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Interesting Pro-Entrepreneurship Cab Driver
On Friday 23rd March 2018, as we were cabbing home from IKEA Tampines post date and shopping (yeah, we're kinda boring in that sense lol), the taxi driver started sharing with us and encouraging us to take up entrepreneurship.
It was interesting.
He said stuff that includes:
What's the point of becoming a highly-salaried manager? They'd work you more than your salary's worth, and by the time you get home, you'd be dead tired.
When you are young/younger, and have the energy, quickly go out and build your own business. Go for it, and do not be afraid to work hard for something you own.
If and once you have an influential person or organizations behind you, a lot of things becomes easier. An example is if you have a rich and power uncle behind you, and you need and overdraft facility - often it's just a phone call that makes things move.
During my time, when I was just about to launch my business, I went to raise funds, and I was so shocked when CBRG provided me with $500,000 to start and grow my business. Look for funding if and when you can or need.
Angel investors in my opinion aren't really mentors - they're just gentle investors. If you're looking for mentors, really look for mentors.
Singapore's setup and stance is very good and supportive of entrepreneurship, so maximize your opportunity.
If you need to control your cashflow in the early stages, go with a bank's factoring service (Note: what this means is that banks can provide you with liquidity service - for a fee, usually a percentage - of your projected cashflow. This is useful to ensure that you have consistent cashflow that your business needs to survive.)
In the early days of the business, it's just about survival. Keep your
cashflow tight. Remember, in the first year, 70-80% of startups die. In
the second year, 50-70% of those that survived die - so your main goal
in the first few years is to keep the business alive and going.
Now what I do is teach and encourage my grandchildren to be entrepreneurs. All four of my children are business owners. You need to teach them the life, way, approach and reason of entrepreneurship.
What a blessed time to receive this, as I phase and transition out of my decade-old rehab business that was acquired end of 2014.
My real reason for entrepreneurship
There are so many upsides to entrepreneurship, now that I look back at my entrepreneurship adventure that began in 2008 (of course, the idea started manifesting earlier in a few select memories that come to mind from my early days.)
It has taught me so many skills and provided me so many life experiences that a regular life doesn't bode the same to me.
I love entrepreneurship, and more importantly, the freedom that came with it.
Entrepreneurship to me, is a lifestyle and a sense of freedom (of course it must make money and provide good value to clients, not just in name).
Hello, I'm Nigel - husband, father, Christian, entrepreneur, dividend stock investor - I enjoy entrepreneurship, passive income, reading and spending time with family. Read more about me here or start here.
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