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1.40 Our third strategy is to encourage the spirit
of entrepreneurship among Singaporeans. To thrive
in a volatile and unpredictable environment, and
to ride on the growth of emerging regional markets,
Singaporeans must take risks, seize opportunities
and create new possibilities for themselves. Every
Singaporean must rely on his own wits and initiative,
in order to respond quickly and supplely when
conditions change. It is heartening that despite
the slow economic growth, about 600 more new businesses
were registered last year compared to the previous
year.
1.41 Entrepreneurship is not just for the minority
of Singaporeans who take the plunge and start
up new businesses. It is a mindset that all of
us should share. It must pervade all businesses,
large and small, as well as the public sector.
In Singapore, an entrepreneurial and innovative
civil service bureaucracy must not be a contradiction
in terms.
1.42 Government policies will help to foster
entrepreneurship. Low direct taxes will allow
successful entrepreneurs to keep more of the fruits
of their labour. Improvements to the education
system will expose Singaporeans to business concepts
from an early age. The public sector will continue
to simplify its rules and procedures and cut red
tape. Ministries and statutory boards will avoid
crowding out the private sector by spawning companies
to do things that the private sector can do.
1.43 Entrepreneurship requires talent. While
we develop our own talent, we must also attract
entrepreneurs from all over the world to launch
ventures and develop ideas here. To do so, we
must offer an environment in which good ideas
stand the best chance to be nurtured and take
off.
1.44 Producing entrepreneurs will also depend
on our social values. A society that prizes self-reliance
is more likely to produce winners. So is one in
which winners are celebrated, while the unsuccessful
are encouraged to learn from their mistakes and
try again.
1.45 We must become such a society. Then we
can produce a constant stream of dynamic start-up
companies, some of which will grow into major
players. Our established companies can also develop
into internationally competitive firms. This will
enable us to continually renew our economy, staying
ahead of others through innovation and enterprise.
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