Professor Phillip Phan Talks Entrepreneurship in Singapore
Carey Business School Professor, Phillip Phan, recently addressed a crowd at Singapore Management University on the topic of entrepreneurship. According to Professor Phan, anyone has the potential to develop ideas. However, an entrepreneurial-minded person will go one step further to evaluate whether there is an economic opportunity in that idea.
“An entrepreneur knows he or she has to risk something in the process to determine if there is a market for that particular idea, be it for a product or a service,” he said. “But an entrepreneur is not a gambler. At the preliminary stage, the goal of an entrepreneur is not to bet the whole farm or risk everything on the idea. The goal should be to limit losses and maximise the human and financial capital utilisation so that the entrepreneur can recover quickly to fine-tune the idea or work on a new one.”