Entrepreneurial Spirit Alive in Students of Singapore Tertiary Institutions

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Channel NewsAsia
Tuesday, March 30

Entrepreneurial spirit alive in students of Singapore tertiary institutions

SINGAPORE: Most students from Singapore’s tertiary institutions have that hunger to be an entrepreneur some day.

According to the Global University Entrepreneurial Spirits Student’s Survey, 81.4 per cent of students polled expressed interest in becoming entrepreneurs. The number is among the highest in the world,

Half of those of those polled give themselves five years to make good and become an entrepreneur.

However, only 1.2 per cent actually run a business while studying.

20—year—old Illias and Boon Tai are in their final year studying Business IT in Ngee Ann Polytechnic.

They are also selling iPhone applications online and enjoy a worldwide reach.

They only made S$2,000 last year. But they are richer with the experience.

Illias Mhd Iqbal, partner, TIP media.net, said: We are still studying. We can make as many mistakes as we can and we try to learn from them."

One lesson learnt is the value of money in any venture.

Illias added: "When you start a business you need capital and when we started from zero dollars, that was an issue that we faced. The idea is you have to be a bit tactless and start knocking on doors and try to gain some funds."

Funding was not issue for an IT startup, Techsailor.

It was started by two graduates of the National University of Singapore during their student days.

They got a helping hand with funds from the government.

Wayne Chia, business development director, Techsailor, said: "Of course, there are opportunity costs compared to our peers, more headaches when you have to study for exams and meet lecturers alike. But the satisfaction is definitely there."

However, young entrepreneurs like them are few and far in between.

According to the Global University Entreprenuerial survey, only one student out of 100 started their own business while still in school what holds them back are parents and money.

Professor Wong Poh Kam, director, NUS Entrepreneurship Centre, said: "Some of the students may not feel that they are well—equipped yet to start business upon graduation. In fact, a lot of them say they would rather work for a while, gain experience develop some contacts and maybe have some savings before they eventually start their business."

Professor Wong feels that there are sufficient financing programs to meet funding needs but the challenge lies in getting parents to throw their support behind the students. — CNA/vm