Malay traders fail due to subsidy mentality

Malay entrepreneurs do not succeed because of their mentality of surviving on subsidies and government assistance which does not encourage them to work hard.

KUALA LUMPUR: Despite all the subsidies and help provided by the government, real success have been eluding most of the aspiring Malay entrepreneurs.

Many observations have been made on the shortcomings of Malay entrepreneurs and many suggestions have been made and programmes rolled out to further empower them, but the results fall short of expectation.

“Malay entrepreneurs often envy the achievement of others but fail to prove their own prowess,” said an economics expert from Universiti Utara Malaysia (UUM) Prof. Dr.Amir Hussin Baharuddin.

“Those entrepreneurs who have made it hardly want to share their know-how. And some may have the upper hand but fail to utilise the advantages for their own benefit, what more help others,” said the academician attached to UUM’s Economy, Finance and Banking Studies Centre to Bernama.

The subsidy mentality

He also noted that it was deeply rooted in the minds of some Malays that they had the right to subsidies and government assistance.

And this mentality of surviving on subsidies and assistance does not encourage them to work hard in achieving the desired results.

Only hard work and intelligent effort can make them successful entrepreneurs in the long-term.

“We (Malays) have to be aware that in spite of the subsidies and assistance provided by the government so far, the outcome is less than desirable.

“The others who have no privilege to subsidies have excelled and could stand on their own. It all depends on one’s own attitude and they cannot be spoon fed forever,” he said.

Dr.Amir also highlighted that success called for sacrifices and one could not emerge as a successful entrepreneur overnight.

“They think success comes without sacrifices. They have to study what others are doing, what they could sell, and what could bring them success…all this must be taken into consideration,” he said.

Among the key shortcomings identified with Malay entrepreneurs is the lack of networking in the business world. This is a stark contrast with the Chinese entrepreneurs whose success is largely attributed to their diverse and extended networking.

Greed and the lack of integrity also works against the Malay entrepreneurs and this is why they end up left out in the entrepreneurial world.

Natural talent

Touching on the general perception that it takes inborn talent to succeed in business, he said anyone could hone the business skill even right from the school or college level.

“Not all of us are born with business acumen. Even when the talent is lacking, hardwork and perseverance can still lead to success.

“Studies in the United States has shown that highly successful entrepreneurs are born with business acumen, this is undeniable. However, highly successful entrepreneurs could also be nurtured and polished through training and education,” he said.

He also proposed that entrepreneur institutes be established with expertise from China, Japan, India, Taiwan and Korea to inculcate the business culture in the local society.

At the same time successful Malay entrepreneurs should also take the initiative by establishing their own institutions to train entrepreneurs based on their own experience.

“Successful Malay entrepreneurs like former Finance Minister Tun Daim Zainuddin could serve as a good example in learning the tricks of the trade.”

“Daim himself is ready to share his experience and ideas in business.”

“However, what is stopping people from getting close and learning from people like Daim is their attitude. Everyone wants to become rich fast but don’t want to follow what has been taught to them,” he said.

Empowering the Malay economy

Touching on improving the Bumiputera economic status Dr.Amir noted that the government should apply the approach used by former prime minister Tun Mahathir Mohamad to create as many Malay entrepreneurs.

“For example, the government could adopt an entrepreneur who in turn has to generate 10,000 entrepreneurs under him to succeed. However, what often happens is that the adopted entrepreneur only looks into his own business and fails to nurture others under him,” he said.

In a nutshell, Malay entrepreneurs still have a lot of learning to do and work harder to succeed. – Bernama