The rate of failure among Bumiputera entrepreneurs are still quite high, said Federation of Malay Economic Bodies (Gabem) Tan Sri Abdul Rahim Tamby Chik.
He said out of 100 companies registered with the Companies Commission of Malaysia in the last five years, only 18 had succeeded.
"We are not satisfied with this situation, as only 18 companies had succeeded and able to sustain. Some of them (entrepreneurs) are still struggling while some others had to fold up," Abdul Rahim said.
Among the factors for the failure were the entrepreneurs' frivolity in business, lack of knowledge, guidance and networking, as well as failure to undertake market research prior to starting their business.
He told reporters this after officiating the Bumiputera Economic Patriotism Consolidation programme at University Kuala Lumpur Malaysia-France Institute (UniKLMFI) here Wednesday.
Also present was UniKLFMI Pro-Chancellor Datuk Seri Adham Baba.
Abdul Rahim said as part of its effort to counter the high rate of failures among Bumiputera entrepreneurs, Gabem aimed to create more entrepreneurs among graduates.
"If we can create more entrepreneurs among graduates, it would be easier for them to succeed as they are more knowledgeable.
"This would be in line with National Transformation 2050 (TN50), which is the nation's aspiration to see the younger generation play their role in ensuring that the success which has been achieved thus far will continue in the future," he said.
He added that Gabem would be conducting the Bumiputera Economic Patriotism Consolidation programme at 25 higher education institutions nationwide.
"The programme encourages graduates to enter the business field and to expand the current economic and business opportunities," said Abdul Rahim.
Meanwhile, Adham said the programme was in line with the university's aspiration to create more successful entrepreneurs in the technical field.
"Out of 6,000 graduates, 1,000 of them were those who became entrepreneurs while they were still studying and we have been training our students to become entrepreneurs since their first year," he said. --Bernama
Bernama
Wed Mar 29 2017
Abdul Rahim (pix) says as part of its effort to counter the high rate of failures among Bumiputera entrepreneurs, Gabem aimed to create more entrepreneurs among graduates. Facebook Photo / File
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.
Bursa Malaysia ends higher on Budget 2025 optimism
The benchmark index, which opened 1.85 points higher at 1,643.29, moved between 1,641.71 and 1,649.31 throughout the trading session.
Five important aspects relating to people’s lives in Budget 2025 - PM
The focus is on driving the MADANI Economy, speeding reforms, cutting red tape, raising wages, and tackling the cost of living.
Economic outlook: Govt plans to leverage, expand existing city transit system
The expansion aims to provide a more efficient and reliable public transportation network, reduce congestion, and improve accessibility.
Economic outlook: Budget 2025 to lay foundation for a digital-driven economy
The report said Budget 2025 will entail efforts to position Kuala Lumpur as a top 20 global startup hub by 2030 through the KL20 initiative.
Economic outlook: Corruption and lack of accountability hinder economic progress
Special Cabinet Committee on National governance is established to curb corruption, law reforms to modernise outdate regulations, MoF said.
National Wages Consultative Council will be strengthened
The govt will also incentivise hiring women returning from career breaks, offer job matching and improve care services facilities.
Economic outlook: Ensuring 11 years of compulsory education for all children
Budget 2025 will continue prioritising upskilling and retraining initiatives to equip workers with the latest skill sets necessary.
Consolidated public sector projected to record lower surplus of RM41.7 bil 2024
The MoF said the consolidated general government revenue is estimated to increase slightly to RM384.7 billion in 2024.
PM announces substantial Budget 2025 hastening Malaysia to become Asian economic powerhouse
Datuk Seri Anwar Ibrahim said it would create jobs and also tackle financial leakages to enhance public spending efficiency.