IN WEDNESDAY'S report, 'No home-grown entrepreneurs? No big deal', former Economic Development Board chairman Chan Chin Bock made the stark point that it does not matter if Singapore does not produce its own entrepreneurs.
It struck me as rather surprising that such a comment would come from someone who champions the economic development of Singapore. I disagree that it is of no importance if Singapore does not produce its own entrepreneurs.
Mr Chan's point is that as long as a company is yielding 'social benefits', it should not matter whether it is a multinational corporation, a government-linked company or a local enterprise.
It is true that when we look at the benefits, whether economic or social, brought about by a company, it is of little or no significance where it is from. However, this leaves society at the mercy of the company, should it decide to move its operations or withdraw its stakes from the country.
Should a corporation uproot itself from its host country, jobs will be lost in the thousands and the potential ripples from this shockwave will affect many people.
We need to have our own entrepreneurs if we want to have an edge over our competitors. Mr Chan quoted Singapore economist Linda Lim as saying: 'We have to think in terms of growth being for people, not people for growth.'
Would it not be better if the growth was generated by our own people? Would we not grow more if Singaporeans learn how to start up and operate businesses and pass on the relevant experience to other citizens?
Instead of relying on foreign expertise, grooming local talent will ensure that our people continuously learn and innovate, thus creating more value for businesses and the economy.
Perhaps it is during good times, when most have a roof over their heads and a steady source of income, that Singaporeans dare not venture out of their comfort zone. But when times are bad, more people want to be their own bosses.
Whether it is out of desperation or due to a lack of jobs, it is evident that many have tried to start a business. I believe that, given the right opportunity and funding, more will follow.
