I read with some amusement recently that a Minister of State, in a recent interview with Channel News Asia, made comments that Singapore(ans) should start youth on entrepreneurship earlier.
The optics of this is hilarious. Its as if you have a General who all throughout his career, has risen through the ranks to reach the pinnacle (on paper) in rank. He is probably an expert in engaging war strategy, best practises, soldier discipline, equipment specifications and availabilty etc etc.
Everything on paper to protect his country, and its interests.
He then goes to tell the many youth out there to go and 'Chiong' where he has never engaged in firefight, dogfight or skirmish, let alone engage with the enemy in the battlefield.
When we look from the sidelines, we see the Government leaders telling people go. Its yours to win, I read it all in books, we have the means to support you ! This is typical of our leaders in Government, they are good cheerleaders, provide grants yet in their past resumes, no one (with very few exceptions) has literally 'walked the talk' as far as starting, managing and growing a business from scratch to (say) S$ 10 million revenue in size.
Fact of the matter in entrepreneurship, 70% of businesses fail in the year, 90 - 95% fail within 3 years and only a tiny fraction (0.01%) make it to $10 Million within say 10 years upon startup.
Entrepreneurs for the most part are born not made. Their stories are filled with grit, failure, lots of late nights, tough decisions and heartbreak time and again. They need to have the stomach to take sizeable risks and go 'all in' or sell the house type of risk to achieve the ultimate reward.
Olivia Lum was a successful businesswoman at the listed company Hyflux. She started here entrepreneurial jpurney when she was in Primary school selling eggs from her hometown in Ipon to her classmates to make some pocket money.
Sim Wong Hoo (Creative Tech Chairman) did the near impossible. He realised that the Singapore market was too small a market to scale up on his flagship Soundcard, so he ventured to the US market in the late 1980s and took a good 5 years to establish a foothold, gain loyal following and develop his brand, and then and only then, the fastidious Singapore market was broken into.
His Chinese PC was ahead of its time, and failed.
His Zen Patent Music Organizer, was in contention with Apple's own version, and they fought a costly lawsuit which Creative subsequently won for USD 100 million.
Who Dares Wins. For a small fraction, this is a handsome payout, and to my recollection, only the 2 companies above, Creative Tech and Hyflux have come from private sector without any big Government money at key stages in their growth.
Who Loses will lose his house, and shirt on this back big time.
So Mr. Minister, standing from the sidelines, you have the spectators, you have the running shoes, maybe even provide the coaching.... (I believe and I may be wrong)...but there are strings attached.
I have had my share of grants disbursed from the Enterprise SG and boy its full of bureaucratic rigmarole designed at 'helping SMEs' but at the end of the day, its essentially an extra administration burden required with endless submissions, approvals and assessments to get the money.
It was really not worth the effort and time to get the grants, in my opinion.
The best runners will be running barefeet, training with their own parents' money and slowly working their way up. Many will fail, will suffer breakdowns and injuries. Heartache and mental duress is all part of the athletes game.
When they do suceed.
And boy they will one day.
The scent and taste of success will be so sweet.
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