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  • George Yeo
    Minister of Foreign Affairs, Singapore. Guest Columnist of BeyondSG. He is on Facebook. Readers are welcome to join his Facebook network at http://www.facebook.com/georgeyeopage
  • Harold Fock
    Entrepreneur (Chief Editor of BeyondSG). Deputy CEO/CFO of a listed technology company in Asia and CEO of Foundation Capital Pte Ltd, a hedge fund based in Singapore.
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« What is globalisation? | Main | Global Connectivity and Friendships »

September 04, 2006

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harro uncle,

want to do biz in singapore, very hard le..got to find a sector that the GLC or government not in it...even pawnshop also taken!! just kidding...

but seriously funny thing that i noticed in the US...in many cases, the successful entrepreneurs actually are disposed towards funding other good ideas, creating the next generation of entrepreneurs...something like your multiplier effect in economics i guess...

so maybe force all the GLCs to do MBOs? and wait for the trickle down effect? radical idea?

Harold,

The issue with Singapore is that we glorify too much of top notch entrepreneurs and clearly, most Singaporeans do not have the fire in the belly and be molly-coddled into becoming entrepreneurs.

There are actually many Singapore entrepreneurs. I've come across a few of them. We are just the silent type and don't crave much publicity, carving our niche in our own arena.

It's one thing to say where we want to be and quite another to get there. Does Singapore society have the conviction to develop such a society that is not risk adverse? We are talking about changing many layers of our stratified society.

Being a Singaporean working overseas for a couple of years, I can assure you that 90% of Singaporeans run home to Singapore at the first sign of difficulty. It's always the same reasons - family, food, lower cost of living, etc. What it really translates to is - it's too tough.

In my view, there are only 1 way to learn street smarts and that is by experiencing hard knocks when still young. However, I dont think that will be possible anytime soon.

Klimmer, sorry, I beg to differ. There are actually more and more risk takers. We are getting there.

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