Entrepreneurship within small and medium entreprises : a look at the advertising industry in Singapore

In recent years, considerable interest has risen in local entrepreneurship, especially in the development of local Small and Medium Enterprises (SMEs). Local SMEs contribute a large share to Singapore's economic performance, and their future contributions, in the team's opinion, will gain increasing importance. In promoting the growth of local SMEs, the government is stepping up its efforts to create a more conducive business environment for SMEs' development. However, the adequacy of governmental support and the conduciveness of Singapore's business environment to local SMEs have been much debated issues. Hence, this study was embarked upon with the objective of examining the factors affecting development of SMEs in Singapore, partiularly in the advertising industry, and also the incentives available to them. The team also examines the characteristics of the entrepreneurs and the strategies adopted by them which are vital to their success. In the process of analyzing the issues, the team has done some literature review as well as conducted interviews with five local entrepreneurs and the Economic Development Board (EDB) personnel. The study concludes that the government has not been very effective in promoting entrepreneurship in Singapore and there is still room for improvement for the local business environment. Based on the interviews, some recommendations were provided, which the team believes would better the business environment for the local SMEs. The team hopes that the effectiveness of the various government incentives can be enhanced and Singapore would be an even better place for entrepreneurship to thrive in.ACCOUNTANC