Take this job and shove it: 3 out of 4 Singaporeans want to start their own business

This is a good sign for the future of Singapore, where SMEs contribute more than 50% of GDP.

The spirit of entrepreneurship is burning strong among Singaporeans, with almost 3 in 4 revealing that they had thought of starting their own business in the past.

According to a recent survey by leading financial management solutions provider Intuit Inc., 73% of men and women here, most of whom in their 30s, have considered being entrepreneurs at some point in their lives.

However, most cite business development as well as sales and marketing as their top obstacle to realising their dream, followed by effective procurement or supplier relationships. Book-keeping or accounting is listed as their third challenge.

“It is great to see that a large majority of people here possess an entrepreneurial spirit. It bodes well for the future of Singapore, where SMEs employ nearly six in ten workers and contribute more than 50% of the GDP,” said Arjun Chopra, Senior Marketing Leader at Intuit Singapore. “Small businesses have a significant effect on our economy and entrepreneurs maintain that creative spark in industries, and ensuring economic resilience. It is important to support this growing appetite for entrepreneurism by providing the right resources, e.g. financial management know-how, to set budding business owners on the path to success.”

The online survey of 1,000 respondents is aimed at the uncovering the level of empowerment Singaporeans feel in different areas of their lives – from their entrepreneurial intentions and work environment to IT attitudes and practices, including cloud computing.

Technology – biggest empowering tool

Technology, for example, is seen as a great enabler by the majority of participants, with Facebook emerging as the most useful social media tool in helping to expand business networks, on top of YouTube, Twitter, and Linked-In.

The survey found that 50% of Singaporeans are aware of the latest technologies such as cloud computing, but only a minority are able to name solutions or applications that may be useful. There is higher cloud awareness among the older working age group (40-59 year olds), indicating that Gen X is keeping ahead of the technology curve.

“Cloud computing is all the rage now, as it is answering people’s perpetual need for IT in a significant way, with its enormous scalability and mobility,” said Chopra. “We expect general consumers and companies to embrace its full capabilities, as they become more exposed to different services and applications.”

In the area of business communications, most people say they are constantly connected to their emails, with 55% checking their work correspondence at least once every 1-2 hours outside the office, indicating a constant need for effective mobile solutions.

However, with greater connectivity, respondents express significant fears over online security and privacy even though only a minority have experienced online identity theft.

“This empowerment survey has revealed how Singaporeans feel about different levels of freedom and control in their lives. There is growing interest in this phenomenon, particularly with the explosion of modern technology such as smart phones and social media, which have literally put the power to communicate into the hands of the people,” said Chopra.

Desire for more work autonomy

In terms of management at work, most felt that flexible and mobile work practices should be encouraged in today’s society. However, only 4 in 10 Singaporean companies see strategic value in equipping employees with remote working arrangements, allowing staff to work remotely to increase personal work productivity or meet specific deadlines. Majority offer this arrangement only as a convenient option, e.g. to allow employees to attend to personal/family illness.

Some 47% of respondents who do not have flexible working provisions in their organizations recognize this as an important option – especially those in their 30s – mainly for the flexibility to care for and spend time with their families.

“Studies have shown that some companies have reported an increase in productivity with home-based or off-site work arrangements, as long as they set clear ground rules and performance expectations,” said Chopra. “We should look towards developing a more progressive work culture in Singapore, especially if we want to retain talented employees who need more flexibility to attend to their needs at home.”