Flourishing nation, a booming economy, and sky-high world-renowned buildings? it must be Malaysia. Situated in the Asian continent, Malaysia is on the fast, yet correct track to becoming a fully developed nation. The country has a good quality infrastructure, access to state-of-the-art technology making it very attractive to investors both foreign and local. Anyone with a knack for business and want to make money, know what’s best when they invest in Malaysia. But a crucial question remains. How many businesses actually sustain throughout the years. The answer may surprise you. Not all businesses or companies live to tell a tale. Let’s see the deciding factor in whether a company will be successful or not.
There are in-fact many ways how things go wrong for business. Here we will discuss the 10 primary mistakes made by New Entrepreneurs in Malaysia that are causing companies to shut down.
1. Not conducting sufficient Market Research
Anyone hoping to start a business usually is passionate about the product or service they want to sell. However, what you must understand is, your passion alone would not suffice when launching a new business. Thorough research must be done to see the appropriateness of your idea.
2. Failing to launch on time
Many businesses fail due to a slow launch. After you have tested the product in the market you must plan a stealthy & strategic launch. Spending too much time on an idea when you should be using that time to improve your product or service is a waste of resources and energy. Instead, build your product or service, release it & gather feedback from the end consumer. Especially Malaysians are a modern thinking tech-savvy lot who are always on the go. Thus, must not sense lethargy from your company.
3. Not using the gathered information
When you launch your brand, you must expect various feedback. Brace yourself for positive & negative criticism as well. This feedback is actually valuable information. Use this information to upgrade & improve your product or service. One of the biggest mistakes made by Entrepreneurs new business registration in Malaysia is not giving customer feedback much thought.
For example, YouTube was first launched as a dating site. But later on, as per customer requirement, it changed to a site where people can share videos. Look where that has placed them today!
4. Using too much knowledge or too little
We must understand that the current market has a cut-throat competition. All your competitors are striving to beat you and acquire more customers. So. we too need to act smart in these situations. It is advisable to use expert knowledge whenever possible. It is vital to know who to talk to gain that knowledge. Choose a professional to attend to your business needs. For example, when you ask for advice, chose someone who is an expert in that field. You cannot get expertise from a pharmacist if you want advice on advertising mobile phone accessories!
As you can see, these may be the reason for your new business to be unsuccessful or under-performing. Let us dig deeper to see what we can further categorize under 10 primary mistakes made by New Business Entrepreneurs in Malaysia.
5. Not using the glories of Marketing
Marketing is a vast area consisting of various tools & tricks to ‘up the game’ of your business in your marketplace. Marketing applications are designed to make your business earn PROFITS. Not many new companies use these tactics which is a shame. In the modern marketing-driven business world, your business will see an early demise. Because there is no way for you to stand out above the rest.
6. Not putting the customers first
Another primary mistake made by new business entrepreneurs in Malaysia is not giving the customer the priority. Many marketing gurus emphasize on the phase ‘customer is king’. It is because they are. The main reason for your company to run smoothly and make profits are your customers. If you don’t have customers buying your goods, you will have no revenue, thereby not earn profits.
7. No proper funding
At the beginning of your business, you will invest in start-up capital. But your investing does not stop there. During various stages of the business, you must invest money into your business to keep going. To do so, you must have enough money to invest appropriately. If you invest all your savings at the beginning itself, then you will run out of cash in the future. Avoid this fact which also falls under 10 primary mistakes made by new business entrepreneurs.
8. Staff mismanagement
We cannot emphasize enough how important your staff is to make your business successful! They are the ones that drive your business towards success. Your primary concern must be to hire the proper staff to help you run your business. If not, even if you have a super small business idea, and a faithful customer base your business will head for disaster.
9. Not going digital
Not my opinion, this is one of the main concerns of our list of 10 primary mistakes made by New Business Entrepreneurs! The whole world is digitalized. And we must adapt. Many companies still like to follow old school methods when doing business. Well, it’s not that I am saying the old school is bad, but you must think in a modern way and go digital. Almost everyone in Malaysia has access to the internet & smartphones and laptop computers. They have ample access to social networking. Use that to promote your business.
10. Lack of networking skills
Knowing people in the business is good for you. Keep in touch with them and watch your business flourish. You can receive expertise, gain market reach through networking.
As a newbie in the market, if you can avoid these 10 primary mistakes made by new business entrepreneurs in Malaysia, you will see your business flourish and grow.