Entrepreneurship Survey Among Malaysian Youths - 2010

Entrepreneurship Survey Among Malaysian Youths Entrepreneurship Survey Among Malaysian Youths Entrepreneurship Survey Among Malaysian Youths Entrepreneurship Survey Among Malaysian Youths –––– 2010201020102010

Mohamad Sabrie Mohamad Salleh

Entrepreneurship Survey Among Malaysian Youths – 2010

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Contents

TITLE PAGE

Key Highlights

Key Ideas From Youths

Researcher’s Background

Purpose of Report

Snippets from out Social Media Partners

Profile of Respondents

Interest In Entrepreneurship

Entrepreneurship Behaviour and Character

Barriers In Starting Up A New Venture

Entrepreneurship In Malaysian Universities

Pitch-for-Funding Readiness

Acknowledgement & Closure

3

4

5

6

7

9

10

12

16

19

23

25


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Key Highlights

Survey reached 6,488 Malaysian youths through facebook.

75% of youths categorized themselves as social entrepreneurs aiming for profit and social

objectives (people & environment).

85% of youths would reinvest an amount of RM100 million they earned from a commercial

project, for sustainability and future profitability.

95% of youths want to start a venture in the future but 76% do not know a Non Disclosure

Agreement helps to protect their business ideas .

73% of youths believe their business ideas will work even if they fail to obtain funding from

180 investors.

62% of youths listed “no funding” as their main barrier in starting a venture while the second

highest barrier is lack of experience in managing a venture (46%).

72% of youths disagree or undecided whether their degree subjects train them to be

entrepreneurial.

60% of youths would think of “stall in a bazaar” or “multi level marketing” as an

entrepreneurship activity.

66% of youths agree managing a venture for 1 year while they are in the university would

help them to succeed as an entrepreneur.

62% of youths have written a business plan once or more but 82% have never

applied for funding from any financial institutions.


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Key Ideas from Malaysian Youths

“Creatively learn from failure, make something different.”

“Subjects that can train my mentality toughness (to prepare myself for

failure).”

“Assignments that require starting a small business group, instead of

computer simulations using large companies.”

“A marketing subject where it required me to work in groups with other students to do business plan

and present them to university clients. I felt it was a very good learning

experience.”

“A program where students become personal assistants for CEOs and later

open up a business after getting experience as CEO’s personal

assistant.”

“An assignment to start business selling things in college for 3 months and then competing with classmates in groups. This will enable us to keep track of our money, stocks, learn to market products etc. At the end of 3 months can enable us to experience

the life of an entrepreneur. “

“Final year assessment based on real profit generated from business

venture created and managed by students.”

“Commercialise R&D results and create a student-run investment

fund.”

“Gather a group of students from different faculties in producing a

business idea, and finally a business plan. I have seen this model work in

RMIT, Melbourne.”


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Researcher’s Background

Mohamad Sabrie Mohamad Salleh is pursuing his Masters of Entrepreneurship from HELP University

College and currently working with a venture capital company, Malaysia Venture Capital Management

Berhad in the Investment team.

He graduated with Bachelors of Accountancy (Honours) from Universiti Putra Malaysia. He received his

early education from Victoria Institution Kuala Lumpur.

He is the Research partner for Youth Entrepreneurs Malaysia and presented his paper titled

“Information Availability For Entrepreneurial Creation” to the Kauffman Foundation representative

during the Global Entrepreneurship Week 2009, Malaysia. He also co-ordinates a website dedicated to

entrepreneurial issues called “Malaysia Entrepreneurship Project”.

He experienced his first startup when he was 18 years old selling sandwiches during the KL rush hour

and subsequently started an electronics importing trading company when he was in university. Upon

graduation he laid the foundation for a greeting card company, later headed by his close friend, Jason

Yong which established Chozit Sdn Bhd.

His university years were dedicated primarily towards community growth. He participated in campus

elections and subsequently elected as the President of Universiti Putra Malaysia Students’

Representative Council under the provisions of the University and University Colleges Act 1971. He was

entrusted with the welfare of 17,000 students from the Serdang and Bintulu campus. He was also a

member of National Students Consultative Council chaired by the Deputy Prime Minister of Malaysia.


