"If you deprive yourself of outsourcing and your competitors do not, you're putting yourself out of business"
- Lee Kuan Yew
About this Quote
In this quote, Lee Kuan Yew is emphasizing the importance of outsourcing in business. He suggests that if a business chooses not to contract out and their competitors do, they are basically putting themselves at a drawback and running the risk of going out of business. Outsourcing refers to the practice of employing external business or individuals to handle specific tasks or operations, instead of keeping them internal. By not making use of outsourcing, a company may struggle to stay up to date with the efficiency and cost-effectiveness of their rivals. Yew's message is clear: in order to stay competitive and successful in the business world, business must be open to outsourcing.
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