The country’s economic development needs to be treated as a main issue. Incentives and programmes for the strengthening the field of entrepreneurship therefore cannot be taken lightly and carried out seasonally.

Entrepreneurship is an important field for the country’s economic development and sustainability, so it needs to be taken care of innovatively and continuously. In this light, the implemented National Entrepreneurship Policy (DKN) serves as guidance for Malaysia in becoming a leading entrepreneurial country by 2030. The policy becomes the foundation for the formation of holistic entrepreneurship development ecosystem and is hoped to become the catalyst for the inclusive economy transformation process and the establishment of entrepreneurship community in Malaysia.

The policy is also considered as the impetus to steer Malaysia towards a country that is united, prosperous, and dignified as well as one that keeps on progressing sustainably with more inclusive and fair distribution of economy and subsequently becomes the core of Asia’s economy.  

DKN has six strategic thrusts and one of them is solidify the ability and performance of micro, small, and medium industries. To ensure the success of the objectives, competitive entrepreneurs are urged to improve their entrepreneurship knowledge in line with DKN’s objectives of establishing holistic and conducive entrepreneurship ecosystem to support the country’s agenda of developing inclusive, balanced, and sustainable economy.

The aspiration will materialize if entrepreneurs equip themselves with knowledge regarding financial management and strategies for prospering their businesses and make them more sustainable.

The strategies should be geared towards communities that will give a big impact towards the state’s economic progress.

Thus, fitting the slogan University for Community, Universiti Malaysia Terengganu (UMT) has introduced an initiative to help a community of small entrepreneurs around Terengganu improve their business skills and strategies to be more competitive in an uncertain economic situation currently.

“The initiative is a two-pronged strategy in that it will not only help improve the economy of Terengganu’s community but will also help boost tourism activities through food-based products, downstream products, and other unique products,” said Dr. Siti Nurain Muhmad, Project Leader for 2023 Financial Management and Digital Publicity Reinforcement Project held at UMT campus recently.

A total of 50 registered entrepreneurs around Terengganu were present to receive advice on sustaining their businesses and learn about digital businesses.

Dr. Siti Nurain said entrepreneurs especially those who have just started need to be given exposure on business strategies and proper financial management.

“In addition, the businesses need to be aligned to the current condition to stay relevant with the latest lifestyle.

“Therefore, the integration of technology needs to be given attention by all entrepreneurs, and it can be observed that social media has become a popular promotion medium since the outbreak of the Covid-19 in March 2020. Entrepreneurs need to make use of this opportunity.

She added that the local governments need to support the entrepreneurs by setting up business platforms and enhancing the uniqueness of potential sites to attract visitors.

“The current scenario is visitors like to frequent attractive and unique locations, and these locations become even more popular with visitors coming all year long when the locations have been made viral on social media.

“The local governments are also recommended to set up unique monuments or landmarks as part of the effort to attract domestic tourists,” she said.

Published by:

Corporate Communications Office

Universiti Malaysia Terengganu