Female enterprise is an uphill struggle to begin with and for them, it is really a case of unequal entrepreneurship. For billions of the world’s women, their lives are already intertwined with a web of constraints, limitations, obligations and sacrifices and for many they live in a certain pre-determined pattern of lives and are subject to a certain order of things.
There is a significant and systematic gap existing in the entrepreneurial involvement and business ownership of men compared to women – reasons are obvious as they clearly lack the opportunities in many societal contexts. These cases are more prominent in Asian than Western societies. Women generally lag behind men in terms of pay, promotion, benefits and access to opportunities. They are underrepresented in politics and management and are obviously less seen in most board rooms.
While the struggle of women's groups in every country is unique, increasingly, they are participating in market economy and even in politics where societies tend to be more matriarchal – like in Philippines and Indonesia. A Gloria or Megawati represents liberation of women’ power in those countries and within a strategic realm, it allows for empowerment of women and it elevates them to equal status as men. What are really needed for empowerment of women are role models to show the world those women folks are equal to the task and can rise to any occasion. What is needed is an enabling and encouraging environment that foster women folks to become entrepreneurs by showing them they can do it through role models like Ho Ching of Temasek, Olivia Lum of Hyflux or even Lim Hwee Hua who joins the ranks of Singapore's top political leadership as a full minister.
Women constitute an overwhelmingly untapped pool of entrepreneurial talents, and if we can encourage more women to start their own businesses or to head enterprises, we can add to our economic prosperity and vibrancy. It can add diversity from boardrooms to parliaments.
Monday, August 3, 2009
Indonesian's Prosperity with SBY
Incumbent Susilo Bambang Yudhoyono (known in Indonesia as ‘SBY’) headed for a landslide win in Indonesia's presidential election becoming the first leader since the fall of Suharto in 1998 to secure a second term in office and this is significant since the shifting power bases become more predictable. With the second term, SBY can up his ante and ratchet up the pace and scope of reform and development. There is great potential in Indonesia as it is one of the world’s largest middle income countries if they catch up in their transformational development.
Although Indonesia is weathering the global economic downturn with 35 million Indonesians still living below the poverty line and half the population still remaining vulnerable to poverty, SBY has to look ahead to push its largely uneducated Indonesians to fit them into the global economy but skilling them appropriately and exporting these human resources will be his challenge. The Middle East and Muslim countries globally will be huge export destinations of such brains and brawns. Apart from its natural resources from petroleum, tin, natural gas, nickel, timber, coal to gold and silver, its manpower is a huge resource by itself.
Singapore, by all accounts, lack what Indonesia has in abundance – land mass, natural resources and human capital. With a stable political framework, cooperation with Indonesia can be in township and manufacturing hubs developments. Singapore’s proximity with Indonesia and closeness of ports will make such triangulation of manufacturing and trade management explosive. Singapore can work with SBY’s government to form manufacturing hubs in certain regions. Such cross border manufacturing and trades will spur employments and lower the overall cost structures of managing manufacturing in Singapore alone. For the least Indonesia is closer to Singapore than China or India.
Indonesia is a land of many possibilities for so long as the political climate remains predictable. SBY is known to be a deliberate, measured perhaps overly cautious leader. With such strong mandate, this is his opportunity to make profound and meaningful impacts both politically and economically. Suharto brought prosperity to Indonesia under different terms. SBY now has his chance to bring prosperity under his term.
Although Indonesia is weathering the global economic downturn with 35 million Indonesians still living below the poverty line and half the population still remaining vulnerable to poverty, SBY has to look ahead to push its largely uneducated Indonesians to fit them into the global economy but skilling them appropriately and exporting these human resources will be his challenge. The Middle East and Muslim countries globally will be huge export destinations of such brains and brawns. Apart from its natural resources from petroleum, tin, natural gas, nickel, timber, coal to gold and silver, its manpower is a huge resource by itself.
Singapore, by all accounts, lack what Indonesia has in abundance – land mass, natural resources and human capital. With a stable political framework, cooperation with Indonesia can be in township and manufacturing hubs developments. Singapore’s proximity with Indonesia and closeness of ports will make such triangulation of manufacturing and trade management explosive. Singapore can work with SBY’s government to form manufacturing hubs in certain regions. Such cross border manufacturing and trades will spur employments and lower the overall cost structures of managing manufacturing in Singapore alone. For the least Indonesia is closer to Singapore than China or India.
Indonesia is a land of many possibilities for so long as the political climate remains predictable. SBY is known to be a deliberate, measured perhaps overly cautious leader. With such strong mandate, this is his opportunity to make profound and meaningful impacts both politically and economically. Suharto brought prosperity to Indonesia under different terms. SBY now has his chance to bring prosperity under his term.
