graduates

The start of the decade has not been kind to the global community. Within the first few months, we were greeted with the greatest pandemic in a century, COVID-19. Soon enough, we found ourselves plunged into the greatest recession since the Great Depression.

Among all these negative sentiments, we ought to spare a thought for the Class of 2020 and future graduates in the near future. They will be entering the worst job market in recent memory and many are struggling to secure jobs.

The situation has been so dire that the government has stepped in with the SGUnited Jobs Package for graduates to access short-term and long term job opportunities and pick up job-related skills and capabilities for when the economy picks up after recovery, they would be able to capitalise on the new opportunities.

Silver Lining

However, all hope is not lost. Instead of viewing the current situation as a bane, graduates should adopt a different set of lenses and find the positives of the current state of things present. They should look to explore other industries given the opportunity costs will be lower due to poor job prospects in the general economy.

Digress from the norm and look past the traditional Multinational Corporations (MNCs) that we have often associated a good, stable job with. Take the plunge and join the startup ecosystem.

Also Read: iSTOX graduates from MAS Regulatory Sandbox to fully operate its capital market trading platform

Value of startups

Startups exist due to the presence of institutional problems that litter the society we live in. They identify problems, develop solutions, and execute them to solve these problems and value-add to the community. TreeDots, a Singapore startup started in 2017 by three graduates who rejected job offers from UBS and Oliver Wyman, is a testament to the above statement.

By providing a platform that allows food suppliers to re-distribute their unsold inventory to organisations that can use them, suppliers turn potential losses into profits. Furthermore, buyers get quality ingredients at lower prices, and the community benefits from less food wastage.

Wateroam, founded by undergraduates from the National University of Singapore (NUS) in 2014, solidifies the view that more graduates are taking the plunge and joining the startup ecosystem with the hope of making a difference to others. By providing clean water access, they hope to empower individuals to lead a healthier life, free of water-borne diseases.

Therefore, giving them access to better livelihoods. TreeDots and Wateroam form just a small slice of the ever-increasing pie of startups started by graduates to solve problems that include Xfers, which eliminates the hassle of collecting payments and the high fees of using existing payment platforms by creating an automated banking network that allows users to conduct transactions in a secure and low-cost manner.

Perhaps the most notable startup that has penetrated the Singapore community and provided convenient solutions to our daily lives is Grab. Travelling and ordering food has never been easier and their foray into e-payments has the potential to make physical cash a forgone thought. The business models of the above firms are the hallmark of the startup ecosystem.

Also Read: 3 lessons I learned as a student entrepreneur

Identify problems, develop solutions before executing them to value-add to people’s lives. Hence, graduates wanting to be involved in something greater than themselves and impact the lives of others should take the plunge and join the startup industry.

Use age to your advantage

Graduates also have time on their side and those looking to utilise their youthfulness to grind and hustle to constantly improve themselves will find the startup ecosystem enticing. Filled with challenges and failures, it is not a glamourous industry to work in.

It is fast-paced, high pressure with the constant need to deliver results. Instead of viewing it as a burden and shy away from it, those who perceive it as an opportunity to challenge yourself and grow in the process will enjoy working in this ecosystem.

Failures in the startup industry are viewed differently compared to the conventional corporate world. Just ask Khoo Kar Kiat. His startup business, FastBee, collapsed despite two years of hard work. However, he shared that taking the entrepreneurial plunge has put him on a path of self-discovery.

Given the average of entrepreneurs in Asia is 28, graduates should dive in and gain experience in the startup industry and learn from those who have walked the path and experienced the peaks and troughs of creating a startup, before proceeding to the next stage and create their own company.

Also Read: Lessons from a student entrepreneur on building a successful startup

Another advantage of entering the startup ecosystem early is that it reduces the need to unlearn and relearn new ideas. This is particularly true given the fast-paced and rapidly changing ecosystem startups are associated with. Fresh off the education system and into the working society, they would have minimal notions of workplace cultures and ideas that would have made future integration into the startup industry difficult given the unconventional approach to working and finding solutions that startups adopt.

Ball in the court

Ultimately, for the Class of 2020 and graduates in years to come, the ball is in your court. As with all adversities in life, there is always a positive lining to it. It is up to you to find it. Be accepting of the current situation and numerous curved balls that the pandemic has thrown at you.

You are unable to change the fact that the pandemic has happened nor can you control its impact on the economy. However, what you can control is how you respond to it.

Take the chance to try something different and challenge yourself every day to be better. Take the plunge and join the startup ecosystem and give yourself a challenge while helping others.

Challenges are what make life interesting. Overcoming them is what makes it meaningful.

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