kuala lumpur: Malaysian-Indian entrepreneurs have great potential to succeed in business by acquiring the necessary expertise and skills in their respective industries.
Datuk Dr V. Shanmuganathan of the Indian Chamber of Commerce and Entrepreneurs (SICCE), Selangor, said local Indian entrepreneurs need the right knowledge and know-how to expand their businesses in the country. , said that a solid business plan is still lacking.
“Success requires more than just an academic background, so it is important to instill a strong business mindset in local Indian entrepreneurs.If an entrepreneur lacks the necessary knowledge and mindset, it is difficult to properly create a business plan. The company will be unable to do so, and will feel uncertain about its business operations over the next three years.
“A solid business plan should include standard operating procedures for managing and operating the business, including a risk management plan. Many businesses fail because of poor planning; “Managers face cash flow problems within the first six months,” he said. sunbiz.
He said SICCE has a standard strategy to get local entrepreneurs in India to start a business, starting with a 21-page proposal to fill out.
Part of SICCE’s initial training process involves having Indian entrepreneurs observe seven of their competitors’ businesses and report on the advantages and disadvantages they discover.
“Take the example of small businesses applying for government subsidies.Many entrepreneurs in India miss out on these subsidies.
“Why? You need an SME certificate to apply for an SME grant. How many chambers have informed their members, especially the Indian community, about this requirement? Businesses without a certificate are immediately eligible for the grant. will be disqualified.
“We help them with all aspects of starting a business, including proper application for certifications and grants, and we focus on planning and strategies to manage the cash flow of the business,” said Shanmuganathan.
He said SICCE has also found that many of India’s local companies have the potential to become listed companies.
Mr Shanmuganathan said SICCE is working closely with Malaysian Trade Development Corporation (Matrade) and various chambers of commerce and commercial agencies to promote India’s local products and services abroad.
“We are actively collaborating with various chambers of commerce and organizations. We are collaborating with Matrade and also organizing India-focused initiatives. Through SICCE, we are collaborating with Coimbatore, Madurai, We have established partnerships with India-based chambers of commerce and commerce in Chennai, Trichy and Tamil Nadu.
“We have also expanded our relationships internationally, partnering with the Indian Chamber of Commerce and Industry in Dubai and forming partnerships with the Indian Chambers of Commerce and Industry in Melbourne, Singapore and London. We are planning to take a delegation of entrepreneurs to China.As part of this initiative, we will be training around 50 young people in November to prepare them for their trip to China.
Mr Shanmuganathan is running for the post of president of the Malaysian United Indian Chamber of Commerce and Industry (Maicci) this week.
“This is my second contest. My current post at SICCE has restrictions. I can only operate within Selangor as each state assembly has a chairperson.
“I need to become president of Maicci to expand nationwide. By maintaining this position, we can build on our success in Selangor and implement initiatives in all states.
“To ensure that other states have an effective template, I want every chamber of Congress across the country to adopt and implement best practices so that all Indians, not just one state, can benefit.” I’m going to do it like this.
“If a project is viable and beneficial, we will promote it. For example, two months ago, we brought people from India at full cost of sikkhe,” Shanmuganathan said. .
As part of his manifesto, he will raise RM1.5 million annually for Maicci and establish a group of 111 industry-based think tanks to help train, network and identify business opportunities for India’s business community. said.
“This group of think tanks will provide research on the gray areas that need to be addressed for Indian companies to take advantage of and present the findings to various government ministries such as Ministry of Finance, Ministry of Matrade, Ministry of Investment, Trade and Industry, Ministry of Domestic Industries, etc. “Ministry of Trade, Cooperatives and Consumer Affairs,” he added.
Shanmuganathan said if elected, Massi would push the government to allocate projects and contracts to India’s local business community and launch more start-up entrepreneurs within high-growth industries.
He said Maicci’s new goal is to make around 300 small and medium-sized enterprises in India, run by both men and women, into millionaires.
“We also aim to establish a dedicated business training center under Maicci to develop new entrepreneurs.We also aim to establish a dedicated business training center under Maicci to develop new entrepreneurs.Additionally, we aim to make Maicci and the State Chamber a cost-effective and revenue-generating organization. We also plan to develop Maicci as a state chamber and an important resource center for the Indian business community,” said Shanmuganathan.
It also promised to appoint Mr. Maich an executive director to oversee day-to-day operations and ensure timely communication with the Legislature and the public. Additionally, he was instrumental in energizing the youth and women entrepreneurs’ committees by allocating appropriate budgets for business activities.