

 

Like Uncle Atas cafe...  :XD:

actually i agree.  but seldom see people start biz in the 50s.  i guess it is the laws of human nature that they lose the drive when in the 50s.  oh well, when my kids grow up, maybe i can try starting a biz. hehe

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G1234

G1234

3rd Gear

Yep, but for those with family and kids, starting a business in the mid to late 30s is very hard as they have commitments to the children, like time and money. However when you are old, maybe in the 50s, when you have enough savings, more time, and worldly experience, won't it be a better time to start a business, to  continue working till old, rather than work as an employee for the rest of the life till die?

Can start a small business like a shop selling food.

 

Like Uncle Atas cafe...  :XD:

 

Starting a business is really not easy. Small F&B maybe need 50k (not talking about coffee house or restaurant, I'm referring to those hawker/foodcourt stall) to start. In case anyone not aware, foodcourt rent at foodcourt like Kopitiam alone is about 7k a month excluding PUB. The amount of work is insane. I wonder if 50s can handle it, esp the lows of it. 

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DACH

DACH

Supersonic

actually i agree.  but seldom see people start biz in the 50s.  i guess it is the laws of human nature that they lose the drive when in the 50s.  oh well, when my kids grow up, maybe i can try starting a biz. hehe

By the time aren't you in your 50s?  [laugh]

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Davidklt

Davidklt

6th Gear

Sometimes, its those worldly experience that restrict you from coming up with good ideas.

 

Look at Facebook, Apple, Dell, Uber, Tesla ...these are set up by chaps with hardly any worldly experience.

Yep, but for those with family and kids, starting a business in the mid to late 30s is very hard as they have commitments to the children, like time and money. However when you are old, maybe in the 50s, when you have enough savings, more time, and worldly experience, won't it be a better time to start a business, to  continue working till old, rather than work as an employee for the rest of the life till die?
Can start a small business like a shop selling food.

 

Like Uncle Atas cafe...  :XD:

 

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Acemundo

Acemundo

Supercharged

By the time aren't you in your 50s?  [laugh]

 about there but not exactly...

 

my eldest kid and me is 38 years difference in age.  that means that if i want him to grow up till he got his own income (age 24), i will be 62 already.  if i want to do business in 50s, it will be still where they are still not financially independent of me yet. hehe...but will see how

Sometimes, its those worldly experience that restrict you from coming up with good ideas.

 

Look at Facebook, Apple, Dell, Uber, Tesla ...these are set up by chaps with hardly any worldly experience.

 

agree.  really depends on whether you starting a new tech or trend type of business.  but still, these folks are not ordinary youngsters la....hence the adage "when you are good enough, you are old enough"

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Spurman

Spurman

Supercharged

actually start biz too young also not good. not enough worldly experience to manage business, employees and finances. granted there are some youngsters able to prove me wrong but i feel they are unusual (in ability) to start with. hence their chances of succeeding in business is much higher (than average youngsters).

 

i have seen some small firm CEOs that have also poor management and financial skills. they think that managing a business is same as raking in the sales. it is actually much more than that. a businessman can be a salesman but a salesman not necessarily can be a businessman.

 

but businessman that started old also very rare. because when one is old, no longer got the vigour to start a business which can be pretty stressful and requires high committment. i reckon mid to late 30s is the best time to start a business. you have some capital, you still have drive and you have some worldly experience.

I started off at age 27... young and reckless and naive also...

 

Lucky my partner, my investor preserved with me. And slowly we change our biz model.

 

Still tough biz. Competitive. Intial yrs really cheong. Heart and sweat and got balls.

 

Now 11yrs liao..... now lack balls. More conservative. Haha.

 

Maybe also biz nature changes a bit along the way.

 

So if u ask me start young, good ot not. I say good..

 

U if ask me to start one now. I would be scared... age and commitment probably plays a big part in your guts and appetide

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Acemundo

Acemundo

Supercharged

I started off at age 27... young and reckless and naive also...

 

Lucky my partner, my investor preserved with me. And slowly we change our biz model.

 

Still tough biz. Competitive. Intial yrs really cheong. Heart and sweat and got balls.

 

Now 11yrs liao..... now lack balls. More conservative. Haha.

 

Maybe also biz nature changes a bit along the way.

 

So if u ask me start young, good ot not. I say good..

 

U if ask me to start one now. I would be scared... age and commitment probably plays a big part in your guts and appetide

 

agreed!  now i no balls to start biz liao.

 

i think if in business, you partner someone that can cover each other inexperience or shortcomings, it is very advantageous.

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Volvobrick

Volvobrick

Supersonic

 

i think if in business, you partner someone that can cover each other inexperience or shortcomings, it is very advantageous.

 

That is very true - sometime you need people with skin in the game to tell you in your face that your idea/plan cannot work so that an better alternative can be found.

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Jamesc

Jamesc

Hypersonic

I am thinking of moving my massage biz online.

 

People buy a pair of hands and connect via an app,

 

I will remotely control the hands to massage the people.

 

Anyone wants to invest in my traditional business going digital?

 

:D

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DACH

DACH

Supersonic

I am thinking of moving my massage biz online.

 

People buy a pair of hands and connect via an app,

 

I will remotely control the hands to massage the people.

 

Anyone wants to invest in my traditional business going digital?

 

:D

Can be a big business.

Not just massage.

In fact, almost everything.

Dentist, hairdresser, manicure, plumber, electrician, etc.

Just have the hands and appropriate apps for each task. Can even pre-download the simple tasks and complete it without the person remotely control the task.

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Jamesc

Jamesc

Hypersonic

Can be a big business.

Not just massage.

In fact, almost everything.

Dentist, hairdresser, manicure, plumber, electrician, etc.

Just have the hands and appropriate apps for each task. Can even pre-download the simple tasks and complete it without the person remotely control the task.

I think doctors will steal my idea.

 

Imagine in war zone the hands will treat the injured soldier.

 

Also chef. Gordon Ramsay will cook for people miles away.

 

 

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currypuff

currypuff

5th Gear

I am thinking of moving my massage biz online.

 

People buy a pair of hands and connect via an app,

 

I will remotely control the hands to massage the people.

 

Anyone wants to invest in my traditional business going digital?

 

:D

I think selling a pair of legs will be better...
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