Entrepreneurs in Malaysia continue to play a huge role towards the economic performance of the country although the contribution of Malaysian SMEs to the overall economy remains relatively small compared with their counterparts in advanced and other high middle income countries. Statistics around the world continue to reflect the challenges faced by start-ups, SMEs and social businesses.
30 % break even
and 30 % are continually losing money.
– SmallBizTrends 2016"
In the midst of the challenges, innovation in the digital era offers entrepreneurial players huge opportunities to generate businesses 24 hours a day with a potential to reach bigger audiences globally. Current research shows that a small percentage of the entrepreneurs have taken full advantage of digital opportunities - only a third of businesses are able to apply digital in a strategic manner, and one in five organisations can label themselves as ‘digital proof’. Keeping up with digitization is no mean task as even corporate companies are struggling with drafting digital strategies.
Social enterprise business with a potential to transform and impact communities are also going through rapid changes - evolving from the traditional way of doing business to focus on making profit. However, many are struggling to break even due to a myriad of problems including access to funding. The reality is that these businesses have to make enough money to support their ongoing operations before they can effectively benefit society.
For SMES, startups and social entrepreneurs to compete in a global platform and improve organizational performance, there is need to adopt and adapt best industry business practices that could assist them in becoming more competitive.
The National Entrepreneurship Biz Summit (NEBS 2017 ) is especially designed for those willing to adopt new changes for sustainability and business optimization. Mentors, industry thought leaders, academics , investors, bankers and proved entrepreneurs will share insights on best practices to adopt for long term sustainability in this 2-Day power-packed conference.