KUALA LUMPUR, July 19 — Young entrepreneurs need to understand the importance of a business model if they want to thrive, the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) said today.
Its president Tan Sri Ter Leong Yap said the concept of a business model is not just about turning a profit, but about creating and understanding the “customer” who decides if a business survives and thrives.
“The aim of marketing is to know and understand the customer so well that the products or services fit the business and hence business model is very important,” he said in his speech at ACCCIM’s 7th Young Entrepreneurs Conference (YEC) here today.
Ter, who is also president of the National Chamber of Commerce and Industry of Malaysia, said businesses grow through innovation and new value propositions.
“Some of the businesses only focus on the profit and completely devoid of any contribution to the society,” he added.
ACCCIM is the national organisation of the Chinese chambers of commerce in the country.
YEC has nearly 5,000 members from all sectors and is an annual platform for young entrepreneurs, both local and foreign to learn and network.
The conference this year saw the participation of 40 local delegates and overseas youth organisations.
