What are the critical success factors of an internet entrepreneur in Malaysia?
1 always keep up with the trends.
2 never be afraid to try new technologies, new media such as TikTok.
3 be data driven - it is key to understanding customer behaviour.
4 learn to automate.
5 have the eagerness to experiment new methods, validate before going big.
6 be customer centric - great customer experience is what drives recurring revenue.
7 start small, but be ready to scale.
8 don't be afraid to ask and pay it forward.
9 invest in technology, because the technology will keep you ahead of customers.
10 look out for niches, because there riches is in the niches.
Key challenges by internet entrepreneurs in Malaysia.
1. limited access to tech talent pool: both developers and digital media specialists.
2. poor internet infrastructure = inconsistent speed.
3. differences in purchasing power, lifestyle and standard of living among consumers from different states of Malaysia.
4. Malaysian consumers digital savviness is rather poor. they are not keen to try new things and depend on others to educate them, ie not early adopters.
5. lack of internet education, like how payment gateways function.
6. low credit card penetration limits spending.
7. too much fraud, making consumers too cautious and wary about new things.
8. difficult and expensive to market to 3 different language groups in Malaysia.
9. over reliant of facebook.
10. local SMEs are slow to adapt to embrace new technology.
