The High Price of Failure
I was house-hunting recently – a norm for those getting married ^^ – and was alerted by a property agent to a place in the eastern part of Singapore. No thanks to the incredibly overheated property market, there were already scores of interested buyers present when we went to view the apartment (a 4-room HDB flat).
When the other potential buyers left, I chatted up with the owner selling the flat. He shared that he was migrating to Malaysia as he had business interests there. After some digging, his heartwrenching story came out – his businesses had failed one by one and he was an undischarged bankrupt. He needed to sell off his apartment to repay his debts. Essentially, he’s moving to Malaysia to start over.
He has eight children, two of whom are about to enter university. He’s about to lose his house. He owes the banks money. What price, failure? For this man, it will be a long and hard climb back into redemption.
This conversation was a jolt of reality. While I am all for entrepreneurship, I am of the belief that the journey is not for everyone. Not everyone can afford to take the risks.
Not when there are ten mouths in the family to feed.
I bought the house, by the way.
Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.