World Problems
The early twenty-first century carries with it both the promise of the future and the complexities of living in a seemingly unsustainable world with H1N1, terrorism, financial credit crunch and global warming. The devastating terrorist attack in Jakarta last Friday on 17/7 and the bombing in Mumbai on 26/11 last year are sad episodes and they will not be the last. The complicity of terrorism is beyond Jemaah Islamiah, India and Pakistan or Israel and the Palestinians or North Korean leader Kim Jong-il holding sway of the world with its nuclear threat. Whichever way, global instability, death, starvation, reactionary extremism and fundamentalism are just signs to a larger problem.
Terrorism is not a real threat to the lives and livelihoods of billions. Global warming will someday, through mankind’s contrivance and genius, right itself through innovations, sheer grit and determination.
It is about oil money where politics are deeply implicated and religions are mixed into its potency driving people to self destruction. The challenge is how to untangle the unholy trinity of oil, politics and religions and whoever has the key to untangle this will solve a great part of the world’s problem.
This challenge is certainly and infinitely more difficult than a Da Vinci’s Code.
Terrorism is not a real threat to the lives and livelihoods of billions. Global warming will someday, through mankind’s contrivance and genius, right itself through innovations, sheer grit and determination.
It is about oil money where politics are deeply implicated and religions are mixed into its potency driving people to self destruction. The challenge is how to untangle the unholy trinity of oil, politics and religions and whoever has the key to untangle this will solve a great part of the world’s problem.
This challenge is certainly and infinitely more difficult than a Da Vinci’s Code.
My Own Adventure in Business - Beneficiary of a Meritocratic System
Personally, I benefited from Singapore’s entrepreneurial ecosystem. Against the wisdom of the crowd , I graduated in 1994 and went straight to start my own business. I founded more than 10 businesses since.
To me, superstars of businesses are propelled not by genius and talent alone but the beneficiaries of extraordinary opportunities and seasons that allow them to strive, to make sense of the world in ways other cannot comprehend. Most of the entrepreneurs I know of are outliers in their fields or the barbarians at the gates who redefine the norms and rules of the industries. I have witnessed how successful people rise on a tide of advantages like MMI, JIT, Venture or even Hyflux who immensely benefited from the period of manufacturing boom in the 90s. Even our water-resource strain has produced a Hyflux who benefited from this demand gap.
The Singapore business ecosystem evolves, particularly, public policies which play an important role in stimulating and accelerating the pace of developments in certain sectors. The government seems to have a hand in shaping the desired industries and in picking the sunrise and sunset businesses. For that, some alleged that Singapore’s entrepreneurial ecosystem has been uniformly weak for start-ups or even backward. The key is to pick the right type of business to start in Singapore where the business can leverage on the strength of Singapore’s infrastructural, financial, political strengths. Connecting the red dot to other hinterlands and making Singapore into hubs of sorts will be a good starting point.
The power of guts is not taught enough in schools and for now, many of the successful self-made businessmen in Singapore can attest to that. I have been the beneficiary of various windows of opportunities and I know that the impulse factor has been key- some of us play it safe while others risk it all. I chose to risk it all when I started and had never look back.
To me, superstars of businesses are propelled not by genius and talent alone but the beneficiaries of extraordinary opportunities and seasons that allow them to strive, to make sense of the world in ways other cannot comprehend. Most of the entrepreneurs I know of are outliers in their fields or the barbarians at the gates who redefine the norms and rules of the industries. I have witnessed how successful people rise on a tide of advantages like MMI, JIT, Venture or even Hyflux who immensely benefited from the period of manufacturing boom in the 90s. Even our water-resource strain has produced a Hyflux who benefited from this demand gap.
The Singapore business ecosystem evolves, particularly, public policies which play an important role in stimulating and accelerating the pace of developments in certain sectors. The government seems to have a hand in shaping the desired industries and in picking the sunrise and sunset businesses. For that, some alleged that Singapore’s entrepreneurial ecosystem has been uniformly weak for start-ups or even backward. The key is to pick the right type of business to start in Singapore where the business can leverage on the strength of Singapore’s infrastructural, financial, political strengths. Connecting the red dot to other hinterlands and making Singapore into hubs of sorts will be a good starting point.
The power of guts is not taught enough in schools and for now, many of the successful self-made businessmen in Singapore can attest to that. I have been the beneficiary of various windows of opportunities and I know that the impulse factor has been key- some of us play it safe while others risk it all. I chose to risk it all when I started and had never look back.
Financial Prudence - Intervention of the Invisible Hand
President Obama’s overarching hand, no longer the invisible hand of free market, on the entire financial system will be closely watched as it was deemed that a culture of irresponsibility took root from Wall Street to the Main Street.
