SINGAPORE: After months of job applications that led nowhere, Mr Jeremy Lim, 27, became discouraged by the constant rejections and the notion that he needed an employer to give him “permission to work”.
With impending wedding bills and mortgage payments for an incoming Build-To-Order flat, the marketing and journalism graduate decided that it was time to act on a business idea that he had kept in mind for years.
He recalled a job interview in January in which a recruiter told him his past work experiences were merely internships and low-balled him with a S$1,900 monthly pay instead of the S$3,200 advertised salary.
That was the last straw for Mr Lim, who now runs Thirteen Employment Agency, which helps families hire domestic helpers.
“I remember standing up and I was telling them: ‘I would rather set up my own business again.’ And I just left.
“I can’t afford to wait up to six months, 12 months for somebody to give me permission to work, because I have bills to pay,” he told CNA.
Waiting for the right job offer felt like a risk. “But what wasn’t a risk was to get up and look at any kind of business that I could do with as little capital as possible,” he said.
The idea to start Thirteen Employment Agency came about because of his close relationship with his long-time maid who helped to raise him. It’s not his first rodeo – Mr Lim used to be the co-founder of a business that made and sold earphones.
Jeremy Lim (standing), 27, hands out flyers for Thirteen Employment Agency while speaking to domestic helpers. (Photo: Jeremy Lim)
Amid fewer job vacancies for young graduates, Mr Lim is one of many in his cohort who are deciding to work for themselves and build careers on their own terms when they enter the workforce.
For them, the uncertain economic climate and unmet job expectations are changing the calculation by making it seem comparatively less risky to start a business right out the gate.
The slightly tougher job market may nudge youths to venture into entrepreneurship much earlier, or to see starting a business as part of their portfolio of work, said Associate Professor Marilyn Uy, the Provost’s Chair in Entrepreneurship at Nanyang Business School.
Most entrepreneurs typically spend about three to eight years in the workforce before striking out on their own, she said. Those years help them build skills, savings and networks, and even spot problems worth solving.
“But in a tougher job market, the opportunity cost drops,” she said. “Fresh graduates are more willing to take the leap to entrepreneurship sooner because there’s less to give up by doing so.”
Ms Lim Ee Ling, co-founder of entrepreneurship platform Wavesparks, described what she hears from some young founders: “If the stable path is no longer stable, then why don’t I go and do this thing that I wanted to do?
“Even if I can get a job, I’m hearing so much about bad company culture, about bad managers. Why should I take that? I might as well go and do the thing that I really want, since a stable job, high income, good culture isn’t a guarantee anymore.”
Fresh graduates have reported feeling a sense of intense competition and limited job opportunities, with most describing their job search as difficult in a CNA straw poll earlier this year.
Labour data shows the unemployment rate for those under 30 stood at 5.5 per cent in September, while employers’ hiring sentiment has weakened.
Meanwhile, the number of primary “own-account” workers (those who do self-employed work as their main job and do not employ others) rose to 179,200 this year. More of them are choosing such work out of preference – 95.5 per cent, the highest rate since 2016.
According to the Accounting and Corporate Regulatory Authority (ACRA), almost 14,800 new businesses with at least one position-holder aged 30 and below were registered this year as of Nov 21.
This is fairly consistent with the numbers in the two years prior, said ACRA.
Experts pointed out that most young entrepreneurs continue to be driven by opportunity rather than economic necessity, such as being unable to find a job.
“Most graduates who choose entrepreneurship are doing so because they have an idea they believe in or a problem they feel strongly about solving,” said Professor Foo Maw Der, the President’s Chair in Entrepreneurship at Nanyang Technological University (NTU).
Entrepreneurship appeals to a minority of students, between 3 and 5 per cent, said Mr Patrick Lim, CEO of the Action Community for Entrepreneurship (ACE.SG), the national trade association for startups.
Challenges in jobseeking are not a common reason for starting a business and the most cited reason is still the desire for career freedom, he added.
Wavesparks’ Ms Lim said the change is likely occurring among youths who fall somewhere between those who have always wanted to start a business and will do so, and those who have never wanted to be entrepreneurs.
