How To Be A Successful Entrepreneur In Malaysia
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Whether you are looking for a job in a busy global city or a chance to start a business from scratch, this guide is relevant to everyone. With the right environment, resources, and mentorship, you can really go somewhere.
But before we get to all that, let's talk about what is needed for an entrepreneur in Malaysia.
The right environment
In order to have the right environment and environment, you need an ecosystem. This is an ecosystem that revolves around three things:
- Equity capital
- Business networks
- The right business environment
The equity capital part of the ecosystem
When you start a business, you need money. But to start a business, you need more than money.
You need passion. You need drive.
You need motivation. You need the right people to believe in you.
You need those who share your vision.
Who you choose matters, though. That's why this piece focuses on equity capital, because it's the most important part of the ecosystem.
If you don't have an adequate amount of equity capital, no amount of advice will make you a great entrepreneur. You will be nothing more than a statistic.
Some of you might be thinking "nah, I have enough equity capital. I just need some support.
I will put all my time and money into the business and it will be a success". If that's the case, good for you! Good for you for putting your trust in yourself.
There are no wrong answers in this game. What you need to realise is that the right amount of equity capital is not dependent on how much money you have.
There's no time limit on the amount of equity capital you need. But how you use your equity capital matters, too.
How you use your equity capital matters
Imagine you have $50,000. The idea is that you will be the owner and the only person in charge of the business.
You are going to run the business and hope to reach a high level. It's going to take a lot of time, energy, and passion.
If you want to take a vacation, take a vacation. If you want to eat a fancy dinner, eat a fancy dinner.
If you want to travel the world, travel the world. Do not sweat. Just relax and let the ideas flow, because everything will be alright.
But what if you want to put a dollar value on your idea? This might not be as difficult as it sounds.
First, you need to calculate your "risk".
Just a moment. We're going to put some money on the table. You are going to write a cheque, and you're going to put some $1.00 on top.
Your money represents how much you are willing to lose. The idea you have will cost you $1,000.
For every dollar you lose, you write another cheque. The money will be returned to you when you decide to get back into business.
You can never lose $1,000.
You are a better risk than you think
You will always be better than you think. Always. As a young person, you are going to encounter a number of uncertainties.
But now you have some business education and some entrepreneurship education. In this step, we're going to discuss how you can use the right environment and environment to be successful as an entrepreneur in Malaysia.
One of the most important factors in becoming successful as an entrepreneur in Malaysia is to find the right business environment to raise money.
You need the right people
When you start your own business, it doesn't really matter what money you get. However, what matters is that you raise the right amount of money.
That is because as an entrepreneur, your ultimate goal is to get a ton of money. It's easier to raise money when you have money.
You need to learn how to make money, but more importantly, you need to learn how to raise money.
Do not go to a bank. Go to venture capital fund.
You don't want to go to banks for funding. You want to go to a venture capital fund.
Because banks will only loan you money.
Don't get that myth in your head, that you need to get a bank loan for business.
Banks will only loan you money when they think they can get a good return on investment. If they are going to get good return on investment, they'll lend you money. But they're not going to loan you money unless you have collateral to back up your loan.
Therefore, you will have to get a real estate loan.
Real estate will be the collateral that you need to get a loan from a bank.
If you want to raise money from a bank, you will have to find someone with resources to back up that loan.
Enter venture capital fund
For startups, Venture Capital funds are like financial institutions.
They use their money and expertise to help you find investment opportunities, and then they use their knowledge and expertise to help you find good investments.
In return, they pay you a percentage of the profits or the return on your investment. You need money from a VC before you can get funding from bank.
This is your version of a bank. These people are investing in your business.
It's very important to choose the right VC fund.
You have to choose VC funds with a great track record. It's the track record that counts.
So choose VCs that have done a lot of deals. VCs with a track record.