1.0 Introduction
Glocalization, the simultaneous occurrence of both universalizing and particularizing tendencies in contemporary social, political, and economic systems. The term, a linguistic hybrid of glocalization and localization, was popularized by the sociologist Roland Robertson and coined, according to him, by Japanese economists to explain Japanese global marketing strategies.
The nation of glocalization represents a challenge to simplistic conceptions of globalization processes as linear expansions of territorial scales. Glocalization indicates that the growing importance of continental and global levels is occurring together with the increasing salience of local and regional levels. Tendencies toward homogeneity and centralization appear alongside tendencies toward heterogeneity and decentralization. But the notion of glocalization entails an even more radical change in perspective: it points to the interconnections of the global and local levels. Most users of the term assume a two-level system (global and local), citing phenomena such as hybridization as the result of growing interconnections. Local spaces are shaped and local identities are created by glocalized contacts as well as by local circumstances. Thus, glocalization entails neither the end of geography nor declining heterogeneity.
Moreover, in Malaysia, there are many successful entrepreneur such as Vivy Yusof is co-founder of Fashionvalet. Launched in 2010, Fashion Valet is a online fashion e-commerce site founded by Fadzarudin Anuar and Vivy Yusof, who have taken on the CEO and COO roles, respectively. With FV, their mission is to elevate the local fashion scene, and this is apparent by bridging FV’s online customers with local products and brands listed on website. The husband and wife tag team was initially inspired by the online shopping culture when they were in London that when they returned to KL, the idea didn’t really leave them. In 2010, they decided to give it a shot with an initial capital of RM100, 000, a three-man team and only 10 labels; FahsionValet was born. Today, the store has grown into a strong team of 20 and handles over 200 brands.
After that, Chirsty Ng is owner of Christyng.com. Chris Ng Shoes is an online shoe company offering a wide range of woman’s footwear based in Petaling Jaya, Malaysia. The company was founded in July 2010. The shoes are designed and produced by Christina Ng and the select team of shoe making artisans. Since its inception, Christy Ng shoes has garnered a following of over 175,000 fans on Facebook and is deemed one of the more popular shoe site in the country. Christy Ng Shoes initially began with creating 5-inch platform heels and has now expanded its range to include casuals, dress, shoes, office wear as well as flats, ankle boots, slip ones and wedges. It also offers exclusive bridal shoe essentials. Being too familiar with the shoe-sizing conundrum, Christy Ng Shoes provides special hand crafted custom-made shoes designed to fit all feet sizes.
Entrepreneur in Malaysia who successful is a person who learn many things about entrepreneur and they have create their as a successful entrepreneur in Malaysia and will be successful in the internationally.
2.0 Importance of Young Entrepreneurs
The importance of young entrepreneurs is to add national income. A young entrepreneurial ventures literally generate a new wealth to their own nation. Active businesses may be remain confined to the scope of existing markets and may hit the glass ceiling in terms of income. New and improved offerings, products or technologies in order to be develop and new wealth is created they can generate national income. In addition, the cascading effect of increased employment and higher earnings contribute to a better national income in form of higher tax revenue and higher government spending. This revenue can be used by the government to invest in other business or project, struggling sectors and human capital.
Second is a young entrepreneurs also create social change. Through their incomparable offerings of new goods and services, young entrepreneurs break away from tradition and indirectly support freedom by reducing dependency on old systems and technologies. Overall, this is a results of improving quality of life, moral and economic freedom. For a current example, smart-phones and their smart application have revolutionized the way people work and play across the globe.
A young entrepreneur also increase the development for the local community. Entrepreneurs often foster entrepreneurial ventures by other individuals. They also invest in community projects and provide financial support to local charities such as union association which is in the vicinity of their business. This allows development outside their own efforts. Some famous entrepreneurs, such as Bill Gates, have used their money to fund good causes, from education to public health. This is one of the social responsibilities that can be done by a few entrepreneurs for the development of society. Quality makes the entrepreneur is the same quality in encouraging entrepreneurs to pay it in the future.
For general information, young entrepreneurs is very important to the community and the country as they always bring new creativity into the marketplace in order to fulfil customer needs. As we know, young entrepreneurs often have new ideas that have the potential to grow their business in the future. Their creativity and ideas normally take plan in the market. Moreover, their new idea is still fresh and can create innovation for the product in specific business.