This middle group comprises those who are curious about and open to entrepreneurship, who may have thought about starting their own business but only in the future, after some years of work experience.
“This group are the ones that potentially are shifting a bit more to: ‘Okay, let's take the step now. Let’s make the jump right now,’” said Ms Lim.
She added that the hunger for entrepreneurship is also partly fuelled by increased exposure from social media, which has put a spotlight on success stories and side hustles that turn into full-time gigs.
Demetrius Tan, 28, started his own 3D printing design business after he faced challenges in his job search. (Photo: Demetrius Tan)
For Mr Demetrius Tan, 28, a futile job search turned out to be the push needed to pursue his long-time dream of starting his own 3D printing design business.
After graduating from the National University of Singapore (NUS) with a degree in mechanical engineering, he sent close to 200 job applications without yielding any real leads.
“Since I couldn’t really get a full-time job, and I always wanted to start a business on my own … then I felt like at that point, I still had coaching as a source of income, so how about I give this a chance?” said Mr Tan, who is also a part-time floorball coach.
In June, Mr Tan used the capital he earned from his coaching gig to launch Vincible3d.
From his bedroom studio, he designs and prints lamps, vases and customisable floorball stick holders.
NUS computer science graduate Eugene Chia and his co-founders began work on their startup Ecovolt Technologies in 2024, while still studying. The business supplies smart, energy-efficient building management systems.
“It’s always been an eventuality that I would start my own thing,” said the 26-year-old, adding that it was “a matter of when” he would do it.
Before graduation, Mr Chia simultaneously applied for sales engineering jobs, expecting to secure a high four-figure salary. If this worked out, becoming an employee would be a “no-brainer”.
But when the ideal job did not land, he decided to go all out on the venture with his two co-founders. He graduated this June and the company was incorporated a month later.
“I’ve been in the student startup space in NUS for a while, and there are exceedingly few graduates who would do startups right off the bat,” he said.
Once a suitable job offer lands, “very, very few would be able to resist the temptation of certainty” from a monthly pay cheque and choose entrepreneurship instead, he said.
Eugene Chia (centre) of Ecovolt Technologies and his co-founders Raphael Chew (left) and Glenn Quah (right). (Photo: Ecovolt Technologies)
Another response to uncertainty is to hedge one’s bets by diversifying income streams and picking up a variety of skills, rather than sticking to a single 9-to-5 job.
These have been dubbed “portfolio careers”.
“A portfolio career basically refers to acquiring many different skill sets because you don’t know what’s going to be the lasting skill set that’s needed, and because the world is changing so fast,” said Wavesparks’ Ms Lim.
Singapore is likely to see more such portfolio careers, said Dr Julien Salanave, a startup founder, venture capitalist and professor at ESSEC Business School, Asia-Pacific.
Entrepreneurial skills are important for such workers because they are not just gratifying one employer, but must dynamically manage multiple projects and stakeholders, he said.
Such careers are much more resilient, according to Dr Salanave. “Even if you lose one employer, you’re not losing everything you develop.”
When she was not able to land a full-time job, Ms Law Dan Qi, a food technology graduate, took up an internship at a food research company.
The 25-year-old also started a home-based drink business, 567 Spill The Tea, selling Thai-inspired drinks, matcha and banana pudding on the weekends.
Although both gigs are temporary until she secures a full-time job, having them provides some form of reassurance.
“It gives me some security in a way, like if I were to not secure a full-time position after my internship, at least I have something else going for me, that I can continue running or investing all of my energy into,” she said.
Running a business has also taught her skills such as acquiring suppliers, which adds to her portfolio of experiences, she said.
Striking out at a young age poses challenges, including the need for capital and the self-doubt that arises when straying from convention.
Employment agent Mr Lim was fortunate to get support from his father for his capital of S$10,000. Most of it went towards obtaining his industry licence.
He works on his own from home and his main ongoing expenses are subscriptions to online tools – Canva and ChatGPT. He uses AI chatbots to perform work tasks since he has no employees.
