Research Paper Sample: Establishing Business Venture in Singapore

2021-07-07 15:49:53
7 pages
1916 words
University/College: 
Boston College
Type of paper: 
Research paper
This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.

Product Selected

Many countries have credible business opportunities that could offer a fortune for many people. Different businesses are likely. One notable one, that is a focus in this assignment, is the business of fast foods and snacks. Food is a necessity in every corner of the world. Food becomes a priority when someone needs it and when its provision is available. Therefore, starting a fast food and snacks business is a likely success. The capital for establishing a fast food and snacks business varies. For as minimal as $100, one can start and sprout such a business in any part of the world.

Rationale for the Choice of Singapore

Singapore has been selected for this business venture in Singapore. Singapore is one of the many nations in the world that has a potential for anyone to start and succeed in a business. Currently, Singapore stands as one of the best performing countries in business, having posted as one of the top Ease of Doing Business Rank, a research done by the World Bank in 2016. According to this report, Singapore is the easiest places that one can start and run a business. In this country alone, there are over 3000 multinational corporations (McDonough, 2011). The market economy of this country is developed and trade-oriented. The economy has also been ranked as the least corrupt, open, and friendly places to do a business in the world. The friendliness of the business environment has been contributed by the existing low taxes. Certainly, it is almost easy and free for one to start a business here. Moreover, the high GDP of the country makes it possible for many businesses to be created and made to grow within a short span of time (Chia, 2015).

The fast-food business is one major boost for the Singapore business environment. Apart from the fact offered by the environment in Singapore, there are also a few individualized reasons for venturing into fast foods and snack business in Singapore. I plan to be in this country for some time from the time I get a chance to go there. I have a desire and plan to enroll in a nursing and health course in the meant time while I will be in this country. I am seeking to be hosted by my relatives over there and probably venture into this business as a way of trying to access resources for independence. I admire this country and also wish that it became my next destination. I have done enough research on it and have a strong desire that it is the best destination for my next settlement.

Challenges

Starting any business in anywhere in the world is not an easy task. Starting a fast food and snack business in Singapore will not be any easy as there are many challenges. There is need to have a clear knowledge of the business environment in Singapore. There is need to understand the culture of the people, the existing business laws, and regulations, among others. It is important to consider knowing what the government has to offer, especially for foreign investors (Chia, 2015). The government is likely to be a challenge in terms of its established laws and regulations for every business. It will be futile to start a business based on imaginations and suggestions. Facts are needed. One needs to do an extensive research in order to know the immediate logistics that are needed to start a successful business in this country. Such is a challenge for a foreign person. There is the challenge of having to beat the difference in culture, language, perception, lifestyle, and many other individual characteristics that will be new to the person starting the business (McDonough, 2011).

For any business starter, getting the best environment to start a business is always a challenge. For this venture, finding the best and suitable business environment will be a hard task to achieve. Nonetheless, this task is achievable. The venture has to consider the challenge of minimal starting capital. In any case, any business venture needs equitable capital. In the case that the capital is a problem or is not enough, the challenge of having to deal with deficiencies risks the business at its starting point. This is one of the key issues that competitors will capitalize. The challenge of competition is common. In this new environment, the nature of competition will be stiff. The venture has to adapt to possible ways of managing itself as a way of trying to remain competitive on all fronts. Customers here have varied tastes and preferences. It is necessary to consider taking care of the business in terms of customer needs. The challenge here is the need to satisfy all the customer needs and preferences.

In the wake of these challenges, it is important that the venture consider a number of recommendations that will counter these challenges. Starting this venture is a risk. Risking all the resources and time is worth the challenge (Meyer, 2016). Therefore, the venture needs to know the advantage that comes with investing in a business that is likely to fail. The venture needs to be ready to lose as much as he or she is ready to fail. Being customized is a key step that the venture will employ in this new environment. Seeking to be accepted, embraced, and be part of the environment is a necessary factor that the business must do immediately it arrives at this new environment (Chia, 2015).

In some cases, businesses decide to engage strategies like matching or entering into a business environment as a partner of the existing businesses (Meyer, 2016). Nonetheless, this move will not be necessary for this venture, as the business environment has no serious danger other that one that can be imposed by the business. Therefore, it will be easy to deal with the existing challenges only considering the requirements and standards that help a business venture to grow and become successful in a foreign market.

