5 Types of Business Owners in Malaysia
As business owners, they often exhibit certain traits or characters that separate them from others. So what kind of business owners are there in Malaysia and how many have you worked with?
The 'Bao Sua Bao Hai Bao Ka Liao ' - Everything also I do business owner
Often starting out as a freelancer or self employed. These business owners often ‘like’ or have to manage everything themselves. They try finding leads then closing them after many rounds of meeting, perform tasks themselves and finally issue invoices. Most of the time, they have to do their own accounting too!
While this is cost effective in the beginning, the cost of missed opportunities might outweigh the cost of hiring a staff. Business owners should look into leveraging on available online listing platforms like Keepital to effectively scale their business.
The Traditional Business Owners
The traditional business owners are the most common type of business owners in Singapore. They would usually start off with an initial capital and hire a few staff to run the business. As the boss, their main role is to network with other business owners and sell their products and services. They believe greatly in human interaction and would often prefer to meet in person to discuss a simple issue. They believe in a tested and proven traditional method from the past.
While they are aware of the technological advancement of the digital landscape, they would still prefer to do business the traditional way like flyers and print advertisements while missing out opportunities like digital platforms and listing sites to increase their sales leads channel.
The visionaries often founded their business based on a vision or mission to solve a problem or to build a better place. They are highly driven when it comes to their causes and would even go to the extent of selling their own house to fund the project. They would follow inspiring successful business owner and would often take inspiration from their quotes and share it with their employees to motivate them.
It it also common to see them share motivational and inspiring content from their business idols on their social media.
The Outsource King
Being the opposite of the ‘Everything I also do myself’ owner, they try to outsource everything they can. Eventually the Outsource King acts as a sales person to find leads and convert them.
While working with freelancers can definitely save cost, the most critical factor of outsourcing is the performance of your working partners. As they are technically not your staff, their efforts might be less if they have existing projects on their hands.
The Digital Entrepreneurs
When it comes to the use of digital tools, Digital Entrepreneurs are the most effective. They love to meet online through Zoom or Google Meet and prefer to get things done digitally. They effectively leverage on digital platforms, social media and listing sites to sell their products and services.
Most of the time, they are able to work anywhere as long as there is electricity and wifi!
Starting a business in Malaysia can be tough, but this is exactly why we are sharing our wealth of knowledge to help you grow digitally. Find out how we have helped other local companies leverage from our platform and generate leads from ASEAN countries.