Small is beautiful - SMEs, being nimble, can react quickly to the changing economic environment, says Lawrence Leow, president of the Association of Small and Medium Enterprises (ASME).
Mr Leow was speaking at a press conference yesterday announcing the top 17 finalists for the 20th Entrepreneur of the Year Award by ASME and the Rotary Club of Singapore.
'The submissions that were received this year were of exceptional quality,' said Kurt Wee, co-chairman of the Award Organising Committee.
The award is given to local entrepreneurs who display excellence and drive in their field of business, while making notable contributions to society.
Candidates had to undergo a stringent judging process comprising interviews, site visits, and close evaluation of qualitative and quantitative records before being selected by a panel of judges.
Besides receiving more submissions, the Award has seen younger finalists making it to the top 17 this year. They include Charles Wong, managing director of Charles & Keith International, and Valerie Tan, chief executive officer of Pinnacle International Pte Ltd. Both are 34.
Mr Wong, who has GCE 'O' Levels as his academic qualifications, says his entrepreneurial spirit was kindled in 1994, when his mother owned a shoe shop, L&A Trading, where he helped out.
Back then, he would try to understand customers' likes and dislikes and relate them to wholesalers, only to find that the final designs and prices were vastly different from what customers initially wanted after passing through countless middlemen.
It was here that he noticed a gap in the market, and worked towards filling it.
'I have the belief that if someone is willing to try, and puts in the effort and passion, they can do it. Even if you make mistakes, move on,' Mr Wong added.
The Overall Winner and Sub-Category Award Winners will be unveiled at the Award Presentation Ceremony on Oct 22 at the Ritz Carlton, Millenia Singapore.
This article was first published in The Business Times on September 19, 2008.
