Azione Capital - UTM Skudai AIESEC - Entrepreneurship In Malaysia Talk

Entrepreneurship Cheap buzzword, innocent victim of misrepresentation or just plain misunderstood? Presented by Nicholas Chan of

Who am I? Venture Capitalist Serial Entrepreneur Volunteer Singaporean

What is entrepreneurship to Malaysians? MLM? Unit Trust Sales? Tyre shop? Reload shop? Typical backstabbing partnership? Reading tons of books, blogs & forums on business does not make you an entrepreneur.

What do Malaysians want of entrepreneurship? Easy money – “Cut corners” Easy fame – “No work” success Easy power – “Be THE boss” If you don’t have integrity, you have absolutely nothing built to last.

So where do they look for it? Buying into franchises Systems – “Whatever that means” MLM – “The future of business” If you don’t believe in putting your money where your mouth is, don’t expect anyone else to do so.

And why do they do it? Mitigate their “employee” pain Feel they are “somebody” Get money at any cost Stop looking for free handouts, start looking for a market, build on revenue and the rest will follow

How do Malaysian budding entrepreneurs go about it? “Idea-only” approach Talk, research, repeat Run low-value businesses The best way to get started is to quit talking/reading/thinking/blogging and start doing.

EVENTUALLY, does it work? A flood of empty vessels Little innovation & value creation No sustainable results Where would you go when you have no way back?

There is always a better way

The typical Malaysian startup stumbling blocks

Inward-looking, “frog-in-the-well” isolated approach.

Unworldly-wise and inexperienced; Fix-my-own-problem approach.

Refusal to listen to facts and reason . Easily believes in get-rich-quick schemes.

Lack of funds

No savings; personal network too “kiasee” to risk private investment.

Banks too risk adverse to fresh startups; personal financing options insufficient. Obsession on getting grants from the government .

Lack of expert talent

Staff with specialized skillsets hard/expensive to acquire.

Assembling a trustworthy team is an uphill task.

Lack of professional connections

“ young” in their professional network.

Many Malaysian startups begin as employees or students & hate their work .

Lack of facilities

No equipment or premises to work from.

No idea on what they really need .

What REALLY is entrepreneurship? Selfless, frugal lifestyle Value creation, job creation Service to society Many great ideas goes unexecuted, and many great executioners are without ideas. One without the other is worthless.

Foresight Anyone can count the number of seeds in an apple… But only an entrepreneur can count the number of apples in a seed A business is successful to the extent that it produces a product or service that improves the lives of the people it serves, both clients and community.

Who would walk this path? Know their vision in life Thrives on challenges Less think/talk, more do-ers The greatest assets a startup has is in its spirit and its people.

Dreams Too many of us are not living our dreams Because we are still living our fears Be uneducated, finding your way around makes the journey all the more worthwhile.

What are entrepreneurial traits? Trustworthiness; Responsibility Eternally curious; Innovation Win-win negotiator; Deal-making If you see a problem, fix it immediately. Don’t assemble a committee to decide what to do with it 3 months later

What if? If there is no possibility of failure Then victory is meaningless What would you fight for when you have nothing to lose?

Why should you bother? Know you can make a difference Able to create tangible value You enjoy uncertainty & negativity If you don’t have integrity, you have absolutely nothing built to last.

How should you start? Get a mentor Know there are no shortcuts Be with real entrepreneurs You can afford to break even, but you cannot afford to lose.

And so? Winning starts with beginning Motivation is overrated, Just do it There is no certainty, only opportunity

In conclusion…