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Purpose of Report

Dear Readers,

The purpose of the report previously was to help me justify my literature findings for my Masters of

Entrepreneurship assignment. However, after discovering interesting findings from the survey, I decided

to make this report available for the Prime Minister’s Tea Party on March 13th

2010, to represent the

voice of Malaysian youth entrepreneurs.

The survey is also a part of a new-born social enterprise dedicated towards the pursuit of applied

knowledge in entrepreneurship. Information disclosure in this report is for public purposes and is FREE.

However, I appreciate proper attribution and references made when this report is used as a

primary/secondary resource for academic or commercial work.

This survey is also a part of an expanded survey, where insights and views of established Malaysian

entrepreneurs will be recorded through interviews. The purpose of the amended report will be for

Michael Teoh Su Lim’s visit to Stanford University in the middle of this year, to present the views of

Malaysian youths regarding entrepreneurship.

Thank you.


Founder

Malaysia Entrepreneurship Project (http://mentproject.wordpress.com)

E-Mail ([email protected])

8th

March 2010


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Snippets from Our Social Media Partners

This report is made possible with the efforts of our social media partners:

Youth Entrepreneurs Malaysia

•Michael Teoh Su Lim"Our entrepreneurs can leverage on the term - Glocalization, where i believe we should develop our aspiring entrepreneurs to realise global potentials and being world class, while acknowledging the need to utilize and distinguish our competitive advantage with our local skills, talents and cultures. What makes Malaysian entrepreneurs truly special is our upbringing where we are already enriched with a multi-diversity environment, which equips us to work and build ventures across borders and people even without realising it."

Malaysia Youth and Entrepreneurs Movement

•Danial Fahmi

•"This report is a living proof that Malaysian Youth today is stepping up to the challenges to be a successful entrepreneur. It's up to the Government to help them develop into World Class entrepreneur who is going to change Malaysia's face and bring our country to greater heights."

Leadership Engagement Network

•Shannon Chow ([email protected])

•"The report has spoken itself by the Youths of Malaysia who desire to change and improve themselves. Are they given enough chances and opportunities? They can inspire many lives and bring Malaysia to the next level. Look out for them in the near future and never underestimate them."

South East Asia Children Charity Community

•Ping Fen ([email protected])

•"This report tells everything. Our youth nowadays are moving ahead in this era. Can we be one of the successful World Class entrepreneur and stand as tall as the rest of the world? It's up to you to decide."

Beyond University

•Mohd Firdaus Johari

•"Entrepreneurship misconceptions: it is not only about making money, starts with innovation, skill and knowledge, not only about what sell, it's how you sell it and is an attitude, mentality and though processes."

Alumni MPP Malaysia

•Sabrie Salleh

•"Hopefully this report could shed some light regarding entrepreneurship among youth below the age of 25 years old and help the present Student Council in organizing programmes effectively to grow talented entrepreneurs."

Entrepreneurship Survey Among Malaysian Youths

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Beyond University

Mohd Firdaus Johari ([email protected])

"Entrepreneurship misconceptions: it is not only about making money, starts with innovation, skill and knowledge, not only about what sell, it's how you sell it and is an attitude, mentality and though processes."

Alumni MPP Malaysia

Sabrie Salleh ([email protected])

"Hopefully this report could shed some light regarding entrepreneurship among youth below the age of 25 years old and help the present Student Council in organizing programmes effectively to grow talented entrepreneurs."


"Entrepreneurship misconceptions: it is not only about making money, starts with innovation, skill and knowledge, not only about what sell, it's how you sell

"Hopefully this report could shed some light regarding entrepreneurship among youth below the age of 25 years old and help the present Student Council in organizing programmes effectively to grow talented entrepreneurs."

PROFILE OF THE RESPONDENTS

Age group of 30 years old and

below formed 93% of total

respondents.

Age Profile

Majority of the respondents belonged to age

below which comprises a total percentage of 93%. The largest age group is

the “21

Racial Composition

The highest number of responses came from Malaysian youths of

bumiputera

response from surveys disbursed was 2.3%.


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PROFILE OF THE RESPONDENTS

Age Profile

Majority of the respondents belonged to age group of 30 years old and


the “21 – 25 years old” segment which forms a 66% block.

