Entrepreneurship in Singapore Growth and Challenges Essay Sample
This essay sample is on Entrepreneurship in Singapore Growth and Challenges Essay. Here we will the What is Entrepreneurship?, How entrepreneurship has contributed to the growth of Singapore, Benefits for Entrepreneurs in Singapore, Challenges of entrepreneurship in Singapore, etc.
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This essay on entrepreneurship in Singapore will provide you with a good understanding of the growth and challenges that this industry faces. You may download this essay. If your school or university needs custom essays, contact our team for assistance!
Introduction- Entrepreneurship in Singapore Growth and Challenges Essay
In this sample essay, we shall be looking at the much-discussed topic of “Entrepreneurship in Singapore: Growth and Challenges”. Now, everyone knows what an “Entrepreneur” is. In fact, this term is quite famous in the contemporary world. We shall be discussing what are the challenges faced by entrepreneurs in the context of Singapore. Plus we shall also discuss how they help the lion city’s growth.
Moving on, this is quite an important concept for students of any field to grasp. For that reason, we shall be discussing it in great detail. In addition, we shall also be dividing it into different sections. This is done in order to improve the structure of the essay and help readers understand it better.
Main body- Entrepreneurship in Singapore Growth and Challenges Essay
What is Entrepreneurship?
Now, most of us already know what entrepreneurship is. It is a quite famous concept in today’s time. Regardless, the terms refer to a variety of things. But one should not confuse between a businessman and Entrepreneurship.
Entrepreneurship in a general sense refers to a business-oriented operation aimed at solving a certain problem. It may be a product, digital solution, an application, or just about anything. Another major difference is that there is a huge amount of risk related to it. So much so that over 90% of start-ups fail right after the launch.
Moving on, we shall be looking at Entrepreneurs’ contribution to growth in Singapore, in the next section of the sample essay.
How entrepreneurship has contributed to the growth of Singapore?
The term “Entrepreneurship” is quite well known in Singapore, much like the rest of the world. Moreover, the city-state of Singapore takes pride in the fact that lion city stands on the foundations of entrepreneurial ideas. This has helped the city grow into the financial as well as commercial hub that it is today.
In fact, as much as 7% of the total population of the city-state are involved in entrepreneurial activities. In addition to this, Singapore in terms of business investment ranks amongst the tops in the world. Unsurprisingly, in the year 2020 alone as many as 45,000 businesses were registered, this translates to 1 out of every 100 people.
Furthermore, these business adds variety to the commercial eco-systems of the city. This in turn helps Singapore in maintaining its title as a commercial hub of the world. Plus, it allows better opportunities for collaborations within and outside the city-state. Consequently, it helps in the economic growth of the lion city.
Benefits for Entrepreneurs in Singapore
In this section of the sample essay, we shall be discussing the benefits available for Entrepreneurs or start-ups in the City-state of Singapore. It is already a known fact that Singapore is a financial and commercial hub. So we can say there’s already a good ecosystem for a start-up.
However, there are other several benefits available for start-ups. These are, as mentioned below:
- Availability of fundings
- Geographical advantage
- Business-friendly market
- Highly experienced and capable
- Ease of setting up a business
So these are some of the many advantages that can be exploited by entrepreneurs in Singapore. Moving on, we shall be looking at the challenges to the same in the next section of the sample essay.
Challenges of entrepreneurship in Singapore
Till now, we read about several advantages and contributions of Entrepreneurship. However, in this section of the sample essay, we shall be looking at the challenges associated with the same. So without further adieu, challenges are, as mentioned below:
- High cost of operation
- Lack of skilled workforce
- Highly competitive market
- Lack of talented employees
- Limited geographical options
With the example of challenges to Entrepreneurship in Singapore. The sample Essay is concluded.
As Singapore has developed into a global economic hub, the government needs to provide plans that will help maintain this growth. The government should also consider other ways of investing in education and healthcare for future generations so they can grow up with opportunities. In order to be an effective leader in Asia’s changing economy, Singapore must continue its development as a center for innovation while still maintaining key aspects of being a traditional Asian society.
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