Burgeoning business owners may want to look away now.
Recently, viral ice cream shop owner Mr Goh Yong Wei released another video that advises people against starting a business.
Source: @yongwei92 on TikTok
In his almost three-minute-long video, he breaks down why he’s discouraging hopefuls, citing statistics from Singapore’s Accounting and Corporate Regulatory Authority (ACRA), among others.
As a parting piece of advice, he advises everyone to stick to a nine-to-five job instead.
In the TikTok video, Mr Goh starts by discarding his usually positive image to “demotivate” those looking to start a business.
He pulls up statistics from the ACRA website and shares that some 13,539 F&B businesses were formed from 2019 to 2022.
Source: @yongwei92 on TikTok
At the same time, about 9,609 businesses folded. Calculating the numbers, he arrives at the conclusion that 70% of businesses have already failed.
Putting things into perspective, Mr Goh notes that 7 out of 10 F&B businesses have failed and closed for good.
He adds that out of the remaining three businesses, one of them could be “dormant”, meaning that they’re registered but not in operation.
Another could be struggling to break even, taking on loans just to stay afloat.
The remaining business, which he posits may be flourishing, could be the exception.
Source: @yongwei92 on TikTok
Mr Goh then points out how a one-in-ten chance of succeeding is “quite rare”, further solidifying his argument.
Besides the figures, Mr Goh lists more reasons not to start a business, further dampening the fire in aspiring entrepreneurs’ bellies.
He shares the harsh truth that business owners may end up wiping out their savings and compromising their health.
Anticipating that some may argue that a unique idea could work for them, Mr Goh claims it’s not enough. He emphasises the need for a business to be “useful”.
He also distinguishes between a self-employed F&B business owner and a businessman. While the former may spend up to 14 hours in their shop, Mr Goh remarks that this doesn’t make them businesspeople.
Source: @yongwei92 on TikTok
In his words, you can only call yourself a businessman if you know how to create jobs for people, pay them salaries, and then pull yourself out of the picture.
This was also mentioned in his exclusive interview with MS News, in which Mr Goh mentioned how simplicity is essential in running a business.
Despite all the marketing efforts and social media exposure, Mr Goh plainly states that businesses could still be at risk of permanent closure. This includes his very own ice cream café in Ang Mo Kio, Heartbreak Melts.
He cites the unfortunate fates of other popular brands, including larger franchises like Bakerzin and Cake Spade.
Source: @yongwei92 on TikTok
Even smaller and niche cafés like the ‘Friends’-themed Central Perks Café were not spared.
He ends the video by suggesting that if you’re not back by a huge amount of cash, you’d be better off not opening a business.
Even though collecting a monthly salary may not make you rich, he points out that it definitely won’t make you poor.
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Featured image adapted from @yongwei92 on TikTok.
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