Once upon a time, we were taught to achieve success by studying hard in university and getting a good job. While there is nothing wrong with this life path, it is not universally applicable to everyone, as each individual has their circumstances.
Thanks to the technological advancements in our modern era, it is easier to forge your paths according to your interests. You have resources at your fingertips that can help you make informed decisions.
Now, you can even start your own business and become your own boss.
You may ask yourself: How do I start being an entrepreneur? This article explores three different options that you can consider pursuing.
Malaysia’s entrepreneurial climate
Malaysia has been cultivating a positive business landscape for new and existing entrepreneurs. According to the Department of Statistics Malaysia, micro, small and medium enterprises (MSME) had an 11.6 per cent growth in Gross Domestic Product (GDP) in 2022. This is a remarkable jump compared to the 1.3 per cent made in 2021.
This growth also demonstrates the country’s stable economic environment, especially for youths looking to venture into the business world.
Many of us are familiar with successful entrepreneurs in Malaysia. Tan Sri Dr Lim Wee Chai is a notable figure as he is the executive chairman and founder of Top Glove Corporation Berhad. The company is one of the world’s largest rubber manufacturers.
Tan Sri Dr. Anthony Francis Fernandes, more commonly known as Tony Fernandes, is another famous local entrepreneur. As one of the co-founders of AirAsia, he revolutionised the local aviation industry by introducing low-cost flights, making air travel more accessible to people.
Vincent Tan also established himself in the Malaysian entrepreneurial scene as the founder of Berjaya Corporation Berhad. The conglomerate covers various sectors, such as consumer marketing, property investment, financial services and more.
Meanwhile, many young entrepreneurs are steadily becoming household names. Khairul Aming started working on his branding as an entertaining influencer who shares cooking videos online. He launched his first chilli paste product, “Sambal Nyet”, in 2021 and has continuously grown his business.
With this positive trajectory of successful businesses, it is understandable why more people are looking into becoming entrepreneurs.
Fostering young entrepreneurs
Youth participation in entrepreneurship plays a significant role in a country’s economic progress. More youths are now gaining awareness that they could start their own businesses rather than relying on existing companies to employ them.
The rise of technology and social media have also ushered in more opportunities for aspiring business professionals to make money.
One of the easiest ways to start a business in Malaysia is by selling items on established e-commerce platforms such as Shopee and Lazada. It is also cheaper to set up a social media page or an online retail website rather than operating a physical store.
A lot of small food and beverage (F&B) business owners advertise their products on their social platforms as well. When they increase the number of their followers, their reach may grow, which can lead to more sales.
Although some business owners achieve success later in their lives, you can try getting a head start by learning how to be an entrepreneur at a young age.
However, everyone has a different starting point in their journey. You may be a student who is considering what to study to become an entrepreneur, a working professional who is planning to change career paths, or even an individual who is just taking their first step in learning about entrepreneurship.
Enrol in an undergraduate programme
Students who are aiming for a career in entrepreneurship usually look into furthering their education in relevant undergraduate programmes. The course structure of these programmes can help develop their entrepreneurial mindset by providing essential theoretical and practical knowledge.
If you are planning to gain work experience before starting your own business, getting a degree may increase your employability. You may also have access to more job opportunities. Some programmes even require you to do internships, which can give you more exposure to how businesses work.
You can find many business-related undergraduate programmes offered by top universities in Malaysia. Some of them even provide extra benefits for their students.
Universiti Tunku Abdul Rahman (UTAR) offers a Bachelor of Business Administration (Hons) Entrepreneurship. It is a face-to-face three-year undergraduate programme with 28 modules. The curriculum covers basic business knowledge and entrepreneurial training that may help you in your business ventures.
The bachelor’s degree is also recognised by the Malaysian Association of Company Secretaries (MACS) and The Chartered Institute of Management Accountants (CIMA).
UTAR also provides a seed fund for their students’ market research and product development. This fund is available to students who are renting a space in their business incubator, known as the Unovate Centre. Each successful applicant will be given a grant of up to a maximum of RM5,000.
