Entrepreneurship - Seedly
 

Entrepreneurship

Mitigating risks for entrepreneurs by improving financial literacy

48 
Questions answered
  • Su Jun Hao
  • Cedric Jamie Soh
  • Victor Tan
  • Shaik Syasya

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!

  • Recent Activity
  • Unanswered
  • Trending

Financial Planners

Investments

Savings

Entrepreneurship

Hi Rishi, I second Hariz. Pen and paper works best. I did try goalsmapper which can quickly plot certain scenarios, but in the end, it can't account for all the parameters that I wish to input, especially when you start to work on CPF interset withdrawal, etc. In such situations, I have some Excel sheets that work better.

FIRE Movement

Investments

Property

Lifestyle

Retirement

Career

Savings

Entrepreneurship

Hey! Education is the best investment, especially if you're starting late. There's tons of FIRE blogs are there, but if you're like most heartlanders in Singapore, with at least a 30 minute commute in the morning, i would suggest downloading the app Libby, where you can borrow ebooks from the National Library very user-friendly interface (wayyy better than the previous method of using Overdrive). My top recommendation is the following book available as an ebook via Libby Financial Freedom: A Proven Path To All The Money You Will Ever Need by Grant Sabatier. My personal review is that this book covers 95% of everything you need, including how to ask for a raise, how to start a side hustle, how to invest etc. If you need a great starting point, i think this is it. This was written by the blogger of millenialmoney.com and he also has a fairly informative podcast. Go check those out as well. I guess i will end with: for almost anything, the best time to start was yesterday. But the next best time is today. And you dont have to start perfect, or start 100%, you just have to start. And i think the above book will give you more than sufficient strategies/tactics to get started in 90% the right direction. Best of your luck.

Savings

Entrepreneurship

Career

Lifestyle

Education

Billy Ko
Billy Ko
Level 7. Grand Master
Updated 2w ago
Interestingly enough, my answer differs from everyone, I would advise you to get started. Warren Buffett's greatest regret is to not have started earlier. You can go read up on the rule of 72, compounded returns on investments. I think there are enough reasons why you should get started. HOWEVER don't invest blindly. Make sure you set aside funds for rainy days. Do one's homework, equip yourself with the relevant knowledge of the various investment vehicles, asset classes and how the market works. I started since I was 18 and I think investing has not only gave me a stream of passive income but also taught me a lot about the world too. It really does force one to keep up with the happenings around the world and in turn made me a more resourceful and knowledgeable person. If you're doing part-time jobs, try using Regular Saving Plans where the theory of Dollar-cost averaging is applied. This way, you don't require a lump-sum to invest and you get to enjoy decent passive income at a lower risk of capital fluctuations

Investments

Retirement

Stocks Discussion

Entrepreneurship

Hi Ming Ho, It sounds like you don't need to rock the boat. If things remain on track, you will have a very comfortable retirement by your standards. Of course, I speak broadly, as there are no data provided, so I can't confirm for sure how your numbers will look like in retirement. If time is an issue that stops you from Forex, Options and CFD, there's nothing wrong with that. The best investment you can do is always yourself. Focus on your strengths, possibly increasing your earning power and paying off your house as soon as possible. Pick up knowledge and stay invested. Maintain your current strategy (since it seems to work, seeing as how you've gotten this far with it) and make tweaks to optimize it. Spend time with your family and friends. Enjoy your vacations. We are all bound by time in the end. As I mentioned, some times there's no need to rock the boat. What you can do now is to take stock of your financial situation and identify how your income sources will look like 10, 20, 30 and even 40 years from now (i.e. during retirement). Ultimately, when you retire, active income from work must be replaced by income from guaranteed sources (CPF, SSB, FD, annuities) and variable souces (UT, ETF, equity, property). It's all about ensuring the expected figures from your income sources support your expected expenditure based on your ideal lifestyle in retirement. If you haven't done a deeper analysis of your financial numbers yet, or done a full retirement cashflow planning, you might want to do it at this stage in life to at least give yourself an idea of where you're headed. Do some spring cleaning of your portfolio as well, to ensure you have a lean and trim portfolio. Based on your input, this is about what I have to say. I'd like to give more specific answers, although might not be possible at this stage without more information or a very specific query from you.

Entrepreneurship

If is not a legal requirements then probably don't need for the time being as long as you follow the guidelines: https://singaporelegaladvice.com/law-articles/home-baked-goods-licence-singapore hence not against the law. However if one day if you decided to go full time or have reach certainly scale, will need to register for tax reporting and management of cost related too. All the best ! 😃

Career

Property

Entrepreneurship

Wilson Nid A Break
Wilson Nid A Break
Level 8. Wizard
Answered on 26 Nov 2019
Relative easieness to sell a policy than a property in general When economy not doing well, its harder to convince people to part money to buy into an investment (property) whose return is not guranteed as compared to a guaranteed return (albeit much lower) by an insurance company

Entrepreneurship

Second Kenneth's answer! I've used Eventbrite and it's great! Easy registration at the event and it can be even added to your Apple Wallet!

Entrepreneurship

Career

The devil is in the details. If you are opening a traditional business, no use going government agencies, very difficult to get funds or loans. Banks are commercial entities that only lend to corporates that have 3 years of records (they can bend the rules if you have a great 1 year or 2 years record) You should probably give more details, funding for someone who wants to open a cafe is very different for someone who wants to do a B2B application, vs someone who wants to manufacture canned food in Singapore etc etc. You get the picture. For new enterprises, the unfortunate thing is, you will barely get anyone to fund you. Ideas are aplenty, so if there are investors who outright fund people who has ideas, they will go broke faster than you can say "I have an idea of Uber for XXXXX" So what do most founders do? Simple- they use their own money, beg borrow steal (btw i meant it as a figure of speech, please don't steal. lol.) , and do what you can with what you have to have a bare minimum working prototype before approaching new investors. Mark Zuckerberg famously borrowed, ahem, his good friend, Eduardo Luiz Saverin's cash and maxed out his credit card to build up a website before he can start getting investors' attention. A lot of businessmen started with what they can, borrowed from their friends and relatives to do a bare minimum MVP (Minimum Viable Product) to showcase before serious investors come with the money. I guess most of us know HP starts from garage, Apple, Amazon, Google all starts from a very bare minimum. Its the same for most of us :D

Lifestyle

Entrepreneurship

Career

Education

Undergraduate

SG Budget Babe

KT
Kent Toh, Manager at Kenshoo
Level 4. Prodigy
Answered 4w ago
If you are risk-adverse, then of course having a degree is definitely the way to go. You may not even need to do honours, but you will need a degree for a better-paying regular job. A degree somewhat guarantees that future. However, if you are quite sure that you are making good side income, and it demands more of your time, quitting studies need not be a bad thing. It can be an opportunity cost too. Afterall, you can continue your studies anytime! Also seek opinions of your family, friends, and take considerations such as costs, time, how long more to complete degree and set short term plans.

Entrepreneurship

1. Company finances. Unless you have immediate client, you are bound to be negative income for at least a few months. That would be a big problem unless you have deep pockets. Calculate your finances in days, weeks and months and anticipate problems. 2. A working prototype. Are you sure your idea works with the current technology and available software/hardware 3. Market demand. Are you sure there is a market demand for a price that will turn profit for you? Will you be able to turn market demand into a profitable revenue? 4. Talent + staff- are you able to convince them to work for you? If you can get 1 to 4 right, there you go!
Load more questions
Followers (10)