TODAY’s generation of entrepreneurs are faced with very different challenges from even just five years ago, as the global business scenario has changed dramatically — the financial landscape has become far more competitive, for example, and industries that didn’t exist a decade ago are the ones thriving now. Inspired by the theme of the annual EY Entrepreneur of the Year Awards 2020, The Unstoppables, five EOY alumni members weighed in on what entrepreneurs of today are like, how they have managed to leverage today’s challenges and make them advantageous, and their biggest learnings from the Covid-19 pandemic.

MK Goh, CEO, Karex

1. What is your take on young entrepreneurs of today and how they do business?

I believe young entrepreneurs today are always seeking new challenges and  are natural risk-takers when it comes to business. They are emboldened by a strong sense of self belief and naturally gravitate towards work which they are passionate and care about. I believe that monetary benefits are no longer the primary driver for many young entrepreneurs as most seek instead to make a difference/change by solving problems faced by society today as their main source of business satisfaction.

2. How are entrepreneurs in this day and age better equipped than our predecessors, and what advantages do they have that we did not?

Entrepreneurs today have the advantage of having a near limitless amount of information at their fingertips. Smartphones, computers and the internet have allowed anyone to be a subject matter expert on almost any topic that they are willing to put in the hours to research. This is also greatly beneficial in developing a habit of constant learning throughout one’s career by keeping up to date on the latest news, skills and trends, thanks to the internet.

3. What was your biggest learning from the Covid-19 pandemic and the resulting MCO?

My biggest learning from the Covid-19 pandemic is that companies should not wait any longer to make the necessary investments to modernise their business processes. In the manufacturing/production industry in which Karex operates, this would be the transformation to Industry 4.0, or the Fourth Industrial Revolution. This refers to the digital transformation of manufacturing industries through automation, machine learning and the use of modern smart technology. My advice to entrepreneurs in a post-Covid-19 world would be to trust your instincts and be bold in making the necessary improvements you believe in. Do not wait for the next pandemic to make the changes you know your business requires today — as by then, it will probably be too late.

See Wai Hun, Co-founder and CEO, Juris Technologies

1. What is your take on young entrepreneurs of today and how they do business?

Having been an entrepreneur for many years, I feel that young entrepreneurs today are very fortunate. With the rise of organisations and communities that build and nurture an entrepreneurial ecosystem, they now have access to various resources such as financial aids, networks and especially mentors who can challenge them, give sound advice and inspire them to be high-impact entrepreneurs.

2. How are entrepreneurs in this day and age better equipped than our predecessors, and what advantages do they have that we did not?

With so much help given, entrepreneurs today exuberate a fearlessness for the unknown and are driven by the desire to make an impact and stand out from their competitors. They have the luxury of getting financial aid and operating from a place of abundance with investors. Hence, entrepreneurs today have the tendency to acquire customers regardless of the heavy investments made in marketing dollars and resources, holding a revenue-generating mindset instead of a profit-generating mindset. However, a business must be sustainable in the long run.

3. What was your biggest learning from the Covid-19 pandemic and the resulting MCO?

The Covid-19 pandemic has been a stress test for business sustainability. Entrepreneurs should be agile in terms of delivery, innovation and even decision-making. From it, I learnt the importance of having a client-first mindset, driven by empathy. For example, when the Malaysian government announced the implementation of the loan moratorium, the banks were unprepared, but we were there with them every step of the way to understand their pain points and weather the storm together. I believe that when we are able to help our clients in times of need, we will reap the benefits from it because our clients are our biggest supporters in terms of revenue during this period.

Jenny Chuang. MD, Sydney Cake House

1. What is your take on young entrepreneurs of today and how they do business?

Nowadays, I am very impressed with all the young entrepreneurs. They are so creative and innovative, and age is really not a limit. My granddaughter, who is only 12 years old, started selling slime online and my grandson, who is 10 years old, started his own YouTube channel introducing food and becoming a social media influencer. So, today’s businesses are no longer just bricks and mortar.

