Our distinguished speakers

Ladies and Gentlemen

Good evening.

I am very pleased to be here with all of you this evening. Your presence, especially those who have travelled long distances to be with us goes to show that though we live in unusual times, businesses cannot grind to a halt nor pause for the uncertainties to pass. Challenges there will always be. And uncertainties also present opportunities and rewards for those with an uncanny ability to seek them out and seize them.

Business opportunities are massive when we consider how rapidly world trade has grown in the last five decades. In 1950, countries were exporting over US$70 billion worth of goods (or about US$27 per person).

In 1980, they were exporting some US$2,400 billion worth of goods and services (US$533 per person). In 2002, this figure leapt to US$8,000 billion (US$1,284 per person)! From 1950 to 2002, world GDP increased seven-fold.

American economist Paul Krugman noted in 1992 that this is just the ‘tip of the iceberg’. Looking at international trade flows, capital market integration and labour mobility, he found that economic integration was only happening within regions, rather than across the globe. Today, only about 20% of the world's output are produced and consumed in global markets. This figure is expected to reach 80% in the next 30 years. Hence, there are many more opportunities for companies to expand and grow their businesses as they penetrate the global markets.

This is one of the reasons why Singapore put in its bid to host the ISBC 2003 three years ago. SPRING Singapore and its partners -- the Singapore Manufacturers' Federation, International Enterprise Singapore and the Association of Small and Medium Enterprises -- are committed to the development of SMEs in Singapore. We saw the ISBC as a rare opportunity for our local enterprises to learn, share and network as well as to tap the global markets.

A joint committee, co-chaired by Mr Lew Syn Pau of the Singapore Manufacturers Federation and Mr Lee Suan Hiang of SPRING, has put together a series of activities and a line-up of speakers aimed at giving all participants a most enriching experience during the three-day congress.

We have some 1,000 participants from 30 countries from all over the world, including entrepreneurs, agencies which administer SME development programmes, service providers catering to the needs of SMEs, and MNCs which do business with SMEs. There are some 50 speakers, foreign and local, covering topics, which address issues like financing, branding and strategies for globalisation. Among the speakers are corporate leaders and outstanding entrepreneurs who have been through it all and understand what it takes to be successful SMEs.

So, what does it take for a small business to succeed.

Many adjectives have been used to describe someone who successfully starts and grows a business. I would like to think that a successful entrepreneur must have three key attributes -- a strategist, an innovator and an adventurer.

Firstly, an entrepreneur needs to be a strategist as he has to work out a game plan or strategy. This is especially critical if you are venturing into new areas or expanding into a new market for your products and services. You will need to take into account the pitfalls, hurdles, opportunities, market trends, and the strengths and weaknesses of your company vis-à-vis your competitors. A strategist maps out clearly the path to take for the business to grow. In short, an entrepreneur must ask the key question ‘why should the consumer buy my product or service given the wide choices in the market’.

Secondly, an entrepreneur needs to be an innovator. Innovation is a key business driver in the new economy. Successful entrepreneurs need to develop an innovative mindset and be able to see new possibilities in old paradigms. Innovation goes beyond creating a new product or service. They have to be marketed, packaged, and distributed in creative ways. All these require businesses to seek new opportunities, think out-of-the-box and not just to do more of the same.

Innovation also means that employees must be encouraged not to keep to the tried and tested and do only what they know how to do. They must learn to take chances and be empowered to explore. Today, innovation is no longer an option. Products get outdated quickly. Trends come and go. Technology advances even more swiftly. The entrepreneur who comes up with better, more exciting products or a new, innovative service gets and stays ahead of the competition.

Thirdly, an entrepreneur must be an adventurer, one who dares to go where no one has been. He endures the hard knocks and emerges stronger and fitter. In Singapore’s efforts to globalise, we are also entering uncharted waters. Our SMEs need not be apprehensive about what lies beyond our shores because of limited resources. They can forge strategic alliances with overseas partners. In fact, many of our SMEs have already found strategic partners to help them expand their businesses.

This is why one of the highlights of the ISBC 2003 is the Business Matching Programme. It offers an excellent opportunity for Singapore SMEs to explore business collaborations with overseas partners with complementary capabilities so that they can grow and expand for mutual benefit.

We have among us tonight shining examples of those who embody the three aspects of the successful entrepreneur -- strategist, innovator and adventurer. You have heard some of them share their experiences. You will hear more at the forum tomorrow. I am sure we will all find useful lessons from their experiences.

Finally, I would like to thank our partners, the Singapore Manufacturers' Federation, International Enterprise Singapore and the Association of Small and Medium Enterprises, for working with SPRING to organise this congress. We also thank our speakers and supporters for their contributions and all of you for your participation. To our overseas visitors, I wish you an enjoyable stay in Singapore, and I wish all of you a very pleasant evening.

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