ENTREPRENEURS must do some research to understand their targeted market in order to do well in their businesses, says Tun Dr Daim Zainuddin.
The former Finance Minister said entrepreneurs should know the market situation and also where their cash flow comes from.
“They must find out what will happen in five years’ time and check the cash flow every month.
“They should also check if there is a market for their products and select a strategic location to sell their items, ” he said during a press conference after a dialogue session on ‘Economic Challenges in New Malaysia’ at the MBSP auditorium at Menara Bandaraya in Bandar Perda, Bukit Mertajam on Saturday.
Zaim added that there are several agencies in Penang that provide aid and advice to new entrepreneurs.
“The entrepreneurs should group among themselves and voice out their problems so that we can address the problems.
“I will invite the agencies next round so that we can help the entrepreneurs.
“There must be cash flow and marketing skills to show that a person is serious.
“There should be continuous growth in businesses and expand from district, state, federal and to Asia.
“Entrepreneurs should go global and no longer just contain in their own villages.
“Most entrepreneurs are happy with their small businesses as they thought of it as just a hobby.
“However, businesses are about profit.
“When they earn, they will have the motivation to do better.
“With a 1% growth in their businesses, some entrepreneurs are already very happy.
“That’s why we need to study the cash flow and advise them besides teaching them how to grab chances.
“They might not understand and know about the opportunities, ” he said.
Daim also said that entrepreneurs must be trained to pay back and they must learn how to achieve success in businesses.
“When they gain profit, they will be more confident and expand the market.
“When they earn money, the country will also benefit from that, ” he said.
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