You have heard the usual ramblings about how Singaporeans are risk-averse and impatient. But are there extrinsic reasons to why there is a lack of entrepreneurs in Singapore?
Here are 3 oft-unspoken reasons:
– NS liability (for guys). There are reservist call ups until age 40 or even 50. Each call up can last for up to 40 days. How to do business? Hire a manager when you can’t afford one?
– High property prices. It’s a culture here to own the roof over your head. The roof is practically a must-have. Once you get married, you are expected to move out and own that place you live in. How to pay for the mortgage? You need a stable job with stable income, unless you have a rich daddy. I haven’t mentioned kids yet.
– Financial filial piety. Not all old parents have fat retirement accounts. You need to give them monthly allowance and pay for their medical bills. Again, if daddy is rich, then no problem.