This article first appeared in Forum, The Edge Malaysia Weekly on March 13, 2023 - March 19, 2023
Entrepreneurship is one of the primary drivers of economic progress since it generates money, fosters innovation and deployment of technology and alleviates poverty. The promotion of entrepreneurship is also one of the ways to maintain a country’s competitiveness in the face of growing globalisation. The government has always encouraged Malaysians, particularly bumiputeras, to engage in entrepreneurship. According to the Malaysian Labour Force Survey report 2021, the number of entrepreneurs in the country has reached 3.3 million.
In the midst of the Covid-19 pandemic, entrepreneurs have been identifying new business opportunities, according to the Global Entrepreneurship Monitor (GEM). This is a highlight of the GEM Adult Population Survey (APS) of 2021, which involved 47 economies. A minimum of 2,000 respondents from each of the economies were included in the survey. More than half of the respondents in 15 of the economies surveyed, who were establishing or operating a start-up, believed that the pandemic had created new business potential.
The Malaysian government has been developing the necessary infrastructure to support start-up businesses for many years. This is one of the reasons why even foreign investors see Malaysia as a promising market for their ventures.
Entrepreneurs are typically risk-takers by nature, and may have a vision or a well-thought-out plan for launching a new product or service to fill a market gap. By quitting secure careers to dedicate their time and energy to starting new firms, many entrepreneurs assume enormous personal risks.
Entrepreneurship is a fast-paced field. As such, those inclined to entrepreneurship frequently appreciate being actively and continuously working on something. Nevertheless, entrepreneurs have to guard against burnout, which can have serious effects on their lives and their businesses. Like everyone else, entrepreneurs have to make time to take care of themselves.
There is no promised monthly income or success for entrepreneurs, and spending time with family and friends can be difficult in the early stages of beginning a business. Because time is so critical in entrepreneurship, those involved tend to neglect other aspects of their lives. However, if burnout strikes at the wrong time, you may lose your entire business. Entrepreneurs must find appropriate ways to maintain their energy and enthusiasm till their business projects are completed.
Entrepreneurship is critical to a country’s economic development. It is one of several key elements that contribute to employment creation and economic success. Additionally, entrepreneurship is critical for the establishment of small and medium enterprises (SMEs) as well as in increasing productivity. Therefore, lawmakers must devise effective programmes and policies to encourage their constituents to become successful entrepreneurs.
Wu Guan Jun is a student at the Faculty of Business and Communication, Universiti Malaysia Perlis
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