Man starts event company without investments from wealthy parents, recoups $60k capital in 6 months

Despite being born to a wealthy family, a 30-year-old man aspired for success on his own, without help from his parents.

The man, Clarence Yeo, decided to use the S$60k which he had saved from his previous jobs to set up his own company, Multi-Trans Event. 

Within six months, Clarence managed to recover his capital, reports Shin Min Daily News via Lianhe Zaobao

Before starting his own business, Clarence had worked in various sectors, including banking, advertising and business communications for seven years.

He told reporters during an interview:

“The last four jobs I’ve had were mainly involved in sales.

“To be frank, my results weren’t bad and that’s when I thought to myself, ‘why don’t I start my own business?’”

Clarence’s father runs a moving company, and due to his father’s influence, he too, decided to start one on his own.

He said:

“As my godfather was my father’s business partner, I didn't want to get involved.

“Mixing family and business can be tricky.

“Also, I didn’t want to be just a manager in the company.

“I wanted to the owner of my own, which was why I started my company.”

Asked whether his father had introduced customers to him, Clarence replied that he had won all his clients over on his own and that the two companies were competing on equal grounds.

He added:

“When I just started, I didn’t even have a single customer, but I didn't want to depend on my father.

“If I depended on him for everything, what would I do if he stopped introducing customers someday?”

Thankfully, his years in the various sectors helped him build a sizeable network of potential customers, and he landed a big company as his first client.

Now, more than a year into it, his business has taken off. 

He professed that success came at a cost:

“I didn’t have any social life at all in the first eight months.

“I was working constantly.

“I’m thankful that these big businesses agreed to give me a chance to work with them.

“Within six months, I recouped my capital.

“Next, I hope to to find contracts with fixed period moving so that the company can get a more stable stream of revenue.”