StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

The Impact of the Singaporean Culture on Starting a New Business - Research Paper Example

Cite this document
Summary
According to the paper 'The Impact of the Singaporean Culture on Starting a New Business', Singapore has a free trade policy where most of the goods except certain items like fish, medicines, cosmetics, arms, coffee, and animals and birds among others can be imported without any quota restrictions” (Moveandstay.com, 2012)…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.6% of users find it useful
The Impact of the Singaporean Culture on Starting a New Business
Read Text Preview

Extract of sample "The Impact of the Singaporean Culture on Starting a New Business"

In short, Singaporeans consider the establishment of a business as desirable. Two socio-cultural factors that have an impact on their desirability are the value of innovativeness and the entrepreneurs’ social status, which indicates that the socio-cultural environment of Singapore favors entrepreneurship.

Entrepreneurs setting businesses in Singapore have flexibility in various matters. Although the entrepreneurs that deal in the export of such things as sand, rubber, timber, and granite are required to procure a special license, yet they have the flexibility of paying the money in any currency they like since Singapore has no regulation of foreign exchange that normally exist in a vast majority of the countries all over the world. Entrepreneurs in Singapore, both novice and experienced need to closely monitor the modifying trends in the Singapore market and adapt the business to the changing trends in order to optimize the productivity and profitability of the business. “If you keep your eyes and ears open to new trends while doing business in Singapore, nothing can prevent you from being successful” (Moveandstay.com, 2012). Many options of the business venture are available to the entrepreneurs in Singapore that can be profitable for them. These options include but are not limited to the real estate business, car rentals, interior decoration, beauty parlors, and the services of packaging. It is quite favorable for the entrepreneurs to choose the business lines that they feel comfortable in rather than choosing something new.

Singapore places a huge emphasis on maintaining a high ethical standard in advertising. There is a Singapore Code of Advertising Practice (SCAP) that ensures that high standards of ethics are maintained in advertising. “The basic premise of SCAP is that all advertisements should be legal, decent, honest, and truthful. SCAP was formulated against the background of national law, international law and practice, including the International Code of Advertising Practice published by the International Chamber of Commerce” (CASE, 2008). The main factors that sell in Singapore are quality, price, and service. Prospective exporters need to realize that there is strong competition and the buyers look forward to getting a good after-sales service. The techniques of selling vary from one product to another, though they are comparable to the selling techniques prevailing in a sophisticated market in any country (export.gov, 2012).

The extent of the willingness of the members of a certain culture to accept and handle risky and ambiguous situations is known as uncertainty avoidance. Cultures that are high in the level of uncertainty avoidance like to have predictable and structured circumstances that lead to the development and implementation of strict laws and explicit behavioral rules. Such cultures are risk-averse towards engagement in the new business activities and unusual approaches of entrepreneurship. Singaporean society has low uncertainty avoidance which means that the people of Singapore have an acceptance towards ambiguity and unstructured situations. The Singaporean people like taking risks like establishing a new business and are open to new ideas.

Concluding, Singapore is a land of great opportunities for investors. The Singaporean society welcomes new ideas in business, and this openness is a great driver of innovation and creativity that provides business entrepreneurs with a competitive advantage in Singapore. Singaporean people have low uncertainty avoidance which implies that they are optimistic and tend to take risks which is again, a positive factor for business entrepreneurs. The sound system of economic management is another plus point. Singapore’s inclination is global and the Singaporean society is quite responsive. In addition to that, the economy of Singapore provides the investors with an opportunity to explore the markets of advancing economies in the neighborhood such as China and India. The tax regime of Singapore is pro-business. The agreements of free trade and investment guarantee provide the companies in Singapore with safe access to the global market. Advertising conforming to the standards of ethics is appreciated in Singapore, and the low uncertainty avoidance of the people of Singapore provides the entrepreneurs with a lot of room for growth. In light of the points discussed in this paper, it can be concluded that the Singaporean culture has a positive impact on the new businesses.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“The impact of the Singaporean Culture on starting a new business ( Research Paper”, n.d.)
The impact of the Singaporean Culture on starting a new business ( Research Paper. Retrieved from https://studentshare.org/business/1463854-the-impact-of-the-singaporean-culture-on-starting
(The Impact of the Singaporean Culture on Starting a New Business ( Research Paper)
The Impact of the Singaporean Culture on Starting a New Business ( Research Paper. https://studentshare.org/business/1463854-the-impact-of-the-singaporean-culture-on-starting.
“The Impact of the Singaporean Culture on Starting a New Business ( Research Paper”, n.d. https://studentshare.org/business/1463854-the-impact-of-the-singaporean-culture-on-starting.
  • Cited: 0 times