Despite keeping costs low, he has yet to turn a profit, and has given himself one year to make his business viable. Meanwhile, he continues to interview for jobs and is open to running his agency on the side if he finds employment.
But there is already an opportunity cost from entrepreneurship – time. Mr Lim pointed out that he could have graduated from university earlier if he had not divided his attention between his studies and his first business.
Mr Tan has given himself two years to build his 3D printing business – a deadline set with his father’s impending retirement in mind. The timeline gives him space to set up the business, research and assess whether to continue.
“If things don't go well by the time I hit 30, I think I’ll just go back to the ‘Singaporean dream’, look for a full-time job and work towards retirement,” he said.
Others on this path worry about whether the experience they are building up will matter to future employers.
Mr Dave Ho, who graduated with a degree in business analytics last December, decided to pursue livestreaming as a full-time career in May. He livestreams seven days a week, working with a wide range of brands to promote products from luxury goods to electronics.
Initially, Mr Ho felt like he was “lagging behind” his peers.
“A lot of people don’t really understand this, and people still ask me: ‘Hey, when are you going to find a corporate job?’” said the 27-year-old.
Although he has picked up skills like communication, problem-solving and rapport-building through his livestreams, he feels he would have to “reset from square one” if he were to return to a corporate job.
“I don’t think (employers) will care a lot about the live-streaming. I think the circumstances will not change,” he said.
Nanyang Business School’s Dr Uy urged young entrepreneurs to have a clear financial runway, such as savings or a freelance gig to pay the bills.
She suggested treating the business as a “time-bound experiment”, and to be prepared to pivot if milestones are not hit.
Young founders should also stay plugged into alumni, mentor and industry networks so they are not starting from zero if they have to put aside their venture, she said.
There are further psychological risks, including overconfidence leading founders to ignore feedback, and emotional volatility and burnout.
“Training and early success can give a boost to passion in the short term, but this fades unless supported by skills and mastery,” said Dr Uy.
“Hence, fresh graduates need to ask not only ‘is this a good idea’, but also ‘am I emotionally prepared for the long and uncertain journey’.”
Mentorship can play a huge part in addressing emotional concerns around self-doubt, fear and insecurity, said Mr Ian Tan, who runs youth outreach and marketing at Mentoring SG.
The national mentoring movement offers guidance to young entrepreneurs, including from small and medium business owners, food and beverage owners and startup founders.
Youths do not need to “rush” into anything, stressed ACE.SG’s Mr Lim.
“At their young age, the intent of our initiatives is mainly on learning, exposure and networking,” he said.
Collapse Expand
The youths’ concerns align with experts’ advice for young entrepreneurs to have a fallback plan.
A good plan involves setting a clear timeline or metrics to review progress, and recognising transferable skills, said Prof Foo from NTU.
“It provides a sense of security for both the entrepreneur and their family, which in turn allows the founder to take more considered, strategic risks rather than desperate ones.”
He reassured that entrepreneurial experience is “highly valued” by employers.
“Skills in customer discovery, digital marketing or operations are directly transferable to roles in product management, business development and corporate innovation,” he said.
Graduates with entrepreneurial experience demonstrate qualities like ownership, adaptability and problem-solving, said Ms Priscilla Koh, head of entrepreneurship at the Singapore University of Social Sciences’ Student Success Centre.
“Some organisations appreciate the initiative and resilience that entrepreneurship fosters while others may view it as a less traditional career route,” she said.
Youth entrepreneurship is unlikely to abate given the proliferation of initiatives in schools to encourage young founders, experts observed.
Those who do take the plunge will be forced to confront what they are capable of and learn hard truths about themselves.
As an entrepreneur, “every mistake that you made, every missed opportunity, every customer that you pissed off accidentally, that is on you”, said Mr Lim, the employment agency owner.
“It hurts my ego a lot. I find myself reflecting on the business at night, whether this will work out,” he said.
“But I have to wake up every day with that resilience, to tell myself that I have to carry on, because that’s what an entrepreneur is. We have to solve problems.”
Continue reading...
