In conjunction with the inaugural Global Entrepreneurship Week in Singapore, Ngee Ann Polytechnic organized an International Business Forum jointly with Spirit of Enterprise (SOE) and the Malay Youth Literary Association (4PM) on 20 November 2008. This event was supported by International Enterprise (IE) Singapore and the Franchising & Licensing Association (FLA) Singapore.
In addition to the Week's central initiative to inspire young people around the world to embrace innovation, imagination and creativity towards entrepreneurship, the International Business Forum is aimed at a further essential national agenda to prepare the youths for a global future.
After the welcome address by Director of School of Business and Accountancy, Mr Philip Lau, the representative from IE Singapore, Ms Leticia Chua shared with the audience the various initiatives undertaken by the agency to promote internationalization by Singapore companies. The framework of assistance include improving the competencies (e.g. branding and design) of local companies; enhancing connections via business missions and trade fairs and providing capital in terms of grants and tax incentives.
The highlight of the Forum was the panel discussion moderated by Dr Seet Lip Chai (NTU) and Ms Rahayu Mahzam (4PM). The distinguished panelists include:-
- Ms Wendy Ho, Managing Director, Mary Chia Beauty & Slimming Specialist Pte Ltd
- Mr Loh Lik Peng, Owner, Hotel 1929 & New Majestic Hotel
- Mr Adrin Loi, Executive Chairman, Ya Kun International Pte Ltd
- Mr Ng Whye Hoe, Managing Director, Pet Lovers Centre Pte Ltd
- Mr Glenndle Sim, CEO, Mencast Holdings Ltd
The entrepreneurs shared that going international was the natural growth path of their companies due to the size of the Singapore market. However, it is imperative to establish the company in Singapore before venturing abroad. After the standard operating procedures have been established in Singapore, the model can then be replicated in foreign markets, albeit with modifications to suit the local conditions. Also, if a company were to be successful in Singapore, it would then attract the right foreign partners who would want to bring the concept to their countries.
During the lively question and answer session, the panelists also dished out additional tips to the participants. Besides the need to know the fundamentals of their business ventures, all entrepreneurs should also strive to continually improve and challenge themselves. Last but not least, one must not overlook the need to establish good relations with all the stakeholders. After all, minds can be bought but hearts must be won.