To be or not to be?

By Muhammad Nadjad Bin Abdul Rahim

Year 2, Life Sciences and University Scholars Programme


CONSIDERING ENTREPRENEURSHIP: Nadjad (in the middle, with friends during a backpacking trip) shared the insights he gained from a course on entrepreneurship offered by USP alumnus Mr Sarabjit Singh

Many of us have dreamt of becoming an entrepreneur at one time or another; and some have entertained that thought more seriously than others. In December 2010, an alumnus of the University Scholars Programme (USP) Sarabjit Singh conducted an entrepreneurial course at the USP where he shared his insights and experience and led a group of USP students to explore the exciting career option of being your own boss.

Over three weekly sessions, Sarabjit went through the pros and cons of starting up versus finding a job, invited successful graduates from different fields of expertise to share their stories, and shared with us the support structure - seed funds, incubators, grants available for entrepreneurs in Singapore.

Most of us, the attendees, were somewhat aware of the Government's encouragement of home-grown entrepreneurs, but were unaware of how strong the political backing of this idea was. Do you know that SPRING Singapore has a YES! Scheme where they will match S$4 for every S$1 that a young entrepreneur has raised? But of course, first, you need to convince them with your business plan.

While the course's intent was not to guide one on how to come up with a solid business plan, Sarabjit shared with us fundamental principles and key considerations in coming up with such a plan. He demonstrated how to draw up three-year projections and how to value your start-up. These were indeed an eye-opener for me. Besides counting on grants for support, we may need to consider approaching other investors too.

From the sharing session with the four panelists, it became evident that while having a good idea was important, the execution of the idea (which needs a well thought-out 'battle-plan') was even more critical. As a student, the session provided me with a thinking framework for exploring the career alternative of being an entrepreneur. Besides going on internships, I now think that any budding entrepreneur can try planning, developing, writing and re-writing his/her business plan instead to realise his/her unique idea.

12 January 2011