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I guess it would be interesting to blog about my second venture.

Remembered Angels & Mentors? After going through the venture, I could say that starting up a business from an idea is not easy and that’s the reason why there are not many angel investors in Malaysia.

Perfect Fresh & Frozen is a company dealing in frozen food and meat supplies (cow, lamb, goat, rabbit, yeap whatever you name it as long as it’s in our sijil HALAL JAKIM) and is a local franchisor registered with KPDNKK.

I joined in as one of the partners to try and stimulate the business model. Get things up and running to ensure it reaches profitability. It is not an easy task.

However, below is our re-engineered business model:

  • Targets both retailers and restaurants.
  • Wholesale prices for all, even lower prices for everyone for above 5KG.
  • Customer service without extra cost. We think about you and your customers. We always do followup to ensure we can provide products according to your requirements.
  • We are expanding our Yeehaa Kiosk model where entrepreneurs could set up a hybrid of western food + grab and bite food at only 11k (including working capital!)

Wish me luck on my business.

To know more, login at http://www.perfectfreshfrozen.com

Or you can visit us at No 15, Jalan Impian Murni 1/5, Saujana Impian, 43000 Kajang, Selangor. We are open from 9am – 10pm, everday!

It’s near to TESCO Kajang by the way.

Or call us at +603 8739 3042

Malaysia Entrepreneurship Project is now known as “Malaysia Business Startup Community”. All posts related to entrepreneurship in Malaysia in this blog are therefore discontinued.

You can join the community through the facebook group or at social media website.

Malaysia Business Startup community is created by entrepreneurs for entrepreneurs. The community is focused on the issues of funding, events and collaboration.

Every week our Business Journalist brings to you 5 articles related to business startups in Malaysia & gather 125 articles from the internet which could help entrepreneurs who are just starting up their business.

Additionally an e-magazine is sent out to members every month.

Join us today and take the first steps in realising your dream as an entrepreneur!

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.

A research I done quite some time ago for one of my “business content” ventures but scrapped the idea and convert it into information for those that want to target youths as their customers, etc.

Information Availability on Entrepreneurial Creation Among Malaysian Youths

Thank you for voting!

32

Project Management. What is so important about it? It’s simply creating something out of nothing.

For seasoned entrepreneurs in large organizations, this is a common term and practice in business. For newcomers in the field of entrepreneurship, this can be an entirely new thing.

The meaning of project management is simply to manage projects initiated and agreed upon by the company. In fundamental terms, PMI (Project Management Institute) defined project mgmt as : “a temporary endeavour to create product or service“.

My understanding of project management is simply this: to create something which would give returns to the company be it monetary or non-monetary value.

What kind of projects are involved in project management?

  1. Starting up a new business (aha.. got your eyes interested suddenly?)
  2. Starting up a new venture (products, subsidaries, market development, promotion, marketing)
  3. Routine tasks (improvement of production of an equipment)
  4. Any other things that is temporary and needs teamwork effort

So what’s the big deal?

Well just like starting up a new business, you need to get everything carefully planned, implemented & executed to ensure that you can create a business. It’s not just like today you wake up, “eh i wanna start a business and just do it”. Compare it like building a house, you need all the expertise, due diligence and everything settled to get a good house built. It’s not like you just wake up and say, let’s build!

The basics of project management is the triangle.

31Your scope is your vision. Any company got to have a vision. Just like when you start a business, you got to have an aim. Whether your aim is getting money, passion, interest, etc, it’s still a vision.

Scope can be derived from this: Your Objective / Aim -> Company Vision -> Project Scope

The cost is of course your budget to start the project.

The time is the duration needed to start the project. Some of the constraints you’ll face about ‘time':

  • Limited time given by your senior management on project completion
  • Pressure of ‘time-to-market’ rush by other departments for New Product Development (NPD)
  • Project activity failure and you need to speed up other activities to meet your deadline

And then comes quality. Why is quality so important?

In my perspective, there’s no compromise on quality. If it’s a product we’re developing or systems for the organization, quality is what we want.

