Entrepreneur Insight October 2017

OCTOBER 2017

www.entrepreneurinsight.com.my

ENTREPRENEUR OF THE MONTH

Milkman Loi Tuan Ee delivers farm freshness from grass to glass

CELEBRITY INSIGHT

Chef Wan accounts for his business success and shares his love for interior design

DATO’ MICHAEL LIM PUTS HIS BEST FOOT FORWARD

VENTURING FROM HIS SHOES BUSINESS TO HIS NEW TRADE CENTRE

CONTENT

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COVER STORY

CORPORATE INSIGHT

HOME +

06 | Unveiling Chow Kit Trade Centre’s New Chapter

24 | Cashing In On His Celebrity Status

34 | Editor’s Top 10 Picks

Chow Kit Trade Centre Founder and Chief Executive Officer of VINSOON Group Dato’ Michael Lim shares on his eagerness to venture and learn about various business industries and his aspirations to nurture and benefit the community at large

CELEBRITY INSIGHT 12 | Culinary Chef’s Passion for Chic

Parisian Interiors

Chef Wan accounts for his business success and shares his love for interior design

ENTERPRISE OF THE MONTH 16 | Prioritising Customers’ Needs Above All Else

Fitline CEO Paul Yung Ken Hoe speaks extensively about the importance of postcustomer service relationship to grow the direct selling business

Best Line Entertainment (M) Sdn Bhd Managing Director AC Mizal leverages on his Entertainer status to excel in his entrepreneurial journey

FEATURE 28 | Is Crowdfunding Applicable To

Real Estate Investments?

Property experts share their viewpoints on the various crowdfunding strategies to consider for property investments

Appreciating Aesthetic Apartment Living

STRATEGY 36 | Basics of Borrowing 38 | Airbnb: Boon or Bane FINANCE 40 | Enjoy Your Retirement

YOUNG STARTUP 30 | Labour of Love in Health-Tech

GetDoc empowers users to search for 2, 000+ Medical Professionals easily and smartly; make medical appointment on-the-go and pay their medical bills cash-free, card-free, hassle-free and worry-free!

ENTREPRENEUR OF THE MONTH 20 | Farm Freshness from Grass to Glass Loi Tuan Ee, Founder of Holstein Milk Company and Farm Fresh shares the secret of his success in establishing an entrepreneurial footprint in Malaysia

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ENTREPRENEUR INSIGHT

EDITORIAL Editor-in-Chief Dato’ KK Chua kkchua@propertyinsight.com.my Editor Yvonne Yoong yvonneyoong@propertyinsight.com.my Writers Mages PV Lingam Felicia Soon

Pushing Ahead Despite Adversity

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othing worth attaining can be begotten simply by waiting around for opportunity to fall into one’s lap. This is true of the many accomplished Entrepreneurs and Property Investors who more often than not, have had to overcome insurmountable challenges in their climb to the top.

History itself tells of how Thomas Alva Edison (1847 – 1931), the inventor of the light bulb steadfastly held on to his relentless pursuit of attaining illumination at the turn of a switch. This prolific self-educated Inventor and Businessman also clocked up a reputation for creating the phonograph - the motion picture camera. Widely acknowledged as America’s greatest Inventor, his creations continue to influence how people live till today. This is the legacy of this once impoverished youth who held 1,093 US patents in his name besides other patents in the UK, France and Germany.

Closer examples to this century are the challenges faced by the legendary Walt Disney who was fired from the Kansas City Star as they said he “lacked imagination and had no good ideas”.

Even Oprah Winfrey lost her job as a television anchor in Baltimore for purportedly being “too emotionally invested in her stories”. Henry Ford lived through two failed car companies before striking gold with Ford. Steven Spielberg’s movies are a reality as he stuck to his guns and persevered although he was rejected by USC’s Schoool of Cinematic Arts many times.

Our success story in establishing Armani Media Sdn Bhd’s stable of awards including the Prestigious Property Developers Awards (PIPDA), 100 Most Inspiring Young Entrepreneurs (100MIYE) and the inaugural Asia Halal Brand Awards have been fraught with their fair share of challenges. The early years also saw us overcoming various crisis – ranging from lack of manpower and client challenges but we persevered – causing us to rise from a zero to a hero within the industry.

Counted among our achievements are the Property Investment Summit (PRISM) in its fourth year running as the nation’s foremost and largest property investment summit, Malaysian Entrepreneurs Convention (MEC) and Konvensyen Usahawan Bumiputera (KUB) which are keeping us busy all year long. Driven by an insatiable need to address market needs, we are forging ahead even as the countdown to 2018 starts ticking away, considering we are now in the third quarter of 2017.

In constantly pushing ahead with innovative measures, this October issue features a two-in-one 92-pager bumper issue whereby the inaugural launch of Entrepreneur Insight appears alongside Property Insight. The first appearance of Entrepreneur Insight will be a bi-monthly affair packed with news and insights from the world of the Entrepreneurs. Stay tuned until we meet again next month. Happy reading!

CREATIVE Creative Director Sarah Tan sarah@propertyinsight.com.my Designer Megat Khuzamir

BUSINESS DEVELOPMENT Sales & marketing enquiries support@propertyinsight.com.my +6012 3788 683

ARMANI MEDIA

Armani Media Sdn Bhd (1032085-H) No. 32-3, Jalan Pekaka 8/4 Seksyen 8, Kota Damansara 47810 Petaling Jaya, Selangor Tel: +603 6156 3366 Fax: +603 6156 3399

PRINTER Percetakan Osacar Sdn Bhd Lot 37659, No. 11, Jalan 4/37A Taman Bukit Maluri Industrial Area Kepong, 52100 Kuala Lumpur, Malaysia

ENQUIRIES enquiries@propertyinsight.com.my Tel: 017 601 9938

Dato’ KK Chua Editor-In-Chief

On The Cover www.propertyinsight.com.my

www.youtube.com/Property Insight Malaysia

Property Insight Malaysia

www.twitter.com/propinsightmy

PropertyInsight

Although every reasonable care has been taken to ensure the accuracy of the information contained in this publication, neither the publisher, editors, writers nor employees or agents can be held liable for any errors, inaccuracies and/or omissions. The contents of this publication do not constitute investment advice. It is intended only to inform and illustrate. No reader should act on any information contained in this publication without first seeking appropriate professional advice that takes into account their personal circumstances. We shall not be responsible for any loss or damage, whether directly or indirectly, incidentally or consequently arising from or in connection with the contents of this publication and shall not accept any liability in relation thereto. The views by our contributors expressed here are their personal opinions and do not necessarily reflect Property Insight’s views. The publisher does not endorse any company, organisation, person, investment strategy or technique mentioned in this publication unless expressedly stated otherwise. The publisher does not endorse any advertisements or special advertising features in this publication, nor does the publisher endorse any advertiser(s) or their products/services unless expressedly stated to the contrary. All rights reserved. No part of this publication may be reproduced in any form or by any means, including photocopying and imaging without the prior written permission of the publisher.

Dato’ Michael Lim Founder VINSOON Group

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NEWS & EVENTS

100 MIYE POOLSIDE PARTY Armani Media Sdn Bhd recently hosted its first poolside networking party on 8 September. A total of 180 guests attended the exclusive event held at the Ledang Urban Retreat Club, Nusajaya in Johor Bahru.

The event included Entrepreneur networking sessions, local sightseeing, business opportunity talks as well as business sharing platforms.

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The objective of the 100 Most Influential Young Entrepreneurs (100MIYE) 2017 is to showcase inspiring Entrepreneurs in Malaysia.

It is also a local platform to connect with other Entrepreneurs to build valuable relationships and create new opportunities for investment, partnerships and collaborations.

MAGIC LAUNCHES IDEA & IMPACT TO HELP IDES DRIVE POSITIVE CHANGE IN MALAYSIA Malaysian Global Innovation & Creativity Centre (MaGIC) has launched Impact Driven Enterprise Accreditation (IDEA), with the Ministry of Finance’s National Entrepreneur Development Office (NEDO) that seeks to bridge the disconnect between impact driven enterprises (IDEs) and resources as well as opportunities.

