The entrepreneurial spirit in Singapore is showing resilience despite economic and bureaucratic barriers, according to a new Regus research.
The global survey which covered 26,000 business managers also revealed the top challenges Singapore entrepreneurs face in the economic climate today.
Among which, the lack of access to credit (78 percent) is cited as the biggest obstacle for small startups. Other challenges include red tape (63 percent), lack of government support (57 percent) and market domination by large company (48 percent).
John Henderson, regional director for Regus Asia Pacific, said the findings express the difficulties entrepreneurs in Singapore are experiencing with gaining state support.
"Entrepreneurial firms will need to remain nimble to navigate choppy waters and succeed. The lack of institutional support means that business owners will continue to increasingly favour flexible working in order to avoid lengthy leases and free up their working capital so they can concentrate on growing their business," he said.
Ash Farin, director of Imodal Asia Pte Ltd, agreed that official mechanisms were of little help to his business. "It's a white knuckle ride and you have to have nerves of steel. That's why it's usually the entrepreneurial community and SMEs that generate growth out of an economic downturn, while the big boys run for cover," he said.
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