As the start-up hub of Southeast Asia, Singapore is lauded for its orderliness, efficiency, and support for new businesses still flocking the online business Singapore scene despite the pandemic. There are an effective tech infrastructure and legal system, which are vital for start-ups.
The growing and vibrant start-up scene in Singapore endures thanks to the government’s ready support and ample opportunities for business banking. The previous and current generation of entrepreneurs in Singapore are in the limelight, with business-minded people from all over the world flocking to join the fray.
Do you aspire to be a Singaporean entrepreneur or looking to extend your local business to this side of the world? Check out this article to see if you have what it takes.
Millennial SG Entrepreneurs
Owing to the widespread availability and updates on the Internet, most people can start their own online business in Singapore with little cost. The tools necessary to begin developing your own business are available on the Internet, which lowers the barrier to entry to business ownership.
Singaporean millennials are tech-savvy and are the ones willing to take more risks to develop their own businesses. Based on the survey conducted by AsiaOne, 41% of the people who participated have aspirations to start their own businesses. These figures include 72% of millennials! 72% plan to embark full-time, while the rest prefer to do it as a side project in conjunction with their full-time job.
Singaporean entrepreneurs are mostly motivated to start their own business due to four main reasons, based on a study by HSBC.
- Increase personal wealth
- The freedom of being your own boss
- To build a name for yourself
- To have a positive impact on the community
The data is for the Asia Pacific region, wherein Singapore is a part. 45% of Singaporean entrepreneurs cite increasing personal wealth as a motivation while 35% for autonomy or being your own boss. 26% say building a name is motivation, and 21% start businesses for social impact.
This is a direct change of priorities from the previous generation. For Singaporean business owners in their 50s, 47% cite personal wealth as a crucial reason, while 42% said it’s to be your boss. 18% claim it’s for building a name and just 13% for positive social impact.
This is in line with the trend of social entrepreneurship, which has become popular amongst the millennial generation in previous years. Thanks to the ease of business banking, becoming an entrepreneur is easier than ever.
One crucial factor when looking at the Singaporean entrepreneur’s profile is a background in business ownership. An early experience of being in a business can offer young entrepreneurs a head start in terms of capital and connections. HSBC’s report states that approximately half of the entrepreneurs (45%) have no history of family business ownership in Singapore. These self-starters have broken the norm to carve out their place in business.
Self-starters tend to start late, as many gain work experience elsewhere before planning to start their own business. The average age of self-starters is 32, while that of the next-generation entrepreneurs is 28. Self-starters are more likely to achieve their financial goals once they get the hang of it. 68% of self-starters are confident they have achieved financial independence, while it is 60% for next-gen entrepreneurs.
Self-starters answer to themselves, giving them more freedom in decision-making. If you’re keen on starting your own physical or online business Singapore, then choosing the right business banking partner is necessary. Start by researching top providers, then look for actual customer reviews. Best of luck!