Business Lessons from National Day 2016 Speech

It is popularly said that opportunities to learn are in abundance for those who are eager to learn. I take well research and thought out public statements by leaders. Both locally and internationally as excellent learning opportunities to enhance my business acumen.

The most memorable part of Prime Minister Lee Hsien Loong’s speech at the ITE College Central was when it was suspended for slightly over an hour after he was taken ill. A must take away for everyone on that day was that your health precedes work. However, there are other business lessons you shouldn’t have missed from the 2016 National Day speech.

Change is the Only Constant in Business

“Change is fast and unrelenting. Disruption will take place over and over again.” – Prime Minister Lee.

Whichever business you engage in, change is inevitable. You can choose to either adapt and weather the disruption or close yourself up and risk being termed irrelevant.

Today, information technology has taken center stage in enhancing business competitiveness. Every industry is a recipient of its unique disruptions. The Prime Minister cited challenges facing brick and mortar retail stores due to the surge of e-commerce. In addition to that, the revolution in taxi operations brought about by smartphone application cab platform has required firms to adapt to and cope. For example, Uber and Grab.

It is Vital to Build Your Team’s Capabilities

Singapore has of late had to deal with a sluggish economy due to slowdowns in its traditional export markets. The small domestic market is not sufficient to sustain the high income levels as well as significant economic growth. However, opportunities are emerging in alternative markets as well as bright spots with high end technical products. Mr. Lee sighted Ascent Solutions and HOPE Technik Limited which continue to expand their international markets in the face of contracting exports. Ascent Solutions, for instance, was able to make inroads to the transport sector in Africa. While Hope Technik was able to secure a lucrative contract with Airbus, beating several other leading engineering firms.

Both firms attest to developing their human capital to meet demands of new markets as well as compete at the highest standards. Perhaps the questions to ask yourself regarding your workforce is: Can your staff adjust to the expansion of your business? And do they have the requisite know-how to operate in global markets?

Ambition and Determination Fuels Prosperity

When answering what he would like for Singapore, Prime Minister Lee said: “divine discontentment, motivation to do better and the acumen to look back and count our blessings.”  I quickly transposed this to my final business lesson, complacency and achievement have a thin border. Great ambition is what sets aside great entrepreneurs.

When you apply these three business lessons from Prime Minister’s Lee’s national day speech, your firm will grow beyond your thoughts.

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