Entrepreneurship - Seedly
 

Entrepreneurship

Mitigating risks for entrepreneurs by improving financial literacy

ASK A QUESTION

A QnA Platform For Entrepreneurs, By Entrepreneurs!

In collaboration with Enactus Singapore, Seedly aims to contribute to the start-up ecosystem by providing a QnA platforms for entrepreneurs to ask and answer finance-related questions on Entrepreneurship in Singapore.

Setting up a business is tough, and not knowing how to plan, budget, and finance your business venture is a problem faced by many early-stage entrepreneurs. At Seedly, we hope to create an aggregated community of entrepreneurs, so as to improve financial literacy among entrepreneurs by building a pool of information to help them in their start-up journey.

Let's help each other out in this journey! If you are shy...you can always ask your questions anonymously!

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Entrepreneurship

Junus Eu
Junus Eu
Top Contributor

Top Contributor (Sep)

Level 8. Wizard
Answered 9h ago
MLM? Personally, not an advocate. Especially in the age of data where we are empowered with information to buy direct (and avoid paying the layers and layers of fees to others in the network) For me, anyone should buy a product only if it provides value for them, not if a ''friend" is co-ercing them to buy it.

Entrepreneurship

Junus Eu
Junus Eu
Top Contributor

Top Contributor (Sep)

Level 8. Wizard
Answered 9h ago
I believe that many will be in the situation where they have an idea, but are not app builders. There are many companies that provide app building services. Unless they are really married to your idea, it is highly likely that they will want to charge you for app build services. What can be done is to seek angel or seed investors who believe in your vision, and are willing to cut the first cheque to fund the build of the app, if you are not looking to fund the first app build.

Entrepreneurship

Junus Eu
Junus Eu
Top Contributor

Top Contributor (Sep)

Level 8. Wizard
Answered 9h ago
Execution ALWAYS matters more than ideas. Ideas are cheap/free - what matters is the courage, dedication and grit to see your business through. Fortunately for Singaporeans, setting up a local company is a straight forward process: https://www.acra.gov.sg/how-to-guides/setting-up-a-local-company Networking is nice but the real meat is a Minimum Viable Product (MVP) that shows that people want to use your product/service. Once you have that, it makes your discussions with potential investors/vendors/customers much more more compelling.

Entrepreneurship

Lifestyle

Family

Junus Eu
Junus Eu
Top Contributor

Top Contributor (Sep)

Level 8. Wizard
Updated 3w ago
Not super popular, but Die Empty by Todd Henry. The book stems from his first book, the Accidental Creative, where a friend asked this question: "What do you think is the most valuable land in the world?" Several people threw out guesses, such as Manhattan, the oil fields of the Middle East, and the gold mines of South Africa, before his friend indicated that they were way off track. He paused for a moment, and said, "You're all wrong. The most valuable land in the world is the graveyard. In the graveyard are buried all of the unwritten novels, never-launched businesses, unreconciled relationships, and all of the other things that people thought, 'I'll get around to that tomorrow.' One day, however, their tomorrows ran out." No one charts a course for mediocrity, yet it is still a destination of choice. and of course, the most shared quote: “The cost of inaction is vast. Don't go to your grave with your best work inside you. Choose to die empty .” https://www.amazon.com/Die-Empty-Unleash-Your-Every-ebook/dp/B00AEBEWMC

Stocks Discussion

Investments

Entrepreneurship

Retirement

KA
Khairudin Ali
Level 3. Wonderkid
Answered 3w ago
I started learning to invest at SGX academy. There are some free introduction courses you may choose on their website. Once you're interested in a particular investment topic, you may pay some fees to attend in-depth training. No worries, these courses don't guarantee you income like those annoying gurus you see in YouTube but at least you'll learn the basics of investments. There might be other investment courses out there but in my opinion, do some research and attend reputational places rather than being a victim of a guru scam. Good luck my friend.

Entrepreneurship

Iras has forbidden incorporation to reduce taxes if there is no other legitimate reason. So incorporate at your own risk.

