ENTREPRENEURS need to find the right business model to succeed in the current challenging economic conditions, said Global Entrepreneur Xchange (GEX) chairman Karthik Siva.
“They (entrepreneurs) must know how to meet customers’ needs by developing the right business models, among others, especially during times when it’s tough to remain competitive in the market,” he said during the global platform’s inaugural Face2Face with Innovators session in Kuala Lumpur on Jan 15.
He said entrepreneurs need to adopt different approaches to suit the economic situation as customers’ needs change according to their financial capabilities.
“Malaysian entrepreneurs need to find customers before creating a product. What people do (first) is they create a product, which is not the right thing to do.
“Knowing and understanding customer needs is at the centre of every successful business, whether it sells directly to individuals or other businesses,” said Karthik, who unveiled his book Tools, Tips and Thoughts for Entrepreneurs at the event.
He noted that by understanding customers’ needs, entrepreneurs can persuade potential and existing customers that buying from them is in their best interest.
“Malaysia has a very vibrant outlook towards innovation and entrepreneurship. Recognising that, business owners need actionable and impactful directives that they can use immediately,” said Karthik.
He added that entrepreneurs also need to compete in an attractive market by creating something different.
GEX is an independent and private coalition of entrepreneurs , created by entrepreneurs, for entrepreneurs.
It serves as a global platform, partner and portal to empower, equip, educate and enrich entrepreneurs with valuable and actionable content, advisory services, master classes, coaching, mentorship and networking opportunities.
Also present are Minister of Entrepreneur Development Datuk Seri Mohd Redzuan Yusof and international design and consulting firm, IDEO co-founder Tom Kelly.