PUTRAJAYA: Malaysian entrepreneurs have been advised to be more innovative when creating business opportunities and generating wealth.
Prime Minister Datuk Seri Najib Tun Razak (pic) said on Thursday that to be successful in business, entrepreneurs must think creatively and come up with products that are different from others.
"Do not venture into something saturated, where too many other businesses offer the same product or services in the same place.
"When there are too many businesses offering the same product, surely your income will become smaller.
"A successful entrepreneur is one who can think of something that others don't.
He also said that instilling a culture of innovation among Malaysians was a big challenge.
"This will be the difference, whether we become a country that is greater than others, or one that is no different," said Najib, in his speech at the Rural Entreprenuers Carnival 2015.
Najib, who is also Finance Minister, said more Malaysians should steer away from just being a salaried worker and venture into entrepreneurship in order to create more wealth.
"You will be able to create bigger wealth if you venture into entrepreneurship. It is better to think of wanting to create jobs rather than wanting to find jobs," said Najib.
Najib also gave his assurance that the Government would continue supporting rural development and small-medium entrepreneurs (SMEs).
"The rural development agenda and the development of rural SMEs are top priorities of the Government.
"I assure you that even with the global economic slump, which has weakened our currency and the country's earnings, rural development will remain as our top priority," said Najib.
He said the contribution of SMEs to Malaysia's Gross Domestic Product (GDP) in 2014 was RM262.9bil which was expected to continue growing this year, with an estimated contribution of 35% to the GDP, 59% of employment and 19% of exports.
At the carnival, Najib presented prizes to the winners of the Rural Business Challenge 2015.
Negri Sembilan entrepreneur Muhammad Akmal Mohamad Dahalan, and his farm Ladang Alam Warisan won him the grand prize of RM1.5mil in grants.