03 June, 2020

Quora Answer: Are Singaporeans Entrepreneurial?

The following is my answer to a Quora question: “Are Singaporeans entrepreneurial?

The entrepreneur is always a rare breed.  The qualities and circumstances that drive people towards entrepreneurship include need and calculated risk.  Singapore, as a developed nation, suffers the consequence of stability and long-term planning.  There is little incentive for most Singaporeans to move out of their comfort zone.

Since we cannot create entrepreneurs out of this need to survive, we have to do it by inspiring the next generation to take calculated risks in order to seek greater rewards.  It cannot be solely financial, when a normal job for an educated person pays well enough.  So, it has to be about legacy and making a positive contribution.  Singapore was built by entrepreneurs, and it is the legacy of generations of people who came from many places to build something better.

In that sense, entrepreneurship has always been part of our culture.  It is not so evident unless people know where to look.  Singaporeans sell things in seedy back lanes.  Singaporeans sell things online in hopes for profit.  Singaporeans take all sorts of risks to make a side income.  That is all entrepreneurship.  If people think entrepreneurship is solely the Western start up culture, we must reiterate that the West does not have a monopoly on business practices.



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