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Entrepreneurship

Mitigating risks for entrepreneurs by improving financial literacy

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Entrepreneurship

Has anyone attended the course conducted by Lim Tian Yi?
Yuantai Liu
Yuantai Liu, Chief Coach at Happy Coach
Level 4. Prodigy
Answered 10h ago
Hi Anon, I actually know him personally, and he is a nice guy. Nice guy aside, you need to decide what you want to do first, before attending any courses. (Not just Tianyi's). People who promote courses usually play up the upside, and don't talk about the downside. No, it is not easy to make a successful app that will go viral, just as it is not easy to create and sustain a successful biz. (9 out of 10 fail) If you are thinking of getting a quick buck out of making an app, re-think again. You have to be in it for the long game, crafting your idea and testing it in the market. Hope this Answer helps. Feel free to pm me if you have any questions. Here's my blog, on personal branding and biz.
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COVID-19

Entrepreneurship

Career

SeedlyTV S2E03

I set up my own private limited company 2 years ago, and my role is director of the company. It's a very small company and I dont have any employees. Can I receive help from the SIRS scheme?
S
SkyFP.com
Level 3. Wonderkid
Answered 4d ago
As long as the criteria is met, you will be eligible!
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Entrepreneurship

Cheapest shipping from usa to singapore by sea?
N
Nathaniel
Level 4. Prodigy
Answered on 29 Feb 2020
1. Shipafreight: https://www.shipafreight.com/ You can generate instant sea shipping quotes which is really helpful. You can enter your package dimensions, weight, shipping type (e.g FCL, LCL), Incoterms, and origin/destination. It's pretty comprehensive. 2. Stackry: https://www.stackry.com/en/home 3. Alps Global: https://alps-global.com.sg/product/sea-freight/? You'll have to contact these companies individually for a quote, based on your shipping requirements. If you're shipping commercial goods, make sure you protect them from damage/loss. You can get shipping insurance quotes online here .
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COVID-19

Investments

Entrepreneurship

What are the possible potential opportunities right now during Covid-19?
Linkflow Capital
Linkflow Capital, Marketing at Linkflow Capital Pte Ltd
Level 3. Wonderkid
Updated on 03 May 2020
Digitalisation and online marketing. Traditional brick and mortar companies whom are adverse to digital will find it tough to survive in the "new normal". As consumers (both individual & businessess) are forced online to procure goods and services, companies whom have been steadily building up online presence and digital assets are reaping the rewards. After pet food retail shops stopped operating during enhanced circuit breaker period, pet owners whom patronized their regular retail store will have to purchase online. If that particular store have never shifted to online ecommerce, these regular consumers purchases will now flow to others who does. Same goes for business consumers. Demand for video conferencing and file sharing software will go up. Businesses can apply for a SME loan online without going to the bank. Google hangouts allows the entire team to meet virtually without stepping out of the house. Digital alternatives to goods and services that used to be purchased physically will see explosive growth.
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SeedlyTV S2E06

Freelancers

Entrepreneurship

Career

Undergraduate

I'm thinking of building up a side hustle (digital marketing or any others) while studying, any advice on how I can get started?
ZT
Zachary Teo
Level 6. Master
Answered on 18 May 2020
I am not the panelists but can share my experience as a creative who does freelance. I started freelancing through word of mouth and sometimes through Upwork. I think the best way to get started is to do your own project. Try reach out to your friends and family members to offer them such help. Charge them at a lower price, let's say $5 per hour. Try not to be choosy or picky with who you're working with at the beginning, remember, it is experience you are seeking at the beginning. Gradually as you progress, remind them that you're gaining experiences and it's is right to increase your price too. It's even better if you can convince them with results. If they are good clients, they will understand and see the value in you. If not, abandon them. I begin my side hustle career with free services but after graduating from uni, I charged them at market price. Good clients will understand and appreciate your work.
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Entrepreneurship

Career

Is dropshipping legal in Singapore? And if so, is it subjected to any taxes or do I have to make any declarations?
ZT
Zachary Teo
Level 6. Master
Answered on 14 May 2020
Hey Anon! It's completely legal, you have to register as a sole propietor beforehand. However, word of advice for dropshipping, it's not as good as it sound. Perhaps you have seen a lot of Youtubers mentioning their dropshipping business or even went on a course for it (i hope not). The value they're often showing are just the sales they made. They did not show you the nett income because they are barely enough. This is so as they have to minus off the huge amount of ads they are running on FB, Google, Keyword Targetting, and many more. Adding on are the fees to make returns for the goods sold, comission fees for the China sellers etc. With dropshipping, you have no control over your goods, whether it is of quality or not. It will also take a lot of time to find the right one. When customer want to make a return, you also have to deal with it. Very often, the cost to return the goods are higher than your profit. You may have come across some dropshipper on Lazada or Shopee, they will tell you to keep the goods instead of returning. At the end of the day, if you're looking to start a business. I would say go for the quality of customer experience and most importantly, your goods. My two cents worth on the modal of business. Because I almost got my foot in until my friend pull me out of it.
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Entrepreneurship

Lifestyle

Family

Personal Finance Books

What book you have read that changed your life?
Junus Eu
Junus Eu
Level 9. God of Wisdom
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
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Entrepreneurship

Loans

How to get an SME loan?
Gabriel
Gabriel
Level 8. Wizard
Answered on 06 May 2020
Hey Anon, you can check out Aspire, which targets SMEs and Startups, to see if you're eligible to apply for a loan. Eligibility Requirements: - Business is Pte Ltd, LLP or LLC - Singaporean or PR director with min. 25% shareholding - Active corporate bank account for at least 6 months Fees (Depending on the financial health of your company): - Processing Fee between 2 – 4% on the amount withdrawn - Interest Rates between 1 – 3.9% simple monthly interest More information can be found at the bottom under the FAQ https://sg.aspireapp.com/credit-line/.
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COVID-19

Economics

Career

Entrepreneurship

SeedlyTV S2E01

Do you think the Government will give a fourth round of COVID-19 Budget support measures when the need arises?
Angeline Teo
Angeline Teo, Calculator at The Internet
Level 6. Master
Answered on 01 May 2020
I am hoping by July 2020, economy is back up, and there would be no more need for support measures. support measures means we need help. Ideally, we hope that we don't need help.
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Savings

Lifestyle

Investments

Entrepreneurship

Career

What tips or advice would you give a Teenager looking into investing early on?
Cedric Jamie Soh
Cedric Jamie Soh, Director at Seniorcare.com.sg
Level 9. God of Wisdom
Answered on 24 Apr 2020
Buy ETF monthly Or if your amount is small, buy ETF every 3 mths or every 6mths. Google for Interactive brokers forum and read up from there :)
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