MaGIC and Tekun Nasional (TEKUN), also signed a memorandum of understanding (MOU) to collaborate on IMPACT, a project that creates micro-franchising opportunities for successful IDEs. IDEA and IMPACT were officiated and launched by Chief Secretary to the Government of Malaysia YBhg. Tan Sri Dr. AliHamsa, along with Secretary General of Treasury YBhg. Tan Sri Dr. Mohd Irwan Serigar bin Abdullah, TEKUN Chairman Dato’ Nor Azita Abdul Rahman, and MaGIC CEO Ashran Dato’ Ghazi.

BUILDING GLOBAL COMMUNITIES TO DRIVE ENTREPRENEURSHIP

RUNNING STREAM WITH OPERATIONS IN MALAYSIA Running Stream, had an opening ceremony in their new office located at the KL Gateway, Menara Suezcap, Bangsar. The company which was founded in 2006, an organisation which has its footprint across Singapore, Hong Kong, China, Australia and the United Kingdom recently had their opening ceremony, has innate passion for real estate investing. The ceremony saw stakeholders, investors, bankers and clients networking and enjoying a sumptuous lunch with the Founder and CEO Dan Toh. Running Stream mainly assists liquidation of assets, properties research and identifying the most effective agency to work on assets.

The GECommunity Summit 2017 will be held on 12 and 13 December at the Kuala Lumpur Convention Centre. The theme at this year’s GECommunity Summit 2017 set to take place in December is ‘Designing the Future’, a reflection of how critical it is for the entrepreneurship ecosystem to work together in anticipating market demands and opportunity gaps in order to innovate in different sectors. “GECommunity connects entrepreneurs, innovative thinkers, and futurists together to design the future of entrepreneurship in order to consolidate the ecosystem,” said Tan Sri Irwan Serigar Abdullah, Secretary-General of Treasury, Ministry of Finance Malaysia as well as Chairman of MaGIC and Patron of Global Entrepreneurship Movement (GEM).

WORLD TOP GOURMET AWARDS 2017 The inaugural World Top Gourmet Awards 2017 which was organised by the World Gourmet Chapter of the International Business Federation attracted over 50 entries. The culinary awards competition is dedicated to excellence in the hospitality, food and beverage industries.

It recognises restaurants recognised for their superior standards of food, service and dining experiences. According to the President of the Malaysian Chapter of the International Business Federation (IBF) – World Gourmet Peggy Chong, the awards would be an impetus for the industry to stimulate growth and interest, while promoting cross learning, networking and economic opportunities amongst industry players.

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UNVEILING CHOW KIT TRADE CENTRE’S NEW CHAPTER Chow Kit Trade Centre Founder and Chief Executive Officer of VINSOON Group Dato’ Michael Lim shares on his eagerness to venture and learn about various business industries and his aspirations to nurture and benefit the community at large By: Felicia Soon

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uccess is a continuous journey for Dato’ Michael Lim, Founder of VINSOON Group who worked his way up from being a salesman at a retail shop in Serdang, Selangor for three years before putting forward his first business idea into motion with Hypershoe.

Established in 1996, Hypershoe is considered as one of Malaysia’s leading shoe retailers selling affordable yet high quality and sturdy footwear for both children and adults.

Hypershoe chain stores are mostly located in shoplots and complexes, with its first store, Vinsoon Shoe Trading Sdn Bhd located on Jalan Ipoh, Kuala Lumpur.

Armed with a strong vision and with a desire for success, it was Lim’s initial dream to advance the Hypershoe brand into a hypermarket concept whereby customers can find comfortable shoes made from top-of-the-line materials with quality designs at an affordable price in one venue.

The shoe retailer believes that the right pair of shoes can transform your body language and attitude and uplift your feelings.

After a tenacious and gruelling 21 years of hard work, Hypershoe now spans an impressive total of 40 outlets across Klang Valley - an achievement borne from the persistence of Lim to achieve his goals.

Facing The Future with Courage

At 26, Lim was determined to excel in the challenging world of retailers.

“I had to prove myself at a young age, having grown up without any proper tertiary education. My father worked hard as a taxi driver to make ends meet in our family. I am grateful to him for bringing me up and for providing me with the basic necessities in life. His tenacity motivated me to become a better person until finally, I am able to give my family a better life,” relates Lim on how his father inspired him to make a change for the better.

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Based on the rapid growth of technology, the opportunity to start up your own business is easier, faster and more convenient nowadays.

Hence, the goal is to come up with better products – be it in property development or retail and stay relevant in this competitive market by exploiting the costeffectiveness of obtaining products via wholesale measures” – Dato’ Michael Lim

LEFT: First One-Stop Major Wholesale Mall

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In 2006, having operated his Hypershoe business for 10 years, he then decided that it would be a wiser decision to invest in a shoplot to save on rental costs. Therefore in the following year, he built a semi-detached factory in Klang representing his first property development as he envisioned the rising potential of the property industry.

Not one to back away from opportunities, Lim seized the opportunity to enter the property development business several years ago. In 2013, he bought a land in Chow Kit, Kuala Lumpur and decided to use it for the development of Chow Kit Trade Centre (CKTC) in 2017.

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Rejuvenating Chow Kit

Commenting at the launch of CKTC at the Chow Kit Trade Centre Sales Gallery, Lim said developing CKTC provides significant value not only to Chow Kit but also to wholesalers and investors of CKTC. He emphasises the importance of nurturing Chow Kit to embrace the fast-paced financial and development movement that Kuala Lumpur is now experiencing to be on par with other fastmoving cities around the world.

“For many years, Chow Kit served as a great area for the wholesale community including for leisure activities due to its great location and varied wholesale

products that can be found there ranging from watches, custom jewelry, fashionable accessories to household and kitchenware among others,” he says.

According to him, CKTC is set to be Chow Kit’s first major one-stop wholesale mall for cosmetic products, kitchenware and traditional Malay herbs.

Incidentally, the new 10-storey icon in the heart of Kuala Lumpur’s Central Business District (CBD) is touted to be one-of-its-kind in the country.

Lim says CKTC will feature a settlement boasting the area’s rich heritage of being a well-known wholesale area for 50 years. CKTC is a

LEFT: Mesmerising First Malay Heritage Sky Dining BOTTOM 1: Sky Dining Interior BOTTOM 2 : Wide Walking Aisle

freehold development undertaken by New Paradise Development under the umbrella of VINSOON Group.

A thriving Malaysian-grown company, VINSOON Group has grown steadily since its inception in 1996, spearheading the way for business development while enhancing the lives of people around Malaysia. Its future aim is to penetrate Asia as well.

The group’s longstanding reputation and experience in this industry has enabled it to deliver sustainable solutions and substantial results. This facilitates it to move forward in the goal of building a brand that represents global standards

in product quality and service delivery.

New Twist to Old Trade

Boosting a contemporary and attractive building design, the upcoming wholesale development will feature 254 lots with built-ups from 52 sq ft to 181 sq ft. The pricing starts from RM101,400. There is a 4.5 metre high additional storage area above each shop. Other services provided within the one-stop wholesale centre

include 24-hours security, Close Circuit Television (CCTV) monitoring, custom built loading and unloading facilities.

According to Lim, CKTC will breathe new life into the historic town of Chow Kit known for its rows of long-established retail outlets specialising in wholesale goods. He adds that it will also elevate the wholesale business to a different level by allowing wholesalers to experience their own unique and exclusive wholesale

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space at the distinctive one-stop wholesale centre.

“Following the strong demand for wholesale retailer space, we received an overwhelming response for this development when the project was open to sellers in February 2017,” he says.

With a net floor area spanning 34,650 sq ft, 60% of the development has been taken up by business investors and wholesalers. They will be bringing in a range of products and stocks focusing on cosmetic products, kitchenware and traditional Malay herbs from China, Thailand, Korea and Indonesia,” adds Lim. The group foresees the development that comes with a Gross Development Value (GDV) of RM160 million will be fully taken up by December 2017 and completed by end of 2019.

