Why Entrepreneurship Is Important In Malaysia

entrepreneur in malaysia

Entrepreneurship is important in all parts of the world. Not only do entrepreneurs bring a great asset to the country, but they also create many job opportunities if the project succeeds. The power of entrepreneurship can change the dynamic of society by bringing in many innovations that will contribute to society greatly.

However, the harsh reality of society is that many of us are guilty of not giving entrepreneurs the recognition they deserve. Are you guilty of not caring or thinking that someone you know who is starting a revolutionized business, out of touch? Well, I do not blame you. Having personally feel sceptical when someone I know who is starting his own entrepreneurship, right now that person’s business is growing bigger and bigger in Malaysia.

A Missed Opportunity

One example of a company that was a startup in Malaysia is Grab, formerly known as MyTeksi or Grab Teksi. Grab was a startup company created by two entrepreneurs, Anthony Tan and Tan Hooi Ling. The idea behind the creation of Grab is that Anthony Tan wanted to make taxi rides safer in Malaysia. Thanks to both Anthony Tan and Tan Hooi Ling, we can now safely go to another destination safely with Grab. Ever since then, Grab has also expanded where it now has Grab Food, a food delivery service and Grab E-wallet, an electronic wallet where users make their payment through a computer or smartphone. Unfortunately, we Malaysians cannot call Grab as ours anymore as Grab has relocated to Singapore. The reason for this is that when Grab was a newly launched startup company, it did not receive enough fundings due to the taxation and access to financing.

Successful Entrepreneurs In Malaysia

Even Though Malaysia has a fair share of homegrown startup companies that found success in other countries, Malaysia has a number of successful entrepreneurs. Here is a list of examples of successful entrepreneurs in Malaysia.

  • Robert Kuok – The richest man in Malaysia and Southeast Asia. According to Forbes, Kuok is the owner of Kuok Group, which has business sectors in Hotels, Real Estate and Commodity.
  • Tan Hooi Ling – Co-Founder of Grab. The inspiration to create Grab with Anthony Tan is because of his comment about designing an app to ensure the safety of female passengers on taxi rides. Grab is now bigger than Malayan Banking Berhad in terms of market capitalization.
  • Jenn Low – Jenn Low started her jewellery business in her own bedroom when she was in Melbourne, Australia. What makes her business unique is that the jewellery she sells is handmade. “Discover quality for less” as stated in Wanderlust + Co’s website. At present, Wanderlust + Co is one of the biggest Jewelry stores in Malaysia.
  • Jin Lim a.k.a. JinnyboyTV – A former Hitz FM radio DJ. Jin Lim took a leap of faith when he decided to focus fully on his YouTube channel, JinnyboyTV. Now, JinnyboyTV is one of Malaysia’s biggest YouTube channels with 1.14 million subscribers. Besides producing comedy skits, JinnyboyTV also produces several short films such as Homebound, Miss Perfect and I will love you unconditionally, to name a few. JinnyboyTV also produced one major movie called By My Side that was released in 2017
  • Jonathan Weins – Founder of DahMakan, now known as Pop Meals. Pop Meals is a food delivery service in Kuala Lumpur. What is unique about Pop Meals is that, instead of delivering meals from restaurants, they deliver meals that are made by them.

Entrepreneurs are potential game changers

entrepreneur in malaysia

There are many young inspiring entrepreneurs out there with lots of ideas that can change the world. One person that we can give as an example is Calvin Chan, CEO and Founder of a startup company in Penang, Malaysia called Green Hero. What is unique about this company is that it changes the way on how we reused, reduce and recycle recyclable materials. One example that we can give is how Green Hero reuses milk glass bottles. How they reused the material is that you have to pay a deposit when you want to buy a glass of milk. And in order to get back the deposit, you have to return the glass bottle to the place you bought the glass bottle from. Thus, reducing and reusing the item. Besides contributing to the environment, Calvin Chan is also aspiring to be a politician as he believes that youths can start making changes in a stagnant society. He also advocates that more youths should be involved in politics as the future lies in the future generation of politicians’ hands.

Conclusion

To sum it off, being an entrepreneur is not easy. Most of the successful entrepreneurs that you see, all came from a result of their hard work. We need people like them as they greatly contribute to society, and also contribute a lot to the economy, and potentially create a revolutionary product. Additionally, not only do they create job opportunities for themselves, but also for others. Take for example on the points we went through earlier. Many years ago, there were only taxi drivers available. Now, everyone gets to be a driver either as a full-time job, or just to earn some pocket money. Lastly, entrepreneurs also help to boost productivity and competition to a greater level.

entrepreneur in malaysia

Frequently Asked Questions (FAQ) Regarding Entrepreneurship

What is Entrepreneurship?

Entrepreneurship is the process of creating your own company and brand, and acting as a manager, overseeing the start-up and development of the business in order to make a profit.

What competencies are needed to become an entrepreneur

To be an entrepreneur, one must have the ability to reorganize resources for profit, the ability to prioritize or identify information about opportunities, etc.

Do we need to be trained to become an entrepreneur?

Training can give you some real-world experience and enable you to use better strategies in front of problems when starting a business. But that doesn’t mean that you can’t be an entrepreneur if you haven’t received the relevant professional training.

Will becoming an entrepreneur make me rich?

This is a misconception. People don’t become millionaires as soon as they start a business. To become a millionaire through entrepreneurship, you need to put in 99percent of your effort and take advantage of the rare and excellent opportunities.

How long will it take for me to become successful after becoming an entrepreneur?

It depends on the type of business you have, as long as he is practical enough, relevant to the needs of the market, and you put enough diligence and determination, you will have a chance to succeed.

Joshua Looi
Joshua Looi
Just a guy who love video games and making skits

Instagram

Sponsor

spot_img

Sponsor

spot_img

Latest

Top 8 Best Accounting Software Malaysia

History of Accounting Software With the development of technology, industrialization and diversification of businesses, the traditional way of using pen and paper to keep accounts...

Colourism And Stereotypes Against Dark Skinned Individuals

With the rising of beauty standards, the thoughts about general stereotypes against colourism and dark skinned people in general are not discussed enough. As...

Kirin Sharom (Exclusive Interview): The Architect Turned Digital Artist For Bunga Dan Bintang

For this exclusive interview, we are going to venture into the life and business of Ms. Kirin Sharom, who is the one-woman team behind...

Jollibee Menu Malaysia That You Should Try

If you're a fan of telenovelas from the Philippines, you must have heard about Jollibee. But if you aren’t, let me introduce to you...

Top 7 Best Air Fryer In Malaysia

Being able to fry food with the air sounds like an unachievable miracle from a fairy tale, but it’s not. The modern world we’re...