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SINGAPORE : Professionals who have lost their jobs in the current economic environment are being urged to consider becoming entrepreneurs.
Minister of State for Trade and Industry Lee Yi Shyan said the entrepreneurship landscape in Singapore remains healthy, with start-ups and small and medium enterprises (SMEs) still venturing overseas.

He said opportunities still exist for entrepreneurs who are resourceful and imaginative.

Data from SPRING Singapore showed that more start-up companies and at least two-thirds of all SMEs in Singapore now have operations overseas.

Of these SMEs, a quarter earned half their revenue from overseas last year - although this figure has fallen slightly over 2007.

The success stories include firms like Sakae Sushi and Charles & Keith, which started operations during the Asian Financial Crisis in 1997.

Mr Lee said the current economic crisis could present opportunities for Professionals, Managers, Executives and Technicians (PMETs), who may have lost their jobs.

He said: "If you look at new ventures... many of them are started by professionals who work in certain industries for the last 10, 15 years and by then, they have acquired a very specialised knowledge of that industry.

"They know if they were to set up a company, how their company is going to value add. So I think in the PMET market likewise, there would be some of them who are in this unique position.

"But to cross over from a professional to an entrepreneur, of course there are some skills needed, and this is where I think our Enterprise Development Centre and our incubators can advise."

Entrepreneurs are also getting younger - with some 65 per cent under the age of 40. And SPRING Singapore is planning to reach out to more youths.

Mr Lee said: "If we one day can make them start and wind down a business in the course of their studies, then they will bring this skill set and experience with them, they may start a new business upon graduation, or they may do so 15 years later.

"But they have the confidence to say that 'Yes I have done it before, and I am ready to take it to the world now.'"

Two programmes catering to young entrepreneurs were launched last year under the YES! Scheme. Under the scheme, SPRING Singapore received 12 applications from schools seeking funds for entrepreneurship programmes and has approved two of them. - CNA/ms