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Entrepreneurship Development in Malaysia - Coggle Diagram
Entrepreneurship
Development in Malaysia
introduces students to the historical and policy perspectives of entrepreneurial development in Malaysia.
Malaysian Progress after Independence
After gaining independence in 1957, Malaysia developed in several areas:
Economic growth – Malaysia developed from an agriculture-based economy into an industrial and service-based economy.
Infrastructure – Roads, schools, hospitals and public facilities improved.
Education – More educational opportunities became available to Malaysians.
Employment – More job opportunities were created through industrialisation and business development.
Entrepreneurship – More Malaysians started businesses, supported by government programmes and financial assistance.
In short: Malaysia's progress after independence improved the economy, living standards and opportunities for entrepreneurs.
The New Economic Policy (NEP)
The New Economic Policy (NEP) was introduced in Malaysia in 1971.
Eradicate poverty – Help poor people improve their living standards.
Restructure society – Give Malaysians, especially Bumiputera, more equal opportunities in business and employment.
In entrepreneurship: The NEP encouraged Bumiputera to start businesses and participate more in Malaysia’s economy.
The National Development Plan (NDP)
The National Development Plan (NDP) was introduced in Malaysia in 1991 to continue the country’s economic development after the New Economic Policy (NEP).
Its main objectives were:
Economic growth – Develop Malaysia’s economy and industries.
Reduce poverty – Improve people’s living standards.
Develop entrepreneurship – Encourage Malaysians to start and grow businesses.
Improve competitiveness – Help Malaysian businesses compete in local and international markets.
In short: The NDP aimed to develop Malaysia into a more advanced economy while improving people’s lives and supporting entrepreneurs.
The National Vision Policy (NVP)
The National Vision Policy (NVP) was introduced in Malaysia in 2001 to continue the country’s development towards becoming a developed nation by 2020.
Its main objectives were:
Reduce poverty – Improve people’s living standards.
Economic growth – Develop Malaysia’s economy and industries.
Unity – Build a united Malaysian society.
Entrepreneurship – Encourage Malaysians to start businesses and improve their business skills.
In short: The NVP aimed to make Malaysia a developed nation by 2020 through economic growth, poverty reduction and national unity.
The New Economic Model (NEM)
In entrepreneurship: The NEM encouraged innovation, creativity and competitive businesses to help Malaysia grow economically.
Its main objectives were:
High income – Increase people’s income and improve their living standards.
Inclusiveness – Give everyone opportunities to participate in economic activities.
Sustainability – Ensure economic growth can continue in the long term without harming the environment.
In short: The NEM aimed to make Malaysia a high-income country through inclusive and sustainable economic growth.
Entrepreneurship in Higher Education
Entrepreneurship in higher education means teaching university and college students how to start and manage their own businesses.
Its main objectives are:
Develop skills – Teach students business and management skills.
Encourage creativity – Help students develop new ideas and products.
Create job opportunities – Encourage students to become entrepreneurs instead of depending only on employment.
Provide business support – Universities offer entrepreneurship courses, workshops and business programmes.
Example: A university student starts an online business selling clothes while studying.
In short: Entrepreneurship in higher education helps students develop business skills and encourages them to start their own businesses.