Entrepreneurship is not just for the young

Jonathan Chee wrote an article published in the Today Online calling on the govt to think of giving the seniors a helping hand as well in funding for entrepreneurship. The govt’s  scheme is mainly targeted at the younger set for good reasons. The young have so many more years to go, why help the ‘ah pehs’ and the ‘ah mahs’ who should be looking after their grandchildren or sailing into the sunset in their golden years, or pushing carts for exercise?

Here is a bit of Johnathan’s article published on 14 Apr.

‘Entrepreneurship is for all, regardless of age (“S’pore to create space for ‘winners’ to emerge: Heng Swee Keat”; April 8, online).

“Colonel” Sanders founded Kentucky Fried Chicken in his 60s, and Mr Ray Kroc established McDonald’s when he was 52. If Singapore focuses only on the youth, then we would lose the opportunity to have senior entrepreneurs like them….

The Government can give a hand to these experienced Singaporeans by allowing them to borrow from their CPF for their ventures, or lend them working capital based on their CPF balance….’

Though Jonathan’s call is valid as many oldies would like a chance to have another go at the challenge of going into a project or venture of their own, be their own boss for once, not the driving taxi type of boss, there is a catch. Once the CPF is mentioned…this is a very sensitive subject. Don’t ever dream of touching it. There is nothing much left after Medishield Life and Medisave Life and the Minimum Sums.

If the seniors were to allow to use their CPF savings and failed again, there is no turning back.  But another point, where got money left with everything locked up, all top priority items, spent already or designated and set aside, cannot touch. The CPF owners like Jonathan will have the last right to decide what they can do with their savings. The govt has the first right to decide what they want to do with the people’s CPF life savings and how much it wants to ‘tangkap’ for the good of the people.

Like they said, Jonathan would have to ‘tan ku ku’, if he knows what the govt’s plan on his CPF. That is real entrepreneurship. Making millions pay for something with no right to say no and no effort, no special skills or technology, no rent to pay.  And don’t ever think of touching the CPF minimum sum. Not your money anymore.


Anonymous said...

"And don’t ever think of touching the CPF minimum sum. Not your money anymore."

But then what is the issue, when 70% are OK with it by voting PAP in the last election?

Anonymous said...

RB, many Sinkies have lots of money in their bank account. So even if eligible, why would they want to withdraw from their CPF which pays higher interest than banks?

And why would they want to risk being an entrepreneur when they already have lots of money in the bank?

Anonymous said...

A great entrepreneur is a successful entrepreneur who start with little money.

So be a great entrepeneur, if you want to be one. If not, forget about being entrepreneur.

Chua Chin Leng aka redbean said...

Some have a lot of money, some have little money, some got no money. Got money or no money is relative and cannot be generalise.

Some $600,000 is peanuts. Some $2 also no have.

Anonymous said...

Someone told me that only the money you spent is your money!

The money in your bank accounts and CPF accounts are just figures.

You cannot/don't bring them along when you up-lorry!

Ha ha ha..........

Anonymous said...

Old folks in Singapore should stay at home and care for grandchildren. To start a business and to risk their money, whether from private savings or from the CPF would be foolish. Why risk your sunset years? Singaporean old folks are very lucky to have the PAP government to care for them. Those living in HDB have GST rebates, medical subsidies, $300 to $700 every quarter yearly from thee benevolent PAP government. What more do you want? The caring PAP is not only caring but also very generous as well. Which other Asean country can you find a government like the PAP? Be thankful Singaporeans, don't kpkb all the time. Redbean tries hard to highlight the downside but never give credit to the pAP when the government does good things. Shame on you.....

Anonymous said...

This is the best country to be poor. Can exercise everyday on the road, no need to go to the gym, by pushing carts, collecting cardboards, collecting drink cans.

How about an open air gym for the happy seniors? Ask them to pay with their $500 skillsfund for membership. Entrepreneurship?

Ⓜatilah $ingapura⚠️ said...

Who is this dude talking about entrepreneurship? How much money has he made from being an entrepreneur? Better still, how many times has he FAILED and how much money has he lost, what did he do to recover...?

