Entrepreneurship Motivation Study Proposal

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This is a proposal to SPRING Singapore for The Study on Motivation "For" & "Against" Entrepreneurship in 2010

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Entrepreneurship Motivation Study Proposal

  1. 1. STUDY ON MOTIVATIONS FOR AND AGAINST ENTREPRENEURSHIP
  2. 2. Proposal • Objectives • Requirement – Basic – Recommend • Sources of Sampling Size – Business Groups and Associations • Profiling – Sample Group Profile – Sample Individual Profile • Some possible survey questions to be included • Integrated Strategies – Online – Event – Phone/Face – Public Relations • Scope of Services • Value-added Services • About the vendor – Project Manager’s Profile – Existing Clients • Cost Analysis & Milestone • Payment Schedule Private & Confidential
  3. 3. Objectives • To understand all : – Social, – Behavioural, – Psychological, – Demographic factors that motivate or discourage individuals to be an entrepreneur Private & Confidential
  4. 4. Basic Requirements • Individual profile – race, age, education, fear of failure, risk appetite, income and others • Culture - face issue, stigma of bankruptcy and others • Environment - parents’ beliefs, parents’ professions, upbringing, peer influence and others Private & Confidential
  5. 5. Recommended requirements • Business Environment – Competition – Size of local market – Barrier of entry • Government Support – Mentoring – Funding/Loan Support : • From government – Procedure of application – Information to the right people • Banks – Criteria – Interest rates • Opportunities – Networking – Sunrise Industries • Others – Gender issue – Angel/VC (eco system) Private & Confidential
  6. 6. Sources of Sampling Size • Spirit of Enterprise – 950 nominees and 250 honourees • Signature Club (business entrepreneurs) – 300 entrepreneurs • Association of Small-Medium Enterprises – Entrepreneurs of the Year (5 years) – Brand Award (5 years) • Trade Association & Groups – SCCCI – SICC – AMP Private & Confidential
  7. 7. Business Associations and Groups Private & Confidential
  8. 8. Sampling Group Profile • Industries : 10-12 • Gender : Ideal (50/50), Trend (80/20) • Stage of entrepreneurship journey – 20% - Salaried people with previous intention – 20% - aspiring entrepreneurs – 20% - 1-3 years – 20% - 4-8 years and above – 20% - 9 years and above Private & Confidential
  9. 9. Individual profile • Bankrupt before? • Basic profile – Ethnics – Age • Youth (below 21) • Young entrepreneur (21-26) • Others (27-39) • Mature (40 and above) – Personality Profiling • D/I/S/C • Intention – Innate Desire, Training or Education • Years of working experience before embarking on journey? – 1-2 – 3-5 – 6-10 – >10 Private & Confidential
  10. 10. Some Possible Survey Questions (not exhaustive) Private & Confidential
  11. 11. Reason(s) to become entrepreneur • Family background • Academic qualification (lack) • Economic crisis (loss of jobs) • Peer support • Online – marketing • SEO • Social Media – Public relations • Plenty of success stories • Existence of mentors • Existence of role models • Passion / Vision / Mission / Calling Private & Confidential
  12. 12. Reasons against entrepreneur • Financial Risk • Age factor • Lack of government support • Bankruptcy • Lack of mentoring • Lack of management and business skills • Lack of connections • Lack of sources of funding • Operating cost in Singapore too high • Skills – Sales & presentation techniques • Too much competition • Local Market is too small • Lack of entry barrier • Intellectual Property Copyright • Lack of understanding of what investors look for • Lack of entrepreneur training • Entrepreneurship groups are inward looking • Unable to leverage on technology • Difficulties in converting business model into franchising opportunity • Manpower talents unwilling to work with start up or new company. Private & Confidential
  13. 13. Some Possible Survey Questions • At what age would you consider too old to be an entrepreneur? – >40 – >45 – >50 – >55 – >60 – >67 Private & Confidential
  14. 14. Some Possible Survey Questions • What’s your 1st year turnover? – Under $100,000 – 100,000 – 250,000 – 250,000 – 500,000 – 500,000 – 1,000,000 Private & Confidential