Racial Composition


bumiputera origin at 54% followed by non-bumiputera at 46%. Total

response from surveys disbursed was 2.3%.

16%

66%

11%

7%

Figure 1 - Age

Less than or equal to

20 years old

21 -

26 -

31 years old and

above

Bumiputera Non-Bumiputera

54%

46%

Figure 2 - Racial Composition


group of 30 years old and


25 years old” segment which forms a 66% block.


bumiputera at 46%. Total

Less than or equal to

20 years old

- 25 years old

- 30 years old

31 years old and

above

Interest in Entrepreneurship

95% of youths would open up

a new venture in the future.

More than half of youths want

to start a new business

because of passion and

wealth.

Do you want to open up a new venture in the future?

The respondents were asked two questions in this section. Do they want to

open up a new venture and what

a new business?

According to the respondents, 95% answered “Yes” for the first question. This

shows a strong interest among respondents to start their own business.

Why do you want to open up a new venture?

Respondents were given multiple “c

question above. Majority of respondents selected “it’s my passion” at 57%

followed by money at 50% and early retirement at 23%.

Based on the question, respondents were primarily motivated by passion and

wealth (money) to

Minority 13% selected “Others” and notable subjective answers by

respondents are as below:


10

Interest in Entrepreneurship



open up a new venture and what is the motivating factor behind op

a new business?



Why do you want to open up a new venture?

Respondents were given multiple “checkboxes” to be selected


followed by money at 50% and early retirement at 23%.


wealth (money) to open up a new venture.


respondents are as below:

95%

5%

Figure 3 - Open Up a Venture?

It's my

passion

Money Early

Retirement

Others

57%50%

23%13%

Figure 4 - Why do you want to open up a new

venture?




is the motivating factor behind opening up



heckboxes” to be selected for the




Yes

No

Others

13%

Why do you want to open up a new


11

• Business helps to spread your ideologies effectively.

• To help others.

• I want to be able to do what I want to do instead of working for

someone else where my options might be limited when I reach a

certain point.

• Self Challenge.

• Helping to grow the Malaysian economy.


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Entrepreneurial Character & Behaviour

75% of youths define

themselves as “social

entrepreneurs” who aim for

profit, people and

environment.

How do you define yourself as an entrepreneur?

75% respondents categorized themselves as social entrepreneurs which aim

for triple bottom line objectives which are creating profit, contributing to the

society (people) and protecting the environment.

Another 9% respondents categorized themselves as a traditional entrepreneur

aiming for profit maximization (shareholders wealth) and next came religious

entrepreneur at 8% aiming for social justice.

This question shows that respondents (Malaysian youth) has a high awareness

level in terms of environmental protection and social issues which contribute

towards defining themselves as “social entrepreneurs”.

9%

75%

8%3% 5%

Figure 5 - How do you define yourself as an

entrepreneur?

Traditional entrepreneur

(profit maximization)

Social Entrepreneur

(profit, people and

environment)

Religious entrepreneur

I am not interested in

business

Other

89% of youths welcome

business partners in their

startups.

73% of youths would keep

searching for financing even

if they are rejected by 180

financiers.

Do you want to start a business venture with a business partner?

Almost all of the respondents (89%) answered “Yes, we could use more

talents” for this question.

This shows that respondents understand the

create a successful startup. The results are consistent with Flamholtz’s

“Pyramid of Organizational Development” which categorized “human

resources” a

This character could contribute towards sustainability of a venture.

After meeting with 20 banks, 10 government agencies and 150

investors, you still FAIL to secure funding for your

you do next?


13



talents” for this question.

This shows that respondents understand the importance of diverse talents to



resources” as one of the challenges that need to be addressed in Stage II firms.



investors, you still FAIL to secure funding for your startup, what do

you do next?

89%

11%

Figure 6 - Do you want a business partner?

Yes we could use more talents No, I can do it alone.

I don't think

the business

idea works.

Stop

searching for

funding.

Keep

searching for

new

investors.

Ue your own

money to

fund the

venture.

Other

13%

35% 38%

15%

Figure 7 - Financing Scenario

Figure 7 - Financing Scenario




of diverse talents to



s one of the challenges that need to be addressed in Stage II firms.



startup, what do

Do you want a business partner?

