Promoting entrepreneurship in SG is BS

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Entrepreneurship has been promoted by the Singapore government for many years. I hear about students studying about it in school and courses conducted for it.

I think it's a load of BS.

I acknowledge that over the past 10 years, the government has made it easier for starts ups to register the business and operate out of their homes. I recall my first visit at the Registry of Companies and Businesses (ROCB) - that was what it was called then. I couldn't register my business because I did not have an office address to include on the form. I had to go to one of the virtual offices in the building and commit to paying them a monthly fee to use their address as my company's registered address, then go back to the ROCB to register my business. Now, businesses run from residential addresses so no monthly fee needs to be paid for a virtual office address. But this only benefits business that can be run out of home.

I have a friend who used to run his own business because of his passion for his work. He shut down the business. He said that passion can only get you so far if the rent is a killer.

Rent is a killer in Singapore. At this rate, there are very few new business that can survive if they don't have access to large amounts of funds. And banks may not want to loan them the money because they don't have a "track record".

So until the government can solve the issue of rental, I would like them to stop wasting taxpayer's money on promoting something that ironically cannot be achieved through external stimuli. I also urge parents not to send their children for lame entrepreneurship courses but allow their children to have time to play and explore instead the real world. Entrepreneurship and innovation come from within; they certainly won't be a result of encouragement by the government!

4 comments:

Paul said...

I think the only workable form of entrepreneurship will be in the form of licensed professionals such as doctors, lawyers, engineers etc where the capital outlay is minimal...Conventional biz in Singapore is dead due to the sky high costs of living here.

Anonymous said...

Of course it is BS.

How can you compete when the government is competing against you.

All the business is taken by GLCs!

Anonymous said...

I once worked in a foreign bank in Singapore offering Loans to 'start up' companies, I get complaints from these entrepreneurs "the government is encouraging entrepreneurship" and we banks are not supportive, well go find the government, not the banks, banks are profit making organizations, and YES it is ALL BS
Red kitty

David said...

Yu-Kym,

You are correct when you state that true entrepreneurship comes from within.

A university can teach the concepts associated with entrepreneurship, however I am not aware of any teacher or profesor who can impart or teach the drive and passion needed for someone with a great idea but no business knowledge to succeed.

You are an example of someone who had the drive and passion to succeed. You have done well in business and reasonably well on your own. The life of an author is difficult at best. Unless you have written a block buster best seller, few authors live independtly. Many write articles for specialtiy magazines and newspaper, and websites, all to make enoung income to allow them time to work their own independent works.

David