With impending wedding bills and mortgage payments for an incoming Build-To-Order flat, the marketing and journalism graduate decided that it was time to act on a business idea that he had kept in mind for years.
He recalled a job interview in January in which a recruiter told him his past work experiences were merely internships and low-balled him with a S$1,900 monthly pay instead of the S$3,200 advertised salary.
That was the last straw for Mr Lim, who now runs Thirteen Employment Agency, which helps families hire domestic helpers.
“I remember standing up and I was telling them: ‘I would rather set up my own business again.’ And I just left.
“I can’t afford to wait up to six months, 12 months for somebody to give me permission to work, because I have bills to pay,” he told CNA.
Waiting for the right job offer felt like a risk. “But what wasn’t a risk was to get up and look at any kind of business that I could do with as little capital as possible,” he said.
The idea to start Thirteen Employment Agency came about because of his close relationship with his long-time maid who helped to raise him. It’s not his first rodeo – Mr Lim used to be the co-founder of a business that made and sold earphones.
Jeremy Lim (standing), 27, hands out flyers for Thirteen Employment Agency while speaking to domestic helpers. (Photo: Jeremy Lim)
Amid fewer job vacancies for young graduates, Mr Lim is one of many in his cohort who are deciding to work for themselves and build careers on their own terms when they enter the workforce.
For them, the uncertain economic climate and unmet job expectations are changing the calculation by making it seem comparatively less risky to start a business right out the gate.
The slightly tougher job market may nudge youths to venture into entrepreneurship much earlier, or to see starting a business as part of their portfolio of work, said Associate Professor Marilyn Uy, the Provost’s Chair in Entrepreneurship at Nanyang Business School.
Most entrepreneurs typically spend about three to eight years in the workforce before striking out on their own, she said. Those years help them build skills, savings and networks, and even spot problems worth solving.
“But in a tougher job market, the opportunity cost drops,” she said. “Fresh graduates are more willing to take the leap to entrepreneurship sooner because there’s less to give up by doing so.”
Ms Lim Ee Ling, co-founder of entrepreneurship platform Wavesparks, described what she hears from some young founders: “If the stable path is no longer stable, then why don’t I go and do this thing that I wanted to do?
“Even if I can get a job, I’m hearing so much about bad company culture, about bad managers. Why should I take that? I might as well go and do the thing that I really want, since a stable job, high income, good culture isn’t a guarantee anymore.”
Related:
“A MATTER OF WHEN”
Fresh graduates have reported feeling a sense of intense competition and limited job opportunities, with most describing their job search as difficult in a CNA straw poll earlier this year.
Labour data shows the unemployment rate for those under 30 stood at 5.5 per cent in September, while employers’ hiring sentiment has weakened.
Meanwhile, the number of primary “own-account” workers (those who do self-employed work as their main job and do not employ others) rose to 179,200 this year. More of them are choosing such work out of preference – 95.5 per cent, the highest rate since 2016.
According to the Accounting and Corporate Regulatory Authority (ACRA), almost 14,800 new businesses with at least one position-holder aged 30 and below were registered this year as of Nov 21.
This is fairly consistent with the numbers in the two years prior, said ACRA.
Experts pointed out that most young entrepreneurs continue to be driven by opportunity rather than economic necessity, such as being unable to find a job.
“Most graduates who choose entrepreneurship are doing so because they have an idea they believe in or a problem they feel strongly about solving,” said Professor Foo Maw Der, the President’s Chair in Entrepreneurship at Nanyang Technological University (NTU).
Entrepreneurship appeals to a minority of students, between 3 and 5 per cent, said Mr Patrick Lim, CEO of the Action Community for Entrepreneurship (ACE.SG), the national trade association for startups.
Challenges in jobseeking are not a common reason for starting a business and the most cited reason is still the desire for career freedom, he added.
Wavesparks’ Ms Lim said the change is likely occurring among youths who fall somewhere between those who have always wanted to start a business and will do so, and those who have never wanted to be entrepreneurs.
This middle group comprises those who are curious about and open to entrepreneurship, who may have thought about starting their own business but only in the future, after some years of work experience.
