The British found Singapore port for their trading. Soon Singapore became one of the busiest trading centres around the world. It attracted people from various neighbouring countries as well as Europe to come and settled down there. Citizens of Singapore have been almost from all cities. However in the mid 20th century Singapore also developed a lot of unemployment as well as labour unrest. Around this time Economic Development Board (EDB) was set up with an objective of developing business in Singapore. In 1965 Singapore became an independent nation. Since then successive governments over the years started several initiatives to develop business conducive environment in Singapore. Initially Singapore was a trading centre. Then it developed manufacturing industries which was followed by technology development. Now the present focus of government on research and development, innovation, knowledge intensive industries.
Entrepreneurship requires access to capital, skilled labour, and markets for finished goods. It also needs conducive government policies. Singapore seems to have always provided all of these to the businesses. It has always supported the various entrepreneurship initiatives through EDB also. Singapore University also works towards creating the required talent pool and knowledge base. In fact it has developed an entrepreneurship centre to promote the entrepreneurship. Citizens of Singapore are also increasingly becoming interested to start new small scale or big scale business and become entrepreneurs. With the government support number of entrepreneurs is increased day by day. Numbers of people who start their own business are also increasing. After recession Singapore government form a special committee to figure out the ways to avoid the affects of recession in future.