ENTREPRENEURS: Be nimble
Manufacturing makes up 25 per cent of the Singapore economy today, and accounts for more than half of its exports, through such clusters as electronics, chemicals, biomedical, precision engineering and transport engineering.
The task of steering a manufacturing company has become more complex because business has become so globalised.
Those with a sound understanding of macroeconomic trends (such as outsourcing and labour flows) will be valued.
Their chief challenge is having to suss out new areas and ways to grow their businesses, especially in light of competition from countries where costs are vastly lower.
They also have to deal with shrinking life cycles of their products, how best to market them and maintaining relationships with customers.
Estimated salary range of top earners: Between $250,000 and $3 million a year
Oft-cited top earners: Olivia Lum, chief executive of water treatment specialist Hyflux; Sim Wong Hoo, founder-chairman of computer conglomerate Creative Technology; Wong Ngit Liong, group president and chief executive of contract manufacturer Venture Corp; Jason Choo, chief executive of jewellery maker and retailer Gems TV; and Phua Yong Tat, group managing director of leather sofa maker HTL International.
Who they are: Super entrepreneurs, as they are known. Many founded the companies.
What you need to be in the top tier: Mr Tan Kay Guan, chief operating officer of precision component maker Miyoshi Precision, says foresight and appetite for risk are crucial. 'If you hesitate too long, others will beat you to the opportunity. If you take on too many risky ventures, you may fail.'
Where the money is: Says a CEO: 'Whatever you're doing has to be a lot better than others. If it is easily copied, people will come in soon and steal your business.'
Point to consider: Travelling is now a big part of the job.
posted by Alex at
7:55 PM
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