New Venture

Title: Exploring New Business Ideas, Challenges and Opportunity to Establish as a Small Medium Enterprise In Malaysia

Abstract

Purpose of this paper to explore new business idea, challenges and opportunity to establish the business in the small medium enterprise scale in Malaysia.

There are five new business idea have been explore in this paper. Following are the business: Coffee Restaurant Game, Professional Health and Safety Consultant Service, Online Seafood Restaurant, Travel and Tourism and Mobile Café Restaurant. All the five business is related to service sector. Literature review focus on marketing challenges, marketing opportunities, marketing innovative and creativity in SME. Methodology of the studies to investigate opportunity and challenges faced by SME’s in Malaysia, to establish and running the business, an exploratory study was conducted by interview via phones and meeting the SME’s owners. Convenient sampling method is used to select the SME’s owner. Four SME’s owner have been interviews, all of them are from service sector. Mobile Café Restaurant as the best idea based on research conducted and develop the Mobile Café Restaurant to be a successful business. Resources and opportunity for setting the Mobile Café Restaurant business discussed scanned with the help of established tools such as PORTER’s Five Force Model of Competition and PESTEL Analysis. Followed by entrepreneurial process briefly explained the five level of process to the opportunity evaluation, planning, company formation/launch and growth.

1.0 Introduction

1.1 Small Businesses

Universally all governments are currently revolving their consideration to small scale business. The reason behind of this phenomena because of larger industries have failed to stimulate financial and economic improvement of their population (Command of Her Majesty, 2000). Consequently, Small and Medium Enterprises (SMEs) are nowadays regarded as significant and justifiable commercial expansion to develop the nation.

(Haroon Hafeez, 2012) stated in a research, SME’s is the back bone of the developing countries where it can generate occupation prospects, reducing poverty and improve on living standards of the population.

SME’s have helped to create wealth and prosperity. The study conducted by (Memba, Gakure, & Karanja, 2012) have confirmed the relationship between SME’s growth and poverty improvement. Even though with an unfavorable economic environment and political.

The administrations of various established and rising nations consider the growth of SME’s, is greatest key for sustained commercial growth, worldwide competitiveness, and reduce joblessness(Gurau, 2012).

Definition of SME’s, no one have agree universally the terms for small medium