Cultural Analysis of the Chosen Country

Singapore is found at the tip of Malay Peninsula. The country borders Brunei, Indonesia, and Malaysia. The core cultural tradition of the people here includes those from China, India, Western especially British, and Malay. People are integrated into the different cultures like a salad. The country has a population of 2.7 million who are resident permanently (Yue & Zubillaga-Pow, 2012). Three hundred thousand are foreigners and add to this total. The country is multistate. The people speak Malay and are a national language. The other official languages are Indian, English, Malay, and Chinese. English is taken as the administrative language. The country is independent. Its development procedures include equitable urbanism, architecture, and use of space.

The main food materials in this country include chicken, rice, vegetables, fish, and staples. There are a variety of food spices like chilis, tamarind, variations, endless, coconuts, and lime. Food is eaten outside in centers. Food is made to be tasty, fresh, and healthy. People eat three times in a day including breakfast, lunch, and dinner. Most people eat their meals while at high temperatures. Malays do not consume pork, same with Indians. Much Buddhists and Chinese are vegetarian. Many people drink no alcohol. Ethnicity is not a problem. People eat special dishes during major ceremonies (Frynas, 2015).

The economy of the people is developed. The country has a fully developed international economy. Imports make the larger broth of the food materials. The state controls much of the economy. Most activities for economic development include ownership and use of the property. Commercial activities, working in major industries, trade, among others. Labor is divisible. The society is stratified. People live as a whole. There is a wide gap between the wealthy and the less wealthy in terms of income. All ethnic groups have met upward experience in occupational mobility. Religion is the building block among the people. Societies are stable in terms of security. The country has major towns and cities. Ethics and etiquette form the basis of human behavior (Yue & Zubillaga-Pow, 2012).

Business Culture of Singapore

Singapore stands out as a multiethnic culture. They include the Indians, Malay, and Eurasian, in addition to the Chinese ethnicities. More often than not, business partners and establishments are interethnic. Singaporeans have the habit of being cosmopolitan (Tay, 2015). Whenever they understand that you come from a different culture, they will treat you with a different perspective that is protective and understanding. One has to adapt to this culture since it critically helps in running a business. Most people will be advised to avoid things like discussions on religion, race, and politics. The official language of business is English, Chinese, Malay, and Tamil. Local languages, like Singlish, also exist in business.

Business entertainment is a factor to be considered by business people. For instance, one is not supposed to conduct business on a Friday in the case that he or she is serving Muslims. No serving of alcohol or pork. Indians do not eat beef and hence one should consider this in the business. When a party invites the others, it is the one responsible for the bills. The other party can do the justice the next round. At breakfasts, it is rare to find business meetings. Long lunches are common. Rarely do people schedule meetings between noon and 2 pm (Tay, 2015). Punctuality is a matter of necessity. People give business gifts whenever they want to appreciate something. Etiquette is key in every human interaction.

Hofstede's Cultural Dimensions

Before establishing this business venture in Singapore, it is necessary to consider Hofstede's cultural dimensions. As stated by Hofstede, it is important for any business to have international communication. Cross-cultural communication is the core of the communication in any case where business is international. One has to consider some of the relevant cultural characteristics in communication like word choice, body language, and etiquette, among others. the nature of clothing, giving of gifts, protocols, and customs, all have to be subjected to a critical eye while carrying out communication. One has to be aware of the cultural differences between the listeners. Written communication is also valid. The need for this international communication is that one may be aware of the fact that what is culturally acceptable in ones country might be unacceptable in another (Frynas, 2015).

International negotiation has to be considered necessary in order to merit success in an international business. One has to understand the nature of the expectations, the issue ranking, and communication style (Griffin & Pustay, 2012). When one understands the cultural dimension, he or she manages to increase negotiation success and hence avoid things like conflicts and frustrations. Mutual understanding is important in any process of communication. In most negotiations, as done in the Asian and Western countries, the end of negotiations is seen by shaking of hands. This, in most cases, signifies that there has been an agreement and hence mutual understanding has been reached. In the Middle East, shaking hands in some cases means that there is an agreement to begin serious business.

International management considerations are important when dealing with businesses internally. Cross-cultural leadership plays a critical role in highlighting what entails international management. Hofstede sees it better than when decisions are made, they have to be based on the values and customs of that country (Griffin & Pustay, 2012). When having an international business, as an operator of a manager, the employees have to be made to have sensitivity towards the different consumers (Cotton, 2013). One should have a good development of business practices and protocols that are cross-cultural. In order to have stability in the market, international co...

Have the same topic and dont`t know what to write?
We can write a custom paper on any topic you need.

Request Removal

If you are the original author of this essay and no longer wish to have it published on the thesishelpers.org website, please click below to request its removal: