Jobs and entrepreneurship come with their own set of pros and cons. For some, working 9 to 5 is a better option than the other. But, for some, doing business gives you flexibility and freedom. This Singaporean who runs a cafe called Heartbreak Melts tells the reason why it’s better for you to choose a 9 to 5 job over entrepreneurship.
“For the first time ever, I’m not going to be encouraging. This time I’m going to demotivate you”
Yong Wei, co-owner of Heartbreak Melts posted a TikTok video with the aim to warn people of some cold hard truths about entrepreneurship. In the video, he tells people to re-think before considering setting up their own F&B businesses.
“Yong Wei warned people not to start a business, but rather just stay in their 9-5 job. “Don’t go and start a business, just stay in your job, collect your salary, and work nine to five,” he said.
To back his point, young Wei shared some statistics taken from Singapore’s Accounting and Corporate Regulatory Authority (ACRA) website. Based on his findings, 13,539 F&B businesses were registered from 2019-2022. However, 9,609 of them folded.
“70% of F&B businesses already failed”
He further clarified that the remaining 30% of businesses that are still running could be “dormant”. Meaning, they are registered but not operating or struggling to break even.
“One out of the 10 could be a flourishing business, which is quite rare,” he pointed out.
Yong Wei listed out reasons why you shouldn’t start a business despite how ambitious or passionate you are right now.
The reasons are:
- 70% chance of failure
- You’re going to go into debt
- Wipe out your savings and
- Damage your health trying to stay in business
“Some of you will argue with me. You can be unique, but you’re not useful”
He said whatever idea you can think of, somebody is already doing it. Therefore, it’s unlikely you can penetrate the market or even beat your competitors.
He pointed out a real entrepreneur won’t work 14 hours in their shop. “You are not a businessman, you are self-employed, you are working for yourself.”
According to Yong Wei, real businessman knows how to create jobs for people, pay them salaries and then pull themselves out of the picture.
He also shared that even his own cafe too is at risk. “Even the most popular places like Cake Spade, Central Perk Cafe, Xing Fu Tang Bubble Tea, Beng Who Cooks restaurant and Bakerzin are closing down.
“So unless you won the lottery, or you have very rich parents, or you have a lot of money to throw, deep pockets, don’t go and open a business”
He advised people to just stay in their job, that’s the safest option out there. Indeed, with a job, you will unlikely be rich, unless you are a doctor, specialist or lawyer. But, the benefit of having a job is you will not be poor.
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