No, I can do it alone.

Other

15%

85% of youths choose to find

ways to double/triple their

profits rather than retiring

after obtaining a RM100

million project.

The question above was

by investors. 38% of respondents agreed they would use their own money to

fund their venture while another 35% would keep searching for investors.

A minority 13% would stop searching for funding. Notable answers from

respondents are:

From the results, a combined 73% of youths

in their business idea and will go for bootstrapping or search for funding

although they are rejected multiple times by investors.

If you are awarded a project of RM100 million by the government,

what would be the first thing on your mind?

Almost all of the respondents answered “I’ll find ways to double/triple the

amount the following year” should they receive RM100 million

government. Only 5% responded that they’ll retire with the project.

This shows that respondents (Malaysian youth) puts long

measure of importance than short term gains. This attitude would be a key

factor in ensuring a sust

Notable answers for “others” are:


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The question above was to evaluate respondents’ resilience towards rejection




respondents are:

• Reconsider the whole plan and make improvements.

• Gather comments from these people and see if my idea works or

improve it and try again.

• Try to revise back the idea and proposal, if there is nothing much to

change, keep searching.

• Creatively learn from failure, make something different.

• Ask my parents to loan me some money.

• Start small and prove to them it all works.

• Enter another business to gain funding for the busine

• Come out with a new business model.

From the results, a combined 73% of youths possess strong resilience;


although they are rejected multiple times by investors.


what would be the first thing on your mind?


amount the following year” should they receive RM100 million


This shows that respondents (Malaysian youth) puts long


factor in ensuring a sustainability of a firm.

Notable answers for “others” are:

• Build up my reputation by being socially responsible for the project

assigned to me.

I'll retire and

have a good life

with the RM100

million

I'll find ways to

double/triple

the amount the

following year

Other

5%

85%

10%

Figure 8 - Evaluating Sustainability Mentality


to evaluate respondents’ resilience towards rejection




Reconsider the whole plan and make improvements.

Gather comments from these people and see if my idea works or

d proposal, if there is nothing much to

Creatively learn from failure, make something different.

Enter another business to gain funding for the business idea.

possess strong resilience; believes




amount the following year” should they receive RM100 million project by the


This shows that respondents (Malaysian youth) puts long-term profit as a


Build up my reputation by being socially responsible for the project

Evaluating Sustainability Mentality

85% of youths would reinvest

profits in their company to

expand their business.

Yo

profit this year. What would be your next MOST IMPORTANT priority?

The main priority of respondents is to reinvest their retained earnings to

expand their business when their venture is pro

(85%) answered this question.

The results are consistent with “Figure 8”

the long term profits of the company.

Only a 5% minority selected others and

ans


15

• It’s not all about the money, I need more experience.

• Invest real estate, buy a franchise, build my own business a

operation system.

• Make the project a success, increase government confidence and use

it as a stepping stone for other ventures.

• Will allocate the proportions for various investments inject the

money into the existing business line for expansion.

Your first business venture had just made a positive RM1 million



expand their business when their venture is profitable. Almost all respondents

(85%) answered this question.

The results are consistent with “Figure 8” where 85% respondents prioritize on

the long term profits of the company.

Only a 5% minority selected others and there are no notable subjective

answers.

Declare

dividends for the

entrepreneurs

Reinvest the

retained

earnings to

expand the

business

Other

11%

85%

5%

Figure 9 - Priority In Retained Earnings


It’s not all about the money, I need more experience.

Invest real estate, buy a franchise, build my own business and its

Make the project a success, increase government confidence and use

Will allocate the proportions for various investments inject the

money into the existing business line for expansion.

ur first business venture had just made a positive RM1 million



Almost all respondents

where 85% respondents prioritize on

there are no notable subjective

Priority In Retained Earnings


Main barrier for youths are

no funding (62%), lack of

experience in managing a

venture (46%) and lack of

business contacts (36%).

What are the main

Respondents were

Majority of the respondents selected lack of funding at 62% as the main

barrier, followed by no experience in managing a venture at 4

business contacts at 36%.

