Definition of an Entrepreneur (Photo credit: Investopedia)
Sarawakian youths hold immense potential in Malaysia’s thriving business landscape. In 2019, Malaysia ranked 12th globally for ease of doing business by the World Bank. The question that beckons: What motivates people to dive into entrepreneurship?
What Is An Entrepreneur?
In simple terms, an entrepreneur is a risk-taker. They create and navigate a new business venture that tends to be high-risk, high-reward. This process is entrepreneurship.
Entrepreneurs are vital to the economic development of any market. They bring novel concepts to the market, contributing to innovation and economic growth. Depending on the size of the operations, they can be micro, small, or medium enterprises (MSMEs).
According to the Department of Statistics, Malaysia’s MSMEs are crucial for economic growth. In 2022, MSMEs comprised 97.4% of businesses, accounting for 38.4% of GDP and 48.2% of the country’s workforce. These initiatives are crucial in advancing inclusive, innovative, and sustainable national development.
How to Become an Entrepreneur
Unlike traditional professions, entrepreneurship has no defined paths. Instead, economic experts propose these steps for successful entrepreneurs:
Ensure Financial Stability
Starting with financial stability provides a solid foundation for business development. Securing enough finances allows more focus on growth rather than immediate monetary concerns.
Build a Diverse Skill Set
Get a range of skills through real-world experiences or entrepreneurship workshops. Foster adaptability and resilience in the face of challenges.
Consume Content Across Channels
Stay informed through various mediums, such as podcasts, books, and seminars. Cultivate a broad perspective crucial for entrepreneurial success.
Identify a Problem to Solve
Look for problems in your community and build a business around solving them. Adhere to the adage that a company’s product or service should address a specific pain point.
Solve That Problem
Successful startups address specific pain points, adding value to the identified problem. This approach forms the basis for a robust business plan.
Network A Lot
Meeting the right people can open doors to suppliers, financiers, and mentors. Better connections facilitate much smoother business operations.
Lead by Example
Entrepreneurs need to be reliable leaders. Inspiring their team to reach their potential is critical to any company’s success.
Resources For The Entrepreneurship Journey
To support MSMEs, the Malaysian Government provides various development and provision programs. Some government-supported organisations offer free or discounted training, financial aid, and networking opportunities. These include:
SMEinfo Official Portal
A centralised information gateway by the National Entrepreneur and SME Development Council (NESDC). SMEinfo helps entrepreneurs with market insights, guides, support, and tools for business development.
Official Portal of Majlis Amanah Rakyat (MARA)
The Ministry of Rural and Regional Development’s resources portal for underprivileged citizens. The portal empowers underserved communities with specialised entrepreneurship programs, financial help, and mentorship.
SME Corporation Malaysia Negeri Sarawak (SME Corp)
A central coordinating agency under the Ministry of Entrepreneur & Cooperatives Development (MECD). The Sarawakian regional arm offers localised support services, training, and financing help. They also provide market insights and business networks.
MyFuture Jobs
The official Malaysian National Employment portal by the Ministry of Human Resources. It uses AI technology to connect aspiring business leaders with compatible job opportunities. The system fosters a broader understanding of the employment landscape for entrepreneurial ventures.
Malaysia Digital Economy Corporation (MDEC)
A government agency under the Ministry of Communications and Digital. MDEC helps entrepreneurs with digital skills training and e-commerce support for business growth.
MYStartup
A national project under the Ministry of Science, Technology and Innovation (MOSTI). It serves as a launchpad for tech-driven startups. Members can get support through accelerators, funding, mentorship, and a support ecosystem.
Malaysia Technology Development Corporation (MTDC)
The leading strategic investment partner to Malaysian technology ventures. It focuses on fostering technology-based entrepreneurship through its academy. Startups in technology can get funding, development support, and access to essential networks.
NEXEA
A venture capital and accelerator company that connects entrepreneurs with the investment community. NEXEA helps Southeast Asia startups by providing funding, mentorship, and accelerator programs.
Despite the challenges and sacrifices, people enter entrepreneurship for many reasons. Passion, belief in their product’s positive impact, and hope of financial freedom, to name a few. Regardless of their motivations, entrepreneurs drive the global economy. They create businesses, increase employment, and deliver products and services consumers seek today.
When navigating your journey, research and self-awareness will be your best guide.
References
World Bank — 2019 Ease of Doing Business Ranking: https://data.worldbank.org/indicator/IC.BUS.EASE.XQ
Department of Statistics Malaysia — Micro, Small & Medium Enterprises (MSMEs) Performance 2022: https://www.dosm.gov.my/portal-main/release-content/micro-small–medium-enterprises-msmes-performance-2022
Investopedia — Entrepreneur: What It Means to Be One and How to Get Started: https://www.investopedia.com/terms/e/entrepreneur.asp#:~:text=An%20entrepreneur%20is%20an%20individual,%2C%20and%20business%2For%20procedures.?ref=null