  15. 15. Some Possible Survey Questions • What is your current Business Models? – Business to Business – Business to Customer – Customer to Customer Private & Confidential
  16. 16. Some Possible Survey Questions • Where is your current business premise? – Serviced office – Office – Home-based – Others Private & Confidential
  17. 17. Some Possible Survey Questions • What advices would you give aspiring entrepreneurs? – Believe in your dreams – Get more working experiences before venturing – Get a mentor – Plan your exit strategy – Others Private & Confidential
  18. 18. Some Possible Survey Questions • Which Crisis in the past affected you most? – 1985 – Singapore 1st recession – 1987 – Wall Street Collapse – 1998 - Asian Currency crisis – 2000 - Bursting of Dot.Com bubbles – 2001 - Sep 11 – 2003 - SARS – 2008 – Global recession Private & Confidential
  19. 19. Some Possible Survey Questions • Percentage of your client base – Government – MNCs – SMEs – Other Entrepreneurs – Public – Overseas Private & Confidential
  20. 20. 4 Integrated Survey Strategies • Online – Social Media (Portal) – Survey Money • Events – Dialogue - Entrepreneur networking – Survey – Entrepreneur group survey • Telephone or Face interviews – Follow-up • Public Relations – Book launch from entrepreneur stories & result findings Private & Confidential
  21. 21. Scope of Services • Pre Survey – Design of surveys • Consultancy • Online survey portal cost – Marketing – Sourcing & Selection of 250 survey participants – Pre survey Profiling • Survey – Preparation of Agreement for interviewers – Management of Survey Manpower cost – Event Management for entrepreneurs & aspiring entrepreneurs • Post Survey – Analysis of results based on different findings and parameters – Filling and Auditing of all surveys into CDs – 3 Presentation on finding Private & Confidential
  22. 22. Value-add Services • Ongoing and post-survey marketing – Social Media – Business portals/Association • Public Relations – Release of results via press releases – Pitching of media angles and press stories – Follow up publication of booklet of Singapore entrepreneurs’ stories Private & Confidential
  23. 23. Project Manager • Andrew Chow – Experience • 16 years as a serial entrepreneur and small business owner – Industries • MICE • Public Relations • New Media : Contents, Conversion, communities Building • Corporate Training • Personalized Service (social networking, founded 3 portals with over 10,000 profiles) – Business Awards • Most Innovative Marketing Initiative (2007 STB Business Event) • Spirit of Enterprise award (2008) • Successful Entrepreneur award (2010) – Certification • NLP Practitioner • Certified Life Coach – Media/press portfolio • Featured, interviewed or mentioned more than 50 times in 4 years • Strategic PR Counsel to several SME owners – Founded • IDEAMART (1994) • Ideas & Concepts (2002) • Table For Six (2009) • www.superideamart.com (networking for entrepreneurs & business owners) Private & Confidential
  24. 24. Client & Portfolio Private & Confidential
  25. 25. Cost Analysis & Milestone Program Timeline Cost Design of surveys Apr $10,000 -Consultancy -Online survey portal cost Pre Survey Marketing NA Sourcing & Selection of 250 survey participants May – Aug $9000 -Pre survey Profiling -Agreement for interviewers & interviewees --20% more on standby (total 300) @ $30 Survey Manpower cost (4 x 450 hours @ $15) May – Aug $27000 Event Venue Cost – 4 months x 2 sessions x 40 @ $15/pax May – Aug $4800 Phone bills (1.5 hr x 250) x 20% = 450 hours @ $0.42 Apr to Aug $200 Analysis of results based on different findings and parameters, and auditing Sep $12,000 Presentation preparation Sep $2000 $65000 Ongoing & Post Survey Results – Public Relations Media Pitch May - Sep NA E-Publishing of “20 Most inspiring Entrepreneur stories in Singapore” – PDF NA Private & Confidential
  26. 26. For more information : • Andrew Chow • Mobile – 65-97771818 • Email – andrew@ideamart.com.sg • Social Media Contacts – Personal Branding – www.andrewchow.sg – Facebook - http://www.facebook.com/IdeasAndrew?ref=profile – Podomatic (Podcast) - http://ideasandrew.podomatic.com/ – Slideshare (Presentation) – http://www.slideshare.net/ideasandrew – Youtube (Video) - http://www.youtube.com/ideasandrew – Linkedin - http://sg.linkedin.com/in/ideasandrew Private & Confidential

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