ENTREPRENEURS should 'think big' and seek hidden opportunities rather than scale back during the current economic troubles, a panel discussion at the Entrepreneurs Organisation (EO) Singapore University conference heard yesterday.
'A large part of this crisis has to do with emotions. We are anticipating the worst and if we scale back, we will reach a full-scale crisis. We are doing it to ourselves,' said an EO member.
Minister of State for Trade and Industry Lee Yi Shyan agreed. 'It is extremely important for small businesses to think big as they identify strategies for possible growth,' he said.
'The immediate prospect before us is dreary. The right question to ask is what we can do to soar again when the blue skies and sunshine return.'
The EO Singapore University, from Nov 5 to 9, is a conference bringing together business owners from 25 countries 'to learn how we do business in Singapore, and expose us to the ideas of the rest of the world', said president of the Singapore chapter of EO, Nicklaus D'Cruz.
Participants agreed that the economic crisis can be a catalyst for entrepreneurs considering expanding overseas to emerging markets like China and India, where development potential is large.
But they also agreed that this strategy has to be taken with a pinch of salt if a company's existing business is unsound.
EO, a by-invitation organisation for entrepreneurs only, is a global network of more than 7,000 business owners in 38 countries. The Singapore chapter was founded in 1999. The average member reports annual revenue of US$16 million.
Members include chairman and chief executive officer of Japan's Globis Group, Yoshito Hori; owner of New Delhi-based Sona Group, Sunjay Kapur and Charles Wong, owner of Charles & Keith International, and recent winner of Singapore's 2008 Entrepreneur of the Year Award from the Rotary-Association of Small and Medium Businesses of Singapore.
'We hope you will find some ideas from this conference that will take you through this devastating crisis,' Mr D'Cruz told participants yesterday.
This article was first published in The Business Times on November 06, 2008.
