Singapore heads the list of business friendly nations, but many people like me must be curious why we are still struggling. Apart from difficult customers, all businesses in Singapore are governed by equally difficult-to-follow regulations. And many of these regulations, especially in the healthcare sector, involve troublesome paperwork and costly licenses. Consumers who are not in the know often attribute the rapid rise in healthcare costs to greedy practitioners. The other day, a student had the audacity to scold my staff, saying that $600 for a molar root canal (normal charge $700, 3 one-hour sessions, xrays and all) is a scam.
But not all businesses and regulations are alike or equal. I would love to sell a product that has young people queuing overnight to buy. Some who can’t afford it even sold a kidney. Important lesson. If you want to sell anything, target it at youngsters who love to party like there’s no tomorrow. Nobody says you can’t target the local market.
Constantly hit by new rules and regulations on itemised and transparent billing, flawless financial counselling, I would love to be running a business where I can lend out money at a locked-in rate for 2 years and and then raise it to a “floating rate”, drastically altering the initially projected tenure of the loan. Not even loan sharks can do that and nobody dares to call it a scam as they blindly sign on the dotted line. Why? Because those who need the loan are desperate. Important lesson. If you want to start a business, try to target desperate customers. Nobody says you can’t target the local market either.
I would also love to be able to hire people to ambush folks outside or even inside MRT stations and shopping malls, urging them to sign up for some investment package, credit card or insurance policy. Not even hawkers are allowed to tout this way.
Our local casinos are not free from regulations either. They are to make sure that not more than 30% of their visitors are Singaporeans. No advertisements. No shuttle buses from the heartlands. They have been explicitly warned that they must not target the local market. I’m sure they dutifully turn Singaporeans away whenever they exceed the quota for the day, week or month. It’s amazing that they can still do so well without targeting the local market. What’s more, they have lawsuits to handle when vegetarian food sellers are denied of their winnings at the jackpot machine.
I asked a patient why people would rather lose $4000 gambling than use it to restore a tooth. He laughed out loud, saying that losing $4000 at the casino is more fun than having implant surgery. Boy, do I wish I could be in this business as well.
Dewdrop Notes
Dr Chan's Kitchen