What key business lessons did Chong learn from his first failed startup?

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Chong Learned Crucial Business Principles from a Previous Venture

Terence Chong, the founder of Wild Yeast Bakery, gained vital business insights from a prior startup that concluded after two years. These lessons primarily revolved around the significance of trust within partnerships and the indispensable role of formal legal documentation in commercial dealings. He applied these principles when establishing his current bakery in March 2020.
Understanding Trust in Partnerships

The experience of his first business, initiated in 2018 with a friend, provided Chong with a profound understanding of the necessity of trust when collaborating with others. This foundational lesson proved instrumental in shaping his approach to subsequent business endeavours.
The Essential Nature of Legal Documents

Chong also recognised the critical importance of legal documentation in the business world through his initial venture. This awareness ensured that when he launched Wild Yeast Bakery, he was mindful of the formal structures required to support a business operation.

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What key business lessons did Chong learn from his first failed startup?

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