Some institutions also offer double degrees to their students. Your marketability and career opportunities may increase when you have qualifications from two different universities.
Sunway University and Lancaster University have a long history of partnership and a lot of their degree programmes allow you to graduate with two certificates. Their Bachelor of Arts (Hons) Entrepreneurship programme falls under this category.
The undergraduate programme is conducted on campus and consists of 21 modules in the span of three years. You will learn various aspects of entrepreneurship such as business analytics, marketing, economics and more. In the third year, you may choose to do an internship, complete a business consultancy project or launch a start-up.
Sunway University also offers scholarships and financial aid to eligible students.
Pursue an MBA
Getting a Master of Business Administration (MBA) has a lot of benefits for students and business professionals. The postgraduate qualification offers theoretical knowledge and practical skills that are essential in managing a business.
Resources do not only come in the form of textbooks. You will be sharing a space with fellow students, lecturers and business experts. The amount of networking that you do during your study can lead to meaningful connections if you become a business owner.
An MBA may also increase your credibility as an entrepreneur, which can play a vital role if you are looking for funding and investors for your business. Potential partners may also have higher trust in you by knowing you have a relevant academic background.
A lot of public and private universities in Malaysia offer high-quality MBA courses. These institutions have different durations of study, entry requirements and tuition fees.
You can do your MBA at HELP University, which ranked #74 in the QS South East Asia University Rankings. It is a two-year modular postgraduate programme with 12 modules.
Not only can you pick and combine specific modules, but you can also enrol at any time of the year. This flexibility allows working professionals or recent undergraduates to join the programme when it is convenient for them.
It is also possible to do your MBA online completely. This option works best for people who are looking for flexibility. Some may be juggling work-life balance with their careers and some may be trying to save on expenses related to living arrangements and commuting if they live far from the physical institution.
Sunway University offers a 100 per cent online MBA that can fulfil these needs. They are the first non-government-linked private university in Malaysia to have their MBA be accredited by the Association to Advance Collegiate Schools of Business (AACSB).
As their MBA is a part-time programme, you will have more time on your hands for your personal or professional pursuits.
Join local entrepreneurship programmes
The Malaysian Government has shown great efforts to provide aid to aspiring and existing entrepreneurs.
You can join entrepreneurship training and coaching programmes provided by local ministries and agents. These workshops aim to upskill participants with necessary skills such as marketing, financial management and more.
Majlis Amanah Rakyat (MARA) conducts the Structured Training Program, which is open to all entrepreneurs. The stand-alone programme aims to get participants up to speed with current market trends and empower them to be self-sufficient.
Some agencies specifically offer youth entrepreneurship programmes for those who want to break into the business world. Program Tunas Usahawan Belia Bumiputera (TUBE) by SME Corp. Malaysia seeks to equip people with fundamental entrepreneurial knowledge and expose them to the real-world challenges of owning a business.
Participants will undergo a 10-day workshop with the end goal of presenting and implementing their business plan. They will then be provided with 12 months of coaching to ensure that they are on the right path while handling their business.
You may also be eligible for grants and assistance programmes by SME Corp. Malaysia. Participants of the TUBE programme may receive a grant up to a maximum of RM15,000 to help them get started.
It is highly advisable for you to take advantage of these initiatives supported by the local government. You can gain valuable market insights, networking opportunities, access to local resources and more.
Pick the best path for you
Every aspiring entrepreneur goes through different hurdles in their journey to establish a successful business. With the rapid infrastructure development and ever-changing business trends, you should make full use of all available resources as a means to prepare yourself.
You may pursue a bachelor’s degree and work with an employer to gain experience before starting your own business. If you already have an undergraduate degree, you may choose to do an MBA to strengthen your credibility. If you prefer getting hands-on experience, you may sign up for training workshops and entrepreneurial programmes conducted by local government agencies.
As more youths are looking to join the local entrepreneurship scene, we can expect to see the nation’s economic progress incline as well. The youths of today will be able to create better opportunities for the youths of tomorrow.