Entrepreneurship and Business Management (I) Essay

Entrepreneurship and Business Management (I) - Essay Example The SME in Singapore is supported largely by the Government but it fails to get the financial support that would have helped it scale new heights. Capital is always shy to support the new entrants especially that are small in size. The Singapore SME has made up for this deficiency by way of its entrepreneurial skills and abilities and has entered the International arena seeking resources it could not get at home. They have realized their potential and will be doing better in the future too. Singapore presents a paradox. It is a one nation state that has enormous prosperity but still ranks among the developing nations of East Asia. It is devoid of all natural resources, dependant on imports and yet has a high GDP and an astonishing per capita income. It has only two resource; human capital that has been exploited to the hilt and has catapulted it to its present eminent position. Its labour is qualified and with political stability the system is successful. The second is the port of Singapore; it is Asias largest harbour and is used as a trading hub by numerous Asian countries. Singapore has no agriculture and it relies on four major industrial/trading activities; electronics (60% of non petroleum exports are electronic products), petrochemicals (20% of industrial production), Information Technology (IT) and logistics. Biotechnologies and pharmaceutical industry are becoming prominent as Greenfield areas. The country also has a financial sector that is world class. Small and Medium Enterprises (SME) play a major role in any economy. They also employ a high figure of 50-60% of the labour force of the country (Luetkenhorst 2004). This fact contributes greatly to their support of the general economy in providing livelihood to a vast number of the population, even in countries like Singapore. Here they sustain a majority of the working population as well as provide sustained assistance