employee for life or boss of yr own business at some point?

Singapore
May 28, 2007 12:35am CST
I am guessing that most of mylot users are employees. If you are, do you think that at some point you'd like to start a business? Depending on character, some people especially desire to be their own boss. Do you see yourself as an employee for the rest of your career, rising up high in the ranks but ultimately still an employee? Or do you think you'd like to be one of those who takes the plunge, be it a safer plunge as in a franchise or a more risky plunge as in starting your very own shop? How much would you give yourself to break even? e.g. would you call it quits if your business weren't turning a profit after X amount of time?
1 person likes this
5 responses
• Singapore
28 May 07
I would like to be an entrepreneur sometime on my life journey. I've always wondered what it would be like especially being able to achieve something of perceived significance in your life - by starting a business. It would have covered multi-facets including sales, marketing, operations, networking, cash flow and vision. Each of these would tug and pull at you from different directions; demanding a different skill and perspective while at the same time, urging you to be able to see the big picture. I thrive in that challenge. I want to know how far I am able to push myself. I wouldn't worry about not making a profit. I'd worry if I do not break even. If my business starts bleeding profusely, I'll call it quits and even that is if I have no other choice left.
1 person likes this
@ahgong (10064)
• Singapore
29 May 07
Well, to answer your questions... Yes, I do. But I have no idea how or where or what to do to start one. Working for so long, and having a steady income for so long, with new commitments coming up and more responsibilities, there is a great inertia to get started. I do see myself as an employee... as to rising up the ranks or not, that is really dependent on a lot of factors. Of course being my own boss would be great! But I do not mind being an employee if there is more flexibility in the way I manage my time and work location ;) Both franchise and non-franchise are good starts, but both require some capital upfront. With a franchise, one gets a head start cos the brand and products are already established. It is a matter of working towards meeting the monthly targets and goals. Sort of like an employee, but with hard work, a better paid one with people under your payroll... IMHO 8p Starting from scratch will require more work, more time and maybe even more startup, depending on what kind of business you go into. Of course one would have to set a limit on how long one would try out a new venture. No point pouring money into a venture that is not making money. So either after X amount of time to cut losses or until money runs out in the quest to find a niche in the business world.
• Singapore
29 May 07
actually there are two types of business (broadly defined) one that you sell products and one that you sell your skills for businesses selling products, capital is almost a must for businesses selling skills, you can consider this coz all you need is pick up the skills however, you need to know what is the 'in' thing and catching up trends is a must can't really think of an example that'll work now but previously you can learn about making things from home and sell e.g. building up PCs from scratch and sell, provide PC support and retrieving data etc these require very small start-up capital but you can earn quite a bit alas the skill is now so common that everyone builds their own PC and troubleshoot themselves :p
@ahgong (10064)
• Singapore
30 May 07
I do agree with you that selling skills is a low cost business. But in order to sell skills, one must be able to convince others to invest in your skills. And to build up a ready network of people who can trust you and your skills will require investment in TIME. Soft skills like programming, hairdressing, beauty care... etc are all good skills to pick up. But like I said, it is just more like a job with no bosses to boss you around. 8p Selling products on the other hand, requires capital. But if you are savvy, and can pick the right product to sell, then it is much easier. Cos the product is the one that sells itself (to a certain extend). And if you can build up the product chain till you don't have to be the one doing the direct selling, then THAT is a business! That is one goal I hope to achieve one day! ;)
• Singapore
30 May 07
yup, thanks for the breakdown... i think personally I'd prefer to sell skills than products. Not easy to identify the right product, cf the bubble tea fad. But actually some companies are still thriving. like sweettalk! so cheap and good. ok so it's all colouring, but still! Back to topic, maybe should learn more finance so can be private wealth manager. but I've heard these ppl don't have as glam a life as we think they do. ok, shall start another post thread on this topic. (:
@roniroxas (10560)
• Philippines
4 Jun 07
i think all of us wants to be a business man someday. giving orders than taking it. but for the meantime being a employee is close to reality....
@wenzi5421 (119)
• China
28 May 07
As you say i'm an employee of a company. I have worked for a short time. In fact I just want to work hard and be a engineer in the future. But we have a sentence "you are not a good soldier if you don't want to be a leader". So I want to have an own business in the many years later. LOL.......
@applefreak (3130)
• Singapore
28 May 07
hehehe, i'm a lazy person so will remain as a employee for the rest of my life i treasure my free time and will not give it up for anything in the world have you heard of the story about the fisherman and entrepreneur? one day an entrepreneur went to a fishing village and saw a fishman walking home with his catch ent: that's quite a good catch. you going home to drop the fishes before going out sea again? fish: thank you. it's been good these few days and i'm going home for the day ent: but if you go out to sea again you can catch more fish? fish: why would i want more fish? ent: then you can sell them for more money and use the money to buy another fishing boat. fish: and what would i do with the extra fishing boat? ent: look, you can employ some workers to man the extra fishing boat to catch more fishes. then with more money buy more fishing boats. soon you'll have a fleet of fishing boats and you'll be earning a lot of money! fish: and what would i be doing with the money? ent: then you can retire, spend the afternoon with your wife and children, have a long lunch and take a stroll after meals. maybe a siesta in the afternoon or some activities. fish: but i'm already doing that. why would i need more money to do what i am already doing? this story is like a slap on the head to me yes, money can never be enough but there's only so much time better to take a balance between having enough and still have time to spend it rather than having a lot but no time to spend it :) the above is just my lazy excuse... hahaha
@ahgong (10064)
• Singapore
29 May 07
that is one interesting story! I like it. The moral is also so true! As long as you are satisfied with what you are doing, it doesn't matter whether you are an employee or a boss, you are happy! Well, some people are contented with what they have. There are some who would like more in life and find the challenges of doing something to achieve something keeps them alive. There are others who will whine and gripe about how they are always unable to get things they want, but sit their butt down all the time they are grumbling. All sorts of people make up this world.