BEFORE launching a venture, every entrepreneur must answer one fundamental question, says Tan Sri Tony Fernandes.
The Capital A Bhd chief executive officer (CEO), who transformed AirAsia into one of Malaysia’s key aviation players, said the key question is whether there is a market for the business one wants to pursue.
“If there is, the rest would be easy,” he noted.
Advising aspiring entrepreneurs to be intentional about the kinds of businesses they go into, Fernandes recommended identifying gaps and creating disruptive solutions rather than entering highly competitive markets.
“I generally like to start businesses that disrupt. We prefer to operate in the blue ocean rather than the red ocean, so look for a business that has a gap,” he said during the “Faculty CEO Series” live podcast session at UCSI University on Apr 17.
Red oceans refer to saturated markets with intense competition, while blue oceans represent untapped opportunities with greater room for innovation.
Fernandes, who was appointed adjunct professor at the university’s Faculty of Business and Management on the same day, shared that prior to AirAsia’s launch, about 94% of Malaysians had never flown.
“So how am I going to market it? Through low fares,” he said.
An accountant by training, Fernandes emphasised that success begins not with a big idea, but with the right people. He added that humility is just as crucial.
“Firstly, have good people around you and secondly, don’t think you know everything,” he said in response to a student’s question during the session.
Beyond people, Fernandes highlighted a critical yet often overlooked factor - marketing.
“Have a budget for marketing and branding. There are so many great ideas out there but people don’t know about them,” he said.
He also advised students to turn crisis into something positive.
“There is always a solution. During Covid-19, we went and built five new businesses,” he said.
Looking ahead, Fernandes addressed the rapidly evolving nature of work and technology.
With advancements in artificial intelligence and automation, he acknowledged that some jobs will inevitably disappear but urged students and working professionals to approach these changes with optimism rather than fear.
“Be aware of what’s happening in the world. Don’t be scared. Embrace it, learn about it, and be excited about the future,” he said.
The session with Fernandes was hosted by UCSI Group Strategy Office vice president Dr Raj Kumar Ganeson. Also present were UCSI Group founder and executive chairman Datuk Peter Ng and UCSI Healthcare Group chairman Tan Sri Dr Noor Hisham Abdullah.
The Faculty CEO Series is an industry engagement initiative that brings prominent CEOs and business leaders to the university’s campus for interactive sessions with the academic community.
