The Malaysian Government launched 1Malaysia Entrepreneur, or 1MET, in 2013. It is an initiative by the Government of Malaysia to enable entrepreneurs from all segments of society to successfully start and grow their own business by leveraging public & private sector resources.
However, there is a high failure rate amongst start-up businesses. Research shows that a majority of entrepreneurs lack any form of training in entrepreneurship. Amongst the common reasons cited for failure are: Intense competition, lack of customers, and lack of knowledge and skills. A majority of the start-ups offer me-too products and services and must compete in the red ocean, further reducing their chances of success as they compete against stronger incumbents.
Entrepreneurship is fabled to be a black box – a random act resulting from some combination of genius, luck, or trial and error. But, what if entrepreneurship could be cultivated through creative education, and failure minimized through the use of proven methodologies and frameworks? How can we create a more systematic way to help entrepreneurs succeed by using blue ocean strategy tools and frameworks.