SINGAPORE: One would expect that a global business hub like Singapore would be sprouting entrepreneurs from top students of its globally-ranked universities. However, netizens are convinced that Singaporeans are just not cut out for entrepreneurship.
Discussion about why top students in Singapore rarely pursue entrepreneurship sparked online after Dr Tan Sian Wee, senior vice-president of Innovation and Enterprise at the National University of Singapore (NUS), told The Straits Times that while entrepreneurship is forged in uncertainty, risk-taking isn’t really practised in local universities.
Proposed new ventures are often met with a “we need to study this further” reflex, which delays momentum and dampens Singaporeans’ bold ideas.
“This wariness ties back to our ‘culture’ that favours certainty over experimentation, and caution over ambition,” he said.
Netizens echoed similar views, with one saying Singapore’s education system is not centred around taking risks, unlike entrepreneurship, which is a high-risk, high-reward career path.
One commenter wrote, “Singapore is good at producing technocrats. Excellent executors. But very little in the entrepreneurship mindset.”
Others pointed out that entrepreneurship often involves losing money first, given how expensive it is to do business in Singapore.
“Most are not privileged enough to have the funds to start a business or take risks. 99% of startup founders I have seen have the connections or financial means to start their startup and take risks,” another wrote
However, a third added that most Singaporeans really just prefer stability, saying those who can or are willing to take risks have already left the little red dot.
Still, with many struggling to find jobs, some Singaporeans have recently been fuelled to start businesses, as it has seemed less risky than waiting for employment. /TISG
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