The Straits Times / The Business Times News on Best World

Encouraging entrepreneurship in Singapore

Group CEO Dora Hoan believes entrepreneurial instincts and skills can be developed from young

Aug 7, 2006
The Business Times

Whether entrepreneurs can be created is often debatable. Entrepreneurs flourish in developing countries like India and China as they have no alternatives. People have hunger in their bellies and a fiery determination to survive.

Singapore is in between, neither hungry nor culturally risk-taking.

Entrepreneurial instincts and skills can be developed from young. We should provide the opportunity for our young to be exposed to business concepts as early as possible. It is very different being an employee versus an entrepreneur. To mitigate the fear, one can consider these options: free-lancing, project-based work, contractors. These are ways to provide additional income to build up your capital and at the same time gain the experience of starting up and managing a small business. There is no perfect timing or perfect business. The best times are when you are ready - when you have identified your niche, evaluated what you can offer and what the market demands, and after you have calculated your risk.

I also believe that entrepreneurship is a mindset by individuals - how you look at things and whether you are positive and visionary, a risk-taker with flexibility and who takes things easy. The mindset of the society would also encourage entrepreneurship, for example, how society views people with failed businesses and if the society is willing to give them a second chance.