"The entrepreneur's strategy should be to tap into the global economy."
The first challenge that I want to talk about is the growing economic competition from international and regional arenas.
The entrepreneur’s strategy should be to tap into the global economy. To enable this, we need to continue to attract foreign
investment into our country and export our products and services to international markets.
With globalisation, more countries have entered the economic playing field that are able to offer good skills at lower wages.
This being the case, we need to ensure our enterprises compete on quality rather than on price.
Over the next decade, globalisation will progress faster than ever as the pace of technological change accelerates.
The increasing inter-connectivity between countries will tie us even closer together.
Geopolitical uncertaintyMany things change, but one of the fundamental realities that remains unchanged is our geographical location. Therein lies the second challenge.
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The stability and prosperity of our neighbours is crucial to us. If they do well, Singapore will succeed. If they don’t, we will be adversely affected.
Greying populationSingapore’s population is ageing rapidly. Declining birth rates mean that in 10 to 15 years time, more than 20% of the population will be aged over 60. This will provide greater social and economic burdens on the next generations.
Entrepreneurs need to plan ahead and promote more policies to support older workers and
utilise the assets which older workers bring, of which the most important is their invaluable
experience.
Cost of operationsEntrepreneurs should always keep a close check on the cost of their business operations, especially in the current climate where the cost of power and transport
has increased dramatically. It becomes essential that while we are focussing on growth and
expansion, we do not overcommit ourselves.
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Staff retentionIt is important, as entrepreneurs, that we retain our employees who
demonstrate the 3A’s- (Ability, Approach and Attitude) with the 3R’s- (Respect, Reward and
Recognition). Good people are key to the success of any business, and retaining and
attracting the best employees will become increasingly important as competition for the best
people intensifies.
In what is becoming an increasingly competitive global economy, entrepreneurs must be
more alert to the future opportunities presented by globalisation, and to take calculated risks
to make their mark internationally.
Amit Sujan
ITCAN, Singapore
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