Are you feeling tired, bored, or stressed out with your current job? Have you ever thought of stepping into the journey of entrepreneurship by starting your own business? Learn what are the top 10 entrepreneur opportunities in Malaysia.
We have seen stories shared on news and social media platforms of successful Malaysian and global entrepreneurs with impressive business models.
However, is it just that simple and easy to duplicate successful models into your business and for you to be successful as well? You may have had seen people around you share their fantastic ideas and business proposals, but at the end of the day unfortunately their business turns out not successful!
Everyone can start a business but not everyone can scale the business. Worse still, many are not able to sustain their business. How can this happen? The reason for this is due to the execution power of the business owner and the “know-how” in the business processes.
Execution power is how well the business owner is able to put the plan into implementation and achieve its goals accordingly. However, there is always deviation between fact and forecast. If a business owner has strong execution power, he or she may be able to come out with good counter measure in a relatively short period of time to bring the business back on the right track to achieve their planned objectives.
On top of that, business owner needs to know the “know-how” of running the business which is the most crucial part of success in a business.
Here are three key benefits of entrepreneurship that drive many to pursue this path in today’s economy.
1. Pursue your passion
You get to pursue your passion as your employment. Every day can feel like play, and you get paid for it! Achieve a niche of how your passion and strengths translates to meet the needs of your clients.
2. Time flexibility
Flexibility of your schedule and time for what matters in your life is in your hands. You can work at your best hours, and spend quality time with your loved ones.
3. Control of your success
Control is in your hands as you make key decisions for the company while leveraging on your strengths and skills. The more successful you are, the higher the returns which as your company grows far outstrips the earning potential of an employee.
Entrepreneurship “Must Knows”
What are the “know-how” that entrepreneurs need to know? Here are three simple but crucial summary points that you need to understand before you start your entrepreneurship journey and operate a successful business.
1. Identify the “pain point” in the market
To commence a business, it is crucial for entrepreneurs to identify the “pain point” or “gap” in the market that you can provide a solution to solve.
2. Understand the business processes
Next, entrepreneurs need to create revenue for their business. Therefore, entrepreneurs need to know where and how to generate the correct leads of clients according to the target segment of clients you want to serve.
Once business commences, business owners need to have proper business processes for their business operation to make sure operations is smooth sailing. However, this is easier said than done. This is where many business owners face a bottle neck and fail to scale moreover sustain their business.
3. Leverage to scale and expand
Leveraging on the strengths of people around you to add value to each other is important. Despite entrepreneurship journeys being lonely by nature, if you can leverage on the strengths of people in your community, you will be able to achieve greater heights in your business.