KUALA LUMPUR: Malaysian Indian entrepreneurs have significant potential to thrive in business once they acquire the necessary expertise and skills in their respective industries.
Selangor Indian Chamber of Commerce and Entrepreneurs (SICCE) president Datuk Dr V. Shanmughanathan said local Indian entrepreneurs still lack the proper knowledge, know-how and solid business plan to scale up their businesses in the country.
“It is crucial to instil a strong business mindset in our local Indian entrepreneurs, as success requires more than just academic qualifications. When entrepreneurs lack essential knowledge and mindset, they cannot properly prepare a business plan, leaving them uncertain about managing their business over the next three years.
“A solid business plan must include standard operating procedures in managing and running a business, including a risk management plan. Many businesses fail due to insufficient planning, and many business owners encounter cash flow issues within the first six months,” he told SunBiz.
He said SICCE has a standard strategy to guide local Indian entrepreneurs in starting a business, beginning with a 21-page proposal to be filled.
Part of SICCE’s initial training process involves getting Indian entrepreneurs to observe seven of their competitors’ businesses and then report on the advantages and disadvantages they find.
“Take the example of SMEs applying for government grants. Many Indian entrepreneurs miss out on these grants.
“Why? To apply for an SME grant, you must have an SME certificate. How many chambers have informed their members, particularly the Indian community, about this requirement? Businesses are immediately disqualified for grants if they do not have the certificate.
“We help them with every aspect of starting a business, with the proper application for certification and grants, and we emphasise plans and strategies in managing the cash flow of their businesses,” Shanmughanathan said.
He said SICCE has also found that many local Indian businesses can potentially be public-listed companies.
Shanmughanathan said SICCE has been working closely with Malaysia External Trade Development Corporation (Matrade) and various chambers and commerce agencies to promote local Indian products and services abroad.
“We are actively collaborating with various business chambers and organisations. We are working with Matrade and also organising our initiatives focused on India. Through SICCE, we have established partnerships with India-based business chambers in Coimbatore, Madurai, Chennai, Trichy, and Tamil Nadu.
“We have also expanded our ties internationally, partnering with the Dubai Indian chambers and forming alliances with Indian business chambers in Melbourne, Singapore, and London. Next year, we plan to take a delegation of local Indian entrepreneurs to China. As part of this effort, in November, we will conduct a training session targeting around 50 youths to prepare them for the trip to China.”
Shanmughanathan is running for the Malaysian Associated Indian Chambers of Commerce and Industry’s (Maicci) president post this week.
“This is my second time contesting. My current post in SICCE has a limitation – I can only operate within Selangor because each state chamber has its president.
“To expand nationwide, I need to become Maicci president. Holding that position, we can implement initiatives across all states, starting with what we have successfully done in Selangor.
“For other states to have effective templates, I will ensure that all chambers adopt and implement the best practices across the country so that all Indians benefit, not just one state.
“If a project is viable and beneficial, we will push for it. For example, two months ago, we brought people from India entirely at Sicce’s expense,” Shanmughanathan said.
He said part of his manifesto is to raise RM1.5 million yearly for Maicci and form 111 industry-based think-tank groups to assist Indian business communities in training, networking and identifying business opportunities.
“The think-tank group will provide studies on the grey areas that need to be addressed for Indian businesses can leverage and present findings to various government ministries and agencies such as Ministry of Finance, Matrade, Ministry of Investment, Trade and Industry, and Domestic Trade, Cooperatives and Consumerism Ministry,” he added.
Shanmughanathan said that if he is elected, Macci would pursue the government to allocate projects and contracts for local Indian business communities and launch more startup entrepreneurs within high-growth industries.
He said Maicci’s new goal is to elevate around 300 Indian SMEs, owned by both men and women, into the millionaire category.
“We also aim to establish a dedicated business training centre under Maicci to nurture new entrepreneurs. Additionally, we plan to transform Maicci and the state chambers into cost-effective, revenue-generating entities. Maicci will also be developed into a key resource centre for state chambers and the Indian business community,” Shanmughanathan said.
He also pledged to appoint an executive secretary for Maicci to oversee daily operations and ensure timely communication with state chambers and the public. Additionally, he committed to revitalising the committees of young and women entrepreneurs by providing adequate budget allocations for their business activities.
