Advice for New Entrepreneurs in Malaysia [2021]

Today I’m going to share with you some advice for new entrepreneurs in Malaysia so if you just want to start up your business or you just start up your business not long ago then you may want to watch this video till the end now this is my personal insights from my 21 years as an entrepreneur and I hope it will help you to kickstart your business better so that you can get your success faster.

There are four elements of success in my advice for new entrepreneurs in Malaysia especially in year 2021 so I summarize this into what I call n.a.s.i. Now you know in Malaysia we eat nasi lemak. We eat nasi almost every day so it helps you to easy to remember so it’s nasi.

Watch “Advice for New Entrepreneurs in Malaysia [2021]” full video below.

#1 Network

The first element, n, is network you see if you want to start a business, the first advice for new entrepreneurs in Malaysia is that I want you to do is to start mingle around people with the same right-minded people for you who want to start a business so you might want to join the groups that have entrepreneurs or you might join friends that are entrepreneurs or business owners so that you will know what they are doing and they can share with you what are the problems they’re facing what are the success they do.

By mingling with all these right-minded people you will grow and become a better entrepreneur as well as your network, my advice for new entrepreneurs in Malaysia is to network with your target customer groups so first thing is that you need to understand who is your target market so if you are not sure who is your target market spend some time figure out right set up your customer persona understand who is your target market now. 

If your target market is everyone then that is too wide, my advice for new entrepreneurs in Malaysia is to focus on one small group of people that you can serve very well and then mix with them right join the groups you can join in the social media group like Facebook, Instagram and Linkedin.

Inside those groups I want you to go and understand and listen to the problems and see what kind of problems they face. What are the things they discuss so this gives you a better idea how to serve them better.

Now to me entrepreneurs are solution providers so we are all problem solvers so when you join this group you want to act like an expert to help the people right in your target market to solve their problems so your solution means your products or your services will become a solution to their challenges.

So this is the first networking elements that I want you to have in order to be able to grow your business so my advice for new entrepreneurs in Malaysia is to remember two things. One is to join with the right-minded or same-minded group of people well which are entrepreneurs or business owners. Second is to join the target market group that you want to serve right so then you understand your market better.

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#2 Attitude

Now the second element is a, which stands for attitude. In order to be successful entrepreneurs we have to have the right attitude or the mindset. if you are working and now you want to become an entrepreneur by yourself, my advice for new entrepreneurs in Malaysia is to change from a worker mentality to an entrepreneurial mindset now to become an entrepreneur I said a lot of people sells that entrepreneur more freedom you can do whatever you want but during the startup I can tell you that you actually work even harder for long hours compared to you work for other people.

So are you prepared for that? Now I’m not going to elaborate further on this attitude and mindset because I have videos that I’ve done before. If you haven’t watched it you can watch this video right over here.

#3 Skills

The third element to become a successful entrepreneur is to have the right skills now when i say to have the right skills, It means that you must have the skills or be expert in the skills that will help you to become a successful entrepreneur in the business that you are doing so first thing i want you to ask yourself is what are the three important skills that you must have to be able to succeed in your business?

For me I’m a consultant so my field is in lean supply chain management and I have to be good in this field because I teach other people how to improve on their lean supply chain. Besides, I have had work experience before.

I also have to brush up my skills and attend conferences to learn from other experts and practice. I do more in order to help my clients, so this is one important skill I have to continue to brush up to keep improving my second skills. Of course I need to be good at presentation skills because I do training and coaching in order to get my message across to my participants.

I need to have good presentation skills to get them to be interested in the topic that I teach and at the same time understand and be able to take back and apply in their work and third to me sales and marketing skills because in order to have a viable long-term business i have to master sales and marketing skills.

Even though i’m a consultant i need to know how to able to sell or promote my business to my target customers if not then i wouldn’t have a business even though i have good consulting skills presentation skills and expert knowledge in the field that i’m going to teach so these are the three skills that i must master.

The same thing I want you to ask yourself what are the three important skills that you must have, and my advice for new entrepreneurs in Malaysia is to work on it every day keep improving learn more on these three skills to me other than that I can outsource to someone else to go and do it or I can hire people to do that for me as well.

#4 Implementation

Finally the fourth element, I, is stand for implementation or execution now I think this is one of the most important part because I seen a lot of wannabe entrepreneurs means that people want to start their own business they have good business plan but at the end the business plan was never executed because they keep coming out with good business plan good business ideas but they don’t do implementation. 

Maybe they’re waiting for the perfect timing of perfect people to work with them but my advice for new entrepreneurs in Malaysia is to remember that there’s no perfect timing except now. Right now is always the perfect timing and remember don’t let perfect get in the way of you making money because without implementation you wouldn’t know exactly what your customers want. You can plan and do research but the best feedback is actually getting the real feedback from your actual customers. Once you start getting customers, ask for their feedback. 

Do not think that once you start your business and boom, one day you will get like hundreds of thousands of customers, my advice for new entrepreneurs in Malaysia is to focus on one at a time then continuously improving your business now I’m an agile or lean consultant so I strongly believe in agile startup so I myself I practice and coach people on how to start up the business using the agile methodology. 

If you’re interested you can watch this video series on how to start up your business using agile methodology so that’s the four element nasi that I advice for new entrepreneurs in Malaysia to remember. If you are entrepreneurs or you just start up your business focus on these four elements now you’ll be surprised that money is not in these elements. To me money is not the key elements to success. 

If you’re small you don’t have money or capital, start with something that do not require huge capital i know it may not be your dream business to start but start doing it practice especially your sales marketing skills and then start getting customers earn some money save that money and use that money as a capital to build your second business so you keep on rolling your savings to become your capital for your dream business. 

Of course if you have investors who want to invest in your business that’s good so to me money may not be a key element anymore today especially for the success of your business now in today’s situation yeah startup business do not require a huge amount of capital so you can start business that requires only low capital and then slowly upgrade yourself to the dream business that you want.

These are my advice for new entrepreneurs in Malaysia, hopefully it will help you to become a successful entrepreneur. We publish online business tips every week and I hope they can help you to improve your business.

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