Culture and Values of Singapore
Fall Semester 2009
Singapore is a Republic with a mulit-racial population of over 4 million people. It is an attractive place to do business for different reasons such as its considerable international trading, an international business center with its large number of multi-national companies, and famous international port. It has an enviable record of political stability and the government actively encourages investment by foreign business interests. With all of these factors combined, Singapore is extremely attractive to multinational companies. Tips to Improve Business in Singapore
While Singapore has been thriving for some decades, its continued growth may be largely dependent on how creative small business owners can be. Women in particular contribute substantially to the development of small businesses, especially those in the service sector. They are an important and growing part of the Singapore’s economy.
The business types for female owned businesses are broadly distributed, the majority of female business owners in Singapore seem to be in the service and retail industries. This may be spurred from the result of the high start up costs involved in the manufacturing and construction areas. Also, prospective female business owners’ lack of prior experience and technological skills in such sectors proves to be a problem. So, female owned businesses in Singapore usually start as small service and retail ventures with few employees and grow to become progressively more established. Lastly, the majority of Singapore female owned businesses have been in operation for an average of nine years.
The reason most women tend to start their businesses in areas where they have previous work experience, and since retail or professional sectors are more than likely not what they are already familiar with, it is most likely that their start-up businesses will be in these sectors. In such industries, there is little initial capital required as they are usually labor intensive. This is beneficial for the owner as other companies are comparatively spending more capital for trained professionals. It has also been found that women generally establish smaller enterprises than males due to the fact that they rely heavily on internal funds such as personal savings or loans from family and friends. (Maysami and Goby) Outstanding Cultural Characteristics
Singapore is an open economy that is lacking in natural resources. It is exposed to and has relied heavily on the outside world. Due to the recent emergence of larger scale multinational corporations adopting advanced technology and modern management methods, the smaller sized, local, Chinese organizations are under pressure of a changing environment to upgrade their technology and management in order to compete in the local, regional, and international markets. As a result, local Chinese businesses are facing a dilemma of whether to retain traditional Chinese management practices or to adopt modern Western management styles. There is a strong desire to find a balance between acquiring the knowledge needed for the modern economy and maintaining character development, moral values, and loyalty to the country. (Avolio, Bruce and Jung, Dong.) Background of Singapore
The first records of settlement in Singapore are from the 2nd Century A.D. Singapore originally had the Javanese name Temasek, which means “sea town.” Temasek was an important trading settlement, but fell apart in the late 14th Century. Then, between the 16th and early 19th Centuries, Singapore island was part of the Sultanate of Johor. Unfortunately, the settlement was burned by Portuguese troops during the...