KUALA LUMPUR: Know someone who has started their own business? 

An increasing number of people have been venturing out on their own in the hopes of achieving greater personal autonomy and designing their ideal way of life. 

Based on the latest data in Malaysia Statistical Business Register published by the Department of Statistics Malaysia, there were altogether 1,226,494 MSMEs as of 2021 which accounts for 97.4 per cent of overall establishments in Malaysia. 

There are many stories and case studies of entrepreneurs that have “made it”, whether in terms of economic or social advancement.

The truth is that entrepreneurship is a journey filled with steep learning curves and more often than not, entails long working hours as people are more invested in seeing their business thrive. 

Becoming a successful entrepreneur requires a shift in mindset that is not immediately apparent, as many do not see the hard work that goes into building a business.

However, those who persevere will also tell you that when done right, entrepreneurship can be an exceedingly satisfying and rewarding endeavour. It can also provide unique opportunities for both personal and professional development, as these opportunities can only come with the experience of launching a business.

Nobody knows this better than CT Hardware’s Seen Chia Toong, who runs a 40-year-old family business that sells power tools and machines. 

He explained that owning a business and running it successfully is largely dependent on an entrepreneur’s capacity to be adaptable in the face of challenges and remaining resilient.

“Back in 2016, right around the time of the eCommerce boom, we were faced with the challenge of sustaining our business as consumers started to turn to online shopping for the convenience it provided,” Chia said.

“We suffered business losses for two to three years but despite the tough times, we remained resilient and worked towards revamping our business processes, offering competitive prices and growing our online presence. 

“Successful entrepreneurs are those who understand the need to be innovative and keep up with the times by incorporating new technologies and digitalising their businesses. After 40 years of running our family business and owning three physical stores, we decided to join Lazada as we saw a huge potential in eCommerce and wanted to capitalise on having first-mover advantage by being pioneers in the online hardware business.”

One of the most important prerequisites for any entrepreneur is being able to adopt flexibility into the business, but it is rarely discussed. 

This is exceptionally true when it comes to the establishment and operation of a business, solving problems or difficulties, or even expanding a business.

“Having to pivot our business back then was a blessing in disguise, as the experience created a foundation that was strong enough to enable us to continue operating and expanding during the recent pandemic-related lockdowns with the help of eCommerce,” Chia said.

Since the first day of the lockdown on March 18 2020, we saw a promising influx of orders. However, this also meant that the surge in orders left us with a new set of problems such as restocking issues due to supply chain disruptions, missing parcels, delayed shipping and customers requesting for a return or refund which resulted in some losses. 

“This drove us to find alternative ways to manage our stocks and improve our customer service levels, which in turn helped us to identify ways to operate more effectively and efficiently.”

As the country moves into the endemic phase, and online commerce showing no signs of slowing down, entrepreneurs should integrate digitalisation strategies to future-proof their businesses. 

For those interested in taking the digital leap, one can simply set up his digital storefront via Lazada’s “Laz It Up 2.0” initiative on the Lazada Seller Centre in just three simple steps, in under a minute, at no cost when they sign up before May 31 this year.

While running a small-medium business may seem daunting, the truth is that with the right mindset, tools, resources and support, the entrepreneurship journey today has been made easier especially when business owners are able to rely on practical knowledge and guidance to help them through their early days on the Lazada platform. 

With Lazada University, entrepreneurs can receive guidance and also connect with other like-minded business owners to build a strong support system. 

Lazada eases the overall digitalisation journey for budding and seasoned entrepreneurs alike by providing the necessary help, training and practical seller tools needed to build a successful online business.

Source : New Strait Times