By Professor Brian Wong
Recognising the importance of entrepreneurship for national growth, Malaysia’s National Entrepreneurship Policy (NEP) aims to foster youth-centric economic development. However, concerns arise when analyzing the NEP’s mechanisms, benchmarks, and adaptability, given the reported startup failure rate of 50-95 per cent in countries like Malaysia. This calls for a deeper examination and re-evaluation of the policy’s effectiveness, highlighting a potential gap between its objectives and practical outcomes. Understanding the entrepreneurial mindset is crucial for sustainable success in national initiatives.
Embracing an entrepreneurial mindset involves valuing independence over traditional employment. Autonomy and the desire for financial rewards drive individuals to pursue entrepreneurship, establishing and managing their own businesses while taking risks. Entrepreneurs are driven by a passion for business ownership, seeking financial prosperity and liberation from conventional employment pressures.
To shed light on the requisites for entrepreneurial success, a study conducted in 2018 explored the key elements beyond passion and business skills. Surprisingly, the study found that resourcefulness, innovativeness, perseverance, and enterprising qualities were the primary characteristics indicative of effective entrepreneurship. This challenges stereotypical notions and connects with the etymology of the term “entrepreneur” as an “undertaking”.
Resourcefulness
Resourcefulness is a vital trait for entrepreneurs, enabling them to navigate the complex business landscape. It plays a crucial role in overcoming challenges and turning obstacles, like financial limitations, into opportunities. When combined with resilience, resourcefulness empowers entrepreneurs to bounce back from setbacks and optimize limited resources for maximum efficiency. This skill is particularly advantageous for startups with limited resources. Resourceful entrepreneurs are well-connected both physically and mentally, driving businesses forward and ensuring adaptability in a rapidly changing market. It is integral to strategic decision-making, helping entrepreneurs identify practical courses of action, seize opportunities, and manage risks. Resourcefulness is not just a quality but a cornerstone of entrepreneurial success, transforming challenges into opportunities and limited resources into powerful tools for growth. In the unpredictable terrain of entrepreneurship, resourcefulness is an indispensable asset that guides ventures towards resilience, innovation, and ultimate success.
Innovativeness
With their resourceful character, entrepreneurs’ innovativeness holds the power to propel ventures into uncharted territories of success. In the dynamic landscape of business, where change is constant, innovativeness becomes a strategic imperative. It fuels the creation of novel solutions, setting businesses apart in saturated markets. Entrepreneurs with a penchant for innovation not only adapt to change but lead it, staying ahead of competitors. The question is whether innovativeness can be learned. My study found that the learning process involves not only proper education but also the experience of “failure.” Being resourceful, the entrepreneur will transform failure into opportunities, fostering resilience and adaptability. In essence, innovativeness is the engine that drives growth, enabling entrepreneurs to carve out a distinctive niche, capture markets, and ensure sustained relevance in an ever-evolving entrepreneurial ecosystem.
Perseverance
Together with resourceful and innovative traits, successful entrepreneurs demonstrate strong and enduring perseverance. Studies have shown that this quality is essential in the challenging journey of building ventures, leaving no room for negotiation. Beyond skills and strategies, it is the unwavering commitment to overcome setbacks, learn from failures, and persist in the face of adversity that truly defines entrepreneurial success. Entrepreneurs must embrace calculated failures, challenging societal norms that prioritize showcasing only success. It is through failure that one can cultivate perseverance, which fuels the resilience necessary to navigate business challenges and uncertainties. This represents a critical paradigm shift, transforming obstacles into stepping stones that are essential for long-term sustainability. In the dynamic and often unpredictable landscape of entrepreneurship, perseverance is not merely a virtue; it is the driving force that distinguishes those who thrive from those who falter, making it an indispensable quality for entrepreneurial triumph.
Enterprising
In the ever-changing business landscape, enterprising skills encompass innovation, adaptability, and strategic thinking. Entrepreneurs equipped with these skills navigate uncertainties, identify opportunities, and seize the moment. Their ability to take calculated risks and foster a proactive mindset is crucial. Enterprising skills drive ventures forward, ensuring relevance and sustainability. For instance, entrepreneurs may face challenges like investment decisions, manpower displacement, space utilization, and profit reinvestment, requiring informed choices. Enterprising is more than running a business; it’s about the acumen to identify, create, and capitalize on opportunities, making these skills indispensable. Entrepreneurship is a nuanced journey that demands the right mindset. Resourcefulness, innovativeness, perseverance, and enterprising skills form the foundation of entrepreneurial DNA. Resourcefulness turns challenges into opportunities, innovativeness propels ventures to success, and perseverance defines triumph. Enterprising skills enable adaptability and informed decision-making, contributing to enduring sustainability and the nation’s entrepreneurial success.
● Professor Brian Wong is from the Faculty of Business, Design and Arts at Swinburne University of Technology Sarawak Campus
DISCLAIMER:
The views expressed here are those of the writer and do not necessarily represent the views of the New Sarawak Tribune.