The integrated CKTC development comprising Malaysia’s first Malay heritage food court is well-poised to becoming the next big development and a major one-stop wholesaler for both investment and leisure opportunities in Kuala Lumpur.

It has already secured MK Curtain as one of the leading curtain retailers in Malaysia which will fully occupy the whole Level 7 of CKTC while Hypershoe will have its own wholesale and factory outlet on Level 6.

Surviving The Industry

“Being a business Entrepreneur is actually very tough because it basically involves overcoming different challenges.

In order to become a successful person, you will need to be friendly and humble to everyone, willing to learn from your mistakes and accept the challenges that come along,” Lim explains.

“The biggest challenge that I faced was when Hypershoe expanded rapidly back in 2003. During that challenging time, the company did not have enough cash flow resulting in the organisation being unable to pay salary to our employees, rental fees and even the money owed to our suppliers,” reflects Lim. “I felt like giving up at that time but at the end of the day, I persevered by closing down more than 30 Hypershoe retail outlets in Johor Bahru, Penang

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and Kuantan and only maintaining the remaining retail outlet in Klang Valley,” says Lim. Today, the group has grown and successfully expanded its operations combining the wealth of experience and expertise gained from their retail and property development project.

“The majority of our funding comes from our investments. We will usually invest in an area with good potential and then, we will refinance the property and use the returns to invest and expand our business,” says Lim. The group feels that it is the right timing to invest in Chow Kit as Kuala Lumpur is the central region of Malaysia that will receive enormous benefit from China’s One Belt, One Road initiative.

This was due to the link especially

between China and Central Asia, China and Europe, China and Southeast Asia as well as between China and East Africa.

“Following this, we realised the full potential that Chow Kit can give to businesses and tourists alike. Yet, we still want to retain the history of Chow Kit for what it has been known for these past few decades. And, this is what will attract both business and tourist to venture with CKTC,” he explains.

His prediction of the market outlook in the next 10 years is there will be good opportunities for foreign investments in Malaysia due to its central location in Asia which will definitely give a boost to the development of various sectors and industries, hence generating greater growth through good infrastructure as the main catalyst.

Centre (UTC), CKTC is easily accessible to various locations.

Nearby public transport within: Chow Kit Monorail within 400 metres Kampung Baru LRT within 800 metres PWTC LRT within 900 metres Pekeliling Bus Terminal within 950 metres Pudu Sentral UTC within 2.3km

CATALYST FOR CHOW KIT Chow Kit Trade Centre (CKTC) is envisioned to offer an exceptional contemporary wholesale shopping experience in the heart of Kuala Lumpur’s eminent wholesale area with its doublevolume ceiling complementing its generous showroom and storage areas.

The wholesale mall is also located in a mature business district, adjacent to Kuala Lumpur International Hotel as well as other surrounding active commercial developments.

Conveniently located nearby Chow Kit Monorail, Kampung Baru Light Rail Transit (LRT), Putra World Trade Centre (PWTC) LRT, Pekeliling Bas Terminal and Pudu Sentral Urban Transformation

The excellent connectivity plus its prime location will contribute towards making CKTC as one of the most promising business venues within the district of Kuala Lumpur.

• Kampung Baru, which is a Malay reserved area is located about 200 metres to the east of CKTC, characterised by a large number of Malay houses, restaurants, mosque and many more. Notable landmarks within the Kampung Baru area are Plaza RAH, Menara NAZA and NAZA World Auto showroom.

• Pasar Raja Bot is the largest “wet market” in Kuala Lumpur selling fruits, vegetables, meats, seafood etc. It is located at the northern end of Jalan Tunku Abdul Rahman in Kuala Lumpur which is just three minutes walking distance from CKTC. The market

•

is crowded with locals and tourists most of the time and is set to receive a RM200 million facelift to modernise and transform it into an iconic landmark. Construction is underway to build 8.5 storeys of multi-level parking lots.

Raja Alang which is a mere four minutes walking distance from CKTC is a famous street with wholesalers retailing Malay traditional herbs, cosmetic products, kitchenware and other household items.

FUTURE DEVELOPMENT Business owners will also have the option of owning premium Government office suites at Chow Kit in the next two years. Investment-wise, it is widely acknowledged that commercial developments within the heart of Kuala Lumpur will definitely enjoy good capital appreciation and great rental investments.

CKTC will also be strategically located next to Majlis Agama Islam Wilayah Persekutuan (MAIWP), an establishment overseeing the affairs of Islam in the Federal Territories of Kuala Lumpur. The 30-storey building comprising five different government departments comes with eight levels of parking lots to provide ample parking space and the development is targeted to be completed by August 31, 2019.

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CULINARY CHEF’S PASSION FOR PARISIAN INTERIORS Chef Wan gave Property Insight a peek inside his bungalow he calls a paradise By: Mages PV Lingam

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roperty Insight had the privilege to chat with Malaysia’s well-known Celebrity Chef Datuk Redzuawan Ismail or fondly known as Chef Wan at his magnificent bungalow located at the Garden Residence in Cyberjaya.

Chef Wan is a man larger than life. Having won the 2009 Gourmand World Cookbook Awards as the Best Celebrity Television Chef in Paris, France, he also received The Most Successful Chef Award - ICONs of Malaysia Award and Tourism Malaysia’s Culinary Ambassador title in 2011.

At 60, Chef Wan who has had the privilege to travel to over 80 countries and serve exquisite cuisines to Kings and Queens, Presidents and Prime Ministers, is still far from the very thought of retirement.

He asserts that there are still many things to be achieved in life. Apart from being a Food Critic, Actor, Motivator and Entrepreneur, he also intends to set up his own cooking series via the YouTube channel to share his recipes and the finer points of whipping up a hearty storm.

Born in Singapore and having received his formal education in Malaysia before embarking on a culinary educational adventure to the US and France, destiny saw to it that he would change the local gastronomic eco-system with his creations.

He received a Ritz Escoffer Diploma from Hotel Ritz, Paris in France as well as an Associate Degree in Professional Chef Training and Hotel Management from the California Culinary Academy in US. Locally, he studied accountancy and worked at it until he decided to pursue a career as a Chef.

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Popular UK Celebrity Chef Jamie Oliver even encouraged the flamboyant Chef to utilise the YouTube platform to educate people from across the globe about the finer points of food.

“When you build bridges of friendships, love has no boundaries. Therefore, food has no boundaries either. I enjoy introducing healthy meals for adults and children as well as quick and easy cookouts,” he says.

“I also talk about the different types of condiments used to cook for women undergoing confinement as the more traditional channels would not air these ideas,” adds Chef Wan acknowledging that media is a powerful tool to reach the masses.

Chef Wan has already lined up plans to kick-start the next opening of his restaurant in March 2018 called Mainmain Kitchen after his successful venture called Chef Wan’s Kitchen in Singapore.

He will also continue to undertake his world travel cooking series which was started five years ago called Kembara Selera Chef Wan focusing on his tour to countries like Peru, Bolivia, Mexico, Cuba and more.

He chips in to say that although he has travelled the world, his favourite food is still his mother’s fried rice.

Besides indulging in Japanese and Italian cuisine which are on his must-eat list, he will never say no to satay.

Having spent about 14 years living in Vancouver and Hawaii due to career commitments, he came back to homeground where he has been living these past two years.

“I decided to take a couple of years break from my travels due to my health recovery. That is when I decided to renovate and design my own home.

Prior to this, I stayed for 17 years at my 3,000 sq ft Penthouse Tiara in Ampang in Kuala Lumpur but the horrendous traffic pushed me to buy this Mah Sing project,” he says.

Home is now an Aspen 3.5-storey corner bungalow unit spanning 7,800 sq ft with 6,500 sq ft of land area. The unit has a lift and has an entertainment space on its rooftop garden with a huge lawn teeming with bright flora and a herbs garden on the grounds.

