Local entrepreneurs : motivations, traits and problems.

• Main Authors: Koh, Lay Sien., Kong, Pei Ling., Lim, Li Nah.
• Other Authors: Nanyang Business School
• Format: Final Year Project
• Language: English
• Published: 2013
• Subjects: DRNTU::Business::Accounting
• Online Access: http://hdl.handle.net/10356/51225
• Institution: Nanyang Technological University

Over the last three decades, Singapore has achieved a rate of economic progress equalled by few countries in the world. Singapore has progressed from a poor under-developed country (with a per capita GNP of less than S$1,000 in 1960) to a more advanced developing nation in 1996. Its economic growth is explained by the proliferation of multinational corporations (MNCs) and government-linked companies (GLCs). In the earlier days, Singapore had been able to leapfrog competition by playing a supporting role to the multinational corporations and this helped Singapore to grow "one wing" — its domestic economy. Changes in the business climate have led the government to recognise the important role that the small- and medium-sized enterprises (SMEs) can play in Singapore's economic development. Now the challenge is to nurture a new breed of entrepreneurs who can help Singapore develop the second wing by way of an external economy. In view of this challenge, Singaporeans are being encouraged to be more entrepreneurial. As we undertake to study local entrepreneurs, various questions emerge — What are the motivations for becoming entrepreneurs? What personality traits distinguish the successful entrepreneurs from others? What are the obstacles that entrepreneurs face? What needs and desires do entrepreneurs have in training and assistance? Our project seeks to address these questions and provide some answers through the specially designed questionnaire and case-study analysis. Specifically the objective of this report is to: i) examine the motivations of entrepreneurs in Singapore, and the traits perceived to be important for success ii) explore the problems faced by these entrepreneurs in their search for self-actualiasation iii) determine their needs and desires in training and assistance iv) examine the solutions available that can resolve their difficulties. We hope that this report can serve as a useful guide for people contemplating an entrepreneurial career.