"We have spoken a lot about how we hope to have entrepreneurs that would drive the nation forward in terms of its economy, development and growth.
"To some, it may only be about profit, monetary gains and bottom lines.
"But more importantly as we strive to create successful economic models through entrepreneurships, is that our entrepreneurs grow alongside noble values such as integrity and honesty," he said in his speech when officiating the 100 Most Influential Young Entrepreneurs (100MIYE) Award 2019 Gala on Friday (Aug 2).
Dr Mahathir noted that these values are important if entrepreneurs wish to enjoy long-term success in their ventures.
"Without these values, success becomes mechanical and lacking a soul to it," he added.
He also reminded young Malaysian entrepreneurs not to let success to "get to their heads".
"Do remember that being a winner is not only when we are accorded the recognition, it is also how we feel within. And success should never get to the head," he added.
He noted that young Malaysian entrepreneurs have proven that they can be drivers of innovation and economic growth.
"Sometimes, we lament about the negative developments among our youths. However, the emergence of these successful and driven young entrepreneurs sustains our faith in youths and the hope for the future of our nation," he said.
Tun Dr Mahathir later presented the 100MIYE award to singer and businesswoman, Datuk Seri Siti Nurhaliza.
He also presented the 100MIYE Lifetime Achievement Award to Top Glove Corporation Bhd executive chairman and founder Tan Sri Dr Lim Wee Chai.
Some 1,300 guests attended the gala dinner award ceremony, with 100 young entrepreneurs receiving awards.
Award recipients are aged 45 and below and hold a position as founder, managing director or chief executive officer in an organisation.
The 100MIYE Lifetime Achievement Award is given to individuals with at least 20 years of documented accomplishments in the field of entrepreneurship and who have coached and empowered other young entrepreneurs.
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