Entrepreneurship in the New Normal
A company with a High Performing Bumiputera Company (TERAS) status, AUEI Teras made its name in the property development sector in Kelantan. Not content to rest on its laurels, AUEI Teras has also embarked on entrepreneurship training programmes to teach women entrepreneurs how to best run a business. Founder, President and CEO, Rita Sarbani Ismail, reveals her vision for 2021 and beyond to International Business Review.
“We believe that our woman entrepreneurs must always embody a holistic vision of integrity, trustworthiness, effective communications and intellectuality at all times, particularly during these times of economic uncertainty.
These qualities of entrepreneurial characters should inculcate positive values and resilience to move forward in facing the challenges of the pandemic. At the same time, they must be prepared to keep up with the dynamic transformation of the global business eco-system due to impact of the pandemic, which has transformed the world economy into a digital one under the ‘New Normal’.
In this challenging year, women entrepreneurs must seek to re-engineer their business modus operandi and reap the plentiful opportunities that are available under the New Normal, namely in sustainability and the digital economy. They cannot afford to remain as by-standers, still content with doing things in the traditional, old business ways.
New business strategies must be developed and supported by new branding under the government’s digital economy policies to conform to the needs and wants of the global market.
Business organisations in the New Normal must be reengineered to accommodate the impact of the pandemic. For instance, the risk of losing important human capital assets, particularly those with long years of experience and who have contributed to the success of the organisation, is high.
Under the New Normal, businesses should adopt tactics such as work from home (WFH), while upskilling and reskilling using modern technologies that will help them transform into global players.
At the same time, entrepreneurs should reconsider retrenching human capital assets. This is because doing so can be construed as being ungrateful, especially to those who have put in many years to help the organisation achieve its success. In fact, retrenchments of such valuable staff is against the holistic vision of integrity, trustworthiness, effective communications and intellectuality
During any times of economic turbulence, such as this current pandemic, entrepreneurs should keep searching for that silver-lining and turn these tribulations into our best opportunities yet.”