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The Aspen development is contained within a small neighbourhood comprising about 70 bungalows. The quiet neighbourhood is surrounded with lush landscaped gardens for the benefit of residents.

Chef Wan is not only a passionate Cook but also loves indulging in designing the luxurious interior of his sprawling bungalow. Home to him is a paradise which reflects the lifestyle of the person who resides in the residence.

Exploring the bungalow, it is obvious that Chef Wan lives up to the reputation of possessing a tranquil mindset as seen in the ambiance and soothing calmness enveloping the living hall.

The pastel-hued walls and high ceilings complement the larger-sized interior parlour which will be fitted with a specially designed chandelier imported from Austria. He gleans ideas from magazines and interior design books which can be seen arranged neatly on the charming coffee table in the hall.

Chef Wan chose the expertise of NR Interior Design’s Ar. Hajjah Nafisah Radin for the renovation undertaken for his bungalow. He chuckles at the prospect of the huge space which allows him to come up with the right furniture and fittings. “As they say, Rome wasn’t built in a day,” he says with a laugh.

Chef Wan explains that his concept of less being more holds water. However, he prefers to render a Parisian chic style which to him brings out the contemporary yet classic feel of his residence. The

soft ash coloured sofa complemented by beautifully arranged cushions and carpets he shares was specially ordered from the high-end Baker Furniture shop located in New York, US. The beige-coloured dining room meanwhile has a 16-seater dining table complemented by exquisite yellow vases and other souvenirs.

The generous kitchen space has a large marble island that comes with non-greasy, non-scratch features complemented by large blue porcelain jars on each end. The wet kitchen has small airy windows which allow ventilation and light to flow into the interior setting overlooking his garden.

“Being a Chef, I love having a variety of colours in my food, just like the interior design scheme of my residence. I love the colour red but decided to tone down to incorporate more subtle shades of blue and grey instead this time around.”

The bungalow with seven bedrooms and seven bathrooms was customised to fit his specifications with each level being fitted with exquisite marble floorings. Meanwhile, the library room is complemented by wooden panels and full-length windows.

Chef Wan says he prefers projects undertaken by Mah Sing Group Berhad as the developer tends to invest in large family living areas while the master bedroom also tends to be generously sized. He believes that property is the best kind of investment and hence, advises others to be on the lookout for good property investments.

While acknowledging that the property market is a little shaken due to global, local, economic and political uncertainties, he says that if the situation persists, then people might not be able to afford their own homes but prefer to rent instead.

Some he speculates, might even sell at a lower rate as he believes it is a buyer’s market that is prevailing now.

“

Being a Chef, I love having a variety of colours in my food, just like the interior design scheme of my residence” - Datuk Redzuawan Ismail

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ENTERPRISE OF THE MONTH

PRIORITISING CUSTOMERS’ NEEDS ABOVE ALL ELSE Fitline CEO Paul Yung Ken Hoe speaks extensively about the importance of post-customer service relationship to grow the direct selling business By: Felicia Soon

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aul Yung Ken Hoe, 27, who hails from Subang Jaya, started his first job working as a Storekeeper at the young age of eleven. Growing up in a strict household, both his parents wanted to teach him the value of money and hard work.

Back in 1987, Yung’s father who was involved in network marketing founded the business Shaklee. At that time, it was one of the few direct selling companies in Malaysia.

In 2003, Yung’s father who is now at the golden age of 71, started Fitline before eventually passing on the business to

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Yung last year.

Founded in Germany in 1993 by Rolf Sorg, Fitline is a range of premium food supplement products developed over the last 24 years by an international group of in-house scientists.

Fitline’s expertise span many different fields of science and nutrition right down to production, with a focus on constant research and development on every product.

All Fitline products are sold and marketed by PM-International Germany with its headquarters in Luxembourg.

Fitline products have been sold and

marketed in Malaysia since 2003. Today, the brand has become a household name among fellow Malaysians with a customer base of 25,000 loyal customers who continue to benefit from the products.

According to Yung, Fitline is the only health supplement product from Germany which has been here for 14 years. All Fitline products are approved by the Ministry of Health-Malaysia.

With over 35 subsidiaries worldwide and having shipped more than 400 million products around the world, Fitline had an estimated global turnover of USD460

million (RM2 billion) last year and targets to hit three quarter of a billion this year.

LOVE WHAT YOU DO

Yung considers his parents as his mentors. During the early days of Fitline, the pressure was high.

Yung recalls, “There were challenges in whatever we wanted to do and achieve.

Our challenge was to bring better health to our consumers for their daily lives which will in turn create wealth for more people who are seeking opportunities in life.”

He adds that sharing health and watching clients getting better and fitter every day is what drives him.

Supporting someone from an ordinary to an extraordinary lifestyle, including time and financial freedom, is the greatest satisfaction of the job.

All Fitline products are natural without preservatives, halal-certified globally and are made in Germany. Fitline products have a short shelf-life of eight to twelve months. Fitline products core competency lies with its Nutrient Transport Concept (NTC) technology. NTC ensures that the nutrients are delivered exactly when they are needed, exactly where they are needed to the cellular level, from inside and out. You can feel the effect of Fitline products within minutes because of this exclusive, patented technology which guarantees the highest bioavailability.

We tried it and felt the energy from the Activize within minutes. According to Yung, the bestselling products in Fitline are the Fitline Optimal Set (Activize Oxplus, Basics and Restorate), these are their core products which make up 80% of their sales. One set is priced at RM830

while members enjoy a discounted price of RM664, GST inclusive. These three products provide you with high absorption of all the nutrients, vitamins and minerals for your entire body daily needs. All Fitline products will have an internet link (QRcode) printed on their label, which leads to detailed information from TUV SUD about the ingredients of each product, offering total customer transparency.

Based on consumers’ feedback, many of them experience results within 90 days, have a stronger immune system, more energy, better sleep and skin complexion.

PM International, the parent company for the Fitline brand holds 64 patents for the Fitline product range.

Yung elaborates further that the management of Fitline constantly educates their team partners and consumers that Fitline products does not cure any disease or sickness. Fitline products help to strenghten our body’s own immune system to combat common illnesses such as fever, flu, sore throat among others and should be taken as a food supplement to supplement your body’s daily needs. Fitline products are specially designed to help your body function optimally for daily peak performance with more energy, a healthy digestive system and better sleep.

Naturally, Yung practices what he preaches. He himself and his family takes Fitline products daily and his passion for making a difference lies in letting the products speak for themselves. “You can watch a nice video or read a great article but if the products don’t work then you will naturally stop buying the products,” says Yung.

“We want to create value. How do we

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ENTERPRISE OF THE MONTH

“

The customer experience must be great. The products must be better, simpler and more convenient – Paul Yung Ken Hoe

do that? Although we do a lot of social media and digital marketing strategy, we still believe in the human interaction and the strength of our products in providing fast and effective results. We also provide a 100% return buy back guarantee, if you are not satisfied with our products where we will give you a full refund within 30 days,” Yung reveals.

Consumers can purchase Fitline products over the counters from Fitline centres available in Selangor, Penang, Kota Kinabalu, Sibu and Johor Bahru.

The headquarters in One City, USJ 25, Subang Jaya was opened just two years ago while the latest centre in Sibu was opened last year.

Yung adds that Fitline are big supporters of sports and all their products are certified dope-free. This means that Fitline products fulfil the regulations of German Food Law concerning pharmacologically effective substances and therefore contain no Nandrolon or other anabolic steroids or other drug

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effective substances. “As such, we have voluntarily entered into the obligation to have the Fitline products tested once a year by the accredited Laboratory for Doping Analysis in Cologne (Germany) for residues and impurities of anabolicandrogenic steroids,” explains Yung.

