Do you think a 70 yr old too old to start own business?

[Guest Nur Ahmed]

Is it pragmatic to do so?

[Nipoet]

Of course not.

That's the time where you settle down and enjoy your life, spending quality time alone/with partner/with family.

I don't think the mental strain of starting a business is worth it at that age.

Plus the financial backup that you would need. What if the business flops? No retirement for you?

 

With that being said, if you think you are still energetic and is able to take on the challenge or it excites you to take on such a task at that age, then go ahead!

And if you have the additional monetary backup without fear of losing your retirement fund, why not?

Only you know what you like best.

 

[lonelyglobe]

Probably need to have a strong cpf and million dollars hdb on hand to take the plunge, medical cost wise dont worry as mr lee had promised "no one will be without medical care just because they cant afford it"

It is definitely risky but probably also the last chance to fullfil own dreams and goals in life.

[firefight]

Risk is high and lots of planning involved. Better to engage a very strong business analyst before embarking on the full investment.

[evianguy]

Of course not. Can start at any age. Question is whether the owner can fulfill any of the short, medium and long term goals for the business. He just has to be realistic about time horizon for these business goals and do succession planning from the outset. 

[Steve5380]

Is it practical for a 70 y.o. to START a business?

 

Many 70 y.o. are happy still working at their existing business or employment if this does not stress them much.

Some may START a new business after retirement if they have unused skills and experience they always wanted to apply.

But for the common man of 70 y.o. who is retired and without any particular skill,

there is little incentive to do the effort it may take to START a new business.

Unless there is a strong economic necessity, but then,

there might be also a strong risk in starting a business.

 

And... why are you asking?

[loacker]

age doesnt matter if a proper plan is being carried out..

i still think the most important thing is do u have the necessary financial backup if sth goes wrong..

if u can answer that question, then go ahead, if that give u doubt, then i would say keep the existing fund and enjoy the remaining of ur life 

[Guest Neh Neh]

Of course YES! Selling cooked foods / drinks in school canteen very easy. Business hour 9am to 2pm only.

70 years old still young lah. LKY 90 yo still working. Mahatir 92yo still working.

[lonelyglobe]

Does selling tissue paper consider own business?

[Guest Lau Kok Kok]

8 hours ago, Guest Nur Ahmed said:

Is it pragmatic to do so?

If not much capital involved than why not. As long as it does not pose any hell hazard or requiring you to work longer hour with no rest.

[Guest Neh Neh]

If can do, then do loh. If 70yo can still stand and fuck around, then fuck lah.

Stop only when can not stand. Simple logic.

[Guest Mediocre]

MP Tan Chuan Jin:   Old folks collect cardboards under the sun to exercise.

Minister Goh Chok Tong:  If you don't work at 70 to clean table, nobody will.

 

[Guest Survey]

11 hours ago, Guest Nur Ahmed said:

Is it pragmatic to do so?

According to survey, average lifespan is 80yo, which means your business must not exceed 10 years.  To work or to enjoy life, the decision is yours.

[Steve5380]

6 hours ago, Guest Survey said:

According to survey, average lifespan is 80yo, which means your business must not exceed 10 years.  To work or to enjoy life, the decision is yours.

 

For some, to work IS to enjoy life. 

It has to do with how we define "work".

A definition of work can include "obligation", "responsibility".

With this definition I haven't worked since I retired 18 years ago.

I enjoyed 10 years as a part time consultant, and enjoyed a lot of activities since.

This was never "work" since I had/have no obligation and only limited responsibility.  

 

My pragmatism?  If we can afford it, we should not seek obligations after 70 but live FREE doing what we LIKE 

 

[Guest jayjames]

It is always never too late. My grandpa started his fruit store when he was 72.

[Bobi]

So many nvr ask about the nature of business. 

Opening franchise? MLM? 

Some may require lots of capital. Some does not need. Your question is if 70 is too old? 

I would say is not old if you have prepared well the financial aspects. 

 

 

[Guest Hooray]

want to try something new. Someone told me that this is the right place to discuss what i want to do. i'm straight and have girlfriend. I'm also religious. I go to church every sunday. but still i am curious. can someone teach me how to bake a red velvet cake?

[Guest Guest]

On 9/15/2018 at 11:30 AM, Guest Neh Neh said:

Of course YES! Selling cooked foods / drinks in school canteen very easy. Business hour 9am to 2pm only.

70 years old still young lah. LKY 90 yo still working. Mahatir 92yo still working.

If sitting in the office , ordering and commanding , travelling in first class is actually considered working ...then work forever till the day you die 

[Guest Guest]

On 7/15/2019 at 12:10 AM, Guest jayjames said:

It is always never too late. My grandpa started his fruit store when he was 72.

Your grandpa uses the children or wife’s money ? Gay got none of those benefits whor 

[Guest Princely life]

41 minutes ago, Guest Guest said:

If sitting in the office , ordering and commanding , travelling in first class is actually considered working ...then work forever till the day you die 

True.  If someone could live like a king or Queen,  retirement was never their option. 

[Steve5380]

1 hour ago, Guest Princely life said:

True.  If someone could live like a king or Queen,  retirement was never their option. 

 

Gay or not gay we should plan our life sufficiently well

so that at 70 there is no need to improve financially starting a business,

but we can dedicate the rest of our lives to ourselves and our personal interests.

[Guest Terry Chan]

Yes it is too late.

you no longer have the energy or the memory to perform at your full potential . 
May 70s it’s time to r&r . Not start your stress. 

