Minister urges young to grow entrepreneurial spirit

SINGAPORE — Entrepreneurship is a “mindset” and anyone can be an entrepreneur whether they are in their own business, a company or the government, Minister for Trade and Industry (Industry) S Iswaran said yesterday.

“When you talk about entrepreneurship, it doesn’t mean that all of us are going to end up starting our own business,” he told a panel discussion at the 9th Ministry of Trade and Industry (MTI) Economic Dialogue held at Innovis Building in Fusionopolis Two.

“It’s really more about the mindset, the problem-solving mindset. You are prepared to go out there to try new things… Even if you start something and fail, the learning that you acquire through it, especially in early stages, is something extremely valuable.

“You can be an entrepreneur wherever you are. You can be an entrepreneur in your own business, you can be an entrepreneur working in a big business or a small company, (and) you can also be an entrepreneur in government. It’s really about the mindset.”

The annual dialogue has been organised jointly this year by the MTI and Nanyang Technological University (NTU), with support from the National University of Singapore (NUS) and Singapore Management University (SMU). It is a platform for students to gain insights into economic issues and challenges facing Singapore. It was attended by around 180 students from NTU, NUS and SMU, as well as junior colleges and polytechnics.

Mr Iswaran pointed out that even giants in industry often build their success on a series of failures.

“We must have the thick skin to be prepared to try, and even if it doesn’t succeed, it doesn’t matter because through the process we would have learnt a lot,” he said.

Mr Iswaran was following up comments from fellow panelists Dr Lim Kuo-Yi, managing director and partner of Monk’s Hill Ventures, and Ms Audrey Kuah, managing director, global data innovation centre, Dentsu Aegis Network. The panellists — moderated by Associate Professor Jonathan H W Tan, visiting scholar, economic growth centre at NTU — were addressing a question from students on what key traits employers look for when hiring staff.

Dr Lim and Ms Kuah said employers look for people with entrepreneurial traits, the ability to solve problems quickly, while having the hunger and drive to succeed. Earlier, in his keynote speech, Mr Iswaran noted that new technologies are changing business models and affecting the Singapore economy, highlighting disruptions in retail and taxi business.

Meanwhile, technology-driven segments such as financial technology and artificial intelligence are creating new possibilities. “Rather than seek to resist these changes, the smart response is to embrace them and turn them into opportunities,” he said.

Mr Iswaran also called on students to seek opportunities to gain regional exposure, whether through overseas internships, semesters abroad, or regional work assignments.

He also shared other suggestions, such as embracing lifelong learning to understand emerging technologies.