Entreprenuerial activity in Singapore is at 4.9% or 5 out of every 100 people were likely to join or initiate a start-up last year. Hmmm! Singapore is ranked 16th among the 22 members of the Organisation for Economic Cooperation and Development (OECD).
A/Prof Wong of NUS Entrepreneurship Centre said the tentative evidence showed that buoyant economy with its record-high employment levels and strong GDP growth may have influenced the decline in " entrepreneurial propensity".
What a dilemma! Strong economic growth reduces entreprenuerial activity. Entreprenuership drives economic growth. The analogy I have is the entreprenuership is like a thermostat in the aircond. When the room temperature is cold (strong economy), the thermostat is off. When the room warms up(economy weakens), the thermostat will kick in to drive the temperature down. I guess the Golden Handcuffs theory is works too. If you have a job with good pay(handcuffs), then it is less likely for you to start-up your own business.
A lot of success stories we hear on business usually have a difficult period where the person is jobless or had to survived without a job. The few exceptions are Olivia Lum who strongly believe she can sell water treatment to big companies, YY Wong of WyWy chain who left the company because he want earn all the money he is making for the company he was working for.
Entrepreneurship is fuel by human instinct for survival.
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