Most oldies don't have the fitness---physical or mental---to be an entrepreneur and compete in a 24/7 world with all the hot young and brilliant millennials who have no concept of "failure" and thus are not risk adverse. Most oldies are too KIASU to be entrepreneurs.

Nevermind the idea of "success". Can these old folks tahan FAILURE? I doubt it.

Ⓜatilah $ingapura⚠️ said...

@ good luck, you'll need it:

>> The Government can give a hand to these experienced Singaporeans by allowing them to borrow from their CPF for their ventures, or lend them working capital based on their CPF balance <<

πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚.....aiyoh, buay tahan... I think this motherfucker is taking drugs lah!

Anyway, what kind of old-fashioned shit thinking is this? Epic fail lah. Go back to 1990, fucking dinosaur!

Raising capital is NO PROBLEM these days...since CROWD FUNDING came into existence. However you have to convince the market that your idea is worth funding in the first place.

Anonymous said...

KNN, I want to start a neighbourhood tuition centre for old uncles and aunties cannot huh?

I want to start a match making agency for the old uncles and old aunties can or not?

Anonymous said...

A Good Idea!

Maybe CSJ should quickly take up the anonymous 10.52am good idea
of starting tuition centres for elders in BB.

Worth considering.

agongkia said...

Years ago me oredi mentioned in blog elsewhere that we should consider to allow Cpf members running business with at least 15 years to loan from their account instead of from bank.
Oldies ,are more experience to handle their finance but it's no longer important to me now.

However,now is the best time for our Garmen to get these youngster to be loyal lightning supporters.Another 50 years oon oon chia beehoon....
Youngster nowadays are only good in behaving like angmokia,call themselves Peter or Paul,drinking in pubs,driving and changing sport cars and are mostly Phua kay kias.What they know about business?They spent when pocket got money like no tomorrow....

I say CPF can take this opportunity and consider to allow these phua kay kias to loan from their cpf,interest them like an long,and it's the besterest way to turn these Erm Chai See youngster into bankruptcy,slaves forever indebted to the Garmen,as majority will fail in their so call enterprises.
Let's bankrupt these phua kay youngsters and make them loyal supporter.

Anonymous said...

Just leave the candle in the wind.....alone

Anonymous said...

China s intellectual property global registration 2014 is close to 600k, S Korea is close to 70k ( all about industrial designs no trade marks included. Singapore got designs boh?

Singapore is dead seas for IP because of its tight social system. Mr Sim of Creative might have new designs, but he is not including them in Singapore, as his factories are in China.

Giving money freely to young people to waste is similar to giving money to Indians, prc, indon, malaysian students, about 250milliions to 350millions yearly from singapore coffers: going to the drains.

How to induce young people to run businesses if they know they are going to lose money on: rental.
Rental high cost is paying to a dead pool. It will not grow with each year at least 120000 paying for an office of 1000 square feet, can house 5 staff.

Paying 120000 yearly to staff salary will grow the business when staff are developed and become customer focus.

Govt is wasting money to pay to Indians prc malaysians indon students is obvious, because, the $350million each year cannot develop into a pool of staff working for the companies here.

That is clear now right? The scholars are not interested in developing staff in singapore. They can hire a university of mumbai or a johor graduate of master degree from florida university easily. These degrees are just printers creativity, and the salaries are paid by stupid employers wanting to have foreigners young fellows with NO NS troubles, and NO CPF troubles.

To solve the problem: abolish NS, abolish CPF, and open the gates for global job seekers to compete with citizens. Make sure also political parties are allowed to have Indians nationals, prc nationals and Malaysians nationals to register to compete here.

Singapore was declared as a global city by one minster, not a country. So NS and CPF are problems to global employers, must be abolished. We will see more designers firms when rental is not expensive. Lower the singaporeans cost in hiring first.

Ⓜatilah $ingapura⚠️ said...

@ 1129:

Aiyah Joe, use Singapore as a BASE lah. You can do your enterprise regionally, but Singapore is excellent for things like banking, communications, legal services. In fact, Singapore is home to one of the mighty kick-ass law firms which specialise in IP.

