Entrepreneurs advised to devise right business models
KUALA LUMPUR: Entrepreneurs must know how to tackle customer needs by developing the right business models, among others, in order to remain competitive especially in the current challenging economic conditions.
Global Entrepreneur Xchange’s (GEX) chairman Karthik Siva said businesses need to vary their approach as the customers’ financial spending and priorities are constantly changed.
“You must create the business model first before creating the business. Most entrepreneurs nowadays create the business without creating the business model first and they got to differentiate their business from others.
“If you want to enhance your success rate, you better find a way to differentiate your businesses. Lack of variety in business, particularly in Asia, are among the main reasons why entrepreneurs and startups fail,” he told reporters on the sideline of GEX’s Face2Face with Innovators forum yesterday.
Entrepreneurs according to him, need to choose the right business and right category as well as solving the customers’ needs promptly.
By having the right business and business models, Karthik said entrepreneurs could contribute more towards growth in the Gross Domestic Product (GDP).
“They will also likely to achieve the target of having 50 per cent contribution from the entrepreneurship in the GDP by 2020,” he said adding that, entrepreneurs also need to need to upgrade their skill sets.