The importance of young entrepreneurs is they create businesses that hire people. There is a lot of graduation from top university are jobless lately. By increasing the number of young entrepreneur, the number of jobless are decreasing because their businesses require a number of employees to help them run the business. From accountants to computer programmers to human resource staffs, every businesses have them in their company. Entrepreneurs can provide their employees a steady job and income. The workers’ income puts food on the table and feed their family members. This in turn will help spur the economy and provide necessary jobs and businesses for people that meet these basic needs.
They also create demand for products which in turn to create other businesses. Entrepreneurs need to buy products in order to produce finished goods. They need raw materials to finish the product to be sell in the market. Sometimes these raw materials are not enough to simply buy through a company alone, then they sometimes require more raw material so they need to buy from other company. And for more quality they sometimes like to compare a company which offers high quality raw materials and can satisfy their customers in the future.
In conclusion, the young entrepreneur is really importance for economic growth, society, nation, and worldwide. Without young entrepreneurs the economic growth would not be able to survive well.
3.0 Challenges faced by young entrepreneurs
Entrepreneurs are highly creative individuals with a tendency to imagine new solution by finding opportunities for profit or reward. An entrepreneur is a person who finds out and evaluates a new situation in his environment and directs the making of such adjustments in the economic system as he deems necessary. Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or service. Starting a business and becoming an entrepreneur is exciting and it is also terrifying. New business entrepreneurs face so many challenges such as instability, stress, negative mindset, overwhelming feelings, lack of support, feelings of wanting to give up, growing a business, problems of raw material, problems relating to marketing, outdated technology, lack of infrastructural facilities, lack of skilled labor etc.
An entrepreneur is one who plays significant role in the economic development of a country. Basically an entrepreneur can be regarded as a person who has the initiative, skill and motivation to set up a business or an enterprise of his own and who always looks for high achievement. He is a catalyst of social change and works for the common good. He looks for opportunities, identifies them and seizes them mainly for economic gains. An entrepreneur is a person who is able to express and execute the urge, skill; motivation and innovative ability to establish a business or industry of his own either alone or in collaboration with his friends. His motive is to earn profit through the production or distribution of socially beneficial goods or services. He is enriched with the inborn qualities of adventurism, willingness to face risks, innovative urge and creativity and is eager to make dynamic changes in the production process, introduce innovations and to find out new uses for raw materials. But now there is so many challenges faced by new entrepreneurs i.e., lack of patience in solving problems, lack of sustained motivation, Inability to dream and use subconscious etc. In addition to this the other challenges includes; developing vision and ideas, raising capital, assembling a team, finding the right location, finding the right employees, finding good customers, overcoming competition, unforeseen challenges and expenses, keeping up with industrial changes and trends and exiting the business.
Most young entrepreneurs prefer handling everything in their businesses alone without asking for assistance from others. This is very detrimental for any type of business. You should always know that running a business is a great challenge that you can never face alone even if you have all the necessary resources at hand. Therefore, you should stop wasting your valuable time trying to do everything alone and start looking for professional support and help from different people. Never be afraid of asking for any type of assistance from people who are more experienced than you. Always strive to work with like-minded individuals who can help you with better ideas on how to manage your business. Even though it is a good idea to ask for help from others, it is very dangerous to seek for help from everyone. Due to jealousy, some people will try to give you wrong and conflicting opinions just to prevent you from succeeding. The best thing for you to do is to identify and listen to a few trusted individuals who you believe can help you out. Before you start doing anything you are told, you should be able to trust your own instincts and ensure you are doing the right thing.
According to Ricky Wong of young entrepreneur do fail every year because of impatient entrepreneurs. They want to start making money immediately the business is in operation. Impatience is a very dangerous disease that attacks and kills a business in a very easy manner. As a young entrepreneur, it is very important for you to understand that a business does not grow overnight. It takes time for any business to grow and start bringing in enough income according to expectations. Depending on the nature of your business, things might start getting bright for you after week, months, or even years only if you exercise patience. Concentrate on doing your best at all times and wait to reap the fruits of your hard work when the right time comes. Even though waiting for long might seem unbearable, never try to relent.
