The Star Malaysia

Steep learning curve for first-time entreprene­urs

- PETALING JAYA:

Many a time, it’s a case of “doing it by yourself”. And there is no such thing as a one-sizefits-all.

That’s what many entreprene­urs discovered as they ventured into an entirely new business.

Kopi Jiran co-owner Wan Atiqah Misha Mohd Hairul, who founded a cafe in Kajang, Selangor, with her cousins in August 2020, said proper financial management was the key to keeping a business going during difficult economic times.

“We had to calculate and manage everything from quality to the quantity of sales daily,” she said.

The outcome, she said, boosted her confidence to keep moving forward amid the challenges she faced.

Her cafe received a lot of support from her neighbours and friends, who were fond of its antiques and vintage-style design, Wan Atiqah Misha said.

Restaurant and bar owner Derek Kanason spoke about the need to invest more into advertisin­g and promotions.

“We need to improve the restaurant as well if we want to stay competitiv­e. This won’t be cheap,” said Derek, 34.

His establishm­ent had been performing relatively well since its opening last December, he said, adding that there were competitio­ns from similar establishm­ents nearby.

“There are now more alternativ­es for customers to choose from and combined with the current inflation, customers have become more price sensitive,” he said.

Retiree Mohd Faris Neo Abdullah, who co-owns a cafe with his wife, believed that patience was a necessity, too.

“Since we are quite new, it will take time for customers to get to know us,” he said.

Coming from a corporate background, he acknowledg­ed the challenges in venturing into the business.

“No doubt there’s pressure on the profit margin. But we enjoy seeing our customers’ satisfacti­on,” he said.

A businessma­n, who runs a premium meat retail shop in Kepala Batas, Penang, said he had to learn everything from scratch when he started.

One coffee shop associatio­n member advised new eatery owners to invest wisely because “this is a fast-changing sector that requires long-term planning and continuous effort”.

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