“We got thousands of athletes using our products and of course to bring it back home to Malaysia, our very very own brand ambassador includes two times World Wushu Champion and Olympian of the year, Master Ho Ro Bin, one of the top triathletes in Malaysia, Heidilee Mohammad aka (DINO) and we sponsor more than 200 athletes in Wushu, Taekwondo, Football and Swimming, In the 2017 SEA Games, Fitline suported athletes that brought home six golds, five silver and three bronzes. Fitline intends to work closer with the National Wushu Federation this year. Their testimonies after taking Fitline products include improved energy and stamina levels,” shares Yung.

Yung adds that the company has grown 45% on a year on year basis. “The one achievement I am personally proud of is we have also successfully cultivated three new Wushu champions from last years SUKMA games, one of them, Mandy Cebelle, has just won a gold and a silver in the recent 2017 Asia Junior Championships hosted in Korea. Another two things that I am proud of is we continue to support the National Cancer Society of Malaysia (NCSM) where we are committed to raising funds for them on long term, our first donation being RM20,000 last year. We have also started a new partnership with Kinabalu Pink Ribbon – a non-profit organisation in Kota Kinabalu to raise awareness for breast

cancer,” Yung shares enthusiastically.

THE WAY FORWARD

Moving forward, in addition to PMInternational’s Worldwide website and online systems in the respective countries, PM-Malaysia (Fitline (M) Sdn Bhd) is getting into the era of technology and started building a whole new online platform which will WeChat for product sales and online distributor registration.

They work with iPay88 as a payment gateway for online shopping, targeted to launch during the last quarter of this year.

To stay relevant in the current market, Yung shares that PM-International in Germany is constantly re-engineering

their products. “As the world progresses, new ingredients and new technologies come up and we want to make sure they are engineered into our products.

Our consumers have been loyal to our company and products for years, and we want to ensure that they have the very best products in their hands everyday,” says Yung.

Fitline is looking to expand in four new locations, namely Kuala Terengganu, Kuching and Kuantan. They are also targeting to open five more centres in the coming two to three years. “I think it is important to have an offline retail presence for customer conveniences and activities, but we are also in the midst of reaching out to more consumers

digitally. We aim to reach half a million Malaysians by 2020 and can only do so by having a strong online and offline presense.

“One of the most important things for me is the customer experience, when you walk into our centre or when you receive a package, what do I want to see first and that is an ongoing process for improvement. The customer experience must be great. The products must keep getting better, simpler and more convenient,” concludes Yung.

Follow us on Facebook at “PM International Malaysia” and “Fitline Malaysia” or e mail us at hello@pmmalaysia.com

Oct 2017

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ENTERPRENEUR OF THE MONTH

FARM FRESHNESS FROM GRASS TO GLASS Loi Tuan Ee , Founder of Holstein Milk Company and Farm Fresh shares the secret of his success in establishing an entrepreneurial footprint in Malaysia By: Mages PV Lingam

E

ntrepreneurs have ideas that can sometimes pan out differently, and that is exactly what happened to Loi Tuan Ee , Founder of Holstein Milk company and Farm Fresh.

The milk company now in existence for seven years has emerged as the Number One brand in the nation and scaled up a 39% in the market share under the fresh milk category.

Entrepreneur Insight received some valuable word of advice from the wise farmer.

Entrepreneur Insight (EI): What ignited the spark in you to start a new business venture? How did the idea for your business come about?

Loi Tuan Ee (Loi): Prior to this, I worked in a packaging industry for a good 20 years which I felt wasn’t sustainable due to the fact that many multinational companies were shifting out of the location, rendering the workforce unstable. In addition to that, the escalating manufacturing cost too was a problem.

A thought came to me that food is a necessity to human beings. The agriculture business is an evergreen venture as it is more sustainable and resilient. I thought that even though it is not an easy feat, should I succeed in this fresh milk business, it can represent an uptrend in the per capital consumption.

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Oct 2017

That led me to this start-up.

EI: Share briefly about your business model.

Loi: The Holstein Milk Company and Farm Fresh was set up in 2008. I started with only 60 Holstein-Jersey cows which have now grown to over a herd of over 3,900 cows. Today, our facilities process approximately 1.5 million litres of fresh milk in a month.

EI: What would you rank as the top three skills needed to be a successful Entrepreneur?

Loi: Firstly, nothing beats hard work.

It is a necessary factor to achieve the goals and expectations planned for the company. Then, you also need to possess a high level of integrity to deal with your clients, stakeholders and community at large. Finally, I feel that you need to identify the right core values of your business to stay relevant and beat the odds of challenges in business.

EI: What were some of your challenges, and what have you learned from them?

Loi: I have encountered numerous hickups especially in a new start-up like this which has not produced any proven successful records in the past either.

Farmers with specialised skills related to this are hard to come by especially

in Malaysia. The existing ones are smallholders managing around 20 to 30 cattles only. This has resulted in me seeking help on commercial skills from industry players in Australia and Thailand in terms of adopting best practices. Some practises though are not relevant to our humid weather which may not produce optimal results as compared to the colder climates.

Talent retention has also posed some challenges to me especially working with the younger generation who are not keen to do this type of job or who feel the location of the facilities are out of place.

Fortunately, we have tied-up with some local universities whereby around 50 to 60 interns work on the farm during one term. Therefore, we choose the ones who are passionate to pursue this work.

Being a local company brand, the public doesn’t recognise us as compared to existing brands already in the market for more than three decades. So, we found it tough to penetrate the market without proper coordination.

However, as an Entrepreneur, I need to have strong convictions that I am doing the right thing as this will give me the strength to persevere too.

EI: How many hours do you work a day on average? Please describe your typical day Loi: Typically, I work between 10 to 12

Oct 2017

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ENTERPRENEUR OF THE MONTH

hours. I get up as early as 6am and dash to the farm and attend to all the chores until lunch break before resuming until 8pm. At times, I do visit fellow farmers and their processing plants too.

EI: Where did your organisation’s funding or capital come from and how did you go about getting it?

Loi: Getting funding or capital for agriculture farming isn’t easy in Malaysia. Besides palm oil, every other natural resources business and especially livestock faces the dilemma.

I was fortunate as my Investment Banker friend from my former company introduced us to Khazanah Nasional in order to get funding.

Khazanah which now owns 30% of the share in the company now was also then in the midst of seeking agriculturalrelated businesses in tandem with fulfilling the national strategic interest.

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who owns 30% of the share in the company now.

EI: How do you go about marketing your business and what has been your most successful form of marketing?

Loi: Our fresh milk and yoghurts are distributed to all major retailers and supermarkets except Sabah and Sarawak. Last year, we established a Home Dealers Programme.

This initiative paved the way and opportunity for homemakers to earn extra income by distributing milk to their neighbourhoods. It boosted 350 home dealers’ income, especially those in the small towns enabling them to earn around RM1,000 per month.

EI: How do you build a successful customer base?

Loi: I attribute the success of our customer base to our core company

values. We place our loyal customers genuinely as our number one priority.

Our products do not contain any preservatives, colouring or unnecessary additives.

Nowadays, clients are discerning and concerned about the food or drink intakes or what is being offered to their children. Therefore, we work hard to produce fresh milk from grass to glass.

The freshest milk has a shelf-life of 48 hours. Barely 5% of milk products sold today are fresh as the majority of them are produced from milk powder, reconstitutes or solids. These are distinctively different from fresh milk.

We didn’t spend major cash on advertising in mainstream media but through word of mouth, our brand is now the number one fresh milk in the country.

EI: What three pieces of advice would you give to young Entrepreneurs who want to succeed?

Loi: As an Entrepreneur, we need to identify the right business model that will work. We must deliver on our mission that genuine values must be given to customers as a key priority because without a strong customer base, the model won’t work.

Then, depending on the business

model’s gestation period, the company needs to secure sufficient funds or finance to run the business. Otherwise, the business would fail prematurely or collapse altogether.

EI: Who is the role model you look up to?

Loi: Singapore’s first Prime Minister Lee Kuan Yew has been my greatest inspiration. I am inspired by the high level of integrity, intelligence and his very strong sense of persistency. He believed and carried on despite various opinions from the people.

