Long-term success is built on strong institutions, deep skills and sheer hard work, not transactional ‘quick wins’

Year: 2020

This post is written as a brief comment to an article published on Channel News Asia titled: This 16-year-old can rake in S$30,000 a month reselling sneakers (4 October 2020).

“FMG resolutely objects to the promotion of such ‘successes’ by the mainstream media. We do so without prejudice to the individual featured.

We object because Singapore’s success, or any economy for that matter, is or cannot be built on such transactional ‘quick wins’. Long term success is built on strong institutions, investment in productive infrastructure, deep skills and sheer hard work.

In short, to use a vernacular, this is an example of ‘bullshit’ success that is not sustainable and, in promoting it, entices and encourages young people away from dedicating themselves to developing their full potential of intellectual and skill based success.

While we wish all the best to the featured individual, the simple truth is: an economy is based on well grounded and governed firms which offer a career path to young people with talent, skills and will.

The notion that ‘gigging’ can make an individual a success is not congruent with making a country a success.

To speak plainly, our workforce needs to focus on essential professional skills that will keep us relevant to the global economy and create moats to competition and high barriers to entry.

That is the basis of future success even under shifting conditions; indeed, because of shifting conditions.

Try selling that online.”

– Devadas Krishnadas
CEO, FMG