The Ministry of Entrepreneurial Development (MED) has taken an initiative to launch the National Entrepreneurship Policy 2030 (DKN2030) in its efforts to develop entrepreneurial ecosystems across all industry areas and encompassing every level of entrepreneurs and communities. This long-term entrepreneurial strategy which outlines the objectives, targets and strategies is set to be the cornerstone of shaping Malaysia as an Entrepreneurial Nation by 2030.
In conjunction with the launch of DKN2030, WargaBiz takes initiative to reach some of the local entrepreneurs to seek their thoughts and views regarding the new policy. Read on to know more about it
1. “Ensure better alignment between the Policy Objectives and the Core Strategies” – Mawarni Hasan, Director of Vanity Cosmeceutical Sdn Bhd
As a director of a homegrown brand that has a solid reputation as a pharmacy skincare brand with 10 years in the market, Mawarni Hasan pointed out that DKN2030 is a great effort by government in establishing an Entrepreneurial Nation. “Any national policy has to provide a framework of objectives and sets the focus for the strategic initiative, budget allocation, deployment of resources and decision making. Upon closer review, perhaps there is a need to ensure better alignment between the Policy Objectives and the Core Strategies.”
Give more support for stable small and medium industries
She further elaborated if the MED targets to increase the SMEs contribution to export, the Core Strategy should be giving more support for stable small and medium industries to grow into medium and big industries. This way would have the capacity to expand into export. “The specific focus on micro and small industries would not directly impinge upon export as these industries lack the capacity and resources to scale up sufficiently for export,” says Mawarni who thinks that MED should help more businesses to grow to the higher tier to enhance Malaysia’s position internationally in term of entrepreneurial measurement index.
Provide tax breaks or financial incentives
Asking about her expectation from MED in their initiative to help local entrepreneurs, she emphasised the need to abolish reimbursable grants as SMEs industries generally lack the cash to put up funds. This could be changed by giving grants based on planning submitted and track their execution. “The government should provide tax breaks or financial incentives for companies that support government programmes such as sustainability, go green, Industry Revolution 4.0, automation as well as the heated issue on employing locals rather than foreign workers. This can stimulate the entrepreneurs and further grow their businesses,” adding that Vanity Cosmeceutical have received an MD grant from MATRADE and the Halal Fund from MTDC that are really helping her in further developing the company and currently applying for the GEB from SME Corp under MED.
2. “Commercialise our local textile companies” – Dato Asfarena, founder of Arena Fashion & Design Institute (AFDI)
Dato Asfarena has been contributing so much in developing the textile manufacturing industry. Arena Fashion & Design Institute (AFDI), is one of her efforts to popularise the local textile industry and to nurture sewing skill as one of a creative lesson in the educational system. Asking for her views on DKN2030, Dato Asfarena wants the government to focus more on commercialising local textile companies. “The current government needs to work hand-by-hand in order to expand the textile companies into high-tech manufacturing that can be successfully marketed.”
Cultivate entrepreneurial skill since young
Malaysia is rich with handmade craft and traditional textile such as songket, weaving and it would be extinct if we don’t cultivate from now on. “We have the potential to market this industry, and it would be such as waste if the next generation doesn’t put any effort to master the skill,” she says.
One of the ways to cultivate this skill is by nurturing them early. Hence, she fully supports the MED’s effort to inculcating values in education and encouraging an entrepreneurial mindset is essential. “ STEAM learning that consists of Science, Technology, Engineering, Art & Mathematics all meshed together is a great move. But, it’s not widely practised in Malaysia,” adding that MED should initiate a way for making textile as a potential business prospect.
3. “Walk the talk on the new policy” – Ariffin Sabirin, Director of Wasiyyah Shoppe Sdn Bhd
For Ariffin Sabirin who has been in the inheritance planning industry for almost 10 years, he strongly supports the initiative taken by the government. “It’s the right time for Malaysia having a clear direction in entrepreneurship for future expansion. In term of executing the policy, the top-down approach must be taken to ensure the success of DKN2030, because those with political power are the one who can make the change.” He further elaborated that to develop Malaysia as Entrepreneurial Nation, DKN2030 must not only be launched but also be executed, measured and monitored efficiently.
Work closely with MITI to open new international market
Talking about his expectation towards MED, Ariffin uttered that he expects MED to walk the talk in executing the entrepreneurial policy. “It’s time for our government to not wasting time giving cliche and political speech. They should gather on the ground information to understand the real challenges for entrepreneurs and give good support to inspire entrepreneurs to operate cross border. Besides, I think MED should work closely with MITI to open new international market thus positioning Malaysia at the international level,” he says.
Review back tax regime to entrepreneurs
Similar to Mawarni Hasan, Ariffin also believes that the government should review back tax regime to entrepreneurs which he thinks is currently unfavourable. MED should be more entrepreneurs centric and it is essential to create a good eco-system to encourage entrepreneurship. “Be consistent in implementation and cut the bureaucracy,” he ends.
4. “Government must go on the ground and seek entrepreneurs who need help” – Zaidi Yusoff, Founder of ZY Phyto
Zaidi Yusoff, founder of a top OEM company, ZY PHYTO has a different view regarding the implementation of DKN2030. For him, he believes that this such action should have been taken long ago. “Indeed, we are a bit late in taking initiative to create Entrepreneurial Nation, but it’s better to do it now rather than not doing anything. With the current economic situation where job employment is getting harder, there is no exit way for young graduates. We have to think of them – and one of the best solutions is by promoting business knowledge,” says Zaidi who thinks that entrepreneurial lesson should be taught since school.
Be more open and listen more
Asking about his hope for MED, Zaidi uttered that they need to go on the ground and get to know the real scenario evolve among the entrepreneurs’ community. “Be more open, offer more programmes and most importantly listen more. It is best to initiate a roundtable meeting with all the entrepreneurs from different industry and listen more. Get them involved before you drafting out a policy to ensure a better outcome,” he ends.
Get update with DKN2030
With this initiative taken by the government, we hope it can benefit the entrepreneurs in many aspects. For further information regarding DKN2030, you way visit MED official website.