iBosses: The Rise of Gen Y Entrepreneurs – The Momentum Behind the New Age of Entrepreneurs
Entrepreneurs have a critical role in the growth of an economy, particularly in an emerging market such as the Association of Southeast Asian Nations (ASEAN). As a member of ASEAN, Singapore is facing increasing competition from its emerging Asian rivals.
However, Singapore retains its position among the top countries with respect to competitivity and innovation. The encouragement of entrepreneurship at all levels is a major policy initiative by the Singapore Government. While there is a clear emphasis and a desire for entrepreneurial activity, small businesses and/or entrepreneurial ventures have demonstrated sizeable failure rates because the idea of entrepreneurship was not welcomed by most organisations.
Generation Y entrepreneurs in Singapore have confronted several challenges, which influence the success of their businesses in general.