4 APPROACHES INTRODUCED BY MALAYSIAN PRIME MINISTER TO ENCOURAGE THE GROWTH OF ENTREPRENEUR AND LOCAL BUSINESS

            From the review of article, Malaysian Prime Minister, Dato’ Seri Najib Tun Razak unveiled the 4 Approaches for Entrepreneurship Growth to create a vibrant environment in order to cultivate more interest towards pursuing Entrepreneurship. Firstly, it is creative in introducing the new ideas to encourage the growth of entrepreneur. Najib said among the approaches or new ideas that should be practiced to the extent the margin or profit to entrepreneurs was negligible. Secondly, inject innovation in business can enhance and expand the business. He said government encouraged networking so that the product of an entrepreneur can sold in domestic market and nationwide.

           Thirdly, apply strong and popular branding is another approach in business development of entrepreneur. Najib said, it was important and be given attention if a brand was accepted by consumers. Cost of a product may be RM10,000 but with intensive branding, we can sell for RM20,000 to consumers. Lastly, we can use website to expand the market. Najib said entrepreneurs should also take full advantage of websites like the internet to sell their products. Government had earlier launched the Rural Transformation Program in Gopeng. It is a fresh initiative towards empowering the rural entrepreneurial sector.

                     From my point of view, the 4 basic approaches that the Prime Minister described tend to mirror the patterns of businesses. It is introduced by the Prime Minister in committing the government’s support towards Entrepreneurship. Most of the entrepreneurs in Malaysia are lack of creativity in developing their business. Creative in introducing the new ideas can build a supportive, competitive and vibrant Entrepreneur eco-system in Malaysia. Besides that we can inject innovation in business. For example, MATRADE’s initiatives can promote Malaysia’s innovations globally. Moreover, we can apply strong and popular branding to entrepreneur’s product. Proton can introduce hybrid car in the market to get strong and popular branding in Malaysia and all over the world. Lastly, we can use website to expand the market. Nowadays, many entrepreneurs use website to promote their product. Customers can get the latest information from the website easily and more convenient.