One of the most striking aspects of his intervention was his increase in the volume and velocity of money supply in the economy. His government’s policy response to the crisis is to stabilize the confidence and to thaw the credit stalemate that crippled the entire US economy and affected world’s confidence. The domino effect brought devastating consequences to many economies. With the overhaul, they are looking to speed up structural adjustments.
The crisis which was magnified by the shakeout in the subprime mortgage market alongside the toxic CDOs and other derivatives were not properly understood. These weaknesses were due to a lack of transparency in management, inadequate supervision of banks and financial institutions.
In Singapore, whilst the subprime mortgages cause a precipitous drop in asset prices in the US, the effect is not as acute in Singapore. In fact, there was a stabilization of HDB prices which held up well in the heat of turmoil. Singapore’s banks are regulated in a conservative framework and the issues of indiscriminate credits extension are limited.
Whether it is DBS High Notes 5 and Merrill Lynch Jubilee Series 3 products, they have limited impact on most investors in Singapore and even for those who were affected; MAS stepped in and provided stern warning to banks to resolve any misrepresentations with certain groups of less sophisticated investors. There is also a Financial Industry Disputes Resolution Centre (FIDReC) for further mediation. Such acts are enough said of a responsible MAS.
Any ambitious reforms to the Singapore’s financial system may end up prompting more, not less, interventions by MAS. For so long as MAS set up a framework with sufficient monitors and safeguards with constant scanning of macro risks in the ecosystem, Singapore may be better off this way with a steady hand prompting and cueing markets than one that directly intervene in the market mechanism.
Point is -the hand should not be invisible when a crisis is imminent.
One of the most striking aspects of his intervention was his increase in the volume and velocity of money supply in the economy. His government’s policy response to the crisis is to stabilize the confidence and to thaw the credit stalemate that crippled the entire US economy and affected world’s confidence. The domino effect brought devastating consequences to many economies. With the overhaul, they are looking to speed up structural adjustments.
The crisis which was magnified by the shakeout in the subprime mortgage market alongside the toxic CDOs and other derivatives were not properly understood. These weaknesses were due to a lack of transparency in management, inadequate supervision of banks and financial institutions.
In Singapore, whilst the subprime mortgages cause a precipitous drop in asset prices in the US, the effect is not as acute in Singapore. In fact, there was a stabilization of HDB prices which held up well in the heat of turmoil. Singapore’s banks are regulated in a conservative framework and the issues of indiscriminate credits extension are limited.
Whether it is DBS High Notes 5 and Merrill Lynch Jubilee Series 3 products, they have limited impact on most investors in Singapore and even for those who were affected; MAS stepped in and provided stern warning to banks to resolve any misrepresentations with certain groups of less sophisticated investors. There is also a Financial Industry Disputes Resolution Centre (FIDReC) for further mediation. Such acts are enough said of a responsible MAS.
Any ambitious reforms to the Singapore’s financial system may end up prompting more, not less, interventions by MAS. For so long as MAS set up a framework with sufficient monitors and safeguards with constant scanning of macro risks in the ecosystem, Singapore may be better off this way with a steady hand prompting and cueing markets than one that directly intervene in the market mechanism.
Point is -the hand should not be invisible when a crisis is imminent.
Strategies for Singapore
The strategists shaping Singapore of the future have to focus on one central question. How do we play up our geopolitical convenience and centrality within Asia and to capitalize on our stable infrastructure to become hubs for education, healthcare, pharmaceutical, clean-energy and technology innovation or any innovations that can become our core economic pillars?
Our small physical size belies our great economic strength and resilience. We can be that small heart connected to all parts of Asia through different veins and arteries forming different supplies chains for critical industries.
I think our approaches to go China whether is it the Suzhou Industrial Park, Tianjin Eco-city or Nanjing Eco-Island or the Indonesia-Malaysia-Singapore growth triangle or the Singapore-Johor Iskandar Development Region, they are all part of our hub-hinterland growth strategy. We go the hinterlands to enhance economic competitiveness with exploitation of comparative advantage, economics of scale and clustering. We exploit synergies with the different countries from geographical proximity and economic complementarities.
Forming transnational economic zones and regions will extend Singapore’s physical space and resources so that we can grow beyond Singapore. Collectively the whole of Asia will give us a larger market and consumer access.
The push for a larger hub-hinterland framework must be hinged on Singapore playing a lead in the supply chains- be they in pharmaceutical research and development or in cleantech innovations.