CHECK THESE SAMPLES OF The Impact of the Singaporean Culture on Starting a New Business

Singapore Tourism Profile

The unique aspect of the singaporean culture is that many different ethnicities have coexisted alongside each other for so many years that there is little separation along racial lines today (Phua, Berkowitz, & Gagermeir 1255).... This tourism profile will examine certain aspects of singaporean culture and life that have a direct impact on tourism in Singapore and throughout the region.... Women currently hold high positions in both the government and private business sectors....
8 Pages (2000 words) Research Paper

Consumer Perception between International and Local Brands - A Western vs Asian Perspective

business environments being competitive, it has become imperative for sellers of both domestic and foreign goods to explore customer purchase behavior.... This is because Singapore is a multicultural city compromising Chinese, Malays, Indians, and Eurasians, and with one in four residents being non-singaporean (SEDB, 2009).... herefore, this research expands into singaporean's reactions and attitudes towards branding and how they perceive the established international brands against renowned local brands in various sectors....
19 Pages (4750 words) Dissertation

Economic Development of Kenya and Singapore

This case study "Economic Development of Kenya and Singapore" raises the question of why today majority of African countries, taking Kenya as a case study, are vastly underdeveloped economies while those in East Asia have moved up the ladder to be labeled as fast-growing economies.... ... ... ... Kenya and Singapore both had underdeveloped economies with limited industrialization and a heavy dependence on the agricultural sector....
8 Pages (2000 words) Case Study

Cross-Cultural Management - Singaporean Culture and Society

the singaporean Chinese Teachers' Union president, Madam Lian Hwee Eng, implored the stakeholders to lower the restrictions barring a huge number of students from pursuing Higher Chinese studies.... Typically, the singaporean population is comprised of 74.... Keat also urged those who are interested in art and crafts and those who can write to engage the government for grants to fund their projects aimed at promoting the Chinese culture.... He pointed out that art is one of the major avenues of promoting a culture (Zengkun, 2013)....
11 Pages (2750 words) Assignment

Enjoy Life to the Fullest: Travel Agency

This case study "Enjoy Life to the Fullest: Travel Agency" presents a business idea included in a business plan that is about starting a travel agency in Singapore.... The competitive advantages of the travel agency to be started in this business plan will be expected to be improved compared with the business rivals in the singaporean tourist market.... business investors can expect to achieve pleasing business successes.... nder the competitive business environment of the travel agency industry sector in the current times, inspiring the tourists to take part in the process of making the practical and detailed tourist plans would enable the customers to enjoy their trips to their selected tourist attractions on more occasions....
14 Pages (3500 words) Case Study

How Can Cross-National Comparisons Help Understand Benefits and Disadvantages of VET Systems

This paper examines the benefits of understanding the advantages and disadvantages of VET in a cross-country comparison of Germany and Singapore.... In examining variables that mostly demonstrate characteristics, apparent success of VET systems, the comparison could help identify the best model ....
18 Pages (4500 words) Essay

The Economic Downturn Effects on I.T Projects in Singapore

The current study examines the effects of the 2008 financial crisis on the singaporean IT (Information Technology) sector and focuses primarily on the trends experienced thereupon among the various IT projects in progress within this industry.... In several other cases, the government also closed down several projects or instructed business to do so if it felt that they were to resource intensive or hampering the reversal of the crisis (include author).... Beginning November 2008, global demand and investments in trade had been paralyzed and in turn had an adverse impact on several economic sectors in Singapore such as wholesale, retail, transport, and storage sectors....
12 Pages (3000 words) Case Study

Colonial Heritage and Modern Developments of Singapore

Singapore was one of the most populous colonial outposts of the British Empire with acting as a multiethnic trading center starting from the 1800s.... or almost half a century Singapore has been building upon its colonial heritage starting from 1819 when the British trading post was officially initiated through a treaty with the natives of the quaint Malay village.... The country is now known for its rich culture, heritage and economic contribution in the world....
12 Pages (3000 words) Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us