“This group are the ones that potentially are shifting a bit more to: ‘Okay, let's take the step now. Let’s make the jump right now,’” said Ms Lim.
She added that the hunger for entrepreneurship is also partly fuelled by increased exposure from social media, which has put a spotlight on success stories and side hustles that turn into full-time gigs.
Demetrius Tan, 28, started his own 3D printing design business after he faced challenges in his job search. (Photo: Demetrius Tan)
For Mr Demetrius Tan, 28, a futile job search turned out to be the push needed to pursue his long-time dream of starting his own 3D printing design business.
After graduating from the National University of Singapore (NUS) with a degree in mechanical engineering, he sent close to 200 job applications without yielding any real leads.
“Since I couldn’t really get a full-time job, and I always wanted to start a business on my own … then I felt like at that point, I still had coaching as a source of income, so how about I give this a chance?” said Mr Tan, who is also a part-time floorball coach.
In June, Mr Tan used the capital he earned from his coaching gig to launch Vincible3d.
From his bedroom studio, he designs and prints lamps, vases and customisable floorball stick holders.
NUS computer science graduate Eugene Chia and his co-founders began work on their startup Ecovolt Technologies in 2024, while still studying. The business supplies smart, energy-efficient building management systems.
“It’s always been an eventuality that I would start my own thing,” said the 26-year-old, adding that it was “a matter of when” he would do it.
Before graduation, Mr Chia simultaneously applied for sales engineering jobs, expecting to secure a high four-figure salary. If this worked out, becoming an employee would be a “no-brainer”.
But when the ideal job did not land, he decided to go all out on the venture with his two co-founders. He graduated this June and the company was incorporated a month later.
“I’ve been in the student startup space in NUS for a while, and there are exceedingly few graduates who would do startups right off the bat,” he said.
Once a suitable job offer lands, “very, very few would be able to resist the temptation of certainty” from a monthly pay cheque and choose entrepreneurship instead, he said.
Eugene Chia (centre) of Ecovolt Technologies and his co-founders Raphael Chew (left) and Glenn Quah (right). (Photo: Ecovolt Technologies)
BUILDING “PORTFOLIO CAREERS”
Another response to uncertainty is to hedge one’s bets by diversifying income streams and picking up a variety of skills, rather than sticking to a single 9-to-5 job.
These have been dubbed “portfolio careers”.
“A portfolio career basically refers to acquiring many different skill sets because you don’t know what’s going to be the lasting skill set that’s needed, and because the world is changing so fast,” said Wavesparks’ Ms Lim.
Singapore is likely to see more such portfolio careers, said Dr Julien Salanave, a startup founder, venture capitalist and professor at ESSEC Business School, Asia-Pacific.
Entrepreneurial skills are important for such workers because they are not just gratifying one employer, but must dynamically manage multiple projects and stakeholders, he said.
Such careers are much more resilient, according to Dr Salanave. “Even if you lose one employer, you’re not losing everything you develop.”
When she was not able to land a full-time job, Ms Law Dan Qi, a food technology graduate, took up an internship at a food research company.
The 25-year-old also started a home-based drink business, 567 Spill The Tea, selling Thai-inspired drinks, matcha and banana pudding on the weekends.
Although both gigs are temporary until she secures a full-time job, having them provides some form of reassurance.
“It gives me some security in a way, like if I were to not secure a full-time position after my internship, at least I have something else going for me, that I can continue running or investing all of my energy into,” she said.
Running a business has also taught her skills such as acquiring suppliers, which adds to her portfolio of experiences, she said.
FEAR OF LAGGING BEHIND
Striking out at a young age poses challenges, including the need for capital and the self-doubt that arises when straying from convention.
Employment agent Mr Lim was fortunate to get support from his father for his capital of S$10,000. Most of it went towards obtaining his industry licence.
He works on his own from home and his main ongoing expenses are subscriptions to online tools – Canva and ChatGPT. He uses AI chatbots to perform work tasks since he has no employees.
