Sunday, April 28, 2019

Critically Discuss and Investigate on Entrepreneurship in Singapore Essay

Critically Discuss and Investigate on Entrepreneurship in capital of Singapore - Essay ExampleEarly-stage entrepreneurial propensity includes the nascent participation rate and the sassy firm participation rate in Singapore.However, entrepreneurial activity has been slow to develop in Singapore and those that have emerged as successful entrepreneurs are the most likely to emigrate (Oxford, 2006). This is because of the challenges that the entrepreneurs face in Singapore. The start-ups and the SMEs did non have access to capital even though the financial sector was liberalized and developed (Low, 2005). Even though Singapore was ranked as the third most globalized nation there were no provisions to defend the entrepreneurs to participate in the global market place. Over regulations stifled the innovative characteristic in the entrepreneurs and they had to trace with the high cost of fees and licenses.Singapore is a developed nation according to the socio-economic indicators (Table I) except for its sustainability in acquisition and engineering science (Low, 2005). Singapore is an open economy and its growth is dependent on direct foreign enthronement and trade. The island nation has a well educated and skilled labour force but lacks in other resources.The government in Singapore recognizes that the nation lacks in entrepreneurial culture and hence fostered an entrepreneurial milieu in its master plan named SME21 to meet the challenges of the 21st century (Bhasin, 2007). This is meant to stimulate the high-tech SMEs from their earlier nidus on MNCs (multi-national corporations) and larger corporations. Earlier, the government had also launched the Technopreneurship 21 (T21) program to encourage entrepreneurs in the field of technology and innovation. In March 2000, the government also set up a $10 million pedigree called The Enterprise Challenge to sponsor innovative proposals and encourage creativity. The government also set up agencies to bind the entrepreneurs. Notable among

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