7 in 10 Singaporeans get the jitters in starting a business

What are they hesitating about?

According to the Global Entrepreneurship Monitor 2012 Singapore Report, a study carried out by Nanyang Technological University (NTU), while Singapore is ranked among the top few nations with the highest level of start-up rates, there is still more room for growth.

The survey found that fewer people in Singapore are confident of their entrepreneurial knowledge and skills to start a business.

The survey noted that 73.4 per cent (7 in 10) of respondents felt that they do not have the knowledge, skill, and experience to start a business.

Also, less than a quarter (22.5 per cent) said there were good opportunities to start a business within the next six months.

In comparison, 55.9 per cent of the respondents in the United States felt they have the required knowledge and skills while 43.5 per cent believed there would be good business opportunities within the next six months.

“To further grow the number of local entrepreneurs, Singapore could look at introducing more education and training programmes to raise the level of entrepreneurial skills and knowledge among its people,” suggested Assistant Professor Marilyn Uy, another entrepreneurship expert who teaches at NTC.

The survey also reveals that local experts are most concerned about access to professional services, deemed crucial for early-stage entrepreneurship.

Assistant Professor David Gomulya who specialises in start-up firms and teaches at the University’s Nanyang Technopreneurship Center (NTC) said, “Singapore did not rank as well as other countries in commercial and professional infrastructure. So we may need to keep track and monitor the start-up services industry that offers start-ups the knowledge and expertise they need in order to thrive, innovate and grow.”