[Guest Neh Neh]

It is never too old to do anything you passionate about. If you like 黄玉郎 hk comics, go set up a 龙虎门 book store cafe. If you like cai tao kueh, go set up a cai tao kueh stall. If you like meeting people, go to do tour bus business.

[Guest Lauvly]

depends on the expectation u have of your business

if you open small fruit stall, ok la

but if you want to chiong and make big money, climb up high

ITS TOO LATE

[Bi_40C]

better than keep thinking and no action before you die.

[Guest Sigmund]

It is not too late for anything while you are still alive. Never lose hope. Always be brave. Never stop to imagine. You are more than capable to what you think.

[Guest Herb]

I started business when I was 71. I sell herbs during this pandemic and it is a food business.

[earth_tone]

Anything is possible, if it makes you happy.

Staring a business doesn't mean you need to be instrumental, if you have a capable business partner it will work!

[Steve5380]

A 70 year old should not be too old to do anything he wants to do.

[Guest Tan Chuan Jinx]

On 9/15/2018 at 4:47 AM, Guest Nur Ahmed said:

Is it pragmatic to do so?

It is called "exercise"

[InBangkok]

On 6/3/2022 at 3:29 AM, Steve5380 said:

A 70 year old should not be too old to do anything he wants to do.

I agree. Age should not be a deterrent to something we really want to do. If you have had a passion for the job you did in your working life, why give up totally? As @Steve5380 mentioned earlier, many people who retire continue as consultants.

 

I have been perhaps lucky in almost always having had a passion for the jobs I have done and am doing. I just cannot imagine progressing through life without being able to continue some of that work, even though my participation will no doubt get progressively less as age eventually begins to take its toll. I know from the posts of some others that they really get little enjoyment from their work. So continuing the type of work they are currently doing will make little sense.

 

But starting your own business at 70 will require a great deal of advance thought and planning. Unless it is some form of internet start up, as others have said the chances are you may need a lot of cash and probably at least one other helper. Remember that your retirement income may have to keep you going for perhaps another 20 or so years. That should be sacrosanct and you never consider dipping in to it. So only consider using spare cash for the business start-up investment. And do your best to ensure that what you do will be stress-free.

[Guest Guest]

My friend who is 70 yr old lose a lot of money when he started business even his retirement fund have to be use to pay for the 2 year  rent during lock down.Furthermore he is not IT literate so don't know how to register for  online shopping.Now he have to wind up and become a sucurity guard and start saving again for his retirement fund. Is it too late to start saving for retirement fund at 70 yr old.

[mantin30]

Maybe not risky type one. If he is good at drawing and writing, can produce storybook and sell on amazon. Maybe not much but as more books are produced, more income. And it doesnt take alot to produce one book (depends on type of book). And spend a bit on marketing.

[Steve5380]

On 6/2/2022 at 11:47 PM, Guest Guest said:

My friend who is 70 yr old lose a lot of money when he started business even his retirement fund have to be use to pay for the 2 year  rent during lock down.Furthermore he is not IT literate so don't know how to register for  online shopping.Now he have to wind up and become a sucurity guard and start saving again for his retirement fund. Is it too late to start saving for retirement fund at 70 yr old.

 

If a retired person has enough income or capital to live decently for the rest of his life,  he should not start a business to make more money.  But he can do it to satisfy his vocation, his interest to become useful,  a way to help others.  Maybe catering food to the very old, or as a caretaker of disabled seniors, a "factotum" man for miscellaneous home services, etc.

 

[Guest wahahahaha]

On 6/3/2022 at 4:29 AM, Steve5380 said:

A 70 year old should not be too old to do anything he wants to do.

Only on condition that Medical professional certified him fit to do so......wahahahaha

[InBangkok]

On 6/3/2022 at 11:18 PM, Steve5380 said:

If a retired person has enough income or capital to live decently for the rest of his life,  he should not start a business to make more money.

Whyever  not? Perhaps he wants to make more so that he can leave more to his family and loved ones. Perhaps he wants to travel more extensively than he has been able to do earlier in his life. There are lots of reasons.

[Steve5380]

On 6/4/2022 at 12:37 AM, Guest wahahahaha said:

Only on condition that Medical professional certified him fit to do so......wahahahaha

 

This may not be necessary if the 70yo is healthy.  I have never asked any doctor to certify me for anything.

 

 

[Guest Be brave]

On 6/4/2022 at 10:07 PM, Steve5380 said:

 

This may not be necessary if the 70yo is healthy.  I have never asked any doctor to certify me for anything.

 

 

You should and I see no reason why you wanted to escape being properly screened .

[Steve5380]

On 6/4/2022 at 10:45 AM, Guest Be brave said:

You should and I see no reason why you wanted to escape being properly screened .

 

Yes, we should be screened yearly by a doctor, with important lab work done.  Once WE know about our health, WE should decide to adjust our activities to the status of our health. If we have cardio-pulmonary problems we should not undertake strenuous work.  If we have muscular-skeletal problems we should not undertake heavy work. And if we have any health problem, we should give it the first priority, above any ideas of starting a business for profit.

[Guest You Stoopid]

On 9/15/2018 at 1:45 PM, Guest Lau Kok Kok said:

If not much capital involved than why not. As long as it does not pose any hell hazard or requiring you to work longer hour with no rest.

sell your flatulence prone loose liped anus.

[Guest Passion]

On 7/15/2019 at 12:10 AM, Guest jayjames said:

It is always never too late. My grandpa started his fruit store when he was 72.

I see many work as volunteer "Guard" in clement MRT.