MALAYSIA’S entrepreneurship plans and programmes are the best and aspiring businessmen should make full use of the infrastructure offered by relevant agencies in the country.
INSEAD Blue Ocean Strategy Institute co-director and co-founder Professor W. Chan Kim said Malaysian entrepreneurs have no excuse to not make it in the business world because agencies such as SME Corp, Cradle and Multimedia Development Corp, as well as the government itself, offer the best business plans in the world.
“Malaysia has the most comprehensive business plans I’ve ever seen and businessmen should milk the cow dry. However, these agencies must work together as one single unit to give the best plans,” Kim said at the 4th Global Entrepreneur Summit (GES), opened by Prime Minister Datuk Seri Najib Razak, here, yesterday.
The US State Secretary John Kerry represented President Barack Obama at the two-day event Blue Ocean Strategy is a book written by Chan Kim and Renée Mauborgne of The Blue Ocean Strategy Institute at France’s INSEAD, which is the world’s second largest business school. The book was first published in 2005.
The book illustrates what the authors believe is the best organisational strategy to generate growth and profits.
Blue Ocean Strategy suggests that an organisation should create new demand in an uncontested market space, or a “Blue Ocean”, rather than compete head-to-head with other suppliers in an industry.
On another note, Chan said since Malaysia has more women graduates than men, agencies must tap the large pool of women talent which can be a dominant force in a country’s economy.
Malaysia has what it takes to be a global power by combining its own pool of firms, unlocking their hidden talents and combining their strengths by emulating global models such as the high-technology firms in the Silicon Valley in the US.
“AirAsia and Tune Hotel are good examples of the blue ocean strategy, which are successful in Malaysia. Instead of competing with their rivals, they go down to the people on the street and give their budget air travel and five-star hotel prices at one-star prices.”
He said entrepreneurs must have passion for their businesses and the wisdom to find the methodology and knowledge to make it in the business world.
Chan said entrepreneurs must also defy so-called experts such as bankers who have predicted that telephones, online shopping, automobiles or personal computers would flop. These products have been successful in their own right and are now a global phenomena.
“The experts mistakenly think that as decision makers, some businesses will not take off. They are wrong because in the end, it is the entrepreneurs who make the decisions, and the businessmen, together with their clients, are the ones who create history and made the impossible possible.”