EI: Where you see yourself and your business in 10 years?

Loi: My wish is to breed our dream cow from an Australian tropical breed called Australian-Friesian-Sahiwal. We have acquired a top genetic farm in Australia for the breeding process. After which, these cows would be sent over to our facilities.

This breed can be exported to other regions which can address changes to certain challenges faced by farmers like the constant changes in climate for instance. It is also my wish to spread this knowledge by being the main player and making our presence known in Indonesia, Sri Lanka, South Vietnam or the Philippines.

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CORPORATE INSIGHT

CASHING IN ON HIS CELEBRITY STATUS Best Line Entertainment (M) Sdn Bhd Managing Director AC Mizal leverages on his Entertainer status to excel in his entrepreneurial journey By: Mages PV Lingam

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ato’ Mizal Zaini, a man of many talents hailing from Johor who is also popularly known as AC Mizal was once the lead singer for the all-boys’ band 4U2C, winning him the Most Popular Group Artist award in 1997 besides claiming other Platinum Awards in Malaysia and Singapore.

This talented Singer, Actor, Comedian, Television Host and more admits that Lady Luck has always bestowed him with favour when it concerns the entertainment world. And today, at age 46, the Best Line Entertainment (M) Sdn Bhd Managing Director has leapt over many hurdles and challenges to become the first artist to obtain a broadcasting licence from the Ministry of Communications and Multimedia Malaysia.

AC Mizal says business acumen runs in his blood since he was a young teenager so since embarking on his entrepreneurial journey, he has not looked back. In addition, he admits that his reputation as a well-known Artist has aided him in his business journey, affording him added advantages as an Entrepreneur.

The popular Actor’s first taste in selling car stickers depicting the television (TV) series Gerak Khas which he starred

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in was telling. To his surprise, 20,000 stickers were sold out like hot cakes within half an hour.

“I have always have aspired to be a superstar tycoon,” he says with a chuckle.

AC Mizal shares that in order to succeed in show business or any other business, sustainability is the key factor while passion to establish a suitable business model especially based on marketing strategies works wonders. He adds that his 26-year career as an Artist was also centred on his business.

“My business and whatever I venture into must comply with my fans expectations,” he discloses.

And, although he adds that his parents were former Government servants while he himself studied in the Royal Military College (RMC) in Sungai Besi, that didn’t deter him to pursue a career in entertainment and business.

Being involved in these two disciplines has taught AC Mizal to lead a disciplined and presentable lifestyle. Admitting that he can’t deny being attracted to money as a motivating factor to succeed in life, his leisure time is spent reading books written by billionaires including Donald Trump, Richard Branson and Robert Kiyosaki.

“

I have always have aspired to be a superstar tycoon” - Dato’ Mizal Zaini

Risks Taken and Lessons Learnt

AC Mizal shares that Artists face many challenges from various sectors. This includes the negative impression coming from the public that Artists are incapable or cannot be a successful entrepreneur.

He says that he has not borrowed any loan for all his previous businesses except for latest venture in setting up a new studio station. Besides managing around 40 to 500 employees under his various businesses, he is also the first artist to have his private company logo advertised inside AirAsia aircrafts.

AC Mizal does not deny being very strict and hands-on in his day-to-day management. In fact, he insists on going the extra mile to achieve his set business targets as he emphasises that nothing comes easy.

“If you want to succeed in your long term goals, you would also need to face risks too but how you rise up after that is what counts in life. I cannot do a business which I am not familiar with and I must know the vision and mission of the business by heart,” adds AC Mizal.

He can scarcely count his series of downfalls during his lifetime spent as an entertainer. Even during his popular boy band show days, he shares how he lost

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CORPORATE INSIGHT

out from poor management before he made a comeback with his acting career.

He once again faced another downfall after which he decided to become a Host.

Today, he says is blessed as his wife Datin Emylia Rosnaida handles most of his showbiz management and business appointments.

Journeying Forward

AC Mizal’s latest venture is a RM100 million ringgit five-channel station called Syiok TV under the Syiok Media Network.

This ambitious TV station undertaken with Business Partner and Filmmaker Afdlin Shauki will officially be aired in January 2018. AC Mizal says it has been a dream to own this platform and be able to showcase their own content and ideas without being cornered by any parties.

The funding for this full-scale project come from the local banks and other overseas partners. The station’s location would probably be at either Putrajaya or Cyberjaya due to the need for wider

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internet coverage from this Multimedia Super Corridor (MSC) status township.

A massive marketing strategy will be adopted to reach a targeted one million customers via social media and subsidiary advertisement sales via billboards, press and multimedia platforms. This new concept television station would offer viewers original musical programmes, comedies, reality shows, feel-good dramas, news and motivational documentaries, etc.

“My plans are to concentrate 100% of my efforts as an Entrepreneur-Artist being my biggest achievement. I have tried many businesses but God still pulls me back to the entertainment circle,” reflects AC Mizal.

Due to some weekend being also tied up with shows, AC Mizal spends time away on holidays with the family a few times a year to maintain a balanced lifestyle.

AC Mizal’s personal advice to entrepreneurs who wish to start up their

own company is to be bold, positive and believe in oneself.

“I am a trend-setter not a follower and prefer to do things my own way.

So, I am willing to work very hard. If you don’t believe in your work, then don’t go through this entrepreneur journey,” asserts AC Mizal.

He says the willingness to share knowledge with clients, stakeholders and even his employees are very vital.

“This is how you create and manage your own business well to see the desired end-results.

However, AC Mizal says he is still not satisfied and still pursuing his entrepreneur career as he states that “There is no business like show business which has no end.

“Donald Trump once said that ‘In the end, you are measured not by how much you undertake but by what you finally accomplished,” says this talented superstar.

FEATURE

IS CROWDFUNDING APPLICABLE TO REAL ESTATE INVESTMENTS? Property experts share their viewpoints on the various crowdfunding strategies to consider for property investments By: Mages PV Lingam

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M

uch has been said about crowdfunding being the next strategy to be adopted by Entrepreneurs and Investors alike.

However, before making any decision or simply jumping into conclusion, studies should be undertaken beforehand coupled with some form of mentorship to ensure that the investment is sound.

Proper mentoring could prove to be advantageous for start-ups in the current weakened market in terms of building a strong brand or team or in overcoming cash flow challenges.

Author of Kitabul Daimyo and Property Investor Nazhrat Zain who is also known as Nazz says that crowdfunding is relatively new to Bumiputera investors. “Crowdfunding requires an assembly of a complete team led by an experienced and knowledgeable investor. The leader should be someone dependable and trustworthy who knows the mathematics of the investment,� shares Nazz.

Likening crowdfunding to basically an advanced level of property investment, he says this warrants surgical planning precision. For one, the other team members must be able to meet their loans.

Nazz says that crowdfunding is still one strategy to attract young or firsttime investors. This is because the leaders themselves have gone through a few cycles of the property market and investments per se, thus they can guide new investors to not repeat these costly mistakes.

He shares that seasoned investors are usually loaded with loan to value (LTV) ratio considerations, thus making it slightly more difficult and costly for them

- Nazhrat Zain

to invest in additional properties. New investors or start-ups on the other hand, have the advantage when it comes to the Debt Service Ratio (DSR) given their relatively low borrowings.

Therefore, with the combined teamwork, this strategy can prove beneficial. Nazz shares that the crowdfunding strategy can benefit investors in terms of trust, management and long term reliability.

Nazz adds that an investor can have a lot of documental support and skills but if the joint venture (JV) begins with even a slight distrust between any of the members, then it is wiser not to embark on the journey of investment together. A proper JV would thus require paper work such as trust deeds.

“A JV should only be done for a predetermined period such as a maximum of seven years before a property can be disposed of. This would teach the whole team how to properly plan for the investment,” adds Nazz. The goal is to get profits from the sales of the property which can then be used by individual members to invest on their own.

