Own business or work for someone else ? [Archive]

royong

26-09-2002, 21:25

Never a choice ... OWN BUSINESS ....
although the risks are higher and the chances of taking home more $$$ than being an employee is slim ... the fact of the matter is, I would cherish the challenge, the ups and the downs of running my own business ... even if it means doing everything myself ....

DoorKeeper

27-09-2002, 15:47

Looks like the jury has decided. Other than Choon, anyone really working for yourself full-time ? Maybe that is why we are all in this particular forum, because we all want some independence ?

But has everyone considered the risks ? Lawsuits from customers, fines from the authorities, being cheated by partners, worrying about cash flow . . . Maybe these potential problems are not so real in a web reselling on a small scale because you have not borrowed capital, paid rent, paid salary.

icelava

27-09-2002, 22:30

Actually it depends on what you want. Money or career? I say that because when you run your own business you CEASE to have a career. Your attention and dedication to (almost) solely to your business, unless it's small time. But what's the point of setting up business if you don't wanna go big time anyway?

I opt to work for somebody else, if that's a strange thought to you. I also know many people who don't want to be their own bosses, for many reasons. Some have no capability, no desire to risk, and so on. I personally dunno if I actually have capability or not but I guess not, simply because I am particularly NOT interested in running the business and finance side of things. I'm not very meticulous in personal finance either.

Technical and technological things fascinate me the most and that's what I want to do. By simply working for others, I also have opportunities for exposure to a wide range of applications that harness the power of technology. Yes that's what I want to do - to witness. Not to make money.

alva chew

27-09-2002, 22:50

Ensure the legality of your business, lay down some legal and contractual obligations. That should keep you away from lawsuits.

I wish to say I am running my business full-time, but the sad fact is I am also a NTU student. :(

bkm

28-09-2002, 05:21

The fact is probably none of you has really face "TRUE" difficulties.

Having your own biz is what every young Singaporeans wants or dreams of. But running it is different taste.
Unless of course, if you're doing biz with a Silver Spoon.

I only had a "Plastic Spoon" :D, free when you tabao ! :D when I strike out on my own 10 years back.

I've tested the up,up,up and the really down !

If given a choice, I would rather work for someone.

How about a new Topic?

What is the best moment and worst moment for those running your own business?

royong

30-09-2002, 22:25

Plastic spoon / Silver spoon ... it really doesn't matter. What is important is the fact that you are willing to roll-up your sleeves, slog, work hard and smart to make your business work.

Be prepared ... running a business is tough work ... you take charge of everything ... you worry about numbers, P&L, cashflow, balances, assests, taxes, GST, expenditure ... everything ...

So, a word of caution - be prepared to do everything yourself when you come out and venture on your own and I mean everthing !

bkm

01-10-2002, 06:08

Plastic spoon / Silver spoon ... it really doesn't matter.

It matters a lot !

I suspect you got a silver one eh?:D

If anyone who start from scratch without any help in bad or bust times are those I admire ;)

It's human nature to take things for granted when you're young.
If I have a gold hill behind me, I'll just say : pa, gimme $100,000 to start a biz :D :D :D

For anyone dreaming of venturing, its when you failed that you'll succeed ;)

************

Still hasn't got anyone to post their worst times in business or is there none? :p
Wah, you people so good life le:mad:

fred

01-10-2002, 09:23

Originally posted by bkm

Still hasn't got anyone to post their worst times in business or is there none? :p
Wah, you people so good life le:mad:

How about start from you, it seems that you have a pretty good experience to share with us. Tell us more about your previous venture(s), and why it cause you to choose working for ppl rather than own a business

Come come lets get the snow ball rolls
:lol:

DoorKeeper

01-10-2002, 16:25

Hi bkm,

My worst moment ? When I received a warrant for my arrest when my partner refused to settle our company accounts. I was a director. He wasn't, but he was holding all the paperwork.

