More Small Businesses Closing Down

[jw5]

I tend to believe PASSION is the key ingredient for a successful business. Successful startups can happen without the criteria you listed, which often is more an inertia than not.

Agree that passion is another important criteria.
But don't agree that the criteria I listed may not be required if passion is present.
Just my opinion.

 

[pia]

Agree that passion is another important criteria.
But don't agree that the criteria I listed may not be required if passion is present.
Just my opinion.

Really don't agree.. go research.. there are lots of real life stories out there about people who started with nothing. Passion is not just another criteria.. it is THE first and foremost, and perhaps the only needed criteria. The rest are peripheral.

 

[2lanu]

Agree with you. A startup must usually go through lots of downs initially, such as working 12-16 hour days, extreme tight cashflow, high competition from established companies, difficulty in employing staff (S'poreans only want to work in big MNCs which promise multi-month bonuses and signing-on fees), burnt Sundays, and many other challenges. Without passion, the entrepreuner will not be able to go through the difficult early phase. People who only work comfortable hours and for good pay will never be able to tahan such working conditions.

Not to splash cold water. Small companies really had many disadvantage to start up in here. Market not big enough, big MNCs around grabbing the biz, high rental cost. In fact now MNC themselves had a hard time substaining this tough period.

 

[silverfox@]

Really don't agree.. go research.. there are lots of real life stories out there about people who started with nothing. Passion is not just another criteria.. it is THE first and foremost, and perhaps the only needed criteria. The rest are peripheral.

Passion is needed, but reality can be very harsh

 

[pia]

Passion is needed, but reality can be very harsh

Agreed. Passion can overcome harsh reality, not spare cash, paper biz plans and experience. Passion is in the person, the rest are but tools

 

[silverfox@]

Agreed. Passion can overcome harsh reality, not spare cash, paper biz plans and experience. Passion is in the person, the rest are but tools

Actually I do agree with you that Passion is the utmost importance. Passion is for people who have money to sustain their passion, for people without money to put bread on the table for their family, passion will probably have to take a backseat. :p