Hopefully, within the JV period, the investors would learn a lot on how to invest and make profits. The method would be like going back to college just that in this case, the investor would make huge sum of money when he or she graduates.

On another hand, Chur Associates Founder and Managing Partner Chris Tan says that crowdfunding can entail getting financing from the masses. A crowd in this context is a collection of individuals or a segment of the public.

Raising funds from the public is a

regulated activity in Malaysia - from what is commonly known as the initial public offering (IPO) for Bursa Malaysia to the very progressive at any crowdfunding stage.

“We are the first country in Asia which has a regulatory framework for crowdfunding. The Securities Commission (SC) has of to date, issued six licenses for equity crowdfunding.

Recently, six more licences were issued for Peer To Peer (P2P) crowd-funding company,” says Tan. There is no real estate crowdfunding as yet with the closest real estate related crowdfunding being a real estate agency.

The best benefit for crowdfunding investors would be the lesser risk due to the lower entry point in terms of pricing as well as the bigger room for value appreciation since this represents an early stage for investors who mainly comprise start-ups.

Commenting on whether the certainty of this strategy can be beneficial Tan says, “I am not sure if crowdfunding would make you a better investor but it is certainly a different ball game which requires a different skill set from a different investment perspective”.

Significantly, it is not the usual shares investment pertaining to the listed stock exchange. Regulated crowdfunding in Malaysia is also not as liquid as the stock exchange and there is no secondary market just yet. The compliance is relatively lesser so it is risker than the regular stock exchange.

“You must have the vision to spot the next Jack Ma and Elon Musk at the almost infancy stage of the business.

The holding period is also naturally much longer for investing at this stage,” advises Tan. If one were to compare crowdfunding to traditional real estate investment, leveraging on bank financing is extremely challenging unless there is an anchor investor with great credentials and credibility.

Tan says there are some challenges with regards to the process of crowdfunding by an investor. The first deals with the lack of track records in this form of investment, given that it is relatively new. Gaps in

“

I am not sure if crowdfunding will make you a better investor but it is certainly a different ball game that requires an alternative skill set from another investment perspective” - Chris Tan

information also exist especially when it involves untested business models and speculative technology. The relatively lower transparency and corporate governance and lack of information on the crowdfunding processes are other challenges.

Tan opines that there are less options and liquidity due to the lack of secondary market when it comes to exiting the investment. To him, it seems more appealing to users/investors than just pure investors who are generally speculative in nature.

The Securities Commission (SC) Malaysia has drawn out the Guidelines on Recognised Markets for investors and related parties to know more and explore the possibilities in future, inclusive of Chapter 12: Equity Crowdfunding Platform and Chapter 13 : Peer-to-peer Financing Platform on diversifications investment portfolios.

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LABOUR OF LOVE IN HEALTH-TECH GetDoc empowers users to search for 2, 000+ Medical Professionals easily and smartly; make medical appointment on-the-go and pay their medical bills cash-free, card-free, hassle-free and worry-free!

By: Felicia Soon

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Oct 2017

D

o you wish for a faster and more convenient way to seek medical treatment but are unsure of the best way to go about it? Fret not.

Entrepreneur Insight interviews GetDoc Co-founder Jerry Hang to glean his thoughts on how patients can connect with doctors instantly as well as enable patients to search for nearby clinics, select doctors and book appointments.

PERSONAL HEALTHCARE COMPANION

GetDoc is a new health-tech startup available in both Malaysia and Singapore with the brand name being formed under a company called JIREH Group.

Its Co-Founder Hang who hails from Penang shares that the inspiration behind this startup was due to him losing his father to colon cancer in 2013.

“As family members attending to my dad who was a cancer patient, we faced difficulties in helping him to get the right Doctors,” says Hang.

“We actually brought him to three different hospitals - one in Penang and the other two in Kuala Lumpur. Getting more details on the doctors he was seeing was also another issue for us.

Eventually, we came to realise that there was not one single platform consolidating all the information together,” Hang told Entrepreneur Insight.

Then, there was also the long waiting time needed to see the doctors and get medication. That was how the idea of GetDoc came about.

“GetDoc has a website and can also be downloaded as a mobile application (available on both IOS and Android versions) for patients to search for doctors and obtain a more detailed information list regarding the doctor they would be seeing. Last but not least, they can make prior appointments to reduce their waiting time. That was how we first started,” shares Hang.

The company actually started in 2014 but the team took one whole year just to develop the system.

In October 2015, GetDoc was officially launched in Malaysia and Singapore. In fact, the very first system to be launched was the appointment system. This smart technology helps users to search, select

and make appointments by locating the nearest clinics and hospitals.

The technology also provides more information on the doctors and facilities provided by each clinic and hospital.

Users can either choose to make appointments through the website or via the application. Once the doctors receive the information, they can then choose to accept, reschedule or reject the appointment.

According to Hang, GetDoc is in partnership with more than 2,000 private doctors in both Singapore and Malaysia.

The proud startup will possibly launch out to Thailand and Indonesia by end of this year. Incubated at the Malaysian Global Innovation & Creativity Centre (MaGIC) in Cyberjaya in 2014, GetDoc has received quite a lot of support from both the private and Government sectors.

Hang also accredits Malaysia Digital Economy Corporation (MDEC) as the other Government body that has also been helping its startup quite a lot.

“In 2015, we were actually one of the five startups that was selected by MDEC to represent Malaysia to go to Silicon Valley in US for two weeks following a business advocacy programme.

“Many programmes were initiated

“

It is necessary to do well in what we do to add more value to our customers, users and community” – Jerry Hang

under the Ministry of Finance Malaysia (MOF) including networking events from Cradle Fund Sdn Bhd (Cradle), an agency under MOF to support startups in Malaysia,” he says.

FIXATE YOUR MIND UPON SUCCESS

From young, his late father had instilled in Hang the importance of being persistent and resilient in order to succeed.

“I was inspired by my father who did a lot of different businesses for over 50 years. Some were failed ventures but it never defeated him,” shares Hang commending him for his fighting spirit that has inspired him to also take upon himself to succeed as an Entrepreneur.

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To gain added exposure and working experience, Hang travelled to the UK to work for four years upon graduating from a Diploma course in Business Administration at TAR College Penang.

“I started off working as a Waiter and then as a Chef at a café there. In the UK, cafés are known as takeaway shops and I managed to own two takeaway shops before coming back to Malaysia,” he enthuses.

After his return home from the UK in 2007, he established his own café in Bandar Puteri Puchong selling both Western and Chinese food for a year before he traveled to Port Dickson the next year to open up a coffee shop with some friends.

“We rented out the whole space and had a few stalls. One was rented out to a chicken rice seller. There, we prepared our own noodles, desserts and even the drinks ourselves. However, we were forced to close it down that same year due to the economy crisis back then,” he recalls.

Hang then went on to spend the next eight years working as a Medical Representative in the healthcare industry whereby he established connections to Doctors and Specialists while gaining more experience and exposure on the healthcare industry.

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“I discovered what was lacking in the healthcare industry and what I could do to make it better. In 2012, I set up my own medical supply in Penang. We supplied medical grade skincare products to Doctors and Specialists before I decided to sell off the business to my partner to start GetDoc,” says Hang.

Hang advises young Entrepreneurs to not look back and just move forward.

“I actually remortgage my own house in Penang before I started GetDoc. In 2014, I moved from Penang and stayed in Kuala Lumpur with my family where we rented a condominium at Tropicana. Part of the mortgage money was used to fund the business itself,” explains Hang.

RESULT SHOWS WHERE INTENTION GOES

To stay relevant in this industry, first and foremost, Hang shares that we need to understand what types of challenges are faced by our customers.

Secondly, there is a need to constantly innovate technologies to come up with something to solve customers’ challenges.

“Once we have solved their challenges with the support of good products, then we will be able to see the revenue coming in. When people start to realise your value, they will be willing to pay for your

services.

