Being in business for the past 22 years, we have been fortunate in that many of our business decisions turned out okay. But being human, we have also seen our fair share of wrong decisions. Our foray into Taiwan in 2019 was probably one of them. The decision to venture abroad seemed right at that point in time. We had a desire to expand our business but given our small domestic market, the best way to do so is to go overseas. And Taiwan had made perfect sense given the circumstances. But things did not quite go as planned and we had to close our Taiwan flagship store after 2 years. We can always pin the fault squarely on Covid. But the pandemic is but half the spanner in the whole scheme of things. With every wrong decision, we make it a point to learn from our mistakes and then strive to do better. And here are some “takeaways” from our failed Taiwan venture, which may be helpful to small business owners (like ourselves) who are pondering to venture overseas. 1. Y...
Random Musing by The Patissier LLP