The impact of the Singaporean Culture on starting a new business ( Research Paper

The impact of the Singaporean Culture on starting a new business ( this is my part of a bigger project) - Research Paper Example 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 special license, yet they have the flexibility of paying the money in the 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. â€Å"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 business venture are available to the entrepreneurs in Singapore that can be profitable for them. ... There is a Singapore Code of Advertising Practice (SCAP) that ensures that high standards of ethics are maintained in advertising. â€Å"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 willingness of the members of a certain culture to accept and handle the risky and ambiguous situations is known as uncertainty av oidance. 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 the investors. The Singaporean society welcomes new ideas in business, and this openness is a great driver of innovation and creativity

Emerging Markets of Pakistan and Vietnam Essay Example | Topics and Well Written Essays - 3500 words

Emerging Markets of Pakistan and Vietnam - Essay Example Investors need to constantly monitor markets around the globe to identify a niche for themselves. One avenue which interests every strategic investor is the emerging markets. Emerging markets denote possibilities available for investors in countries that have just begun to get prominence in the investment sector. Countries such as India, Pakistan, Vietnam, Singapore and Malaysia offer lucrative advantages to big business houses. This report aims at studying the economic factors of two emerging markets viz. Pakistan and Vietnam to identify which market offers better opportunities for an investor. The report studies the prevailing economic conditions in these countries and other non-economic parameters that might affect investment. Foreign Direct Investment (FDI) is an important feature of an increasingly globalized economic system. Direct investments in productive assets by a company incorporated in a foreign company, as opposed to investments in shares of local companies by foreign entities (investorguide.com, 2007). Gross Domestic Product (GDP) is defined as the total market value of all final goods and services produced in a country in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports. GDP is usually calculated on an annual basis. GDP is commonly used as an indicator of the economic health of a country, as well as to gauge a country's standard of living (investorwords.com, 2007). Savings and Investment are closely associated with each other. Savings is treated as a part of the assets possessed by an economy. Savings and saving are different. Saving is computed as Income minus the sum of expenditure and tax payments (Pradeep Agarwal, 2000). Savings in a broader sense refers to an entity that increases Economic growth and therefore it is treated as a stock variable. Investment means diverting capital for acquiring assets usually with an expectation of getting returns. It's a general observation that in developing economies, domestic savings are bound to be minimal for various reasons. In order to keep up with the pace of international market, foreign capital inflow is encouraged by these countries, in various forms such as loads, Foreign Direct Investment, grants and portfolios (Griffin and Econ, 1970). A research work on foreign capital inflows for developing economies by Ahmad and Ahmed at University of Karachi (Ahmad and Ahmed, 2001) proves that foreign capital inflow and domestic savings are substitutes of each other. This statement was proved theoretically and empirically (Ahmad and Ahmed, 2001). Per-capita Income is calculated as the yearly income that is generated by a state/Country divided by the total population. It is reported as Currency/year. Mostly it is measured in Euros or Dollars. It is