By Kwek Ping YONG, Inventis
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Motivations for start-up
- Better opportunity
- Chance to learn new skills
- Control your own life
- Be your own boss
- Much more income
- Personal achievement
- Look for excitement
- No other options
Myths
- You are your own boss
- The earlier you start, the better - best when you are fresh out of school
- I need a lot of money to start a business
- Entrepreneurship is "Glamorous" "Fashion"
- Entrepreneurship is a very high risk business
Case study: Warby Parker[] vs. Luxxitica's Monopoly
Fund manager: charge 2% management fee
4.5B USD
Hedge fund/Mutual fund/Private raised fund
By David(Vice President of SingCham)
Understand business market
Niche and value add
Product/Management/ShareholdersBusiness mindset
How to nurture Business Mindset
- Mao Story(be open minded, humble, hungry)
- President Suharto's Story(Net value)
- INT-Q International Quotient Go beyond Singapore domain(social education)
- KQ - Knowledge Quotient (Self taught Mechanism, Reading, Experience, Communication)
- Must Understand Finance
- Macro Perspective of Company
- P/L(income statement) = Health
- Balance Sheet = Built/Size
- Cash Flow = Blood
Homework: why startup fails?
http://oddle.me
