Don’t be left behind, foster an entrepreneurial mindset

 

Malaysia is bracing for tougher economic times ahead, caused and triggered by the onslaught of the Covid-19 pandemic.

In November 2020, the Ministry of Human Resources released information showing that from March to November of the year, some 99,696 Malaysians had lost their jobs.

And during this period, our country’s unemployment was at 5.3%, the highest it has been in three decades.

Being in the restaurant business, I also know that those in the service industry were the hardest hit. The virus brought the tourism, hospitality and aviation sectors to a grinding halt.

Also, in October 2020, a study published by the United Nations Children’s Fund and the United Nations Population Fund indicated that the crisis raised Malaysia’s community poverty rate significantly. The research indicated that half of the families in a community were now living in absolute poverty.

Against this backdrop, the nation has embarked on the journey towards economic recovery.

There is a growing need for technology usage to connect us with our work, businesses, customers and supply chains. The digitisation of the workplace has been hastened, and is in full-swing.

Trust and confidence in both the public and private sectors are slowly being rebuilt, with a necessary requirement for deliberate intervention by the government of the day.

But on an individual level, you cannot lag behind either.

You need a certain type of mindset to be able to lift yourself out of any difficulties. And, I strongly believe that personally, you must nurture the attitude of a new “startup”.

A startup is an entrepreneurial venture that aims to meet a marketplace need by developing a viable business model around a product, service, process or platform.

This is the approach that everyone needs to adapt to right now to keep our nation’s economic recovery on track.

You have to develop a personal model of behaviour and governance that keeps you relevant at the workplace, and adds value to your company.

This is what will keep you in employment, or help you find a new job, or even be a catalyst for you to start a business.

In my experience, there are a number of inalienable traits that startups have, and these characteristics are what you need for your own career, right now.

Clear goals

Establish your current career goal from the onset. Most startups I know, lack the cash to pay for top notch talent.

The only way to attract these types of people is by setting goals that these talented people find compelling. The purpose of the venture drives the people who form the project.

This is the trait you must cultivate in your vocation during this crisis.

Set up clear goals. And your short-term objectives need to be benchmarked by clear milestones.

Once you reach these waypoints, you can begin to build your long-term goal around realising the return of your investment, which are your skills and knowledge, as well as your time and effort.

Informed choices

The most successful entrepreneurial ventures will have founders who are passionate and have a deep understanding about their industry. They know how to select the right market segment to offer their products or services.

You need to study, and upskill for the sector or industry you are in. This affords you the capacity to make informed choices.

What you bring to the table for your employer or potential new suitor, must simply be of value to them. And in the current climate, everyone needs problem solvers. Become that!

Relationship building skills

In my earliest entrepreneurial venture, I realised that I just couldn’t do everything myself. I had to learn about my own strengths and weaknesses. And, I had to focus on building a business that can attract, retain, and motivate capable people.

This is a trait that all companies need now to survive the pandemic.

Your bosses need to witness this capacity in you. If you have the ability to work with people and create an environment for them that complements the strengths and mitigates the weaknesses of a team, you become immensely valuable to an employer.

Agility

The best startups adapt to changing circumstances, and shifting customer demands. For this, they need to monitor their customer’s needs, keep an eye out for competitors, and be acutely aware of all new technological advancements.

Successful startups are highly capable of recognising critical threats, and identifying hidden opportunities. They will then modify their products, and pricing to boost growth accordingly.

If you are an agile or flexible employee, you must be willing to do whatever is necessary to get a job done.

This means taking on more responsibilities, being open to different tasks, or just doing more at work. And you need to communicate this trait to your employer by your actions.

Establishing clear goals, making informed choices, augmenting your relationship building skills and being agile are the cornerstones of any effective startup.

Taking a leaf from the startup playbook, you can reignite a flailing job; seek better employment; get hired; or even pursue the entrepreneurial path.

Don’t be left behind, foster an entrepreneurial mindset. - FMT

The views expressed are those of the writer and do not necessarily reflect those of MMKtT.