More Singaporeans are joining hands in setting up profit-making businesses with a social mission, instead of relying on the government and charities.
“Within these two years, we have seen a 150% increase in submission of business plans among the young,” Dolly Goh, chief executive officer of the Singapore National Co-operative Federation (SNCF) told Channel News Asia.“The trends of cooperatives formation follow the social needs of Singapore – the ageing population, the low income, the senior citizens and people with special needs.”
Currently, there are 85 cooperatives in the country, which helped around 1.7 million people. For those who intend to start an enterprise with a difference, a cooperative could be a model worth pursuing, said Goh.
It is not difficult to start a cooperative in Singapore, she said. At least 10 members are needed along with drafting a five-year business plan and by-laws.
She said SNCF seeks to assist individuals with such plans. “We teach you how to do your cash flow, your P&L and also help to walk you through what it takes to start up a business.”
This article was first published in HumanResourcesOnline