Opinion piece by Benjamin Wong, Co-Founder & CEO of Kinobi, a digital career accelerator that equips students with resources they need to land their dream jobs. Benjamin is also currently the President of the SMUpreneurs Alumni Association.
HOW HAS ENTREPRENEURSHIP CHANGED AFTER COVID-19?
The entrepreneurship scene has evolved rapidly during COVID-19, as everyone needs to find new ways to bond, make meaning of their lives, and reflect on their journey. This has led to many creating new digital-first businesses. Thus, applications that give people a sense of bond and bring people "seemingly physically closer" despite social distancing (e.g., Gathertown, Hubilo) have gained value and demand, as well as applications that fill the gap of what was the norm before COVID-19, and are still in demand by consumers (e.g., cloud kitchens and rise of takeaway food options). It also extends to new applications and businesses that have emerged with the increased time that people now have on their hands (e.g., play to earn NFTs, rise in demand for certifications on eduTech and vaccination statuses, and thus blockchain accreditation solutions).
More importantly, it has impacted the fundamental core of what it is to be human – which rephrased in an adulting context – is what is the purpose of life and work? Are we to work for the profits of others in return for a monthly salary and pray that, if we are lucky, maintain a semblance of control over our time and mental health? Of course, not all workplaces are as such but it brings to focus the idea of being a "time millionaire", that I should have control over my time, resources, and health.
THE RISE OF SIDE-HUSTLE ENTREPRENEURS
Quite similar to "revenge bedtime procrastination", where many prioritise leisure time on their phone over sleep despite a long workday to get back control over their time, we see a wave of new "side-hustle entrepreneurs".
These individuals still work a 9 to5 job but create new brand personas by providing value to society with their passions and strengths. But while at its core is the intent to wrestle back control over one's life, similar in ethos to revenge bedtime procrastination, side-hustles posit a healthier and more wholesome effect on one's life.
This is precisely why SMUpreneurs recently held a session at Alumni Homecoming 2021 on October 20 with the topic on "Side Hustles – Staying Sane in COVID-19". The theme of side hustles is big on everyone's mind. We see many friends starting reselling businesses on Carousell, starting new consumer brands, making clay earrings. They created these side hustles not because they want it to grow large enough to take over their businesses, but as a way for them to unwind, to find a way to create value and say that this is "theirs".
We hosted Claire Teo (BBM 2018), who works in a recruitment firm and started The Candle Time with her best friend in 2020 during the COVID-19 Circuit Breaker; and Loh Jie Yao (BBM 2023), who is interning in technology sales at a big tech company and is running his side hustle as the General Manager of JDJ Asia, which resells electronics and furniture products on Carousell.
There were a few interesting takeaways that I will summarise here:
- Friends and family are generally supportive of side hustles and have even approached to help and buy. Thus it is good to involve those around you. Sometimes even your employers are keen to support, as long as you do well in your main job and it does not hinder your work.
- When it comes to working with friends, it is enjoyable. However, it might be good to separate work and personal time with your business partner friend by having two chats. Also, you might consider having a founders' agreement just to protect the relationship as business partners and relationship as friends.
- The side hustle could be the main thing, but most times, it remains too small a mission compared to your main job; thus many will not make their side hustle their main work even if it does well.
SMUPRENEURS ALIGNS ITSELF WITH SMU VISION 2025, PARTICULARLY FOCUSING ON GROWTH IN ASIA
There are many accelerators and guides for entrepreneurs in SMU, and we do not need another one. Instead, SMUpreneurs wants to be the home where entrepreneurs feel comfortable and unwind. This is the best form of engagement because it is in these situations where people feel comfortable to share, engage and help each other, all starting with a place of "no agenda".
SMU Vision 2025 has three strategic priorities, Digital Transformation, Sustainable Living, and Growth in Asia. SMUpreneurs will be at the forefront spearheading support in digital initiatives. However, it is the 3rd pillar of Growth in Asia that will be our key focus.
We have several SMUpreneur entrepreneurs in Indonesia, the Philippines, China, Vietnam, and more, making waves across Asia. Covid-19 may have taken away physical travel somewhat, but it does not take away the component of intercultural learning or doing business in Asia, which is crucial for any entrepreneur to master since Singapore's market size is insufficient.
We plan to create the environment for entrepreneurs within our network to learn the soft skills of how to network, to negotiate and make meaningful connections across different cultures in Asia. I am a firm believer that business is always about people, quoting my mentors. Thus, this will give SMU entrepreneurs the cutting edge above the rest and play to our strengths in people skills since our days in SMU.
2021 AND BEYOND
SMUpreneurs has a bright future ahead, with SMU being in 21 years of existence and having 21 cohorts of students since then. We are a young university that recently turned into an adult, and we are already making waves in the entrepreneurial scene.
We plan to kickstart a monthly short learning webinar focusing on how to do business in the various cultures across Asia, focusing on the chill-out session after. We intend to split into groups for physical interaction for those in Singapore, which depends heavily on the restriction measures then.
To bolster our legitimacy and connect academia to what's happening on the ground, we have recently brought on board four professors as advisors to the group:
- Prof Kenneth Goh (Interim Academic Director, Business Families Institute @ SMU, V3 Group Fellow in Family Entrepreneurship)
- Prof Tan Wee Liang (Assoc. Prof of Strategic Management, Member of Core SMU Development Team)
- Prof Massimiliano Landi (Assoc. Prof of Economics (Education), Associate Dean (Undergraduate Student Matters and Alumni Affairs)
- Prof Yuanto Kusnadi (Assoc. Prof of Accounting (Education))
We are also constantly seeking out new Exco members to join us in our journey to build up SMU's entrepreneurial community to infinity and beyond.
Going forward, we seek strategic partnerships with other alumni entrepreneur clubs in other universities, top tier venture capital firms and family offices, and even big tech firms to build an ecosystem where we can connect, meet, and build a brighter future than we have today.
Connect with Benjamin on LinkedIn.