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Why not start your own business?
Published on: Monday, November 04, 2019

WHEN you are in school, your teachers and parents would have kept on stressing that you should study hard, so that one day you can get a good job. Many students have heeded their advice and have been studying really very hard for the last 12 years or so.  

They are passing with flying colours. Many are entering universities and have qualified as graduates. 

Sooner or later many of these graduates will find out that there are no jobs waiting for them out there. Many of these graduates are going to be very disappointed. Definitely you don’t want to be caught in the same situation. 

The youth unemployment rate in Malaysia, at 10.9 per cent officially, is more than triple the national rate of 3.3 per cent and has been gradually rising over the past decade. Unemployed youth make up almost 60 per cent of the 504,000 currently unemployed.

Three distinct youth unemployment segments can be identified:

 

1. Graduate youth 

The Ministry of Education reported that 57,000 of 173,000 of last year’s graduates remained jobless after looking for a job for six months. The Colleges and Universities are churning out graduates who are not needed by employers. Have you heard of medical graduates who cannot get a posting to do housemanship?  Do you have friends who have qualified as nurses but cant find a job? What about those who qualified in Psychology or Business who are still unemployed. How long do these graduate youths need to wait for a job?

 

2. Rural youth

There are Youths who have completed their SPM and STPM and are just staying with their parents in villages and rural areas. They are basically not working. Some just help around their parents doing the routine chores.  

Those who principally remain at home with their parents and are not working nor employed. The families provide food and shelter. Such youths have no where to go. The best place for them is their home. How long are they going to hang around doing nothing? What does the future hold for them? 

 

3. Urban youth

Youths living in towns and cities may comprise of  non-graduates. Most of them  are looking for employment in retail outlets such as hypermarkets, shopping complexes and shops.  Some seek employment as clerks, office assistants, accounts clerks or in administration.  Many others look for employment in distribution, manufacturing and in hospitality. 

A large number work in restaurants, fast food centres, hotels, bars and in the service sectors. 

What is their future down the line? How much will they earn after working in their job for five years? For the time being they have a job but can they grow?

 

Is there a way out for our youths?

All these “ unemployed and under employed” youths need help. If they cannot get a job out there, they must at least be encouraged to start their own small business. Starting a business is not easy. However, If proper guidance and assistance is provided, many of these unemployed youths can be taught to stand on their own feet. 

 

Step 1: Do Your Research

Before you start your business do your own research. Where do you live? Do you live in a tourist resort area?  What is your environment like?  Is it a rural or urban area? What type of people live in your area? Are they foreigners or locals? Are they high income group or average income group? What services are in demand? Do the people need transportation? Do they need English tutors? Do they need a laundry? Take your own time and do a thorough research.  

 

Step 2: Make a Plan

Draw a plan of what you want to do. Are you going to do A to Z? Are you going to do what you are capable of doing? Are you going to run the business on your own or with other partners? Are you going to open 24 hours? Is it an on-line business? Is it a franchise business? Do you need to travel? Put your plan on a paper. 

 

Step 3: Plan Your Finances

To start a business you may need a certain amount of money. Do you have the money? Are you going to get a loan? Are you going to lease? Are you going to finance it on your own or are you going to have a few partners. Many businesses fail because they don’t plan their finances. Plan every detail so that you will not be caught unknowingly. 

 

Career Tips

Over the next few weeks let us look at how to start your own small business. There may be many youths out there, wanting some motivation or guidance. Let us look at some of the businesses that you can start. 

As a reader, if you have a good business idea please write to: krishnan@ark.com.my. The information you provide may be useful to others. 





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