Re: How to make $500 a day? Share pls!
Before you credit the success stories, you have to assess the following:
(1) What are your strengths? Weaknesses? Your personality, suitable to be an employee or an entrepreneur? Not everyone can run a business, BTW. Else, everyone would have given it a try..... and not everyone can be in the front line, doing sales.......
(2) What are your vision(s)? Could you spot any opportunity at all? It is useless looking at all the success stories and try to replicate it. Many people would love to "make it big", but the difference is the vision over opportunity..... Opportunity means potential success.... do not replicate a business model blindly.... go figure out what happened to those bubble tea stalls few years back.....
(3) What are your capital base? Higher capital base means an ability to stomach unforeseen risks, such as external shocks. Rental costs in Singapore is mad, so without a capital base, you will have to resort to leverage...... this assumes you have assess your personal attributes in (1) and spotted an opportunity in (2)..... many entrepreneur could not gather adequate capital base to start a biz. or do not have adequate to maintain it..... An easier route would be to franchise on an already succeeded platform, example Kiliney Kopitiam or what not, but we are talking about $$$.....
Your "assessment" on the success stories:
(4) What are the success rate amongst their peers? Example - what % of all the BAO sellers "made it" to the state you mentioned? How many has failed? Why have they failed? How did your cited example succeed? The top % of any industry probably qualifies to success as defined by you - example the top property agent, top insurance salesperson, top dealers/remisiers, top bankers, top hawkers - but what are the % of success in each line as defined by you?
(5) What are the consistencies of these success stories? You are looking at these stories at the tailwind of an economic boom, but where were they before the boom? The last thing you wanna be in is a one-off business or a biz doomed to fail. Nothing is too big to fail..... Emporium, Yaohan, Wang Computer.... they were huge, but are gone..... what happened? Do you know? Nothing is certain in these times. Few years ago you swore by Nokia, now it is iPhone.......
(6) New business opportunities are ever-present, but you would still need to be visionary to spot it, and you will need some success elements to be successful..... contacts, charisma, capital, creativity, personality, perseverance...... what have you learnt?
Last but not the least, I agree with chershen, do not believe in the stories on a superficial level. Many Singaporeans are so leveraged to the brim, they are stretched to the limit they will avoid paying for a pint of beer ...... but they do look good on the surface.......
Before you credit the success stories, you have to assess the following:
(1) What are your strengths? Weaknesses? Your personality, suitable to be an employee or an entrepreneur? Not everyone can run a business, BTW. Else, everyone would have given it a try..... and not everyone can be in the front line, doing sales.......
(2) What are your vision(s)? Could you spot any opportunity at all? It is useless looking at all the success stories and try to replicate it. Many people would love to "make it big", but the difference is the vision over opportunity..... Opportunity means potential success.... do not replicate a business model blindly.... go figure out what happened to those bubble tea stalls few years back.....
(3) What are your capital base? Higher capital base means an ability to stomach unforeseen risks, such as external shocks. Rental costs in Singapore is mad, so without a capital base, you will have to resort to leverage...... this assumes you have assess your personal attributes in (1) and spotted an opportunity in (2)..... many entrepreneur could not gather adequate capital base to start a biz. or do not have adequate to maintain it..... An easier route would be to franchise on an already succeeded platform, example Kiliney Kopitiam or what not, but we are talking about $$$.....
Your "assessment" on the success stories:
(4) What are the success rate amongst their peers? Example - what % of all the BAO sellers "made it" to the state you mentioned? How many has failed? Why have they failed? How did your cited example succeed? The top % of any industry probably qualifies to success as defined by you - example the top property agent, top insurance salesperson, top dealers/remisiers, top bankers, top hawkers - but what are the % of success in each line as defined by you?
(5) What are the consistencies of these success stories? You are looking at these stories at the tailwind of an economic boom, but where were they before the boom? The last thing you wanna be in is a one-off business or a biz doomed to fail. Nothing is too big to fail..... Emporium, Yaohan, Wang Computer.... they were huge, but are gone..... what happened? Do you know? Nothing is certain in these times. Few years ago you swore by Nokia, now it is iPhone.......
(6) New business opportunities are ever-present, but you would still need to be visionary to spot it, and you will need some success elements to be successful..... contacts, charisma, capital, creativity, personality, perseverance...... what have you learnt?
Last but not the least, I agree with chershen, do not believe in the stories on a superficial level. Many Singaporeans are so leveraged to the brim, they are stretched to the limit they will avoid paying for a pint of beer ...... but they do look good on the surface.......
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