‘Do you know that in Malaysia, there are many unemployed youth, and that the number has been increasing substantially?’ This was the question raised by our speaker of the day, Dr Roland Xavier. He continued: ‘Being a science graduates, you too can be entrepreneurs.’
Dr Roland started his lecture by telling us the importance of innovation in order to be a successful entrepreneur. He told us that many people always confused the terms creativity and innovation. Creativity means coming up with new ideas, whilst innovation means bringing ideas to life. As science involves the conversion of money into knowledge, innovation involves the conversion of knowledge into money. Hence in order to market a product, it is not about coming out with a new idea or coming out with a new scientific theory, but how we convert all these ideas and theories into marketable products or services that can generate wealth. His lecture did not fail to amaze the class as he told us the difference between important and interesting in selling a product or service. He explained that only important products that keep customers’ needs addressed can help to keep a business survive. This is because it can generate higher profit as customers are willing to pay a premium for solutions. On the other hand, interesting products usually are unnecessary products in daily life because there are not “solving the customers’ pain”, and hence the chances of a company selling interesting products, such as magazine company, will be less likely to survive in the twenty-first century.
After attending his lecture, I learned to think like an entrepreneur, and understand that it is innovation-led businesses which will eventually lead to business success. I am looking forward to attending tomorrow’s class to gain more valuable knowledge from the second part of his lecture.
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