Take some risk

16 August 2012

As a Singaporean, it's delightful reading this article from the BBC about startups in Singapore. But I have to say that it is always the same sort of story, in more or less this structure:

1. It's good/easy to start a business in Singapore
2. We have great infrastructure to support a startup ecosystem
3. But too unfortunately Singaporeans have little risk appetite :(
4. But things are improving. We have more entrepreneurs :)
5. And hopefully we can witness a star entrepreneur who can breed more stars. ^^

See where the problem is? It's at point number three. Singaporeans can't take risks. And risk is subjective, I know. Starting a business is risky? To me, maybe not. But perhaps it is for a fresh graduate with no experience and a high GPA.

And how about expanding to a new country? Now that's risky in my view, but probably not to someone who has international experience under his/her belt. So cut the fucking bullshit and let's take some risk, shall we? High return comes with high risk. Solve point number three, period. Nothing ventured, nothing gained.

Given the fact that Singapore is a small market (and it is for sure), then point one and two hardly matter. Why? When the market is small, you're forced to expand abroad anyhow. And when you expand abroad, you have to get accustomed to the business rules and infrastructure in the country where you're expanding. I'm sorry to say that we can't bring our fast broadband speed, smartphone penetration, banking, e-payment system, sophisticated internet behavior, law, transport, language, attitude —- all that stuff — with use to another country. If you try, you will get fucked big time for sure.

The Singapore government isn't blind, which is why there are programs that help local startups to explore big markets like the U.S, Vietnam, Indonesia, and China. And in China, there's a group of Beijing-based Singaporeans helping fellow Singaporean to ease in and do business there. Judging by the actions of the folks in the Singapore government, I think they would agree with me that local companies should expand abroad. Singapore is just too small.

Speaking of local heroes, we do have them. In the tech sector, we have Mr Sim Wong Hoo, the founder of Creative Technologies. His achievements are incredible. If you want to talk money, he became the youngest billionaire in Singapore when he was 45 years of age. I personally see him as an inspiration.

Sure, we haven't had successful cases of that magnitude for a long time. But that shouldn't discount Mr Sim's story which should give encouragement to young entrepreneurs. If Singapore needs any more of such stories, then make it part of your goal.

It could be you.

It's tough but not impossible. It may or may not be in this venture that you're running, it could be the next, or the project after your next. The point is, keep doing the real shit, keep taking risks so you have a shot to reach that height. If you get stuck at point number three, stay contented in Singapore. Chances are, you can't be at Mr Sim's level. Not even close.