Entrepreneurship

Career

Junus Eu
Junus Eu
Top Contributor

Top Contributor (Sep)

Level 8. Wizard
Answered 3w ago
Coming from the perspective of someone who has worked for venture capital for a decade, I do agree that the word 'start-up' seems to be thrown around carelessly. There are small companies who have been around for 8 years, are a two-person show, and they call themselves a start-up. On the other side of the spectrum, there are companies who make well over US$100m in topline and over 500 employees, but they would also like to say that they 'operate like a start-up'. Techcrunch writer Alex Wilhelm took a stab at this back in 2014 with his piece on 'WTH is a startup anyway', where he defines that any company that achieves the following is NOT a start-up: - $50 million revenue run rate (forward 12 months); - 100 or more employees; - Worth more than $500 million, on paper or otherwise. Source: https://techcrunch.com/2014/12/30/what-the-hell-is-a-startup-anyway/ But that said, if you are asking as a potential employee, then the culture and fit matters much more than how many employees the company has, and how much revenue run rate it's making. Things you should probably consider include: 1. What's the dynamics of the team that you will be directly working with? Some people can appear to be nice/friendly, but turn out to be the most political and chauvinistic person (spoken from real-life experience). In a start-up, you want to be with people you can fight in the trenches with (read: spend late nights working on difficult problems with). 2. If it's still a small team, get a sense of what the founder's goals are, and his roadmap to take the team there. 3. Also, look at what the start-up is spending on. If it's splashing money on fancy offices, and expensive roadshows that don't provide ROI, you can be sure that there will be pressure if funding runs out. 4. What will you be responsible for, and how much opportunity is there to grow in this role? Usually, in start-ups, there is a lot of room for growth. But always good to get a sense of what this is.

SOAR Jim Rogers Event

Entrepreneurship

Junus Eu
Junus Eu
Top Contributor

Top Contributor (Sep)

Level 8. Wizard
Answered on 16 Sep 2019
TL:DR: Astronomical valuations are superb for the super early-stage investor with the right protective provisions, and not great for the public investor. An earlier Bloomberg article mentioned this: The numbers are sort of made-up. For the most mature startups, investors agree to grant higher valuations, which help the companies with recruitment and building credibility, in exchange for guarantees that they'll get their money back first if the company goes public or sells. They can also negotiate to receive additional free shares if a subsequent round's valuation is less favourable. Interviews with more than a dozen founders, venture capitalists, and the attorneys who draw up investment contracts reveal the most common financial provisions used in private-market technology deals today. Paywall: https://www.bloomberg.com/news/articles/2015-03-17/the-fuzzy-insane-math-that-s-creating-so-many-billion-dollar-tech-companies In consideration of the fact that unicorns in the tech sector have increased exponentially, I definitely would see creative deal-making methods as the big driver in valuations, as opposed to the quality of businesses.

Entrepreneurship

Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 8. Wizard
Updated on 13 Sep 2019
This is a good question and I will reply from Seedly and ShopBack perspective.! I think it really depends on the stage of company as a startup? :) Last time we started with $600 a month (without CPF) but now, with more structure and processes, we pay between $800 to $1,200 for interns. Depending if they are interns who are still studying in University/Poly/After Army Or if they are a graduate intern. - Fresh summer/winter interns = $800 with CPF - Graduate interns = $1,200 with CPF And the interns in Seedly and ShopBack actually get alot of welfare also, Team bonding meals, activities, a full pantry, OT claims for food and cab ride home, Health checkup (yearly) and occasional Friday lunches. (so lucky these kids nowadays) haha! Overall, its about learning opportunities and leveling up as fast as possible. We find that most interns pick things up very quickly and can also perform at a level of a full-timer, which is expected, because we don't actually segment or treat anyone different just because of the current employment status. You'll actually find some of them hanging around here and many who have been in the past as well. In my mind, $400 a month is definitely on the low side and can be quite difficult for the intern to get by. Keep in mind, if this is a freelance/part time intern it could still work out.