So, you want to run your own business, and be your own boss. Then you might like to know there are programmes that teach entrepreneurship at local polytechnics and universities. Armed with the right skills, you can hit the road running, and possibly achieve early success.

By Jyotsna Nelgadde

Forging your own path
For some of the lucky few among us, choosing our future career is a no-brainer. We want to become engineers or bankers. These are the “easy” choices that lead to high net worth futures. It’s easy to figure out how to prepare for these careers — just take up the relevant courses in engineering, accounting or finance.

But what if you want something more? What if you want to have total control over your future direction? What if you want to manage and not to be managed in return? And what if you are willing to bear the risks, to have a chance at earning the really big money that even engineers and bankers dream of making?

What you want then, is to be an entrepreneur — to be the owner of your very own business.

Some famous entrepreneurs across the globe include Bill Gates, who is now the richest man in the world; Richard Branson, who’s known as the rebel billionaire and Michael Dell who redefined the way personal computers were sold. Singapore has several homegrown entrepreneurs of its own too — Creative’s Sim Wong Hoo, Hyflux’s Olivia Lum and Breadtalk’s George Quek for example.

There is no particular reason why you can’t be next person on that list!

Age is not a barrier
Associate Prof (Dr) Tan Teng Kee is the director of Nanyang Technopreneurship Center at Nanyang Technological University (NTU). He says that an entrepreneur is definitely a risk-taking individual who is idealistic, creative and energetic at the same time. John Foo, a lecturer for entrepreneurship modules in Singapore Polytechnic (SP) agrees. He adds that an entrepreneur has the ability to recognise and seize opportunities and is able to take responsibility for his own actions.

You may have just finished your studies or are perhaps still in school, but you are never too young to become an entrepreneur. If fact, youth might just be your greatest competitive advantage. Mr Foo says that age should not be a barrier for someone who wishes to start and run his own business.

Being young brings advantages such as having lots of enthusiasm for trying out new ideas, many of which may simply fail. Dr Tan adds that the best part about being young is that you’ll be full of the creative energy needed for forging a new business in the information technology (IT), entertainment or creative media industries.

Of course, there is only a fine line between courage and recklessness. Young guns may be ever ready to throw caution to the wind and take the bold steps, but Mr Foo warns of the need to be aware of your relative lack of experience and maturity. This may make it harder for you to deal with people, or to make sound decisions quickly and effectively.

That’s why it can be to your advantage to “learn” how to be an entrepreneur.

Learning entrepreneurship
For a start, be assured that the study of entrepreneurship is not new. Babson College is the most famous institute for entrepreneurial management education in the United States, and it has been teaching entrepreneurship since 1919. The college is ranked No.1 for entrepreneurship education for the tenth consecutive year by US News & World, a well-known US publication that compiles a list of the “Best Colleges in America” every year.

Similar programmes are now available in Singapore as well. A quick check reveals that all five local polytechnics offer entrepreneurship programmes of its own.

At Temasek Polytechnic, every student in its business school is required to take a compulsory course called the Basics of Entrepreneurship, where they will learn the key elements of entrepreneurship. Students from all faculties at Ngee Ann Polytechnic are required to take up interdisciplinary modules in entrepreneurship. Singapore Polytechnic has modules in entrepreneurship that are open all students. Nanyang Polytechnic’s School of Business Management has pioneered programmes that teach young students how to develop the right attitudes towards risks and gain the skills needed to identify creative and viable opportunities. Republic Polytechnic goes one step further by setting up the Centre for Innovation and Enterprise (CIE) which aims to “nurture innovation and entrepreneurial culture among students, staff and alumni”.

Mr Foo tells us more about entrepreneurship education at SP, saying that all students pursuing the Diploma in Business Administration may apply to join the entrepreneurship concentration in their third year of studies. The first batch of students enrolled in 2005 and the second batch of 18 are currently running their own business. The success of the programme speaks for itself. This year alone, students from SP have started five business ventures — three on campus and the other two on Bugis Street and Haji Lane respectively.

Meanwhile, National University of Singapore (NUS), NTU and Singapore Management University (SMU) all offer entrepreneurship modules. NUS offers a minor in Technopreneurship and NTU offers a minor in entrepreneurship for undergraduates. The Nanyang Technopreneurship Centre (NTC) was set up in NTU in January 2001 to spearhead new and innovative entrepreneurship education for undergraduates. Its flagship programme, the Technopreneurship and Innovation Programme (TIP), is the first of its kind in Asia and is now in its fifth year.

Of course, you may wonder whether entrepreneurship is something that can be taught. Can you really learn how to be a businessman? Isn’t it something that you learn by doing?

In reply, Dr Tan says that entrepreneurship should not be taught in the traditional way and indeed, you have to learn by doing. While aspiring entrepreneurs can learn the hard way by starting a business venture from scratch, those who study entrepreneurship can shorten the learning process by miles. Furthermore, entrepreneurship programmes at NTC focus on drawing practical lessons from the business environment and not from textbooks alone.

Both Mr Foo and Dr Tan point out that those who study entrepreneurship also gain valuable networks with fellow entrepreneurs. They also learn how to develop sound business plans, avoid common pitfalls and how best to approach venture capital for funding.

Words of advice
Dr Tan and Mr Foo have a few words of advice to give budding entrepreneurs.

“Before you start a business, it is important for you to do your research well,” says Dr Tan. “You must understand your target market and be clear about what aspects matter most to your customers. Make sure that your products are not vulnerable to rapidly changing trends. More importantly, be patient — success will not always come overnight.”

For those who are starting businesses while they are still students, Mr Foo says that “they must be able to balance work with studies. Learn from experienced entrepreneurs and prepare a business plan. Start a venture for which there is a proven demand.”

In the end though, you will still need to take the first step of actually starting a business. A lot of people have ideas, but there are few who decide to do something about them. Not tomorrow. The true entrepreneur is a doer, not a dreamer.

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