1Malaysia Entrepreneur

The Malaysian Government launched 1Malaysia Entrepreneur, or 1MET, in 2013. It is an initiative by the Government of Malaysia to enable entrepreneurs from all segments of society to successfully start and grow their own business by leveraging public & private sector resources.

However, there is a high failure rate amongst start-up businesses. Research shows that a majority of entrepreneurs lack any form of training in entrepreneurship. Amongst the common reasons cited for failure are: Intense competition, lack of customers, and lack of knowledge and skills. A majority of the start-ups offer me-too products and services and must compete in the red ocean, further reducing their chances of success as they compete against stronger incumbents.

Entrepreneurship is fabled to be a black box – a random act resulting from some combination of genius, luck, or trial and error. But, what if entrepreneurship could be cultivated through creative education, and failure minimized through the use of proven methodologies and frameworks? How can we create a more systematic way to help entrepreneurs succeed by using blue ocean strategy tools and frameworks.

The 5 Types of Entrepreneurs

1. The skeptical entrepreneur
This entrepreneur sees the success of others and immediately starts to question it. They examine that person's business and looks for the “lucky” breaks, or inheritance they think that successful entrepreneur received.

2. The copycat entrepreneur
This entrepreneur sees the success of others and tries to copy them exactly. Their website is the same, their business cards are the same, and the way they present themself is the carbon copy of a leader in their industry. Take Pat Flynn of the popular blog Smart Passive Income. Since Pat became popular, there has been a whole wave of people that copy him line-for-line.

3. The research entrepreneur
This entrepreneur loves to learn. They research every possible scenario and outcome for strategies to start or grow a business. There is nothing wrong with learning, but when that’s all you do, it becomes a problem. The research ends up becoming an excuse for not taking action.

4. The determined entrepreneur
This entrepreneur hasn’t “made it” but they will, no matter what. They see the value in entrepreneurship, they see that success is possible without copying, and they do everything they can to start or grow their business.

5. The accomplished entrepreneur
This entrepreneur has gone through all the stages of entrepreneurship and building a business, and has reached success. They are now focused on scaling their business and leaving a legacy that extends beyond their lifetime.