He said relying on "guan xi" or connections alone is not going to be enough as China continues to open up more.
Mr Lee said that as the Chinese seek out new markets, the traditional reliance on connections is being replaced by international business norms.
He said: "They will have a wider choice of partners and networks to work with, whether for funding, business collaborations [or] access to new markets... So Chinese entrepreneurs, (you) will have to upgrade yourselves and raise your game to remain useful, to continue to add value and to keep your market positions."
Mr Lee, who officially opened the 11th World Chinese Entrepreneurs Convention (WCEC) on Thursday morning, also said that Singapore aims to be a useful partner to Chinese entrepreneurs all around the world and wants to succeed with them.
He said the global network of Chinese entrepreneurs - from US and Australia to Africa and Latin America - is a strategic resource for Chinese entrepreneurs everywhere.
Mr Lee also called on Chinese entrepreneurs to modernise their businesses.
He said most Chinese companies start off as family businesses but such a basis for a business has its limits.
Citing the example of Fortune 500 Global company Huawei Technologies which started as a family business, he noted how the company learnt Western management systems and hired consultants to enhance competitiveness.
He said, "That's the way to go."
Prime Minister Lee also urged Chinese entrepreneurs to strengthen links with their local communities by sharing their success with them.
He said having a social conscience is important as the gap between winners and losers widens.
Mr Lee said helping others through philanthropy or community work can enhance their standing with the local community, and gain goodwill for the individual or business that is crucial for the long-term.
Singapore too, has to find new ways to cope in the new environment.
But Mr Lee believes the country's cultural diversity, connections and infrastructure will allow it to remain as a gateway between the East and West.
It is also this ability to bridge cultures that gave a Singapore kindergarten chain, the ChildFirst Kindergarten Group, access into China. The group runs Singapore-style preschools in China, aimed at middle- and high-income households.
Dr Richard Yen, Managing Director of the ChildFirst Kindergarten Group, said: "In China, the Singapore brand is highly regarded, especially when it comes to bilingual education, because it's probably the only country in the world that has English and Chinese bilingual education, and has done it successfully."
Other businessmen said Singapore can also make use of its strength in environment technology to create new market opportunities. It can also build on its experience in the Middle East and South America for instance, to act as a partner for Chinese companies that wish to invest in these places.
- CNA/cc/ac
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