The theme for my JC1 Project Work (PW) in 2011 was “Risks” and how to mitigate the risks we identified. As we studied different areas to undertake for our PW, my group found Entrepreneurship an intriguing area, where entrepreneurs have to handle all sorts of risks. We started by looking at a few entrepreneurs who failed and tried to understand why they failed. As we went deeper into the causes of failure, we realized that their journey was fraught with obstacles and many risk factors, which caused them to fail. As we studied the causes of failures further, we realized that a number of risks could have been mitigated. Had the entrepreneurs better developed a set of skills and had they been given some guidance and support, they could have, in many cases minimized their chances of failing.
So the question was, why did they not better prepare themselves before they started their companies? We soon realized that the answer was the lack of knowledge and a proper mindset to help them prepare. If only we could create a platform, which imparts such knowledge, shares ideas and provides guidance. Especially one, which has the credibility of a track record, would greatly help aspiring entrepreneurs.
As I started thinking about what this platform should be like, it struck me that a book I read a few years ago, written by my father, Mr Inderjit Singh titled “The Art and Science of Entrepreneurship” was a great knowledge base, which provided many useful tips to help develop an entrepreneurial mindset. It was like a guidebook for entrepreneurs, based on his experiences in starting companies and in helping others through his many different responsibilities while championing entrepreneurship in Singapore. If we could translate the knowledge in the book into a platform it would greatly help future entrepreneurs.
With this idea in mind, I decided to use the book, “The Art and Science of Entrepreneurship” to help me transform this idea I had into a business. As I still had to contend with my studies, I needed some help. As luck might have it, I met Gurpal who himself was an entrepreneur and I bounced the idea off him. Fortunately, he saw the value of what I was proposing and agreed to work on it with me. We developed a business model, got the business plan going and then the next big task was to get Mr. Inderjit interested in this new venture (he is already involved in many things and a number of businesses). We arranged to present our proposal to him and it did not take him long to spot a good business idea. He agreed to be involved in it and allowed us to use his book as the foundation of our platform. He gave many useful suggestions and ideas; one of which was to use the platform, to create a community where entrepreneurs and those who are thinking about it, can come together to learn and share ideas – it would become a very useful online city of entrepreneurs.
With Mr. Inderjit’s involvement, Entrecity started and we hope to become a vibrant community and city of Entrepreneurship.