ENTREPRENURSHIP: THE WAY FORWARD FOR UNIVERSITIES

To my honorable audience, Honorable Chancellor Tun Dr. Siti Hasmah, Tun Dr Mahathir Mohamed, Professor Ghauth Jasmon, Professor S. L. Tan, Tan Sri- Tan Sri’s, Puan Sri-Puan Sri’s Datuk-Datuk, Datin-Datin’s, fellow Malaysians, ladies and gentlemen, a very good evening to you all.

First of all, I would like to thank MMU for giving me the honor tonight to portion my bit of knowledge on the topic of Entrepreneurship: The Way Forward For Universities, here with all present tonight. As this invitation came from the respectable Tun Siti Hasmah herself, I did not know how to reject, despite knowing I have inadequate knowledge to speak as I have never achieved my varsity dreams.

Ladies and gentlemen, I shall share with you all; some of my experiences that I think will be relevant to helping me portray my beliefs and principles. Frankly speaking, I do not know the true definition of the word “entrepreneur”, this word to me, has to be lived and interpreted according to each individual with different qualities and values. I shall share mine. High school students are told that entrepreneurs are people who take risk in our economy cycle, and the are rewarded with profits, my understanding would be: entrepreneurs are people who takes care of everyone’s benefits, including themselves of course, the reputation of their country and the well being and the harmonious balance of society. This interpretation of entrepreneurship has always been embedded in my heart and has been a continuing learning process for me.

A brief introduction to those of you not familiar with my name, I was born in 1955, and have been celebrating 50 years of my country’s nationhood. I was born into a destitute, poverty-stricken family, in Batu Pahat Johor, but I learned to be happy. I was fortunate to attend high school, an independent Chinese high school in Batu Pahat that is still, up until now, my highest academic achievement. My shorts year in high school has had major influence on my life as Confucian values were inculcated within my knowledge perimeter. The saying of:

The initial importance of life being the aim to obtain the values of a significant human being. Securing the altitude of one’s moral values being the aim. And only when one has the result, it will be able to facilitate this character into acquiring knowledge, thus knowledge comes second in sequence to moral values.

This saying implies that when one is poor, you are not obliged to be concerned about others surrounding you but be heeded towards your own self. Doing your part, preparing yourself for your better future, not worrying about more than your ability, because when you are prepared enough over time, your chance to contribute to others will come naturally. And when you are wealthy, implying you are prepared to contribute one must not hesitate to do their part for their country and society.

My adventure in Kuala Lumpur began in 1973 when I was at the age of 18. I had only 100 Ringgit in my pocket; I packed my bags, said my goodbyes and left my hometown to pursue my dream of being a salesman. I told myself, regardless of what goods and or services I was to promote, as long as I was able to sell, I would get somewhere and be able to contribute to my family. My early morals are actually still my current morals, I believed that a product has no commercial value if it has no sales, and not wanting to let my products go undervalue, I sold and sold and sold. I made my first million ringgit when I was 23 years of age. Through the years of 1973 – 1985, I participated myself in various business opportunities. To name a few, from food products to paper printing, and medical supplies to antique furniture, ..even automatic gates with Taiwanese technologies, and importing color Tv’s, superceding the previous black and white televisions which I believe a lot of university students have never before encountered. All these before the age of 30 years old.

At this time, matters were going smooth compared to my humble beginnings, though the sense of under-achievement suddenly strucked me. This later led to the settlement of my business direction, property developing. My first real project from my bare hands, Country Heights, a new idea to the country was created. Good and bad luck was on my side when our nation’s first economic recession unfolded in 1987, bringing business people to their lowest esteem with the October crash topped with the political unrest of the Lalang operation. My project was bitterly affected as well when my first batch of 100 land buyers withdrew their faith. Somehow or rather, my company pulled through and was regarded as Beverly Hills of Malaysia. My customers, who bought pieces of having to only pay a down payment of RM12,000 – RM 15,000, became millionaires with known high appreciation of land cost.

Entrepreneurship growth to me has to also come with government support. For instance, back in 1988, our country adopted an all-round benefiting policy for Foreign Direct Investment in our country. I then promoted the concept of Subang Hightech Industrial Park, which attracted our key investor, Chung Hwa Picture Tube from Taiwan. This industrial park proved to be a great success, aiding down-stream industries, creating dynamic economic activities together with various supporting industries. Fulfilling my idea of entrepreneurship contributing to the society.

Country Heights was listed in 1994 and I would love to think my career had peaked by 1995. Buying my first Boeing 737 jet and later converting it into an aviation business. However, at the age of 40, I submerged into self-depression, having self-doubt and mentally craved to devote myself to my religion and to becoming a monk. Times were tough but once difficult periods are passed and pulled through, souls return with greater spirits in a more vibrant way. I created the Mines Resort City, the once world’s biggest open cast tin mining area notwithstanding frowns and comments. Ladies and gentlemen, I am saying this to imply on the importance of having faith in oneself. As an entrepreneur, one is working alone in a lot of situations, having decisions to make, employees to feed, wishes to fulfill. Ladies and gentlemen, do what you believe in, believe in what you do.

