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Singaporeans believe starting their own business paves the way for a more fulfilling career.
The Global Entrepreneurship Monitor 2013 Global Report by Babson College and other universities found not only do 50.9% of locals perceive entrepreneurship to be a good career choice, but those who run their own companies are also happier than those working for one.
Canvassing 70 countries in total, the report highlighted this is a worldwide phenomenon.
“In all regions, entrepreneurs exhibit relatively higher rates of subjective well-being in comparison to individuals who are not involved in the process of starting a business or owning or managing a business,” the report said.
Out of these, the report found entrepreneurs in American economies to have the highest rates of well-being and those in Sub-Saharan African economies to have the lowest levels of contentment.
Singapore’s well-developed and innovative economy was highlighted in the report as contributing to the high rates of well-being among business owners, along with Switzerland and the Netherlands.
“Taken together, the findings suggest that in each economy, and in world regions with close common heritage, framework conditions such as economic, political, institutional and cultural contexts have a singular influence on the population’s perception about its well-being and consequently shapes the entrepreneurship indicators,” the report said.
Interestingly, the report also found female entrepreneurs in innovation-driven economies, such as that of Singapore, “exhibit on average a higher degree of subjective well-being than males.”
Entrepreneurs in Singapore also revealed their primary motivation in starting businesses was to improve incomes and their degree of independence.
The report highlighted 68.8% of Singaporeans started business for such improvement driven opportunities, as opposed to 8.4% of those who did them due to sheer necessity and lack of other options.
The survey also found four out of 10 Singaporeans fear failing in their corporate endeavours when starting a business.
“Fear of failure is higher in the Asia Pacific and South Asia region, with Vietnam having the highest rate with 56%, followed by Japan and Thailand with 49%,” the report added.