165 - Eric Tan EXPOSES The Harsh Truths About Starting Your Own Business

In this eye-opening episode, Eric Tan, a seasoned entrepreneur and chartered accountant, reveals the staggering realities and misconceptions of starting your own business. From the relentless grind and overwhelming stress to the illusion of having more control over your time, Eric shares his journey from working for Pricewaterhouse to running his own successful accounting and consulting firms. Tune in to uncover the brutal challenges faced by new businesses, the importance of setting realistic goals, and why you should think twice before diving into entrepreneurship. Plus, get invaluable insights on the best business structures and tax considerations to ensure your startup's success. This is a must-watch for aspiring entrepreneurs!---Eric Tan is a Singapore Chartered Accountant and Certified Management Consultant, best known as the co-founder and Managing Director of The Resource Group Pte Ltd. With a career spanning over 15 years in finance, business advisory, and human capital development, Eric has played a pivotal role in equipping small and medium enterprises (SMEs) with the expertise and resources needed for growth and regional expansion---This episode is brought to you by Deel , the all-in-one platform simplifying global team management with payroll, HR, IT, and compliance solutions, trusted by over 35,000 businesses worldwide. Learn more at ⁠⁠https://deel.com/adriantan⁠. 00:00 Introduction01:08 Meet Eric: A Multifaceted Professional02:21 Eric's Career Journey: From Audit to Consulting03:21 The Decision to Go Independent04:49 Balancing Family and Entrepreneurship06:51 The Reality of Being Your Own Boss11:20 Navigating the Challenges of Entrepreneurship20:24 The Changing Business Landscape25:50 Understanding F&B Business Failures26:12 Case Study: My Cousin's F&B Journey27:55 Lessons from Starting a Recruitment Business28:41 The Importance of Accurate Financial Projections29:20 Acquiring and Retaining Consulting Clients30:43 Networking Strategies for Business Growth34:20 Choosing the Right Business Structure38:12 Tax Considerations for Different Business Entities40:19 Common Accounting Mistakes to Avoid44:30 Final Thoughts and Contact Information---Where to find Eric Tan:LinkedIn: ⁠⁠https://www.linkedin.com/in/eric-tan-15034111/The Resource Group: https://theresourcegroup.asia/Acce Advisory: https://acceadvisory.services/Where to find Adrian:LinkedIn: ⁠https://www.linkedin.com/in/adriantanck/⁠⁠Website: ⁠⁠adriantan.com.sg⁠⁠📕 No More Bosses: https://amzn.asia/d/abmPxU6 Get full access to Will That Work? at www.adriantan.com.sg/subscribe