Don’t just spawn new entrepreneurs
Malaysia has various initiatives to encourage entrepreneurship, increase productivity and strengthen the competitiveness of PMKS.
Efforts to produce more new entrepreneurs are indeed important for economic growth. However, the same attention needs to be given to the survival of businesses that have been operating for a long time.
Every business that has survived for decades has built something of value.
In addition to providing employment opportunities, the business may have a network of suppliers, regular customers, specialized skills and a brand that the community trusts.
If a business that still has potential is forced to close simply because there is no substitute, the country risks losing economic value that took years to develop.
Of course, not all businesses need to be inherited by children. Some are more suitable to continue through a professional manager, the sale of the business or a different form of ownership.
The main goal is not simply to ensure that the business remains in the hands of the family. The more important goal is to ensure that businesses that are still viable have the opportunity to continue operating.
In this context, entrepreneurship development agencies such as SME Corp Malaysia, the National Institute of Entrepreneurship (INSKEN), Majlis Amanah Rakyat (MARA) and TEKUN Nasional can consider a more specific emphasis on the preparation of leadership succession in related programs.
Training should not only focus on marketing, financing and technology, but also include the development of layered leaders, knowledge transfer and intergenerational communication.
Universities can also play a role by translating research findings into practical guidance that small business owners can easily use.