Other significant factors are lack of entrepreneurship training (32%), do not

know how to start (28%) and fear of failure (17%).

A minority 9% responded Others and gave their answers as below:


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What are the main barriers stopping you from pursuing your venture?

Respondents were given multiple “checkboxes” for the question above.


barrier, followed by no experience in managing a venture at 4

business contacts at 36%.


know how to start (28%) and fear of failure (17%).


• I have multiple obligations which leave me little time to focus on

pursuing a business.

• Need to build my contacts and skills first through employment.

• Haven’t found the right, solid idea.

• Afraid of bureaucracy roadblocks.

• Still young, I think the best way to learn and gain

Then venture into business.

62%

17%

28%32%

36%

5%

46%

9%8%

Figure 10 - List of barriers


barriers stopping you from pursuing your venture?

given multiple “checkboxes” for the question above.


barrier, followed by no experience in managing a venture at 46% and no



ns which leave me little time to focus on

Need to build my contacts and skills first through employment.

Still young, I think the best way to learn and gain experience first.

8% 9%


17

47% of youths would find

talented people to run a

startup after identifying a

business idea.

You have a great business idea which you believe can bring in millions

of profit! What would be the FIRST thing you DO after identifying the

idea?

Majority of respondents answered “Find talented people to start the idea” at

47%, followed by pitch for funding at 38% and Others at 12%.

Notable subjective answers from “Others” are:

• Let go, do not want to take any risk.

• Do some research and analyze the idea.

• Identify my role in my own idea, that the system should absolutely

require my presence and hardwork such that no one could replace

me.

• Share it with someone who are trustworthy.

• Share and leverage on talented, trusted partners having some

aspirations and belief.

• Seek advise from experienced, talented person.

The results show that majority of respondents understand the importance of

talents in commercializing a business idea. This is consistent with Flamholtz’s

pyramid of organizational development where a business idea could grow to a

sustainable company with the right talents and funding (resources).

38%

47%

3%

12%

Figure 11 - Acquisition of Resources

Pitch for funding

Find talented people

to start the idea

Tell no one to avoid

someone from

stealing it

Other


18

76% of youths do not know

how a Non Disclosure

Agreement works and hence

lack legal protection on their

business ideas.

Do you understand how a Non-Disclosure Agreement works?

More than half of the respondents (76%) answered “No” for the question

above. Almost a quarter (24%) answered Yes regarding knowledge of Non-

Disclosure Agreement.

The results reveal a significant disadvantage to Malaysian youths which

aspires to create a new venture (Figure 3 – 95%). Non-disclosure agreement

(NDA) is a mechanism to protect a person’s business idea from being stolen by

another party.

Lack of understanding on NDA could lead to increased startup failures.

Yes

24%

No

76%

Figure 12 - Non Disclosure Agreement


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Entrepreneurship In Malaysian Universities

72% of youths disagree or

undecided whether their

degree subjects help

increase their

entrepreneurial skills.

From a rate of 1 (strongly disagree) to 5 (strongly agree), do the

subjects in your degree help to increase your entrepreneurship skills?

Majority of respondents are undecided (38%) whether they have earned

entrepreneurship skills from their degree while another 34% (disagree and

strongly disagree) do not think they have learnt entrepreneurship skills from

their degrees and lastly a 28% group (strongly agree and agree) gave their

opinion that their degree helped them to be entrepreneurial.

A combined group of 72% which do not agree and is undecided whether their

degrees helped them to be entrepreneurial shows that majority of students

graduated with lack of practical skills to succeed as an entrepreneur in the

industry.

What subjects in university could have helped develop your

entrepreneurial skills to start a new venture?

Respondents were asked the question above and the response is as below:

• A real opportunity in the real world; internship while studying the

theory of apprenticeship with successful people.

• I’d strongly recommend a distinctive entrepreneurship course like the

one offered by Olympia College. Similar courses need to offer basic

lessons on everything an entrepreneur needs to know.

• Subjects taught in universities only prepare you theoretically. We

need to be exposed to the real business world, to the real contacts

and fund sources.

• Seminars by entrepreneurs and pitching class by venture capitalists.

• Experimental food, restaurant operation, marketing, commercial food

and food processing.

• Entrepreneurship subject should be aligned to the real world.