Think of it like this: if you have a child and you ask him to complete his colouring homework. Would you accept it if your child just finish the homework by colouring everything from the trees to the bench in blue. Or would you like your child to colour everything in the right colour? It’s the same as quality. The people who are expecting you to complete the project are expecting something which is what they pictured (their quality).

So how do you ensure quality is met?

Embed quality plan into the project culture right from the first day. Remember the first meeting where you discuss the deliverables (be it participatory mangement style or defined by you the project manager), embed quality as the “acceptance criteria” of a completed activity. That means your team members would have to complete their work according to the quality to get it accepted or rejected. (This method can also be used for employee appraisal)

What is the contents in the quality plan?

  • Standards (your standards, government requirements, industry acceptance)
  • Quality assurance methods (TQM, etc)
  • Responsibilites (who will check the work, who does the work)

How do you integrate the quality plan with project management practices?

In my perspective, it’s better to draft the whole quality plan separately and then integrate it into the “Work Breakdown Structure”. The WBS already has milestones, activity, who’s responsible and the duration, therefore the acceptance criteria derived from quality plan can be inserted in.

For more information you can read from other websites:

30

I’ve attented a course months back organized by INSKEN (Institut Keusahawanan Negara) under the Skim Usahawan Siswazah to be eligible to ask for loan under tabung usahawan siswazah or called graduate entrepreneurs scheme.

So what is Tabung Usahawan Siswazah?

It’s a loan for graduates venturing into entrepreneurship be it startups or company expansion.

Who administer the fund?

It’s being administered by SME Bank. If you would like to know more about this fund, call them up at 1-300-88-3131 or visit their website: SME Bank.

What is the eligibility of applying for Tabung Usahawan Siswazah?

  • Have finished the Skim Usahawan Siswazah seminar or Kursus Asas Keusahawanan Siswa or other approved seminars equivalent.

How do I apply for the seminar to be eligible for TUS?

  • Previously I just applied online under the Ministry’s website. But since the ministry is disbanded, try and keep yourself updated through INSKEN website at : http://www.insken.gov.my or call them at : +603-8880 5711

What is the loan amount and interest rate?

The loan amount is from RM20,000 to RM250,000 and the interest rate of 4% (without BLR ok!)

Do I need a collateral or guarantor?

For below RM50,000 it works like micro loan where you need a guarantor with a specified income while for RM50,001 above, you need to have at a percentage of collateral and guarantor.

What are the allowable expenses for the fund?

  • Fixed assets and working capital
  • Maximum payback period of up to 10 years with grace period of 2 years (grace period depends upon their discretion)

What are the indsutry allowed for the funds?

All industries as long as it’s profitable and approved by the panel during your business presentation.

What is the application process? (based on my experience with my friend)

  • Send your business plan for review to INSKEN
  • INSKEN submit your plan to SME Bank
  • SME Bank call you up for an interview
  • Results would be notified after interview

Note: During the seminar I was notified that application process is around 2 months. They have a tight ISO therefore they should complete your application on time.

Please take note that I was notified by SME Bank that all applications for the fund is on hold but the funds are there for us, graduates. It’s being put on hold because the Ministry of Entrepreneur and Co-operative Development is no more and they are now under the directions of MITI (Ministry of International Trade and Industry). I hope Tok Pa and Dato’ Mukhriz speed up the process as lots of us graduates are anxious to apply for the fund:)

Tips: My friend is a wedding planner (sole proprietorship) and she applied for the fund. Given her experience in doing business and a good business plan, she managed to secure the funds and had a good interview. T0 increase your odds of getting the fund:

  1. Start your business in micro terms: kecil-kecilan. Ask for micro loan 1st to get experience on your business first.
  2. Gain working experience in the industry. Say you wanna open up an IT business, work with a company which is similar to your business idea and apply from there.
  3. Get a strong and experienced management team. Recruit experienced people into your team to do the business. This would lower the risk of the bank and hence easier for you to secure funding.
  4. Do your homework. Don’t ask silly questions, always research throughly about the fund before applying.
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