Almost every Hollywood movie has glorified quitting your day job and starting your own business. Is there truth to this tired Hollywood stereotype? Is entrepreneurship the proverbial “final frontier”?
Is Business On The Rise?
While many businesses have been forced to shut down or scale back, COVID-19 has created a boom in startups in every corner of the world. Economists generally attribute this to the changes in employment patterns — laying off workers has created the impetus and time for many to start their own business. Adversity has created the right set of conditions to compel many to strap down at home and innovate, bringing to fruition business ideas they would have never stopped to consider in the confined safety of their nine-to-five jobs.
It is no secret that Singapore has been trying to create an ideal set of conditions for entrepreneurial activity even before the pandemic was knocking on our doors. For instance, Singapore was ranked as the 10th best place globally for budding entrepreneurs in the Global Start-up Ecosystem Report 2015. Improvements to physical infrastructure have also been done to support businesses: local enterprise development agency, SPRING , has collaborated with other agencies to provide efficient and integrated spaces for businesses to flourish. While Singapore’s entrepreneurial scene once lacked vibrance, today’s start-up ecosystem is thriving.
We have seen how our economic landscape has been changed forever by technology, favoring the proliferation of business. Many areas of sales have been successfully digitized. New business models have arisen; firms such as alibaba.com now have structures that in fact help smaller firms remain competitive, giving them a fighting chance against global MNCs. Fundamental advancements in technology result in constant opportunities to innovate.
On top of technological advancements, the new generation, affectionately termed “the Gen-Z” are pushing their personal boundaries and challenging traditions more than ever before. With their undeniable hunger to succeed and revolutionize, the ambitious realize that entrepreneurial activity means being in control of your destiny and challenging your boundaries, allowing many to go beyond their paper qualifications and a set career development path — after all, Steve Jobs was a college drop-out.
Generation Z aren’t the only ones desiring to become entrepreneurs. The exponential financial growth a successful entrepreneur can achieve in a short span of time is enticing as well; it is nearly impossible for an employee to gain as much and as fast, regardless of the industry they are a part of as they are definitionally constrained by regular on-the-clock salaries.
Finally, the passionate recognize that great entrepreneurs are great leaders with the ability to change the way people think, live, work and play. Many business leaders have improved the standards of living for millions around the world, and aspiring entrepreneurs may wish to do the same.
Keen to start your entrepreneurship journey?
Interested in taking on the role of startup founders to create “the next big thing”? Ever wished you were on reality TV pitching your entrepreneurial idea to celebrity investors? Afraid of the ups and downs and financial distress of executing a business plan alone? Join the PAK Challenge today, SMU’s very own Shark Tank and find out if you are well on your way to becoming the next Steve Jobs! Winners will get funding and networking opportunities, which will allow them to take their ideas to fruition.
 As the local enterprise development agency, SPRING, together with other government agencies, has also looked at improving existing infrastructure to better support start-ups