So don't you worry...there's lots of intellectual property being developed and registered here.

Back to the gist of the article:


If the "wannabe entrepreneurs" have only their CPF sheltering them between abject poverty and "survival", then probably it is not a good idea for them to start businesses. By that age (say ~65) if you haven't already amassed a decent amount of "wealth", chance are you don't have what it takes to be an entrepreneur. (Jonathan Chee talking cock)

It is fine to evaluate the situation by theory, but all these fuckers are forgetting one thing: the HUMAN ASPECT of many of these ENTITLEMENT-MINIDED OLDIES. How the fuck do they expect to make money from individual enterprise if they are still looking at, and begging the government for "help"? Human beings will behave according to how they have been CONDITIONED by decades of bad ideas, bad practices, bad vibes and bad advice.

Real entrepreneurs just start---any which way they can...they don't wait for govt. They have access to more worthy resources than their "precious" CPF, and they are resourceful and savvy enough to solve problems as they arise, and take advantage of opportunities no one saw coming.

Don't be lulled into believing the MYTH that "old people are wise and good with their finances". That is utter CRAP. Most old folks have littler to no money, and they are in no position to take risks nor do they have the stamina and energy required to manage a startup into a profitable venture, or the capacity to manage the dire situation if the venture ends up FAILING. (which most do)

Better take the CPF and blow it on a great "last stop on the Bucket List" all out, no holds barred adventure in Pattaya. πŸ˜‚

Anonymous said...

Matilar, I think you writes quite well so u should reconsider writing those books titles that were proposed to u before. I hope that guy will bring the proposed titles back for your consideration. as you are one motherfucker that is quite good at it. The only thing I do not agree with you in your incest activities. Otherwise, your piece often are quite good.

As for angongkia, I am afraid I can not say the same thing about you as you are sure one loser motherfucker. Can imagine u sell yourself to tuakee just to earn enough money to hug some Lau Mei Mei. U are a real loser.

Anonymous said...

Matilar daughters are quite good too if you have a chance to try. That motherfuckers have trained them well.

patriot said...

Really one of the Most Succinct Comment that's been keenly observed. There's empirical evidence that a successful person should have had amassed plenty and can lives hedonistically by 60 year old or younger.

Yours Sincerely is with some fellow oldies who live quite well. However, most are not hapi cos theor relationships with their offsprings, siblings and neighbours are far from close and frenly. Most are lonely though not poor. Most are comparing with each others about material achievements and there's where much hurt and envy cause frictions and discontent. Ironically, most conclude that they cant take anything with them when they expire. Some even lament what's the Use of having plenty.

Well, me likes to say that health and joy are the Greatest Assets one can have. Even then, health can be maintained, however age cant be controlled or willed.
Money cant buy health or longevity, so there is no nid 2b too ambitious lah.

Live and let live.


patriot said...

that's from keen observation to replace 'that's been keenly observed'.

My apology.


Anonymous said...

I thought the plan for CPF is a source of cheap funds for GIC or other government agencies to bet of high risk projects? Maybe I am wrong, but If the bet pays off, they get a big bonus, if the bet fails, then CPF dependent retiree can TanKuKu.

In any scenario, asset managers get paid on Asset Under Management but in this case, there is no accountability. I have not heard of a single high level investor fired thus far, which means they must be all geniuses. Yay.

CPF holder get paid below inflation rate, minus some more for CPF life. In other words, CPF holder pays the government for the privilege of keeping their $ safe from themselves. This is good, because the Sinkie is a damn fool anyway, prone to spend $ on Indo mistresses in Batam or tender Chinaboys who will lick their manicured hands. So, who said there is no free lunch in this world?

Anonymous said...

As for senior entrepreneurs, who said Sinkie government does not lend a helping hand? Ever notice the increasing numbers of 70+, independent cardboard collectors. Every year that pass, I see more. Must be receiving some sort of gahment assistance or they are better operated than our local SMEs and MNCs who are always looking for a handout. I heard some minister looked into the issue by hiring young JC kids to investigate and report back. Must be looking into more areas to give them a helping hand. May I suggest a cardboard grant?

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