The number of new businesses registered with the Companies Commission of Malaysia went up by 16 per cent - from 268,866 in 2008 to a substantial 312, 581 last year, despite a contraction in the economy.
One of the most oft-quoted reasons for an increase in the number of entrepreneurs is the success stories of others.
"There are legends like Tan Sri Robert Kuok, Datuk Tony Fernandes and others locally. Abroad, there is Microsoft's Bill Gates. In China, there are many youths turning millionaires and billionaires too. They are a source of inspiration for others," said the president of the Small Medium Industries Association of Malaysia, Chua Tiam Wee.
"The spate of financial crises in recent years, particularly the last one which left a trail of retrenchments, has also prompted many to feel that being an employee is no longer the safest or best career option. Naturally, people start to think: why not be your own boss and master of your own destiny?" adds Chua.
The prospect of working in a conventional nine-to-five job is no longer deemed "cool".
"Waking up early to go to work is no longer appealing. Our youngsters want flexibility. They want to innovate and create."
But while there are many inspiring success stories, there are also as many stories of failed ventures.
"Anyone who decides to go into business must realise that entrepreneurship is actually a 'profession' where you will be wearing many hats. You need to be skilled not only in managing the marketing side of the business but also the finances. You have to know what to do and what you can do before you decide to go into business," says Carol Yip, a personal financial coach and author of two books on financial planning -- Money Rules and Smart Money-User.
"Be alert and aware of what's going on around the world. Even something simple, if done well, can turn into a mega business," adds Yip.
Linda Onn, 33, restaurateur and celebrity
SHE never realised she had made her first million until she had spent it, or rather, invested it.
"It was just last year. It was a bit of a surprise because I didn't realise I had that much money," said the 33-year-old.
To think that she started off as an office administrator with a salary of just RM700 a month 11 years ago. Linda Onn has definitely come a long way.
"Since young, I've never been a big spender. I saved at least 50 per cent of every pay cheque I got and because I was so careful with my money, some friends called me a 'cheapskate'."
When she got TV offers and became a spokesperson for various products, her savings grew. In fact, it grew to such a point that six years ago, Linda didn't know what to do with her money.
"So I decided to go into business and open up a family restaurant because my parents had the experience and most of my family cook well."
As her career in the entertainment industry took off (she deejays, acts and hosts various radio and TV programmes), her investment into the restaurant business also bore fruit.
From only one in 2004, she is now the proud owner of five restaurants. Her success, however, came at a price.
"When you're a celebrity, there are people who will talk and create stories about you to get you down. I was called a coward when I didn't turn up for an international event. Actually, I had a wardrobe issue. There has also been a lot of gossip about my love life."
At the height of such unhappy incidents, she thought of leaving the entertainment field. "Just get married and get lost. But then I realised I should not feel down because whether I'm doing good or bad, people will still talk about me. I managed to stay strong and persevered because of my family, friends and loyal fans."
Has she managed to achieve all that she set out to do?
"I dreamt of having a house with a pool and automatic gates and me coming home in a big car. I've got them all, so yeah.
"True success, however, is being able to walk into a designer boutique and buy stuff without looking at the price tag. Being careful as always, I still look at the price tag. Maybe after this, I'll just go in and buy whatever I want."
Her recipe to success? "Count on yourself, save and invest."
Philip Lau, 31, financial agent
PHILIP Lau found out he had hit his first million when he was 28.
"I went out and bought my first Rolex," said the 31-year-old as he flashed a grin.
Founder of Jazz Capital, a financial sales agency that focuses primarily on insurance and savings products, as well as bank loans and mortgages, Lau's agency is now the authorised agent for some of the most reputable financial institutions in town.
Although his agency is only five years old, there are already some 300 agents in its employ.
What is his recipe for success?
"It's just three simple steps: one -- have a clear plan on what you want to achieve in both the short and long term. Two -- execute your plan accordingly and make periodic reviews for improvements, and three -- stay focused and be passionate."
Having a good understanding of the various financial products out there has also enabled him to make good investment choices along the way.
"I think that's the bonus of being in this line. We know what we sell and when it's a good one, we can also seize the opportunity to invest."
Lau believes his wealth and success today is made possible through careful planning. "But it is also with God's blessing."
But his entrepreneurial route has not been without obstacles.
"I was beset with the 'what if' syndrome. Once, I was offered a good position in an investment bank. I was tempted by the thought of steady employment and a rewarding lifestyle with a reputable company. I had so many doubts. It felt like it was easier to make a U-turn and take up the offer. It took a while of self-questioning to find out what I really wanted to do and that conviction gave me the courage to go all out to pursue my own business."
Although rich in his own right now, Lau feels that he has not achieved enough yet.
"I will know that I have enough when my total assets are good enough to generate certain returns to sustain my desired lifestyle throughout my retirement years."
To aspiring youths, he says: "Have passion and patience, but most importantly, be practical."
Ganesh Kumar Bangah, 31, co-founder of MOL and group CEO of Friendster
HIS success story is almost legendary in Malaysia’s field of information,
communications and technology. He built MOL Access-Portal Berhad (MOL) from scratch to become one of the biggest online payment service providers in Asia
with an annual revenue of RM320 million, over 500,000 physical payment channels across 75 countries, handling over five million transactions a month.
