How to be rich?

If you have some savings, go ahead and start companies. But you have to depend on yourself to succeed. If you have to depend on daddy's help, it will be risky as you can tell by now that your daddy is quite kiasi (pardon my language).

Originally Posted by Unregistered

I've been reading this thread abit. Myself, I am working in a bank for about 5 years and earning a very decent salary.

My dad who is in his 50s have been working for a factory in the western part of SG for 30years, currently a Director and head of production. The factory hires about 200 staff and is one of the major production plant for the group's business in Asia. Won't reveal exactly the products manufactured but it is in the food line. Very high up in the value chain. Very basic products.

80% output goes out back to home country for further production. 20% is sold locally in SG.

5 years ago, a couple of local firms approached my Dad to ask for a larger share of supply. Also asked my Dad to start a separate company to help supply the basic goods to help some of the local firms in their expanding Asia food business.

Dad was worried that he will lose his job as starting another company may clash with his director responsibilities. Parent company also did not want SG company to be supplying too much to companies outside the group. This stance has been relaxed recently. I asked my dad if I could setup a company to buy output and sell to his network of clients. He felt uncomfortable as his staff may find out. So in the end, he gave the business to a long time friend of his. Understand that the business took off so rapidly and friend is earning even more than my dad by multiples.

A few months ago, Dad also got put in charge of hiring production line workers from MY and CN. The CN agent offered my Dad a % profit and share of the sourcing firm. Dad turned it down, again fearing his directorship will get in the way. In the end, another of my Dad's friend did a HR sourcing setup. Dad also provided contacts for other factories who need line workers. HR firm now is doing very well.

I am very unhappy with my Dad for being a coward and constantly giving business opportunities to his friends. Have several quarrels as Dad wants me to keep my job (due to high pay) and does not encourage me going into any form of business venture. But I've seen the enormous profit potential of start-ups.

Any advice?

All these recommendations to "start a F&B/construction/retail/export business" to get rich are a joke. You guys think it's like buying 100Plus from vending machine har?

So what are we suppose to do? Just set up some random shop to sell random things in a random place? Say maciam like no say.

Originally Posted by Unregistered

All these recommendations to "start a F&B/construction/retail/export business" to get rich are a joke. You guys think it's like buying 100Plus from vending machine har?

So what are we suppose to do? Just set up some random shop to sell random things in a random place? Say maciam like no say.

So what say you?

Originally Posted by Unregistered

I've been reading this thread abit. Myself, I am working in a bank for about 5 years and earning a very decent salary.

My dad who is in his 50s have been working for a factory in the western part of SG for 30years, currently a Director and head of production. The factory hires about 200 staff and is one of the major production plant for the group's business in Asia. Won't reveal exactly the products manufactured but it is in the food line. Very high up in the value chain. Very basic products.

80% output goes out back to home country for further production. 20% is sold locally in SG.

5 years ago, a couple of local firms approached my Dad to ask for a larger share of supply. Also asked my Dad to start a separate company to help supply the basic goods to help some of the local firms in their expanding Asia food business.

Dad was worried that he will lose his job as starting another company may clash with his director responsibilities. Parent company also did not want SG company to be supplying too much to companies outside the group. This stance has been relaxed recently. I asked my dad if I could setup a company to buy output and sell to his network of clients. He felt uncomfortable as his staff may find out. So in the end, he gave the business to a long time friend of his. Understand that the business took off so rapidly and friend is earning even more than my dad by multiples.

A few months ago, Dad also got put in charge of hiring production line workers from MY and CN. The CN agent offered my Dad a % profit and share of the sourcing firm. Dad turned it down, again fearing his directorship will get in the way. In the end, another of my Dad's friend did a HR sourcing setup. Dad also provided contacts for other factories who need line workers. HR firm now is doing very well.

I am very unhappy with my Dad for being a coward and constantly giving business opportunities to his friends. Have several quarrels as Dad wants me to keep my job (due to high pay) and does not encourage me going into any form of business venture. But I've seen the enormous profit potential of start-ups.

Any advice?

Your Dad is right. CPIB and CAD may come knocking on the door. Maybe he is not being kiasi but wants to remain neutral so that there is no conflict of interest. It is also about integrity although many young chaps dun give a damn about it these days.

Originally Posted by Unregistered

Your Dad is right. CPIB and CAD may come knocking on the door. Maybe he is not being kiasi but wants to remain neutral so that there is no conflict of interest. It is also about integrity although many young chaps dun give a damn about it these days.

He is like a typical teenage punk who knows nothing and try to talk big. This kind big fat sheep waiting to be conned and slaughtered in the business world.

the best way (to help your dad appear independent) is to set up tax-free companies with ownerships that are not easily searched or you could JV with some friends and that helps the case of independences further

Use these companies to trade with your dad's company

As long as things are above board, and full money paid for for the pdts/ services in line with the compliance policy of the company with no additional exchange of favours, there should be little reason to implicate anyone any wrong doing.

The problem usually arises when someone in the whole chain starts getting greedy

Originally Posted by Unregistered

the best way (to help your dad appear independent) is to set up tax-free companies with ownerships that are not easily searched or you could JV with some friends and that helps the case of independences further

Use these companies to trade with your dad's company

As long as things are above board, and full money paid for for the pdts/ services in line with the compliance policy of the company with no additional exchange of favours, there should be little reason to implicate anyone any wrong doing.

The problem usually arises when someone in the whole chain starts getting greedy

If the stake is so high such as the risk of going to jail, then it is not worth it. Especially when you have no full control over the situation.

After much persuasion.. FINALLY dad allowed me to start a side-line. Agreement is I keep my job and JV with his friends (suppliers)

All I do is to pass on the orders to my Dad's usual supplier friends and in-return I am paid a salary/commission of 3-7% of the order value (depend on the type of material) per mth. All I do is answer/reply emails. Damn freaking lame!. It feels like a stupid admin job rather than a business. Although the commissions for some months are higher than my day job, I feel like I am contributing/learning NOTHING.

Originally Posted by Unregistered

After much persuasion.. FINALLY dad allowed me to start a side-line. Agreement is I keep my job and JV with his friends (suppliers)

All I do is to pass on the orders to my Dad's usual supplier friends and in-return I am paid a salary/commission of 3-7% of the order value (depend on the type of material) per mth. All I do is answer/reply emails. Damn freaking lame!. It feels like a stupid admin job rather than a business. Although the commissions for some months are higher than my day job, I feel like I am contributing/learning NOTHING.

Sometimes, it's not what you do in your job that matters.. It's how much money you can make while you are doing the job!! What's the point of working in a job that you can only earn peanuts??!! Isn't the whole point of starting your company to earn $$ right??

[lizzy0302]

There's no stopping to get rich especially if you are hardworking and honest with your work.