• Not too much on subjects though, but instead universities should

invest heavily on various workshops concerning entrepreneurship,

how-to-pitch to investors workshop.

• Subjects that can train my mentality toughness (to prepare myself for

16%

18%

38%

17%

11%

Strongly Disagree

Disagree

Neither agree nor disagree

Agree

Strongly Agree

Figure 13 - Entrepreneurship Skills From Degree


20

60% of youths perceive

entrepreneurship activity as

“stall in a bazaar” or “multi

level marketing”.

failure).

• A marketing subject. It required me to work in groups with other

students to do business plan and present them to university clients. I

felt it was a very good learning experience.

• Assignments that require starting a small business group, instead of

computer simulations using large companies.

• Fundaments in business will do provided is it delivered by lecturers

that have “real” experience in that area.

Would a “stall in a bazaar” or “Multi Level Marketing” be the first

concept in mind when your society president suggests you to organize

an entrepreneurship activity?

More than half of the respondents answered “Yes” which accounts to 60%

while 40% respondents answered No for the question above.

The results show that majority of students adopt a stall mentality or multi level

marketing in undertaking entrepreneurship activities.

The subsequent question was; If you answered “No”, what is your

entrepreneurial concept?

Response is as below:

• Transit of import-export agricultural based products.

• Freelancing business; motivator for secondary school and organize big

carnivals.

• Entrepreneurship means starting your own business and creating

something unique that could solve other people problem.

• Entrepreneurs are creative and innovative by starting up a stall in a

bazaar and multi level marketing is just a Business owner not an

entrepreneurs.

• I would find other alternative to start raising fund such as

competitions.

• Selling something but not stall in bazaar concept. More towards

marketing and expand the network.

• Crowd sourcing.

• Product demo and conferences.

Yes

60%

No

40%

Figure 14 - Stall Mentality


21

66% of youths agree,

managing a venture for 1

year before graduation

would help them succeed as

an entrepreneur.

• Organize a concert or some kind of large fair and place up some

seminar by calling few entrepreneurs to give a talk. Call in investors

and banks to be vendor and advertise their good points.

• I love music so everything might be related to music or entertainment

– battle of the band, gig, stage show.

• Authorised 1st hand distributor.

• Service based transactions such as car wash service.

• Organize a fair or event and then find for sponsorship for the event

and fair which can help promote sponsors' products. At the same

time, get some cash from the sponsor to rent the location in the

event.

If you are given tasks/roles in managing a mini business venture with

your friends 1 YEAR in university, would it help you succeed as an

entrepreneur upon graduation?

More than half of the respondents agree (66%) that managing a venture would

help them succeed as an entrepreneur upon graduation. 28% of respondents

are undecided while a combined 8% disagree it will help them as an

entrepreneur.

The response above shows significant support by respondents to manage a

venture before graduation.

If you are the Vice Chancellor of a university, what training would you

create to help produce graduates capable of starting up a new

venture?

Respondents were asked a subjective question as above and notable answers is

as below:

• Create an environment of “mini business” in university.

• Actual business training than all those theory. Similar to UUM which

train their students to be business oriented.

• Make an apprentice program in university; give task and some funds

to survive a venture.

• Lectures by experienced businessman.

• An assignment to start their business selling things in college for 3

1%

7%

28%

40%

26%

Strongly Disagree

Disagree

Neither agree nor disagree

Agree

Strongly Agree

Figure 15 - Manage A Venture In University


22

months and then competing with their classmates in groups. This will

enable them to keep track of their money, stocks, learn to market

their products etc. At the end of 3 months can enable them to

experience the life of an entrepreneur.

• Allocation of university funds should be allowed for students who are

really interested in entrepreneurship. Likewise, procedures like

proposing a business plan till applying for loans should be supervised

and monitored.

• A program where students become personal assistants for CEOs and

later open up a business after getting experience as CEO personal

assistant.

• Create an environment where undergraduates can develop these

skills. Perhaps marketing and encouraging organizations like SIFE.

• Direct information about grants and business loans.

• Provide seed funding for students with solid business plan to start

their business.

• Business simulation or actual business enterprise for candidates to

work on.

• Practical training for one semester.

