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Driving Innovation: The Vital Role of Entrepreneurship in Singapore's Economy

The Role of Entrepreneurship in the Economy

Home-grown entrepreneurs play a significant role in Singapore’s economic landscape as “Drivers of Innovation” due to their size which allows them to be more agile and able to seize new opportunities.

According to Koh Poh Koon in 2016 who was then the Minister of State for Trade and Industry, "The role of innovation in catalysing industry transformation will become increasingly significant as Singapore faces increasingly stiffer competition for capital and talent from the rest of the world, and innovation becomes an integral component of the business strategies for our companies."

Are There Enough Entrepreneurs in Singapore?

Given the importance and role of entrepreneurs to the economy, there seems to be not enough home-grown entrepreneurs in Singapore.

While the World Bank rates Singapore first out of 183 economies in its "ease of doing business" rankings and fourth for "starting a business" - anyone can get a business going in just three days, it appears that Singapore is not producing enough entrepreneurs even with the business friendly environment. According to a 2010 Gallup survey, 16% of Singapore residents who are not already business owners reported that they have thought about starting a business, compared with 40% in Hong Kong and in 33% in Taiwan.

This was also confirmed when Ngiam Tong Dow, former permanent secretary of the Singapore Ministry of Finance and the prime minister's Office of the Government of Singapore lamented that Singapore has produced an abundance of "wealth managers" and not enough "wealth creators."

What Does It Take to Be An Entrepreneur?

  1. Focus: The path to successful entrepreneurship is riddled with ups and downs. There are the highs of successes and the despairs of setbacks. A successful entrepreneur needs to be able to focus so they can stay the course when the going gets tough.

  2. Ability to Learn: The ability to learn is one of the most important skills to have in life, let alone in entrepreneurship. If someone is building a business, however, the ability to learn is required for success.

  3. Business Strategy: By employing effective focus and a high ability to learn, an entrepreneur can actually learn a business strategy on the fly. When structuring and growing a business, however, it's important that the structure and growth strategy is based on sound business sense and skills. A successful entrepreneur needs to have a solid strategy to take their business from good to great.

Nature or Nurture?

You do not have to be born with the skills to raise capital or sell a product. You are completely capable of learning everything you need to know to be successful in any industry. Some people are naturally gifted with business acumen but that is not enough to succeed in the competitive business world. Nurturing through training is equally important to create the next group of successful Singapore entrepreneurs.

Start your students on the path of Entrepreneurship through Mastereign’s Entrepreneurship ApLM.

Students will be taken through modules that nurture their enterprising mindset, sharpen their business acumen and salesmanship skills as they embark on an entrepreneurship journey within the school classroom.

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