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Entrepreneurship

Mitigating risks for entrepreneurs by improving financial literacy

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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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Junus Eu
Junus Eu
Top Contributor

Top Contributor (Oct)

Level 8. Wizard
Updated on 24 Sep 2019
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

Entrepreneurship

Gabriel Tham
Gabriel Tham, Tag Team Member at Kenichi Tag Team
Level 9. God of Wisdom
Answered 16h ago
You can check out these articles https://blog.seedly.sg/cost-of-bubble-tea-franchise/ https://www.99.co/blog/singapore/what-to-consider-when-opening-a-bubble-tea-shop/

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Hi Ansel, haha awesome questions. 1) Start with the business idea and then run the numbers. You'd know how much capital you'll need when you do up your business plan. This would include manpower costs, cost of goods or service, marketing and advertising costs, IT and infrastructure, etc. If you're bootstrapping and plan to run an online business, you still need hosting and domain costs, CRMs to pay for, and a few misc costs that can add up. 2) When you're 18, pick up a skill first before jumping straight into the markets. I'd always advocate for long term investing instead of short term trading but that's just me. 3) Buy your insurance the moment you have a regular income source from a job or a business. 4) Build your net worth by buying assets and you buy assets by earning more and spending less. 5) You can learn pretty much everything online. But not everyone can absorb all knowledge just from a computer screen. Understand what's the best way you absorb information. Do you need someone to hold your hand, or are you disciplined enough to learn online, apply, and evaluate your decisions. 6) Talk to the richest and smartest people you know. All of them. Ask them good questions and always be willing to be of help and service when possible. Ask them outrightly if they're willing to mentor you or teach you what they know or did that has made them successful.

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Hi anon, Historically, markets such as US (via the S&P 500) would give around 10% p.a. over the past 20-30 years. Over in Asia Pacific, some funds have also managed more than 10% over 10+ years. However, this comes with a number of caveats. Firstly, this is based on hindsight. Will US markets continue their run in the coming years? Or will that level of growth shift to Asia Pacific? Secondly, this assumes that the investor stays invested. In reality, this is very difficult to achieve as most investors are still human and will react adversely to negative conditions.

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More funny anecdote than takeaway. I took a pic of some CEO with the Bloomberg folks at 10:09 on Tuesday. Turned out he was live interview at 10:16... If only I had waited I bit more I could have stuck my head into the frame. More serious takeaway - met a gentleman who was ex investment banker of 20 years who took the plunge to become a CEO of new crypto exchange venture. Had a very insightful exchange where he talked about different mindset of people from traditional finance background who are more methodical when approaching a problem/project in contrast to the tech background guys who are much more creative. He did note that there is room for ventures of different mixes - where some firms may be more old-school (in terms of strength in ops/compliances) wheres others may be more of the new-school (focus on blitzscaling / pivoting) and not one is strictly better than other.

Entrepreneurship

Adrian Goh Jun Wei
Adrian Goh Jun Wei, Product at Nodeflair
Level 5. Genius
Answered 3w ago
Background: founded NodeFlair 1+ year back and received the Startup SG Founder grant (ACE) 1) Yes, you need to register a company before you are able to receive the grant 2) That would depend on your definition of "testing". When we first started, we have a working prototype (or a more polished MVP) and we are able to apply for it as there's some form of validation already.

Entrepreneurship

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Savings

Gabriel Tham
Gabriel Tham
Level 9. God of Wisdom
Answered 2w ago
Here is the table for corporate tax rates https://www.iras.gov.sg/irashome/Quick-Links/Tax-Rates/Corporate-Tax-Rates/ You should compare this with your personal income and see which is higher. In any case, if you form a company, you probably need to declare a salary for yourself which is also taxable. And you also need to account for your company's books and accounting. Cannot anyhow use company funds for personal uses.

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Royalchem
Royalchem
Level 5. Genius
Answered 3w ago
Selling pre-loved items and unwanted i believed is fine. In a way there was no profit from it. It is still better to check iras website.

Entrepreneurship

Generally, so long as you are able to hit the milestones that are set out by you and the grant giver, you should be fine. The key challenge with grants is that you actually have to hit those milestones, and it is difficult to change. So it will take time and energy to strategize how to set them, which could be used to talk to users and create a product. But yeah, don't be too worried about the whole thing about giving back money. So long as your intentions are serious, it's highly unlikely that you'll find yourself in a position where anyone's gonna demand such a small amount (yes $30k for a grant is small in the grand scheme of things) back. It may cost the grant givers more than $30k in man-hours to try to demand it back.

Career

Entrepreneurship

Royalchem
Royalchem
Level 5. Genius
Answered 3w ago
By right, you need to declare if have a blog that generates income and etc. Only side income you can have without declaration would be from investment via stock. Having investment property also need to declare if I remember correctly. Might not be most updated info.
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