Is Being An Entrepreneur The Great Malaysian Dream?
Hennessy presents the ‘Greatness is an Odyssey’ and pays tribute to individuals who embody the X.O spirit of exploration and creativity, and possess the relentless quest for excellence.
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Malaysia is a story of dreams and success. Our people are proud, resilient and can overcome any obstacle.
Although it’s been remarked by some that Malaysians are only passionate about food, this is a rather unfair observation, considering that we’ve also developed a keen interest in placing our mark on the world.
Together, we’ve traversed oceans, conquered mountains and even touched the stars. But, one could also say that where our hearts truly lie is in business and the spirit of venture!
Born for business
Malaysians inherited a rich legacy of entrepreneurship from our forefathers who were merchants, traders, craftsmen, and farmers. In fact, our home was once a centre of culture and trade in the region and continues to be a land of opportunity and prosperity today.
From small businesses to large enterprises, Malaysian entrepreneurs have proven to be instrumental towards the country’s growth and form the backbone of our nation’s economy.
Malaysia’s MSME sector (micro, small and medium enterprises) alone accounts for 97.4% of all the business establishments in the country, employs 47.8% of the nation’s workforce and contributes 37.4% of our GDP (gross domestic product).
The classic dream?
So, is being an entrepreneur a Malaysian dream? The answer is, unsurprisingly, a resounding yes!
According to recent surveys, three out of four Malaysians feel that entrepreneurship would provide them with more opportunities than their regular jobs and many are considering leaving their 9-to-5 to start their own businesses.
This includes the country’s youths who are going into business as a side hustle to make extra income.
Where dreams become reality
Businesses thrive in Malaysia because of the infrastructure and support systems that are available.
Technology and the move towards digitalization, for example, have made it far easier for entrepreneurs to gain a foothold and reach the top of success.
Nowadays basically anyone can run a business from home or anywhere they please while promoting their brands, products and services directly to customers with social media and targeted ads.
Transactions are made simpler with the use of e-wallets and apps. And large and small businesses alike benefit tremendously from tech solutions like cloud computing and AI to better monitor, manage and automate their workflows.
Government support, of course, has also been instrumental in the success of Malaysian businesses and entrepreneurs.
From grants and loans to tax breaks and incentives, the government helps businesses of all sizes access the resources they need to succeed in today’s market, and the marketplace of the future.
Programs like the Automation and Digitalisation Facility (ADF), the High Tech and Green Facility (HTG) and other government financial aid programs were recently outlined in Budget 2023 to provide local businesses with the capital needed to transition into the digital age, venture into more sustainable industries, as well as, provides leverage for MSMEs from all economic sectors to increase their productivity, efficiency and drive for innovation.
Government agencies such as the Ministry of Entrepreneur Development and Cooperatives (MEDAC), SME Corporation Malaysia (SME Corp) and the likes, also contribute tremendously in providing local businesses with the financial and technical support needed for them to establish and grow.
And the most important piece of the puzzle are Malaysians themselves who continually support local businesses and show undying appreciation for homegrown goods. Recent trends show that Malaysians prefer buying locally, either online or in-store, for the convenience, quality and affordability that homegrown products and services offer.
Being an entrepreneur in Malaysia is a dream that is becoming increasingly achievable, and with the right ambition, the Malaysian dream can be yours too!
As the drink of choice for hustlers and innovators alike, Hennessy X.O honours the journey and successes of young Malaysians in making their mark on the world.
Hennessy presents the ‘Greatness is an Odyssey’ and pays tribute to individuals who embody the X.O spirit of exploration and creativity, and possess the relentless quest for excellence.
Pour yourself a glass of Hennessy X.O and watch this video to be inspired to create your own business success.
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