Talk on SMEs for young entrepreneurs

Koong presenting his slideshow to the crowd

The Institute of Management and Leadership Development (IMLD) organised a talk titled “Malaysia SMEs — Young Entrepreneurship Challenges and Strategies” on 21 July 2016 at Sungai Long Campus’ Multi-purpose Hall.

The talk featured Koong Lin Loong who serves as a Managing Partner at Reanda LLKG International and the CEO of K-Konsult Taxation Sdn Bhd. He is also the current National Council Member of the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) and Chairman of ACCCIM’s SMEs & HRD Committee.

The talk focused on the main issues encountered by young entrepreneurs and SMEs, and the 4Ms (Money, Man, Machinery, Market) that should be embraced to overcome these challenges. The talk provided an overview of the “world's economic hubs from west to the east”, how they affect the SMEs, and Malaysia as a competitive Principal Hub location for ASEAN.

The talk impressed upon the audience that a young entrepreneur should develop a drive to acquire more “know/edge” of the industry they wish to pursue. “Know/edge” refers to having knowledge and having business ideas with an edge. Furthermore, there will always be macro- and micro-challenges faced in business, thus it is important to increase competitiveness by implementing strategic plans with the incorporation of innovative technologies into branding and marketing.

Koong said, “In order to overcome matters arising during the set-up of any venture, one should have an idea that can be executed while having strong determination and the willingness to absorb influences from the environment, although success may take a longer time to achieve. Remember that ‘nothing is difficult if you put enough effort into something you want to achieve’.”

He also mentioned, “Applying the principles of ‘ABC’ or ‘Attitude, Behaviour and Commitment’ is the basic recipe for success of startup businesses by youth. Pick up skills, knowledge, and gain more exposure as you grow as it will benefit you in the long run.”

An audience member posing a question

 IMLD Director Prof Cheng Ming Yu presenting the token of appreciation to Koong