Excerpt from “The Big Jump Into Entrepreneurship” by Dr. Ramesh Ramachandra, Founder & CEO of Talent Leadership Crucible (TLC).
“Similar to Vietnam, Singapore is also an economy heavily reliant on the global economy. One manifestation of this is the flow of Foreign Direct Investments [FDIs], which can have a significant impact on the country’s economic performance. During the 1980s and 90s, waves of mass retrenchment occurred, affecting blue-collar workers in particular, especially those in the manufacturing sector.
Most governments realized from the 1980s onwards that entrepreneurial activities could provide an alternative to the FDI model for wealth and job creation. Simply put, entrepreneurs – and not governments – would create jobs by generating wealth, not only for themselves but also for others, depending on the scale of their operations.
Being self-reliant, entrepreneurs would not wait for FDIs and job opportunities to return if businesses had moved their FDI capital and jobs elsewhere. Instead, they would capitalize on the vacuums left by the exiting multinational corporations.”
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