Youth Encouraged To Regard Entrepreneurship As Option

Posted on  21/10/2011  |  Media Centre

Written by Jimi-Ha on 21 October 2011.

Bandar Seri Begawan – As the Government of His Majesty the Sultan and Yang Di-Pertuan of Brunei has spent a significant amount of funds boosting the Small and Medium Enterprises (SME) industry, there is already a lucrative opportunity for young entrepreneurs looking to set up their respective business ventures in concepts that are emerging around the world.

Them has been a number of financial support developed over the past two years – namely BEDB LEAP Programme, AITI Grant Scheme for Local ICT industry, the Future Fund, Accel-X, Aureos and Imprimus – and the government through various agencies is set to consider speciality in accordance to requirements in the global market.

During an informal session yesterday at the THiNK BIG Innovate Forum 2011 with two speakers – Idris Vasi, CEO of DST Group and Brian Koh, Deputy Director of NUS Enterprise and Director of KR Consulting Pte Ltd – it was discussed that Brunei as a developed country is capable of providing a myriad of prospects in funding its aspiring entrepreneurs looking to make it in the ICT industry.

“Is entrepreneurship an option for Brunei?, Is there venture capital funding available? What kind of support is currently in place in the country?”

These were the questions posed in response to doubts shrouding the minds of local young entrepreneurs, as they often lack confidence to embark on entrepreneurship due to unseemly support and guidance from the Sultanate.

But the speakers reassured the pattern of such mindset has changed, with Brunei willing to assist them in building their businesses from scratch, and supporting them in the face of challenges, ultimately turning them into opportunities.

An entrepreneur finds, creates, and innovates ideas to do enterprise.

In English, it is a term applied to a person who is willing to help launch a new venture or enterprise and accept full responsibility for the outcome,” said Brian Koh as he stressed that the connotation of ‘Get a proper job’ must be revolutionised into ‘Building a business,’ where according to him, it is essential to create a culture that celebrates and accepts failure as failure enables a person to understand what does not work.

Developing the idea is usually part of the challenge, where finding the right business opportunity or creating innovation does not usually come easy.

It is often quoted that “while others see problems, you must see opportunities.”

“Go overseas to broaden your perspective and raise the bar on developing a first-rate start-up,” he suggested.

“Stay close to home while the start-up is young to soak up all the nurturing you can and when you get a reasonable offer from a big tech brand, take it – and then look forward to the next venture!”

He recapped the success story of Darious Cheung, founder of TenCube, where he once told that in order to strive, one needs to assemble the right team who will believe in the possibilities and is passionate in making the possibility a reality, given that the business has good clients, and competition that must be regarded as a benchmark for creativity.

Courtesy of Borneo Bulletin

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