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Archive for March, 2010

You can access and download the full report from Scribd: http://www.scribd.com/doc/28127075/Entrepreneurship-Survey-Among-Malaysian-Youths-2010

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Majority of Malaysian Youths Aspire to be Social Entrepreneurs

KUALA LUMPUR, 10/3/2010: Results from a survey distributed to 6,488 Malaysian youths in facebook shows a whopping 95% have got the passion to dwell in the entrepreneurial world. Unfortunately, more than two-thirds of them do not know how to protect their business ideas.

Youths today are extremely unique and educated as 75% of them aspire to be social entrepreneurs which aim for triple bottom line objectives and not profit maximization alone.

They value profit reinvestment as the path for sustainability but this alone is not enough to guarantee a future in this cut throat world.

62% of youths listed “lack of funding” as the main barrier in starting a venture, followed by lack of experience in managing a venture and no business contacts.

More than half of youths relate entrepreneurship activities with multi level marketing and operating stalls in a bazaar.

A good way to address these issues is by implementing a more “hands-on” approach in the implementation of business studies. This lack of exposure can be seen where 72% of youths disagree or undecided whether their degree subjects help increase their entrepreneurial skills. Almost all of them agreed that managing a venture for a year before graduating would also help them succeed as an entrepreneur.

However, the centerpiece of the report is the suggestions made by youths to increase entrepreneurship skills if they are a Vice Chancellor of a university.

“I will encourage commercialisation of R&D by graduates and create a student-run investment fund,” a respondent suggested.

“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.”

Majority of the respondents are between 21-25 years old. The report was conducted by Sabrie Salleh with social media partners and is free for public purposes. It can be accessed at http://mentproject.wordpress.com.

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HARD FACTS:

  • 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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