I believe many of you remember the devastating ASIAN financial crisis in 1997, when we experienced the worst economic downturn, when speculations arose, banking industries collapsing, currencies crashing, markets vegetated, unemployment influx, businesses shutting down. Entrepreneurs need to be aware that such situations do repeat and sometimes with greater impact than we wish to consider. No matter how well one is prepared, things happening around you will be out of your control and beyond your control. One’s job is then to seek opportunities. I believe that good opportunities can be traced in horrific situations providing one is willing to venture beyond their perimeter. I did so by investing into the development of building a world-class exhibition and convention centre in the heart of London, Excel, was completed in year 2000.

The characterization of entrepreneurship to me, emphasizes a great amount on what entrepreneurs are able to do for the society, the populace. It is the motivation to take on challenges; to work hard to achieve whatever that has been set as the objectives. And when you do it, you do it in a creative and innovative way, creating your own trend of thinking skills and how to approach problems, solving them in your own effective way. I believe if everyone has at least these few principles, and with good practice via universities, they will be set towards the correct direction.

We can examine the case of PUMM, ( Persatuan Usahawan Malaysia), which me and my team founded in 1993, 14 years to date, whose idea is simple, with the doctrine of, when businesses are running, it creates job opportunities, employing more people who then become tax payers, with a spin off effect for all industries. Another example being, when building a hotel, it produces tourism and benefits 145 other industries such as construction, food etc and thus providing these areas with more employment opportunities, livelihood opportunities.

Ladies and gentlemen, I cannot preach and I cannot point. I can only share my toughened experiences and my guidance is humbly open for seeks. I would like to share some fundamentals which; I believe needed in order to be a significant entrepreneur with our university students. Hope my five beliefs to forming a good base for entrepreneurship, will be helpful to our university students. Firstly, I believe in luck. I believe that whatever one does, luck needs to be on their side to a certain extent. I am often countered with the argument that luck is an artificial belief, but I suggest otherwise. Being a strong believer in karma, I believe if one is kind to their parents, family, people around them, luck will be on their side. This is an unwritten rule of luck in this universe. Secondly, I believe one needs to be optimistic. If you are not optimistic, you will not be able to identify opportunities ahead of you. Entrepreneurship is all about creating something passive to active, from zero to hero. Creating products and or services that is not in the market or unsatisfactory in the market. We need happy people to do all these. My self-effacing suggestion is for universities to provide more activities for students to participate in to create a healthily minded generation, other words, happy and positive generation.

Thirdly, confidence. Confidence cannot be said or judged, it is within you. It is an attribute along side with how well and individual is equipped with his or her knowledge of life philosophies and the ability to put thoughts into actions, actions into results. The lack of confidence has a big influence on how well the country would grow and progress, an individuals’ confidence adds up to a society’s confidence, societies’ confidence will lead to the country’s confidence. The slogan “ Malaysia Boleh”, I believe is not new to anyone. And the fourth, actions. Easier said than done. One should have the integrity and passion towards their planned actions and aim to do it above the rest. University students on my advice, should participate themselves in events and affairs outside lecture halls with encouragement from their universities, to seek first hand experiences working while studying to gain an upper hand or early taste of what their future might be and thus prepare themselves for the next round. And last but not least, the understanding of the concept of success. Success always starts with a good cause, a good intention, and a good idea. Success is an event. To have a successful life, one will need to have good, productive, efficient events happening at all times possible, to ensure success. As good intentions always prevail, success is obtained.

Ladies and gentlemen, I will be concluding with the share of my views on wealth creation in relation to entrepreneurship. Change is constant, as seen since the 18 th century’s Industrial Revolution to the age of information, bio-technologies, renewable energies, then to environmental issues and world population growth, from then 1 billion to today’s 6 billion… this poses as challenges for our youngsters to endlessly strive to seek more opportunities and make the world a better environment.

Wealth creation is a never-ending game. Many of us present are programmed to believe in the systems of the west. We are often blinded by the appeared success the west has shown and put our eastern values aside. Without a doubt, the western technological and management skills can be adopted, but when it arrives to values and perceptions towards wealth management, it is advisable to persevere with our own to form a better opportunity more suitable for us. Wealth creation started to fill the needs to human kind, but it has now evolved into emulation of the west. By combining the both these sides, students acquiring knowledge in Universities can balance themselves by looking into history and cultural roots to sort the best path for them. I often see students being pressured into presumptions to becoming professionals like lawyers ands doctors, in order to prosper. I would humbly like to state in my point of view, that different individuals create wealth in different ways. There can of course be a method one can follow but this can only be successful once you have identified your path. I have seen successful artist, authors, atheletes..etc. these people are all entrepreneurs in their own field. Know your course and you will be driven. To promote entrepreneurship is to help seek the right path and direction for our new generation of entrepreneurs.

The Chinese term of “entrepreneur” consists of 3 words,

“ “ meaning productive, creative, and the ability to generate.

“ “ indicating values, good intentions and planning’s, and

“ “ meaning “human”

My interpretation to this urges entrepreneurs to create opportunities that are set towards the aim of contributing not only to their own departments but to as wide and much as their abilities allow them to reach. Engaging themselves in productive, efficient pursuits that are humane and not hindering civilization and true to all mankind.

With that, I thank all of you and wish you all a blessed evening.