Entrepreneurial-based model to groom new generation of successful bumis, says Rafizi

The Star

Speaking at the Bumiputra Economic Congress 2024 on Saturday (March 2) Economy Minister Rafizi Ramli said the previous "success model" which produced qualified workers among the bumiputra community is no longer applicable in the current economic climate.  Read more at https://tinyurl.com/2jp6urtk  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

Transcript

00:00 In the 60s and 70s, due to the big socio-economic gap between the Putra Islands and the non-Putra Islands,

00:10 when we gave education, and the dreams that were planted in our children,

00:18 was that we wanted to eat salary, we wanted to work, at that time everyone wanted to work,

00:24 because that was a successful profession, with a good salary and so on.

00:34 Then in the 80s and 90s, with more agencies or GLC companies established in connection with the government,

00:43 the next class group was more inclined to join GLC and so on.

00:51 But that was still a model, a successful model in our society,

00:58 which is to become a CEO, meaning to become a CEO in the companies that were already established,

01:06 be it MNC or GLC and so on.

01:12 From the beginning, from school, I remember when I was in school, when people asked him about his dreams,

01:19 to become a corporate, for example, they asked him, "What does corporate mean?"

01:25 He wanted to be the CEO of a bank.

01:28 It was difficult to find this Mr. Putra, who saw that the path to business and as a businessman,

01:39 even though it started from a position that was not as glamorous in a large sector,

01:47 it was difficult to see it as a model for success.

01:53 If not, it was seen, because if it was a direct business, for example,

02:00 there were also direct business, if it was a skill and skill, maybe from the family,

02:07 but there were also many, especially in today's era,

02:10 young people who are businessmen, because they feel that they cannot work in other places.

02:15 So, this is the thing that I think we have to change and look at it deeply,

02:22 because we need to plant from the beginning, from school, that becoming a business class,

02:31 and becoming a business class, it has its own features.

02:34 It means that it has to be creative, it has to take risks.

02:40 You cannot open a company at the age of 2 and earn 20,000.

02:45 Most of the successful people, after 30 years of being in business,

02:51 and in the first 5 years, they did not earn anything, they just ate.

02:55 That model of success does not exist in my opinion.

03:00 I don't know the younger ones.

03:03 Over the last few years, when I was living with the younger ones,

03:06 at the university, at school, the model of success is still, for example,

03:11 to become a CEO there, here, they did not see this path.

03:16 So, when they did not see that path, they were afraid to take risks.

03:21 They did not think critically, how to produce new products and new services,

03:27 by improving the existing cancer.

03:30 They did not know about the rules and disciplines to start a business.

03:38 The difference between loss of profit and loss of capital.

03:42 The difference between pre-C to C, to PE, to listing.

03:50 They did not see all of that.

03:52 So, this needs to be brought back from the beginning.

03:57 I may not be popular enough, but I always mention this.

04:00 If we want to create an entrepreneurial class in Indonesia,

04:05 which is truly sustainable, we need to be interested from the beginning

04:10 to change the model of success.

04:12 Because if we compare it with other countries,

04:16 which create value, the model is very different.

04:20 The most interesting thing in the US is that they do not want to work with the Citibank.

04:25 They have not studied at Harvard or Stanford yet,

04:29 but in the third year, they already dropped out.

04:31 They went to look for capital, to start their own business,

04:34 to create their own technology, and so on.

04:37 And the last wave of the last 10-15 years of the US, for example,

04:43 economic growth was basically fueled by this class of people.

04:49 But the ecosystem is good.

04:51 They have good venture capital,

04:54 they have a good capital environment and capital mobilization.

04:59 But the idea, that is what gives birth to what we know today.

05:04 Elon Musk, Mark Zuckerberg, Jeff Bezos,

05:09 they all came out of the success model of the US.

05:13 And I prefer to strike it early and take risks and fail much earlier,

05:20 because after a while, I will be successful.

05:23 That is my view, does not exist in the society of today's young people.

05:29 And that is something we need to look back at our design program.

05:34 How for us, and this is from school, to university, to society, and so on,

05:41 before we can unlock the value of the Malay and Bumi Putra middle class,

05:47 which is my view now, is locked.

05:49 [BLANK_AUDIO]

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