If you think of a country who nourishes entrepreneurship, it is probably the USA, Australia or India that comes to mind. But newest studies reveal that actually, the small Asian state of Singapore outsmarts others when it comes to the spirit of business. Surprisingly enough, Singapore leaves behind economic giants such as Germany, Hong Kong or even South Korea. What is it that triggers economical innovation and growth of enterprises in this specific country?
Before we answer that question, let’s move one step back to see how entrepreneurship is even measured. Usually, the major indicator of a dynamic economy is the amount of new created businesses. As a quantitative approach, this can give a first impression. However, real innovation and entrepreneurship goes further than that. New businesses are a sign of a growing economy but stable companies indicate the economic strength of a country. After the first stage of growth, a country usually undergoes a phase of efficiency and passes then to a stage driven by innovation. The dynamic interaction between those factors really prove a healthy economy.
As a matter of fact, Singapore has scored particularly well in the areas of entrepreneurial goals, ambitions, taking the business from a local to a global level and also has shown itself very apt to adjust their technologies to changing markets and global competition. As a small country deprived of the riches of natural resources, Singaporeans had to work hard and be creative in order to achieve economical growth. From a busy local trade market, it soon expanded into a big global player, finding innovative niches in the world wide market. For foreign investors, Singapore as a stable and liberal country has become a popular location as a strategical place to enter the Asian market.
Singapore – small country, big economical power
If you think of a country who nourishes entrepreneurship, it is probably the USA, Australia or India that comes to mind. But newest studies reveal that actually, the small Asian state of Singapore outsmarts others when it comes to the spirit of business. Surprisingly enough, Singapore leaves behind economic giants such as Germany, Hong Kong or even South Korea. What is it that triggers economical innovation and growth of enterprises in this specific country?
Before we answer that question, let’s move one step back to see how entrepreneurship is even measured. Usually, the major indicator of a dynamic economy is the amount of new created businesses. As a quantitative approach, this can give a first impression. However, real innovation and entrepreneurship goes further than that. New businesses are a sign of a growing economy but stable companies indicate the economic strength of a country. After the first stage of growth, a country usually undergoes a phase of efficiency and passes then to a stage driven by innovation. The dynamic interaction between those factors really prove a healthy economy.
As a matter of fact, Singapore has scored particularly well in the areas of entrepreneurial goals, ambitions, taking the business from a local to a global level and also has shown itself very apt to adjust their technologies to changing markets and global competition. As a small country deprived of the riches of natural resources, Singaporeans had to work hard and be creative in order to achieve economical growth. From a busy local trade market, it soon expanded into a big global player, finding innovative niches in the world wide market. For foreign investors, Singapore as a stable and liberal country has become a popular location as a strategical place to enter the Asian market.
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