Knowing when to pull the plug is crucial: S’pore entrepreneurs

Knowing when to pull the plug is crucial to living to fight another day for an entrepreneur, as it helps to cut losses before they spiral out of control.

- Sheila Chiang Business Correspondent

Business owners should also avoid jumping on every opportunity that comes along, without doing their research and assessing viability first.

These were some of the lessons local entrepreneurs shared from navigating a challenging operating environment during a panel discussion following CIMB's launch of a new credit card targeted at small and medium-sized enterprises (SMEs).

Speaking at Hilton Singapore Orchard on Sept 16, Mediacorp artiste Ben Yeo, who is also a food and beverage entrepreneur, said: "Don't be too emotional. You just have to think what is the best for your business and let it go if you have to."

Mr Yeo owns several F&B establishments, such as fish soup stall Tan Xiang Sliced Fish Soup and wet market-themed kopitiam Tan Xiang Chai Chee in Chai Chee Lane.

Earlier in 2025, he had to make the decision to shutter high-end modern Chinese restaurant Tan Xiang Yuan after two years, as the venture was not making a profit, among other challenges.

Mr Ahmad Syarif, co-founder of F&B brands Chulop! and Boms & Buns, said a trait of a good entrepreneur is knowing when to exit a failing business.

He said he was having some cash-flow issues with a previous F&B venture specialising in grilled cheese sandwiches and desserts. He had to “pull the brake before the ship sank even further”.