Despite keeping costs low, he has yet to turn a profit, and has given himself one year to make his business viable. Meanwhile, he continues to interview for jobs and is open to running his agency on the side if he finds employment.
But there is already an opportunity cost from entrepreneurship – time. Mr Lim pointed out that he could have graduated from university earlier if he had not divided his attention between his studies and his first business.
Mr Tan has given himself two years to build his 3D printing business – a deadline set with his father’s impending retirement in mind. The timeline gives him space to set up the business, research and assess whether to continue.
“If things don't go well by the time I hit 30, I think I’ll just go back to the ‘Singaporean dream’, look for a full-time job and work towards retirement,” he said.
Others on this path worry about whether the experience they are building up will matter to future employers.
Mr Dave Ho, who graduated with a degree in business analytics last December, decided to pursue livestreaming as a full-time career in May. He livestreams seven days a week, working with a wide range of brands to promote products from luxury goods to electronics.
Initially, Mr Ho felt like he was “lagging behind” his peers.
“A lot of people don’t really understand this, and people still ask me: ‘Hey, when are you going to find a corporate job?’” said the 27-year-old.
Although he has picked up skills like communication, problem-solving and rapport-building through his livestreams, he feels he would have to “reset from square one” if he were to return to a corporate job.
“I don’t think (employers) will care a lot about the live-streaming. I think the circumstances will not change,” he said.
Milestones, mentors and other advice
Nanyang Business School’s Dr Uy urged young entrepreneurs to have a clear financial runway, such as savings or a freelance gig to pay the bills.
She suggested treating the business as a “time-bound experiment”, and to be prepared to pivot if milestones are not hit.
Young founders should also stay plugged into alumni, mentor and industry networks so they are not starting from zero if they have to put aside their venture, she said.
There are further psychological risks, including overconfidence leading founders to ignore feedback, and emotional volatility and burnout.
“Training and early success can give a boost to passion in the short term, but this fades unless supported by skills and mastery,” said Dr Uy.
“Hence, fresh graduates need to ask not only ‘is this a good idea’, but also ‘am I emotionally prepared for the long and uncertain journey’.”
Mentorship can play a huge part in addressing emotional concerns around self-doubt, fear and insecurity, said Mr Ian Tan, who runs youth outreach and marketing at Mentoring SG.
The national mentoring movement offers guidance to young entrepreneurs, including from small and medium business owners, food and beverage owners and startup founders.
Youths do not need to “rush” into anything, stressed ACE.SG’s Mr Lim.
“At their young age, the intent of our initiatives is mainly on learning, exposure and networking,” he said.
Collapse Expand
FALLBACK PLAN
The youths’ concerns align with experts’ advice for young entrepreneurs to have a fallback plan.
A good plan involves setting a clear timeline or metrics to review progress, and recognising transferable skills, said Prof Foo from NTU.
“It provides a sense of security for both the entrepreneur and their family, which in turn allows the founder to take more considered, strategic risks rather than desperate ones.”
He reassured that entrepreneurial experience is “highly valued” by employers.
“Skills in customer discovery, digital marketing or operations are directly transferable to roles in product management, business development and corporate innovation,” he said.
Graduates with entrepreneurial experience demonstrate qualities like ownership, adaptability and problem-solving, said Ms Priscilla Koh, head of entrepreneurship at the Singapore University of Social Sciences’ Student Success Centre.
“Some organisations appreciate the initiative and resilience that entrepreneurship fosters while others may view it as a less traditional career route,” she said.
Youth entrepreneurship is unlikely to abate given the proliferation of initiatives in schools to encourage young founders, experts observed.
Those who do take the plunge will be forced to confront what they are capable of and learn hard truths about themselves.
As an entrepreneur, “every mistake that you made, every missed opportunity, every customer that you pissed off accidentally, that is on you”, said Mr Lim, the employment agency owner.
“It hurts my ego a lot. I find myself reflecting on the business at night, whether this will work out,” he said.
“But I have to wake up every day with that resilience, to tell myself that I have to carry on, because that’s what an entrepreneur is. We have to solve problems.”
Continue reading...