This is one of many, but this one got to me big time.

choon

01-10-2002, 16:57

My worst moment... about 4 years back when I withdrawed the partnership from a swim school that has 2 other partners. That time, I can't bring any of my "customers" out due to the partnership agreement (although didn't sign black and white) but I followed... that means I have to start from stratch with zero client during that time. That's my worst time :(

Regards,
Choon

bkm

02-10-2002, 20:45

okok........one of my undesired moments......:(

I went into partnership with a friend, each fok out a few thousands. Business was ok initially but once we made some $$$...the trouble starts.........
My partner lost heavily in gambling and requested withdrawal and splitting of the "LOOT".
But the prob is most of the money not in the bank, people owe us, we owe people, etc.
With only 6K in the bank for rolling, my partner requested 10k even though we only fok out 5k each in the first place and drawing balanced salaries.
Annoyingly I in return offered to accept 2K instead and give him the company but he was reluctant.
In goodwill and the best I can do as a friend, I agreed to empty the Bank balance to him, he agrees and I take up the burden
:(
So here is where my worst moment starts......
Working alone, bearing the rent, paying car instalments, phone bills, etc.
Our trade are basically residential areas and it happens to be near the 7th month whereby business are terrible for 2-3 months.
Imagine car being towed, people chasing for payments, canvassing from day to nite....even to the extend of counting my monies before ordering food........is it bad enuf?

I believe if I can get thru this period, I can succeed, and I did :D

end of story ********************************

Wahlau! I hate writing composition! :mad:

Frankly speaking, if it does happen again, I'll just give up :p

fred

03-10-2002, 09:49

wow.... impressive ;)
care to share what business you doing that time? or may be PM me? just curious..... i like to read story about successfull ppl :D

royong

03-10-2002, 22:30

Me... silver spoon ? Far from it ...
I work hard for my money... paid myself thru part-time undergrad and postgrad studies ... I worked and studied part-time while paying my debts ... Now that I have cleared all these ... I have new burdens ... wife + car + flat + baby = super burden !

But life goes on.... we must strive to move forward. Learnt from your lessons and experiences ... I may not have any failed experiences in business... but anyone who suggests that I have been brought up with a "gold" or "silver" spoon doesn't know me well enough........................ I paid my dues for where I am today !

bkm

04-10-2002, 02:49

but anyone who suggests that I have been brought up with a "gold" or "silver" spoon doesn't know me well enough........................ I paid my dues for where I am today !

Its a blessing Roy ;)

To : Fred
Dunwan liao la, I dunwan to be so "LOSO" so early as I will be soon.......
My first kid coming...:D :D :D

Cheers !

icelava

04-10-2002, 04:50

Originally posted by bkm
It matters a lot !

I suspect you got a silver one eh?:D

If anyone who start from scratch without any help in bad or bust times are those I admire ;)

Yo, Roger Lim took $1000 only and started Webvisions. But I'd give the incentive he did it at the right period of time, and it's quite hard to duplicate such a growth. Still, the effort was with lotsa determination and hardwork.

It is possible to grow from scratch but are you willing to commit and SACRIFICE?

icelava

04-10-2002, 04:52

Originally posted by bkm
My partner lost heavily in gambling and requested withdrawal and splitting of the "LOOT".

Lemme guess you didn't know your partner was a gambler before?

fred

04-10-2002, 09:41

Originally posted by bkm

My first kid coming...:D :D :D

Cheers !

Congratualtions !!! but becareful of the bills :deal:

royong

04-10-2002, 22:33

Originally posted by bkm
My first kid coming...:D :D :D

Cheers !

Welcome to the club!

Be warn ... EXTREME lack of sleep ... waking up every 2 to 3 hours coz either baby wants milk or is wet or is cold or is hot or is simply lonely and needs to be cuddled ....

bkm

05-10-2002, 06:04

Lemme guess you didn't know your partner was a gambler before?

Actually I do, I am one myself! :p
It's just that he went out of CONTROL :(

Be warn ... EXTREME lack of sleep ... waking up every 2 to 3 hours coz either baby wants milk or is wet or is cold or is hot or is simply lonely and needs to be cuddled ....
Roy, coming only la.....not out yet, how to cuddle?
okok, I'll go cuddle my wife if she can't sleep :D

******************

No more enterprenuer story liao ah? :mad:
veri buay steady wan, the people here seems like only 3 of us got setbacks :mad:

Since not much sharing of Worst Times, how about sharing .......
"The Best Moment I had as a Boss" :D

Should be easier hor ! give some response le.......