Failing to put enough finances for your business in place is a clear indication that your business will be going nowhere. For a business to thrive and stay afloat, everything must be budgeted and catered for from the start. If you do not have enough capital to invest in your business, it is better to start looking for ways to get money early enough even it means loaning or looking for part-time jobs. Even though it’s not easy, you can also try to ask for funds from your trusted friends and family members. Once you get enough money from loans, other infrastructural investments, or salaries, you need to plan very carefully on how to use it for the betterment of your business. Avoid mismanaging business money as much as possible. Do not start behaving like other irresponsible young adults wasting money on fancy cars, girlfriends, and expensive trips for no good reason. In any case you do not know how to manage large sums of money due to inexperience, it is very important for you to ask for advice from trusted friends, business associates, or relatives.
4.0 Steps to encourage and increase of young entrepreneurs:
Entrepreneur is someone who exercise initiative by organizing to take benefit of an opportunity and as the decision maker, decides what, how, and how much of a good or service will be produced. An entrepreneur usually a sole proprietor, a partner, the one who owns the majority of shares in an incorporated to economist Joseph Alois Schumpeter in 1883 to 1950, entrepreneurs are not necessarily motivated by profit measuring achievement or success.
Based on entrepreneur the steps to encourage and increase of young is through teachers and parents can take foster entrepreneur among today’s young people. By urging children to set goals for assignment and exams and recognize both problems and opportunities, adult figures are essentially encouraging them to approach everyday situations as an entrepreneur would. The article also notes some constructive approaches to failure. Rather than punishing students for low grades or poor test scores, adults should discuss the situation with them in-depth and explore some of the reason behind the result.
In addition, measures to encourage and enhance entrepreneurship among young people is to foster interest. This is should be done by parents to implement the spirit of contacts, teenage passion since childhood. Other than that, they are able to encourage and increase the spirit entrepreneurship among young people. And we also can make young people to be more interesting involve with this entrepreneurship. Parents also should be plays a role in building children’s interest in entrepreneur so that they more interested to venture into it.
However, the next step to encourage young entrepreneurs is make young people to be more mindful with their attitude. This is because, through the mindful attitude, they can build confident level to join entrepreneurs. Besides that, success largely depends on making mistakes and accepting blame in stride. Owning up to and facing challenges head-on is what makes a mere business owner a leader. For example, the government make some activities to make sure that young entrepreneurs to be more mindful and be more exciting to involve it.
Other than that, young can involved in entrepreneurs programs are engaged in real-life learning experiences where they have an opportunity to safely take risk, make decisions and set goals. Part of the learning experience of developing a youth-operated business is establishing a set of goals and working towards accomplishing them. Setting goals build short-term motivation and long-term vision. It develops a life skill that is transferable to any situation where an objective need to be met,
So there are many step that can encourage young entrepreneurs to be more exciting do their work. It also can help through the information that they can search in web. Parents and government also can do their best motivation to encourage young entrepreneurs to join it.
In conclusion, there are many of type to encourage and increase young entrepreneur. It also can give many of benefit with young who involve in entrepreneur. Besides that, they also can learn a new experience from they have done learned. So it is many of benefits for encourage and increase young for entrepreneur.
5.0 The Government’s Role In The Development Of Young Entrepreneurs.
The final communique of the 2014 G20 Leader’s Summit called for enhanced economic growth that could be achieved by the “promotion of competition entrepreneurship and innovation” . There was also call for strategies to reduce unemployment, particularly among youth, through the “encouragement of entrepreneurship”
5.1 Extent Of Government And Complexity Of Regulations
Ironically, the role of the government is very important in fostering private sector entrepreneurship in Malaysia. Nevertheless, although there are many programs and financial support systems for entrepreneurs, they have not been as effective as they should be. A common critique is the extent of the bureaucracy or “red tape” with which entrepreneurs must contend, causing delays of several months just to get approval for applications. This difficulty, only one example among many, is due to the fact that most of the programs for entrepreneurs are organized and offered by government agencies. As Mohd.Rosli (2000) posits, the earnestness with which the government promoted entrepreneurship and its SMI development programs in the early days led to the involvement of a large number of ministries as well as government and non-government agencies. He cites Chee (1990) who estimated that there were about 13 ministries and more than 30 government and non government agencies involved in a variety of programs for the development of SMIs in 1990. Add to this number, the banks and financial institutions that were also involved in providing the financial support, and one gets an idea of the complexity of the situation. The large number of ministries and agencies involved inevitably caused overlapping of functions and responsibilities, leading to inefficiencies and ineffectiveness of the programs being run. This eventually curtailed the level of participation among genuine entrepreneurs, who ended up feeling very frustrated with the system.
