No Home-grown Entrepreneurs? Way Big Deal
Excerpt from The Straits Times “ It does not matter if Singapore does not produce its own entrepreneurs. That was the stark point made by former Economic Development Board chairman Chan Chin Bock yesterday when asked about the country's apparent inability to produce its own successful companies.”
It struck me as rather surprising that a former EDB chairman should make such a comment, coming from someone who champions the economic development of Singapore. I disagree vehemently that it is of no importance that Singapore produce its own entrepreneurs.
His point of contention is that "as long as a company is yielding 'social benefits', it should not matter whether it is an MNC, a government-linked company or a local enterprise." It is true that when we are looking at the benefits brought by a company, whether economical or social, it is of little or no significance where the company is from. However, this leaves our society at the mercy of the company, should it decide to shift operations or withdraw its stakes from a certain country entirely. Should a corporation uproot itself from its host country, jobs will be lost in the thousands and the potential ripples from this shockwave will be even more pronounced. A loss of jobs for sole breadwinners would mean loss of income for the family. This would inevitably result in inability to finance mortgages, pay utility bills and creating a multitude of financial-related issues for cash-strapped families in already hard times.
It also matters to have our own entrepreneurs, because we want to have the edge over our competitors. Quoting Professor Lim herself "We have to think in terms of growth being for people, not people for growth." Wouldn't it be better if the growth was by our own people? Wouldn't we grow more if locals learn how to start up and operate a business and pass on the relevant experience to our citizens? Instead of always relying on foreign expertise and experience, grooming local talent would ensure that our people continually learn and innovate, thus creating more value for businesses and the economy.
Perhaps, it is in good times, when most have a roof over their heads and a steady source of income that our citizens dare not venture out of their comfort zone. Inversely, when the market is not looking so bright, it may prompt more of our own people to be their own bosses. Whether it is because of out of desperation due to lack of jobs, or due to the opportunity that is presented during this crisis, it is evident that many has tried their hand at starting a business. I believe that given the right opportunity and funding, more will follow.
It is when the going gets tough that the tough gets going.
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