afternoon highlight (14/09/11/160/468)Entrepreneurs should be ready for real competition, say panelists

Entrepreneurs should be ready for real competition, say panelists

KUALA LUMPUR: Entrepreneurs should compete in real competition rather than rely on "powers" to grow their businesses at a faster pace.
This was the consensus by panelists at the second day of the 11th Forbes Global CEO Conference in a session entitled "Blazing your own trail".
The session aims to inspire entrepreneurs who start new businesses, open markets, scale up, generate profits and create value.
One of the panelists, Chairul Tanjung, chairman of Para Group, said many companies were not ready for real competition because they competed via connection and protection.
Malvinder Mohan Singh, group chairman of Fortis Healthcare, said an entrepreneur must be able to differentiate between passion and obsession."It is important to be objective and able to avoid emotion and ego in the middle of business decision-making because it will end up with higher price for the assets if we are too obsessed with details," he said.
Malvinder said the difference between an entrepreneur and a businessman was that business leaders conformed to governance standard and rules, while gut feelings had always been a part of an entrepreneur's decision-making process.
On whether a Master of Business Administration was valuable in the real world, he said it was only a tool and analysis capability but it could not provide the learning experience.
Mario Moretti Polegato, founder/chairman of the fast-growing Italian shoe company, Geox, said a successful entrepreneur combined technology and market needs.He said entrepreneurs should opt for innovation, including creating and modifying ideas, then testing them before venturing into business.
"As most entrepreneurs do not have capital to test their ideas, they should collaborate with universities to achieve their goals," he said.
Sam Goi Seng Hui, executive chairman of Tee Yih Jia Group, a leading manufacturer of spring roll pastry, said an entrepreneur should not fear for being a small player.
Goi said the group's first market was Australia but it did not fear the big boys."The group has now expanded to other markets including in the UK, Japan and New Zealand," he said. - Bernama
Source : New Straits Times
Date : 14 September 2011
afternoon highlight (14/09/11/160/468)