The Young Entrepreneur

by Siew Ching Chua

Owning a successful business need not be a distant dream. You can make it a reality if you put your mind to it and work hard. By Siew Ching Chua.

Imagine this:You are doing something you enjoy.You manage a group of people.You work hard to make it a success and when it does succeed, you reap all the benefits of the sacrifices you’ve made. In short, you are your own boss - of your career and your destiny.

Sounds good?

“I am my own boss!”This is something almost everyone dreams about. It is a fantastic notion to know that you are in charge and calling all the shots on what to do and how to do them. So, don't you relish the idea of having the freedom, space and time to determine how

Fine beginnings

It may sound like a fantasy for those of us with 9-to-5 jobs, but if you are determined enough, the dream of being your own boss can become a reality. What you first need to do to succeed in business is to learn the ropes of entrepreneurship.

While the thought of becoming your own boss right after university may sound farfetched, remember that there are many young graduates just like you with the same aspirations who have made it happen.

All of them began with a vision. And with that vision, these young entrepreneurs made it work by staying motivated and disciplined. You, too, can enjoy the same success. But the first thing you must realise is that because there are many young people out there who share the same dream as you. How do you make your business distinct from the rest? Being different is vital, as the market place is always looking for something new, something exciting. But you will also need help - financial training, people skills,monetary support and management skills - to become a good entrepreneur.

Thankfully, there are organizations willing to assist the budding entrepreneur, especially if finance is one of your biggest obstacles in starting up a business.

Perbadanan Usahawan Nasional Berhad (PUNB) is one such organization. By providing monetary support, training and workshops, PUNB helps budding entrepreneurs set up their own businesses.

Dzulkifli Fadzilah, General Manager of Investment Division, says PUNB was established to help young entrepreneurs - from the conceptual stage to starting up their business.

“We provide the funds and the entrepreneurial training.We also monitor the progress of those who sign up with us,” says Dzulkifli. PUNB operates four schemes: Prosper Siswazah, Prosper, Pemborong Prosper and SME Entrepreneurial Development Package.

Prosper Siswazah is aimed specifically at young entrepreneurs aged 30 and below, and holding a degree or diploma. This scheme provides monetary support of up to RM100,000, with a minimum RM500 capital paid by the entrepreneur.The loan must be repaid within seven years. At the moment, PUNB loans are only available to Bumiputras. “Prosper Siswazah was started in 2005 with the intention of helping fresh graduates interested in starting their own business,” says

An aspiring entrepreneur needs to register and undergo a preliminary training workshop. Shortly after that, the entrepreneur will be asked to submit a business plan to a PUNB case-worker, who will also interview the applicant. A committee will make the final decision on the loan application.

Dzulkifli says even if the committee feels that the entrepreneur is too inexperienced to start a business, the dream of being your own boss does not end there.

“We have placement programmes whereby we assign a young entrepreneur to a successful partner under our programme to learn the ropes.

“We will also study your business plan carefully and make suggestions, such as location or strategies, if we feel it needs to be re-evaluated.”

The making of a success story

There is a lot the young entrepreneur can learn from PUNB or by observing the market place. It is a matter of whether you take the opportunities available to you.

There are certain traits you must develop in order to become a successful entrepreneur, says Dzulkifli. Firstly, you must be disciplined. “You have to form your own rules as a boss. You have to abide by them as well.” You also have to be proactive and aggressive.You need to get out and pick up the knowledge that you are lacking if you want to master the tricks of the trade.

At PUNB, young entrepreneurs are required to take an assessment test to see if they have what it takes to go into business. However, even if you score badly in the test, it does not mean you cannot be a successful entrepreneur, says Dzulkifli.“You can learn how to become successful.You will also need experience and exposure to succeed.”

PUNB also conducts workshops on business acumen and sense. Some of the workshops are compulsory before the approval of the business loan, while others are provided as a service to approved loan takers to help them in various skills like financial planning and customer service.

“We will also monitor your business and loan borrowers are required to report their sales figures to us.This way,we are in the loop of how your business is doing and can help if there are areas in which you are weak.”

On your own

It may sound cushy, but being your own boss is not easy, says Dzulkifli.“You must understand the life of an entrepreneur - there is no such thing as 9-to-5.You have to think of your business day and night.”

There is also the possibility of a failure. However, this should not deter you from trying again.

“There are several factors why a business fails,” says Dzulkifli.“Economic downturns and business issues are some of the more common ones. However, I feel the number one reason for failure is the attitude of the entrepreneur himself.

“To be a successful entrepreneur, it is important to have three traits: you need to know how to market and sell your products; you need to be financially wise; and, you need to understand how a company works when it comes to compliance and management issues. Without these traits, you will not succeed.”

Although coming up with a great business plan may seem the hardest hurdle to cross, the rough

journey to becoming your own boss is even tougher.“There are pre-operational and post-operational issues to think about,” says Dzulkifli.

In many cases, it is the post-operational issues that are the hardest obstacles to clear. These include securing sales, making sure your business plan works, managing your accounts and staff, and remaining competitive. With a great deal of diligence,motivation, assistance - and luck - your dream of being your own boss can become a reality!