• Final year assessment based on real profit generated from business

venture created and managed by students.

• Internship with new startups.

• Annual competition: It will be categorized into 2, individual and a

team of 3. Each will be given a certain amount of money to start a

business. They will be given a duration of time to double or triple the

amount of money they received. The individual/team whom manages

to increase the amount of money the most will win the competition.

• Change the CGPA concept in the co-curriculum. Make a system that

could produce graduates that could apply the theory that he/she

studied in the university and creatively make money out of it.

• Cross education (business students taking elective in psychology) will

allow students to have a more varied knowledge base.

• Skills in professional negotiation, personal philosophy and survival

spirit.

• Provide some training on how to write business proposals, business

plans, get people from the industry to come and talk and so forth;

prepare the students for what they may face in industry.

• Legal training for future entrepreneurs.

• Commercialise R&D results and create a student-run investment fund.

• Cashflow board game clubs.

• Throw a challenge for students to start a venture. When they are

successful, get endorsement from university and connect them to the

industry.

• Invite a person from industry, preferably CEO who is capable to share

experience on the industry. Example; Cradle, MAVCAP, TEKUN,

INSKEN, MARA & SME Corp.

• Gather a group of students from different faculties in producing a

business idea, and finally a business plan. I have seen this model work

in RMIT, Melbourne.

• Constant coaching for students who start a business in a team.


23

Pitch-For-Funding Readiness

38% of youths have never

written a business plan.

89% of youths have never

applied for financing from

financial institutions.

How many times have you written a business plan?

Majority of the respondents (38%) answered “never”, another 25% answered

“once” followed by 19% which answered “twice” and lastly 18% which

answered “3 times an above”.

The results show that 38% of respondents from 95% which aspires to open up

a new venture in the future have never written a business plan.

Have you applied for government grants, loans, financing from banks,

etc.?

Almost all of the respondents (89%) answered “no” to the question above. A

minority 11% answered “yes”.

The results shows that respondents possess once or more business plan writing

experience (Figure 16 – 62%) but did not know their financiers requirements

because they have never filed for financing application (89% - no).

38%

25%

19%

18%

Figure 16 - Business Plan Writing

Never

Once

Twice

3 times and above

Yes

11%

No

89%

Figure 17 - Financing Application

73% of youths disagree or

unsure whether their

subjects help them to obtain

funding from financial

institutions.

In your opinion, do the subjects/extra curricular activities in your

university prepare or teach you on

successfully from financial institutions (banks, government agencies,

venture capitalists, etc.)?

Majority of respondents (37%) answered “no” for question above; another 36%

are undecided while a minority 26% answered

The

their subjects do help them to obtain funding from financial institutions.


24


university prepare or teach you on the methods in obtaining funding


venture capitalists, etc.)?


are undecided while a minority 26% answered “yes”.

The results above show that 73% of respondents disagree and unsure whether


Yes Maybe No

26%

36% 37%

Figure 18 - Do university subjects teach you how to

obtain funding from financial institutions?



the methods in obtaining funding



73% of respondents disagree and unsure whether


37%

Do university subjects teach you how to

obtain funding from financial institutions?


25

Acknowledgement & Closure

The researcher hopes this report would help provide an indicator of entrepreneurship behaviour among

Malaysian youths. The response was mainly based on views from age group of 21 – 25 years old which

experienced different teaching methods in different universities from all over Malaysia.

To those who participated and contributed time for answering the survey, we thank you. Special thanks

to our social media partners for distributing the survey and to Azim Azman who is residing in Pakistan

for the press release write-up.

If you require any information regarding the “Entrepreneur Survey Among Malaysian Youths – 2010”, do

drop me an email as per the address below.


Founder / Researcher

Malaysia Entrepreneurship Project (http://mentproject.wordpress.com)

[email protected]


26

The information in this report is for public release and is not intended to address any particular individual or

entity. Although the information may be correct at the date it was retrieved, there is no guarantee it will be accurate in the future. Professional

advice recommended should they wish to act based on the information provided.

Entrepreneurship Survey Among Malaysian Youths - 2010

Documents

malaysian youths

business venture

new venture entrepreneurship

business ideas

business plan

global entrepreneurship

group of students

university years