• To explore the factors that influence the millennial generation entrepreneurs identifying entrepreneurial opportunity in Malaysia

      Abdul Hami, Heliza (University of BedfordshireUniversity of Bedfordshire, 2020-10)
      In recent years, development of entrepreneurship in both scholarly and entrepreneurial activity has seen growing importance in Malaysia. Entrepreneurship can be labelled as the “engine of growth”. Simultaneously, entrepreneurs have brought an enormous positive contribution to not only the economic development but also social development. The importance of entrepreneurship to the Malaysian economic growth can be evidenced from the various support mechanism and policies by the Malaysian government. In 2010, the Malaysian government unveiled the New Economic Model, a 10-year plan to double the country’s per capita income by 2020. The New Economic Model has been successful in promoting entrepreneurship by providing entrepreneurial training and funding to encourage entrepreneurship. As a result, from the Malaysia Labour Force Survey (2018), the percentage of entrepreneurs increased by 9% from 2016 to 2017, indicating that the government’s efforts have been fruitful. However, the increase in number shows the classification of age range falls between 22 and 34. Thus, it can be concluded that the young age of the entrepreneurs or familiarly known as millennial generations are those who were born between 1982 and 2000. Reviewing previous research on millennial generation entrepreneurs, particularly from the Malaysian perspective, indicates that the research within the entrepreneurship discipline is fragmented and underdeveloped. Therefore, the topic chosen for this study falls within the focus of entrepreneurial opportunity identification. Research on millennial generation entrepreneurship has hindered knowledge development and creation in the field of entrepreneurship. This study aims to explore the factors influencing millennial generation in identifying entrepreneurial opportunity in Malaysia. This study is relevant in helping to build resilient businesses, to strengthen policy-making and encourage the millennials to consider entrepreneurship as a career. The research is based on qualitative investigation informed by an interpretivist ontology and epistemology. The author adopted semi-structured interviews to gain a deeper understanding of the aim of the study. Purposive sampling was adopted. The selection of participants was based on the specific criterion. The data were analysed using thematic analysis to create a meaningful classification of the influencing factors. All themes were coded using Nvivo 11 software. This study revealed that the factors influencing the identification of entrepreneurial opportunity among the millennial generation entrepreneurs in Malaysia differs based on the business industry, personal background and position. The interview data captured two main categorisations that can be acknowledged as individual factors and environmental factors. The findings that fall under the individual factors include alertness, prior knowledge, entrepreneurial cognition, social network, self-efficacy, personality traits, online digital platform, digital skills and Bumiputera status. Whereas, under the environmental factors, community, economic environment and regulatory or policy seem to be the most prominent factors in identifying entrepreneurial opportunity. The diverse background of the interviewees has added value to the findings by providing contending perspectives to the research. The findings suggest that the factors that influence millennials in identifying entrepreneurial opportunity in Malaysia differ from the in-depth available literature linked to developed countries. This study has advanced our understanding of entrepreneurial opportunity identification in a developing nation. The findings of this study offer fresh insight and value to academics, practitioners, as well as to policymakers and open up several research areas for entrepreneurship development in business start-ups, mainly focusing on the millennial generation. Thus, the findings provide an essential baseline for future quantitative and qualitative studies focusing on the Malaysian millennial generation.