Given this dire situation, there was an attempt to reorganize the system in 1992, whereby a streamlining exercise was undertaken. Under the new system, the number of agencies responsible for SMI development was pared down to five “Lead Agencies” and a number of “Implementer Agencies.” These were divided into five promotional areas, namely, marketing, incentives, technical and R&D, training and management, finance and infrastructure. Each Lead Agency was responsible for standardizing the actions of the Implementer Agencies within its promotional area. In 1995, a special body known as the Small- and Medium-Scale Industry Development Corporation (SMIDEC) was set up to facilitate and ease the task of planning and implementing all the programs dealing with SMIs. Among its areas of responsibility was the handling, supervision and streamlining of vendor development programs and franchising, incubator premises, loans, the provision of factory sites, entrepreneurship training and use of technology. Although the degree of complexity has been reduced by this streamlining exercise, there is still room for improvement.
The need for the government to get involved in the financial “market,” by providing entrepreneurs with alternative sources of funding and credits at favorable rates also added to the complexity of the funding situation in the country. (In the early days, entrepreneurs faced difficulties in obtaining credit in the open market as they lacked collateral or did not meet the criteria of banks and financial institutions for whatever reason.) Currently, there are numerous sources of funding available to entrepreneurs and SMIs that are basically provided by the government. Nevertheless, as these are government-led funding sources, the inevitable problem of bureaucratic delays or red tape is also ubiquitous.
5.2 Government Support/Promotion Of Entrepreneurship
As can be gleaned from this chapter so far, the Malaysian government has been, and continues to be, supportive of entrepreneurship. It has taken various steps to promote the development of entrepreneurs in general (including providing a conducive economic environment, various financing and funding schemes, tax incentives, as well as business advisory centers). The government has regarded nurturing entrepreneurs as a way to facilitate and upgrade the industrial structure so as to create industries for the next generation. For this reason, the government has paid special attention to the development of SMEs.
Among the foremost measures undertaken by the government was the setting up of the Ministry of Entrepreneurship in 1995. Although the Ministry was intended mainly to build Bumiputera entrepreneurship, it has served as a coordinating body for all matters pertaining to entrepreneurship. Among the specific services currently offered by the Ministry are a one-stop entrepreneurship information centre, the spearheading of the franchise and vendor development program and the provision of entrepreneurship training, subsidized business premises (for qualified entrepreneurs), financial assistance in the form of grants or loans, and an on-line resource and information centre for entrepreneurs.
5.3 Existence Of Social Safety Net And Impact On Entrepreneurial Spirit
Although it is far from a welfare state, Malaysia has its own version of a social safety net in the form of the Employees Provident Fund (EPF) for private sector employees and the Government Pension Scheme for public sector employees. The EPF guidelines state that all employees must contribute 11 percent of their monthly salary, and employers 12 percent of the employee’s monthly salary, to an EPF account set up on behalf of the employee. The money is then invested on behalf of the employee, and this forms the bulk of the employee’s retirement fund. Under the government pension scheme, public sector employees upon retirement are entitled to one-third of their last salary for as long as they live.
It is important to note that these two social safety net schemes are for employees. There are no mandatory schemes for the self-employed, including entrepreneurs. This group is supposed to form their retirement fund from their own profits and savings. Of course, this all depends upon the profitability of the entrepreneur’s company over the years and the level of financial proficiency and financial foresight that they, as individuals, have. Therefore, there is a degree of risk involved in becoming an entrepreneur in Malaysia, especially if the business fails. Perhaps the time is ripe to look into some innovative social safety net schemes to reduce the risk that entrepreneurs expose themselves to. For example, governments could reduce the risk of business failure by implementing a social safety net or investment guarantee system. Furthermore, business owners could also reduce their risks by carefully researching, planning and compiling business agendas.