He was certified by the Malaysia Book of Records as the youngest chief executive of a public-listed company in Malaysia when he listed MOL on the Mesdaq market of Bursa Malaysia at 23. He won the JCI 2009 Creative Young Entrepreneur Award, the Pikom Technopreneur Excellence Award at the ICT Leadership Awards 2009, and is acknowledged by Society Magazine as one of the 100 people you must know in Asia.
Late last year, he again made headlines when he led MOL to take over social networking site Friendster.
“I’ve always wanted to be the Bill Gates of Malaysia. I saw him on television when I was a cybercafé operator in my teens in Johor. I told my boss then that I wanted to be the Bill Gates of Malaysia,” he says with a laugh.
Having started early in business, Ganesh says one of the biggest obstacles was getting people to understand “the need to be crazy”.
“The last thing I did was buy Friendster and everyone was asking me why. You must think far and see things for the value they can give you. Getting people to understand that you need to be a little crazy or to be different to be special, I think that’s the hardest thing.”
Being in business also means there is never really a day off.
“You will always be constantly thinking about how to do things better, faster, to innovate and create. It is very much a 24/7 ‘job’.”
He also admits that it is never easy to handle change.
“Every time you list a company, de-list it, or buy another company, it is never easy in the beginning. But managing these changes, these jumps, pushed me to grow. Buying Friendster, for example, means that I really had to learn the American culture.”
While it is heartening that many young Malaysians want to be entrepreneurs, he says they should not think in the short term.
“I think our entrepreneurs tend to do something for a couple of years, give up, and move on to something else. They have to realise that nothing worth doing is easy but if you keep at it, you become better at it and you will make it. Don’t give up.”
Joey Yap, 33, feng shui consultant
HE earned his first million when he was 26-years-old. Since then, Joey Yap, who will turn 33 in July, has only been earning more.
Besides being the founder of the Master Academy of Chinese Metaphysics -- the first such global organisation devoted to the teaching of feng shui, Bazi, and other such similar subjects -- he is the chief consultant of Yap Global Consulting, which specialises in feng shui and Chinese astrology services and audits.
He has also authored over 30 books, and hosts his own TV series -- all on the subject of Chinese metaphysics.
He attributes his success to having differentiated himself in the industry right from the start.
"I'm not a fortune-teller. I don't tell people how their life is going to turn out. That's making statements and anyone can do that. I seek to help people understand their profile, their talents, and advise them on what to focus on and how, based on their individual strengths and weaknesses and to maximise their potential."
His client list includes not just individuals but also local and multinational conglomerates.
To be good at what he does, he reads a lot. "Not only books on metaphysics, but also business, management and more. Many consultants try to advise people without even a basic understanding of the fundamentals of business, like go and hang some red cloth somewhere and your business will succeed. How is that going to help a businessman solve his problems?"
His own experience in managing a business has also lent him an extra edge.
"The biggest obstacle I faced was a lack of experience when I first started out. I didn't know anything apart from accounting. Many people think that when your feng shui is good, everything will work out. That's not true. You still have to acquire the skills, the technical know-how to handle your business and make it successful."
Articulate, and able to command an audience of 3,000 or more, it is hard to imagine that Yap was once nervous when speaking to less than 10 people. "Just like the other skills, public speaking was something I had to acquire."
What drives him? "When I first started out, I thought this industry had been sorely misunderstood and misrepresented in many ways. I had a burning desire to rectify this. I'd like to believe that I have."
Success, to him, is not about money. It is about being remembered for one's deeds.
"When we leave this world, people will remember us for what we contributed to society."
Young Millionaires under 25 Years old 2009 listing
1) Mark Zuckerberg - Facebook - $700 Million – 23 years old
2) Blake Ross and David Hyatt - Mozilla - $120 Million – 22 years old
3) Alexander Levin - WordPress & Image Shack – $113 Million – 23
4) Sean Belnick - Biz Chair - $42 Million – 20 years old
5) Robert Small - MiniClips - $23 Million – 24 years old
6) Aodhan Cullen - Stat Counter - $18 Million – 24 years old
7) Rishi Kacker and Matt Pauker - Voltage - $12 Million – 24
8) Catherine and David Cook - My Year Book - $10 Million – 17 & 19
9) David Hauser & Siamak Taghaddos - GotvMail - $8 Million – 24
10) Jermaine Griggs - Hear and Play - $5 Million – 23 years old
11) Ashley Qualls - What Ever Life - $3 Million – 17 years old
12) Alex Tew - Million Dollar Homepage - $1.6 Million – 22 years old
13) Rob Benwell - Blogging to the Bank - $1.2 Million – 23 years old
14) Matt Wegrzyn - Bodis - $1 Million – 19 years old
#1 & 2. Sergey Brin and Larry Page
#3. Sheik Mansour Bin Zayed Al Nahayan
#4. Daniel Ziff
#5. John Arnold
#6. Prince Albert von Thurn und Taxis
#7. Chu Lam Yiu
#8. Kenneth Griffin
#9. William Ding
#10. Jerry Yang
