The gradual rise of Malay entrepreneurs

• Main Authors: Chou, Anne Hwee Ling, Ong, Virginia Li Ching, Poh, Priscilla Siew Hoon
• Other Authors: Goh Chye Tee
• Format: Final Year Project
• Language: English
• Published: 2014
• Subjects: DRNTU::Business::Accounting
• Online Access: http://hdl.handle.net/10356/55704
• Institution: Nanyang Technological University

From the literature review, empirical research and the case study, the authors have found that the under-representation of Singapore Malays in entrepreneurial activities can be attributed to several factors, most of which are not inherent in the Malay race but due to several historical and social factors. The mam reasons for Malay under-representation are the lack of capital, a trading tradition , technical and management expertise as well as certain aspects of the Malay cultural mind-set which does not advocate the idea of the pursuit of wealth. The lack of capital is due to the Malays being in the lower-middle strata of the economy. This phenomenon can be partly attributed to the low education attainment of Malays which results in low-paying jobs. This disadvantage is further aggravated by the difficulty of obtaining bank loans and having large families to support. Culturally, the Malays place more emphasis on religion and maintaining social ties. Hence, ideas of wealth not bringing happiness as well as their generally relaxed lifestyle has resulted in their limited participation in entrepreneurial activities. However, culture is not static but always evolving with the external environment. Thus, with Malays gradually adapting to the competitive climate in Singapore, the marked improvement in their educational performance as well as their heightened awareness to better their economic position, the prospect of more participation in entrepreneurship by our Malay counterparts is promising. With time, assistance and understanding, Singapore Malays will play a significant role in this sector of the economy.