2. How are entrepreneurs in this day and age better equipped than our predecessors, and what advantages do they have that we did not?

To them, the whole world is their customer. Their customer or audience is no longer just local. Social media has become the norm for them, and this is the advantage that we did not have back then. The creativity of using social media as a tool for promoting and creating awareness is so important and yet common to them. Social media is no longer used to just stay connected with others but also to interact with customers or the audience that they want to target.

3. What was your biggest learning from the Covid-19 pandemic and the resulting MCO?

The biggest learning would be an old saying — every cloud has a silver lining, that is, there is an opportunity to learn and grow in every crisis. This pandemic allows me to sit down and reflect on the direction of the whole company and to reaffirm what the initial target was that we are sailing to. It also gives us time to strengthen the organisation by realigning and constantly communicating with top management and heads of departments on systems, machines and processes.

Sharala Axryd, Founder and CEO, The Center of Applied Data Science

1. What is your take on young entrepreneurs of today and how they do business?

The young entrepreneurs are just much less risk-averse than the older generation. I come from an era where my parents taught me never to spend the money that I didn’t have. But with the younger entrepreneurs, it is never spend your money to build a business. I wish I knew that sooner in my business. They are also very technology and digitally savvy, which sits well with the whole new IR4.0 needs for business. That is also why the older generation of entrepreneurs will struggle if they don’t adapt to this method.

2. How are entrepreneurs in this day and age better equipped than our predecessors, and what advantages do they have that we did not?

Entrepreneurs of today have access to data, business networks and investors — much more than what we had. The fact that they have all the information at their fingertips (thanks to digitisation), they can verify the market much quicker. They also have the advantage of knowing what the current needs of the consumers are.

3. What was your biggest learning from the Covid-19 pandemic and the resulting MCO?

The biggest learning here is how not to wait for digitalisation and becoming a data-driven company. It is not an option for any company. The MCO has allowed expediting the initiative if they already have one or put a plan in (if they haven’t). Some companies managed to turn around their businesses and increase revenue by 100% in the last three months. Meanwhile, hundreds of thousands businesses around the world have failed to stay open. According to YELP, 150,000 businesses closed due to the pandemic.

Datuk Hazimah Zainuddin, MD, Hyrax Oil

1. What is your take on young entrepreneurs of today and how they do business?

With a multitude of possibilities at their fingertips, digitally savvy millennials who are more risk-takers in nature are using social media and the internet to build communities and a following of customers. We have seen so many new and creative businesses set up by these millennials who are leveraging technology and social media. I believe that Industrial Revolution 4.0 will be met resiliently by this new generation of young entrepreneurs.

2. How are entrepreneurs in this day and age better equipped than our predecessors, and what advantages do they have that we did not?

With computers, smartphones and apps nowadays, this means aspiring entrepreneurs have access to millions of tools and resources at their fingertips. That means becoming a well-equipped entrepreneur today just got easier! Also, with the advent of social media and e-commerce, reach to the buying public has become efficient and widespread. This is something that was not available previously or as advanced before. I believe the young generation of entrepreneurs have a great advantage in starting or doing business in the current technology-driven environment today.

3. What was your biggest learning from the Covid-19 pandemic and the resulting MCO?

If recent experiences have taught us anything, it is that business agility, the spirit of resilience and the ability to adapt are keys to operating in the new normal. I realised that during this trying time of Covid-19, many businesses have moved and emphasised the importance of technology, as tech was relied on more than ever for companies to conduct work and sell their products and services. As for me, whatever challenges we are facing now, I will keep up my spirit of resilience and continue working as hard as I was before the pandemic. Yes, the lives of people are at stake, but I need to keep pushing forward regardless of how difficult things may get. Every problem has a solution and that is what I have always known.

The Edge is the media partner of EY Entrepreneur Of The Year Malaysia 2020