MALACCA: Some 200 traders in small and medium-scale enterprises attended a workshop here but only a handful of them were found to have acquired the necessary skills and expertise in succeeding in their ventures.
Many of them did not register their businesses, did not have a bank account or never declared their income.
Yayasan Sosial Strategik (YSS) executive director Datuk Denison Jayasooria said many thought they could just venture into a small business by having a stall selling their goods without a long-term plan.
“When these people need additional funding, they think the banks would just provide them the money based on their businesses. However, this is not how it works.
“They blamed everyone except themselves when their applications for such loans are rejected,” he said at a one-day Entrepreneur Development Programme here recently.
The one-day programme was officiated by state MIC chairman Datuk R. Raghavan. MIC vice president Tan Sri K.S. Nijhar, Malaysian Associated Indian Chamber of Commerce and Industry president Pardip Kumar Kukreja and Malacca branch chairman Datuk Chandrakant Avalani were also present at the opening ceremony.
Jayasooria said banks want to be convinced that the entrepreneur knows how to manage his business and cashflow before offering him a loan.
He said many Indians had started to attend the programme because they realised it could benefit them and their businesses.
YSS has worked with the MIC Economic Bureau and Malaysian Associated Indian Chamber of Commerce and Industry in conducting such programmes in various towns nationwide since early November. The aim is to encourage Indian entrepreneurs to have a better insight on how to run their businesses.