On Saturday 19 July 2008, Entrepreneurs_Connect @NP organized the inaugural Youth Entrepreneurship Forum 2008 jointly with the Malay Youth Literary Association (4PM) and the National Youth Achievement Award Gold Award Holders Alumnus (NYAA GAHA). The theme of the forum was “Entrepreneurship : Prospects and Challenges, From Ideas to Business”. The organizers were pleased to invite the Guest of Honour - Mr Hawazi Daipi, Senior Parliamentary Secretary of Ministry of Manpower and Ministry of Health to grace the occasion.

The Guest of Honour reminded the audience that Singapore began as a nation of entrepreneurs. Our forefathers were instrumental in transforming the nation into a financial and commercial centre. Fast forward into the twenty first century, it is vital for us to develop a stronger culture of enterprise in society so as to ensure Singapore’s success. Mr Daipi recognized that a tension exists in the two views of entrepreneurship. One is utilitarian in which firms maximize profits at the shortest possible time at the expense of environment and society. The other is utopian, where we create a better world by providing solutions for existing problems. Mr Daipi advocated a merging of the two views via social entrepreneurship, where companies seek to add value to the community beyond just dollars and cents.

Four speakers from diverse backgrounds were invited to share their experiences with participants. They were Mr Inderjit Singh, Member of Parliament for Ang Mo Kio GRC; Ms Elaine Teh, Executive Director of Octopus Holdings Pte Ltd; Ms Anisa Hassan, Managing Director of It’s Just Lunch Singapore and Mr Max Ng, Managing Director of Gateway-Law Corporation.

Mr Inderjit Singh highlighted that entrepreneurs must have a passion for their business and cannot be driven solely by money. However, he added that entrepreneurs need to ensure that their businesses are profitable before they can think of contributing to society. He felt, though, that not everybody needs to start a business; those working in organizations should think like entrepreneurs.

Ms Anisa Hassan shared her own journey as an entrepreneur. She started an online business which did not take off prior to buying the franchise for It’s Just Lunch. She stressed the importance of knowing one’s own core competencies before starting a business. She also added that it is important to surround oneself with supporters and mentors.

Ms Elaine Teh gave the analogy of the red ocean versus blue ocean strategy for businesses. If one chooses to start a business which many others have already started, he/ she will end up in the red ocean where competition is cut throat and the likelihood of success is low. However, should one be able to think out of the box and perhaps go into an unexplored market, there is a likelihood of making profits in the “blue ocean”.

Mr Max Ng told participants that at some point in their lives, they are probably going to question the meaning of their jobs. Perhaps, should they be their own boss, they would likely be more willing to overcome challenges so as to ensure success of their ventures. 

With a lively question and answer session, Mr Inderjit Singh advised the youths not to take too long to start their ventures should the opportunity arise. The stimulating session could just possibly be that all-important little nudge to the young participants to embark on their own journey as entrepreneurs.