To be credible, Singapore should be a living demonstration and test-beds and be the vanguard of knowledge creation for example in cleantech solutions. The world is moving into the cleantech space, including cleantech clusters and industries. Singapore should quickly leverage our strengths in systems integration and implementation. With governmental leadership we can differentiate ourselves, including developing globally distinctive cleantech parks.
China and India are giants and they are already among the world’s top carbon emitters. They need clean technologies – energy-efficient buildings, renewable energy sources, alternative energy, clean water and waste management and recycling. They are our hinterlands of opportunities.
Combining capital, people, technology with a supportive government, I am sure we can work towards a successful hub-hinterland framework. With China and Indonesia or even Malaysia, we are standing on the shoulders of giants to win in this world.
Our small physical size belies our great economic strength and resilience. We can be that small heart connected to all parts of Asia through different veins and arteries forming different supplies chains for critical industries.
I think our approaches to go China whether is it the Suzhou Industrial Park, Tianjin Eco-city or Nanjing Eco-Island or the Indonesia-Malaysia-Singapore growth triangle or the Singapore-Johor Iskandar Development Region, they are all part of our hub-hinterland growth strategy. We go the hinterlands to enhance economic competitiveness with exploitation of comparative advantage, economics of scale and clustering. We exploit synergies with the different countries from geographical proximity and economic complementarities.
Forming transnational economic zones and regions will extend Singapore’s physical space and resources so that we can grow beyond Singapore. Collectively the whole of Asia will give us a larger market and consumer access.
The push for a larger hub-hinterland framework must be hinged on Singapore playing a lead in the supply chains- be they in pharmaceutical research and development or in cleantech innovations.
To be credible, Singapore should be a living demonstration and test-beds and be the vanguard of knowledge creation for example in cleantech solutions. The world is moving into the cleantech space, including cleantech clusters and industries. Singapore should quickly leverage our strengths in systems integration and implementation. With governmental leadership we can differentiate ourselves, including developing globally distinctive cleantech parks.
China and India are giants and they are already among the world’s top carbon emitters. They need clean technologies – energy-efficient buildings, renewable energy sources, alternative energy, clean water and waste management and recycling. They are our hinterlands of opportunities.
Combining capital, people, technology with a supportive government, I am sure we can work towards a successful hub-hinterland framework. With China and Indonesia or even Malaysia, we are standing on the shoulders of giants to win in this world.
Human Capitals
Any sensible companies will tighten up and re-look at any frivolous expense lines and most importantly to strengthen their governance practices and delivery of top and bottom lines in the wake of any crisis. While company performance and in particular staff performances in the years or even months leading up to the turmoil is the subject of debates, company performance is critical now as it needs to respond to the financial market turmoil and the global recession so as to stay afloat with its nose above water. Almost everyone’s nose will be wet and the financial crunch must mean that most pockets will be affected.
Attrition by selection due to poor performance or due to higher expectation is normal for times like this. Either staff is not doing what is expected of them, or the expectations of staff is far too high as they may have to take on multiple job roles and function possibly with lesser support. I think that both scenarios are possible and the mental and physical well-being of these staffs must be strained to a greater or lesser extent and there will be no way out of water without getting your nose wet. Personally, I think we need to create company-level governance and compensation structure that allow for flexibility and at the same time without creating conflicts in the performance and pay equation.
The structure of running a sustainable business will mean that companies need a radical overhaul and also to manage the attitudes and competence of the individual staff. In particular we need to create a structure that fosters challenge in crisis without creating conflict and fear. To keep the company afloat and inevitably to ensure that the pockets are not hit badly is the responsibility of all of us, not just the management or the board. The natural herd instinct in crisis is to run away from source of problem which is flight or to stand guard to fight.
The real challenge is to get the herd together to run in the same direction with sufficient motivations, monetary or otherwise.
Attrition by selection due to poor performance or due to higher expectation is normal for times like this. Either staff is not doing what is expected of them, or the expectations of staff is far too high as they may have to take on multiple job roles and function possibly with lesser support. I think that both scenarios are possible and the mental and physical well-being of these staffs must be strained to a greater or lesser extent and there will be no way out of water without getting your nose wet. Personally, I think we need to create company-level governance and compensation structure that allow for flexibility and at the same time without creating conflicts in the performance and pay equation.
The structure of running a sustainable business will mean that companies need a radical overhaul and also to manage the attitudes and competence of the individual staff. In particular we need to create a structure that fosters challenge in crisis without creating conflict and fear. To keep the company afloat and inevitably to ensure that the pockets are not hit badly is the responsibility of all of us, not just the management or the board. The natural herd instinct in crisis is to run away from source of problem which is flight or to stand guard to fight.
The real challenge is to get the herd together to run in the same direction with sufficient motivations, monetary or otherwise.
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