LETTERS: My induction to entrepreneurship stemmed from 'Skim 1Pelajar 1Pendaftaran Perniagaan', a CSR initiative by Suruhanjaya Syarikat Malaysia (SSM). Developed to foster and augment entrepreneurship participation among youths, it is compulsory for all students from public and private institutions of higher education.
The scheme was allotted a RM10 million grant and we were exempted from all business registration charges. I decided on a bakery for my business assignment. We were instructed to utilise Facebook Page for business and Facebook Insights for tracking user interaction.
Entrepreneurship is one of the prime movers of economic development in Malaysia. It prompts technological invention and stimulates us to think outside the box. All kinds of incredible enterprises were funded by Malaysia such as Groupon and iCar.
To a large extent, entrepreneurship also decreases the poverty rate in our country. According to the World Bank, published in their April 2020 'Poverty and Equity Brief' for Malaysia, only 0.4 percent of households were lower than the national poverty line.
Notwithstanding, the World Bank also forecast Malaysia's economy to shrink in 2020 due to Covid-19; Gross Domestic Product (GDP) to plunge in the range of 0.1 to 4.6 per cent. At this time, we are seeing entrepreneurs exerting themselves to keep their businesses afloat and secure employee welfare.
Recently, Malaysian personality Mila Jirin revealed her struggle to bear the cost of supporting her business – Bizmilla Catering and Services – via an Instagram post. Admirably, she embarked on a side bakery business to pull through and motivates her employees to take part in entrepreneurship.
Besides that, social enterprise Biji-Biji Initiative participated in the Social Textiles movement; running towards distributing 50,000 medical scrubs to hospital personnel by mid-June.
Digital economy empowers entrepreneurs to step up their productivity and a wide range of applications surged in popularity. For instance, Go-eCommerce is an online entrepreneurial platform equipped with tools to establish online business.
Through the eUsahawan Programme, entrepreneurs will gain an understanding of eCommerce and acquire skills to integrate their Medium, Small and Micro Enterprises (MSMEs) to the digital marketplace.
Furthermore, Singapore-based venture capitalists KK Fund in partnership with MDEC and BEAMSTART launched 'Meet your Match Malaysia', pairing Malaysian-based startups with investors. The project tenders funding streams to assist the startup scene and is engaged by more than 70 investors such as AppWorks, SoftBank and Venturra.
The 'Entrepreneur and Cooperative Recovery Plan' by Ministry of Entrepreneur Development and Cooperatives (MEDAC), is a beacon of hope for entrepreneurs severely hit by the pandemic.
The strategy intends to bolster entrepreneurs' business activities in the upcoming months and make certain of their capacity to compete and maintain undertakings. RM452.8 million will be distributed and it is projected for the benefit of 21,847 micro enterprises, SMEs, social entrepreneurs, startups and cooperatives.
In addition, MEDAC is liaising with the Ministry of Finance in devising 'Post Covid-19 Short and Medium-Term Economic Recovery and Restart Plan'. By providing entrepreneurs with financial resources and such, they're able to carry on with their business operations under the new normal.
ATIQAH FARHANAH AZNUR
UITM, SHAH ALAM
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times