Developing Entrepreneurs in Uncertain Times

Most might think that entrepreneurs are born once they are successful. This is not the case. The fact is that entrepreneurs are born the second they see a need in the market while possessing the will to meet those needs.

The COVID-19 has flipped the world’s economy on it’s head. Thousands of businesses have shut their doors, many of them permanently, while the rest are forced to adapt to a ‘new normal’ of business, involving plenty of digitalisation, transformation, and remote working.

Consumers have also been affected greatly. With the inability to freely leave their homes, and the lack of services when they do, consumer spending habits are changing. New demand is being created, and with it, new expectations.

While this outbreak has caused much stress and hardship for everyone, it also provides an opportunity for those with an entrepreneurial spark. The time is right for entrepreneurs to seize the day and develop new ideas and solutions. Good solutions would be particularly effective during such desperate times.

SME Magazine hosted a short webinar on 10 May with the CEO of Institut Keusahawanan Negara (INSKEN), Muhd Firdaus Azharuddin who shed some light on developing entrepreneurs during these uncertain times.

Titled “Developing Entrepreneurs in Uncertain Times”, the webinar discussed a variety of topics, including what entrepreneurs can do to grasp the opportunities presented to them as well as what INSKEN can do to help budding entrepreneurs stand on their own two feet.

Mr Azharuddin explained how INSKEN implemented frequent live webinars of their own since the start of Malaysia’s Movement Control Order (MCO) in an effort to help SMEs. Said webinars helped to connect business owners and leaders as well as helped to give them ideas on how to survive during the lockdown.

INSKEN has also continued to run their workshops and classes for entrepreneurs that are interested in entering markets that are still operating during the MCO. As such, the organisation is among one of the few that are actually still fairly busy during these trying times.

While INSKEN themselves do not have any financial stimulus packages to help assist entrepreneurs, they have hosted webinars with entities that do have such stimulus packages in order to help explain how entrepreneurs can apply and take advantage of such financial aid.

Mr Azharuddin also advises entrepreneurs and businesses to take an in-depth look at their own products and delivery channels before establishing themselves online. He explains that digitisation and online platforms are great during a time of crisis such as now, but entrepreneurs should prioritise the identification of what the market wants right now as well as the ability to get the product to customers before committing to an online marketing and sales strategy.

You can view the full webinar on the SME Magazine Facebook page, which can be found here. To find out more about INSKEN and its trainings, please visit their website at insken.gov.my.