Entrepreneurial Spirit in Singapore Stunted by Proliferation of Well-Paid Jobs
|If your job paid you really, really well, would you leave it to start your own business? Probably not. Well, it seems that this is one of the reasons for Singaporeans’ lack of entrepreneurial adventure.
According to business strategist and economist Dr. Yuwa Hedrick-Wong, one of the reasons why entrepreneurial spirit in Singapore is stunted was “because of the high demand for (well-paid) professionals, high pay and higher risks in comparison if they were to venture into business startups of their own.”
In an interview with TODAY, the author of “Succeeding like Success – The Affluent Consumers of Asia” argues that this professional pathway to affluence in Singapore was having a detrimental effect on the growth of entrepreneurship in Singapore.
“On the one hand, the Government is exhorting people to go out and become entrepreneurs, but on the other hand, it is (a competitor),” he was also quoted in TODAY. “Every corner you turn to do business, the Government is already there.”
He added that “the younger generation may become too risk-averse because of the availability of well-paying jobs and the small size of the domestic market.”
To find out more about Dr. Hedrick-Wong’s book, Succeeding Like Success – The Affluent Consumers of Asia here.
Daniel Goh is the founder and chief editor of Young | Upstarts, as well as an F&B entrepreneur. Daniel has a background in public relations, and is interested in issues in entrepreneurship, small business, marketing, public relations and the online space. He can be reached at daniel [at] youngupstarts [dot] com.