When is the right time to take the risk and start something of your own? Singaporeans share their experiences

SINGAPORE: With the demands of having a corporate job, family responsibilities, and financial burdens of everyday life, many Singaporeans are dreaming to break away from the standard 9-to-5 working hours to build something they can call their own. However, can an average person afford this risk? 

On Reddit, a netizen shared that he sometimes wonders if Singaporeans from an average background can ever be truly ready to take risks. He then asked: “For Singaporeans who actually took the risk to start something of their own, when did you decide to do it?” 

The netizen further asked if people usually wait until their BTO is half paid, if they have $200k in savings, or do people just go for it even when life gets more complicated.

“I know saying I don’t have time is probably an excuse, so I’m curious about people who actually took the plunge, what was your situation when you did it, and would you have started earlier? Do you regret it?” 

Many netizens shared their thoughts, opinions, and own experience in the comments section. One commented that the best time to start is when people are young, given that opportunity costs are low and that they can still afford to make mistakes. 

“If you are starting a business for the 1st time, my recommendation is that you start with a service based business. Capital requirements are low, and you can learn the basics of running a simple business before graduating to something more complex in the future,” the comment suggested. 

Another netizen claimed that if people want to find an excuse to not do anything there will be a million reasons not to. 

“Life was never all about money to me,” the netizen further added. 

One more netizen claimed that people should take the time to plan what they want to do first, calculate all the risks, and scrutinise the business plan. And it is better to start before having children, because they believe that life will get complicated by then. 

“With a solid plan, it is easier to get investors too, when all the leg work is done and compiled,” the netizen said. 

“I don’t think readiness comes from having your BTO half paid or reaching some arbitrary amount of savings. It comes from understanding your downside, choosing sacrifices you can live with, and making sure failure won’t ruin you. You don’t need to choose between waiting forever and risking everything,” a comment concluded. 

Overall, there is definitely no “right time” for people to start something of their own. At the end of the day, success can be found in leaps of faith, regardless of all the doubts. It is important to take note that it is better to have smart preparations and live with the courage to embrace opportunities rather than regrets.