After this, I'm gonna start a new thread liao....."First time parenthood":D

alva chew

05-10-2002, 09:30

That's because most of us have not met any setback as "interesting" as you guys'...

Personally, I only started for slightly more than a year, haven't any worst times the magnitude of yours...
:P

icelava

05-10-2002, 13:18

Originally posted by bkm
Actually I do, I am one myself! :p
It's just that he went out of CONTROL :(

Personally I have never believe it wise to partner with habitual gamblers. Something even TV dramas portray effortlessly. I'm sure you would have learnt that lesson now, and I hope you curb your own habits and dedicate your love and resources in raising your child.

It may seem a long way but it's not - your goal should be to bring to this world a capable and useful adult that doesn't burden family & society.

bkm

06-10-2002, 03:02

Yo Aaron,

You really sound like a .........eh..................teacher or priest :p
btw, how old r u???

Thanks for the advise though.

icelava

06-10-2002, 23:31

Originally posted by bkm
Yo Aaron,

You really sound like a .........eh..................teacher or priest :p
btw, how old r u???

Thanks for the advise though.

I'm neither a teacher nor priest. I'm just a 26 year-old who has seen way too many people around me crumble because of their own flaws and faults.

Alot of disasters & sorrows which could've been avoided/prevent if only common sense, love, wisdom, understanding, selflessness, sincerity, etc were applied. Tis a very sad world I see.

bkm

07-10-2002, 01:04

Wah, you sound as if you've seen the world, can consider become a monk liao:p

:D :D :D

icelava

07-10-2002, 01:23

Originally posted by bkm
Wah, you sound as if you've seen the world, can consider become a monk liao:p

Wrong - I've just seen alota MISTAKES. It pays to observe the mistakes of others so you don't commit them yourself. However the sheer amount of "asking for it" mistakes really baffles me. There are sayings

"There are too many mistakes in life to be committed all by a single person"

"The sole reason of some people's lives is for others to learn their mistakes."

I hada boss of my part-time job as a teen who said the same thing, "Notice how ppl make mistakes and you get to learn the lesson without paying the price."

Of course if you're a pioneering sort, like those courageous pilots of War World 1, then you have to learn the hard way, as well as pave the way for generations after you.

It is also good practice to draw parallel lessons from other industries and apply to your own field of operations. Like how many martial arts draw moves from animal attack styles, etc.

Anyway, it is INDEED good to witness the world that is occuring and not just tiny Singapore. I've hardly seen 10% of it, yet to see a great deal of the whole and expose even more.

bkm

07-10-2002, 06:15

You're a sensible chap.

But if I tok to you somemore, I'll fall asleep :D

No offence ;)

icelava

07-10-2002, 10:55

Originally posted by bkm
But if I tok to you somemore, I'll fall asleep :D

That's because you don't contemplate, and ask questions, about life much. Most people can't stomach my "theories" as well, simply because they are unable to bring their mind into such a level of comprehension.

It isn't a totally bad thing, as you should be happy the way you are. But at the same time your mind should be open and welcome to new concepts and philosophies.

Not everybody bothers to think why the apple drops from the tree to the ground. But when you do, you'll simply be so amazed about the things that occur in the world.

alva chew

07-10-2002, 20:07

knowledge is unlimited, but life is not. to think abt why the apple drops from the tree is not everyone's cup of tea, unless you happen to sell apples
:)

mundane people like me still prefers to ponder over the mystery of making people pay for my IT services

haha...

bkm

11-10-2002, 10:59

Wahlau! I buay Tahan liao!
I have the feeling as though my grandfather has revived :p

To toalk abt experience in life, Aaron, you don't have as much as most of us here.
In other words, dont mean to be rude but you're not qualified.

************************************

OK, I think its time to stick to the topic la.

Aaron, maybe you can start a new thread and find some soulmates ;)

Cheers

alva chew

11-10-2002, 12:59

I think i am also getting out of point as my core business is software and web applications development... still nowhere as good as you people when it comes to webhosting business....
but I guess this is an area that my firm will branch into as it gives me more flexibility in offering services
heee....