Indeed, an international study of entrepreneurship has found that those countries with a more developed social safety net were at or near the bottom for new business formation (GEM, 2000). Indeed, according to Paul Reynolds, GEM project coordinator and a professor at both Babson College and London Business School, “societies that grow dependent on social support systems stifle personal initiative, and thereby decrease the level of entrepreneurial activity.” This is, to some degree, evident in the Malaysian scenario, although it seems to be in contrast with the situation in less developed countries, where entrepreneurship becomes a form of social safety net in times of economic downturns. Nevertheless, the non-existence of official unemployment benefits in Malaysia does, however, bode well for the rise of entrepreneurship when the economy is at a downturn and unemployment is on the rise, although this may only be a temporary phenomenon.
6.0 Conclusion
Malaysia has mostly enjoyed a favourable trade balance of payments current account. More often than not, surplus trade balance was large enough to finance the deficit in the services account and also to produce a sizeable current account surplus. However, in the 1990s Malaysia posted serious trade deficits. The large trade deficits in these years were due to the low export prices of primary commodities, high priced imports as a result of the rapid industrialisation in the country, and the appreciation of major currencies especially the Japanese Yen, the Deutsch mark, the Korean Won and the New Taiwan Dollar. Imports of capital goods associated with foreign investment activities in the country have contributed much to the growing trade deficit. In other words, deficits have been financed largely by foreign capital inflows (Central Bank of Malaysia, 1999).
Moreover, entrepreneurs in Malaysia has forged many successful on internationally. With that, entrepreneur in Malaysia must compete with international entrepreneur and entrepreneur in Malaysia can comparable or match with the international entrepreneur. Entrepreneur in Malaysia must compete with others international entrepreneur in any matter. Usually, entrepreneur is compete about the quality and price. They have to care about the product in terms of quality and price who are offer to the customers. Entrepreneur in Malaysia must upgrade their quality and give the best price to the customers because most of the entrepreneur internationally more clever about this. That’s why they have successful before entrepreneur in Malaysia. If entrepreneur in Malaysia can compete with this matter, Entrepreneur in Malaysia can compete with international entrepreneur and can improve more things, so entrepreneur in Malaysia will can compete thee international entrepreneur and into entrepreneur who famous in the world. With this competition entrepreneur in Malaysia will learn many things about entrepreneur and success in the future especially to new entrepreneur.
After that, glocalization proposes both theory and practice for bridging global or local scales in alternative equitable international system, using a mosaic of committed key actors in the physical and electronic environment a programmed teaching machine. The meaning of globally accessible information becomes organized in its local context as coherence. Intense local and extensive global interaction is a dynamic that operates in factually embedded spatial and cultural dimensions. It mobilizes social and economic interaction at the local, national and transnational levels, igniting our active responsibility for future generation.
Glocalization proposes both theory and practice for bridging global or local scales in alternative equitable international system, using a mosaic of committed key actors in the physical and electronic environment a programmed teaching machine. The meaning of globally accessible information becomes organized in its local context as coherence. Intense local and extensive glocal interaction is a dynamic that operates in factually embedded spatial and cultural dimensions. It mobilizes social and economic interaction at the local, national and transnational levels, igniting our active responsibility for future generation.
A potential movement, a peace-building activity combining realism and idealism, glocalization is a bottom-up view of the complex process of harmonizing local and global needs for sustainable futures. It brings globalization issues down to the human scale, linking committed local and global social actors.
References
“Wong is major shareholder of Bright Packaging”, Business Times, 14 October 2013, Retrieved 14 October 2013.
“Young Corporate Malaysian-CEO Series 52: Fadzarudin Shah Anuar 24 Jun 2014.www.ycm.org.my/events/details/ceo-series-52-fadzarudin-shah-anuar.
Brian Kazunggu. (2000).Global Entrepreneurship Monitor: Executive Report. http://www.gemconsortium.org
Why Entrepreneurs Are Important for the Economy.Shobhit Seth. December 29,2015.www.investopedia.com/articles/personal-finance/101414/why-entrepreneurs-are-important-economy.asp
Why young entrepreneurs are so important.Luis Viguria. Thursday 8 October 2015.https://www.weforum.org/agenda/2015/10/why-young-entrepreneurs-are-so-important