“Hence, it is necessary for us to do well in what we do to add more value to our customers, users and community. For example, GetDocPay is its own version of Alipay payment for patients to pay their medical bills in clinics, in its bid to be the first of its kind application in the healthcare industry offering a cash-free, card-free, worry-free and hassle-free experience. The patient can now also pay the medical bill for their loved ones, anytime and from anywhere, without being present at the clinic.

GetDocSays gives added value in its GetDoc website and application whereby users can read written interviews about Doctors and Specialists and obtain firsthand information on various healthcare issues provided by the National Health Service (NHS) in the UK. Hang concludes that GetDoc’s role is to encourage the public to take advantage of this smart application system to make their medical appointment on-the-go and pay their medical bill cash-free and hassle-free in the clinic, by using a single application!

Although he notes that the public will definitely be more inclined to follow the traditional method of just driving out to a clinic or hospital, he is confident that GetDoc will take off soon.

“As challenging as it may seem, we have to strive towards realising this goal whereby one day, a seamless, dynamic and integrated healthy lifestyle will be made a reality. My advice to new Entrepreneurs out there is to never stop learning or fighting for success.

Saving Code for Entrepreneur Insight Readers: GETEI17 Download & Register GetDoc app and Get RM5 Saving Code for Your Next Clinic Visit!

THE 100 MOST INFLUENTIAL YOUNG ENTREPRENEURS (#100 MIYE) acknowledges bold, creative and innovative young Malaysian entrepreneurs below age of 45, who set the standards of Malaysia’s enterprising spirit. If you are one of these outstanding personalities who run incredible ventures, we want to honour you on 21st July 2017 at The 100 MIYE 2017 Gala Dinner with the publication of our book.

Nominate yourself or the deserving someone you know:

www.entrepreneurinsight.com.my

For enquiries & sponsorships:

marketing@entrepreneurinsight.com.my 012 378 8683

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HOME +

EDITOR’S TOP 10 PICKS APPRECIATING AESTHETIC APARTMENT LIVING

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By: Yvonne Yoong

High-rise living can be super swanky when you have these fabulous designer pieces from Gudang and Janine for company. It’s certainly high time you added these super space savers to your bucket list of must-haves!

ELEMENTZ SOFA by Wendelbo There is nothing elementary about the Elementz sofa system with its highly resilient solidwood frame and high-density foam to snuggle into after a hard day’s work.

JOTTER BED by Jottergoods

1 KAHN DINING TABLE by District Eight

Slumber in style by snuggling in the Jotter Bed by Jottergoods with its fancy fabric upholstery headboard in walnut complementing the overall solid wood walnut and veneered MDF framework to a tee!

Slim and stylish, this table engineered to emulate a bridge construction was assembled using hand-finished cast concrete legs in a classy shade of grey. Completing the design is the tempered glass top suspended on either a black steel or stainless steel frame.

2 X1 BOOKSHELF by WeWood The quirky handcrafted WeWood XI Oak Bookshelf is certainly an interesting addition that will add character and charm to your study area or living room. French Oak Veneer adds a touch of class, making it easily assembled like a puzzle. The separated parts comes with labels so you will know exactly where each section belongs.

FADE PENDANT LIGHT by Tom Dixon The teardrop design of this lighbulb available in chrome or copper is the result of being blow moulded with its metalised finish graduating from being completely reflective to transparent.

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Items 1 - 5 are available at Gudang Damansara at Bangsar Shopping Centre and Gudang Studio at Great Eastern Mall in Kuala Lumpur

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CHANDELIER INFINITY by Eichholtz This eye-catching, sure attention grabber centrepiece is certain to make you the envy of your guests. Its stylish clear glass strips make this unique light an appealing sight to behold.

FLEET BAR by Resource Décor Mirror Mirror in the cabinet. This elegant yet refined cabinet finished in antiqued mirror, with aged bronze hardware and frame comes with a two-door bar cabinet and modern utilities such as stemware racks, ample storage for large bottles and glasses as well as two drawers for smaller items.

CUBE CONSOLE TABLE by Resource Décor

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Think of this console table crafted from Pine Solids as having nature’s presence complement your interiors. It’s perfect by the entryway or even for a peek-a-boo effect behind your sofa setting.

10 DRAGONFLY CHAIR by Janine Home Absolutely gorgeous and a definite attention stealer, this chair with its plush Quill Velvet Cobalt and Santafiora Graphite fabric – both by Designers Guild - is the ultimate reward.

TULIPA STELATTA fabric & wallpaper collection by Designers Guild Time to clothe your walls by selecting from the gorgeous selection of fabrics and wallcoverings courtesy of Designers Guild.

Items 6 - 10 are available at Janine in Bangsar Shopping Centre and Great Eastern Mall in Kuala Lumpur

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STRATEGY

BASICS OF BORROWING WHAT DO LENDERS LOOK AT? When you apply for a credit card, a personal loan or any other type of credit, the lender must first evaluate if he or she has a good credit rating.

When assessing credit risks, a lender looks at the ability of a borrower to meet the loan obligations which will, to some extent, determine the pricing of the loan.

The success of one’s loan application largely depends on the following:

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PURPOSE OF BORROWING

Lenders want to know why you are borrowing to assess the risks involved.

The type of loan is then matched to your purpose for borrowing.

If you are buying a house, then it is a housing loan you are looking at while a hire purchase loan would be given to finance a car.

The purpose and whether the loan is secured or unsecured will, among others, determine the interest rate and tenure of the loan.

2

PAYMENT ABILITY

Your repayment capacity is vital. Lenders are keen to see enough surplus income or cash reserves to meet your new financial commitment. Lenders would like to be assured that you have stable income or continuity of employment.

Hence, your cash flow position will be evaluated. An important indicator of your payment ability lies with your debt-toincome ratio.

3 PAYMENT HISTORY

Your repayment capacity is vital. Lenders are keen to see enough surplus income or cash reserve to meet your new financial commitment. They would like to be assured of your stable income or continuity of employment. Here, your cash flow position is evaluated. An important indicator of your payment ability is your debt-to-income ratio.

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DEBT-TO-INCOME RATIO

Debt-to-income ratio indicates a person’s total monthly loan repayments against his net monthly income.

A high ratio indicates that a person may not have enough cash for his monthly needs.

As a general rule, your total monthly repayment on all your loans and credit card debts should not be more than 40% of your net monthly income. Below is one of the examples to explain debt-toincome ratio:Lee’s net monthly income is RM6,000.

His total monthly loan repayment - housing, car and credit cards are RM3,600.

Debt-to-income ratio = Monthly loan repayments / Net monthly income = RM3,600 ÷ RM6,000 X 100% = 60% As illustrated, Lee’s debt-to-income ratio is higher than the recommended amount. In this scenario, it is best that he strives to bring down the ratio.

So, what can Lee do to bring down his debt-to-income ratio? Lee can either increase his income and/or lower his loan commitments.

THE RESPONSIBILITY OF THE GUARANTOR

When an individual’s creditworthiness is doubtful, lenders would normally request for a loan guarantor.

A guarantor is not the principal borrower. However, a guarantor is still responsible for the unpaid portion of the loan including interest, if the principal borrower defaults.

The guarantee for the borrower’s obligation will last until the full settlement of the loan.

A guarantor cannot be discharged without the full settlement of the loan or prior to obtaining the lender’s consent.

EFFECTS OF INTEREST RATE

Interest is cost paid for the use of borrowed money or money earned on deposited funds.

The interest rate charged on loans is a measure of the risk that the lender takes

in funding the borrower. Therefore, the greater the perceived risk, the higher the interest rate.

Generally, there are three types of interest rates quoted in the market:-

About The Contributor

A) FLAT RATE Interest calculated upfront on the amount of money borrowed over the entire loan tenure

​Dr ​Desmond Chong Kok Fei ​is a Trainer & Head of the Financial Education Department of Agensi Kaunseling and Pengurusan Kredit.

He has over 25 years working experience in marketing and management,

B) FIXED RATE Interest calculated based on a reducing balance basis whereby the interest rate does not fluctuate during the loan tenure

C) FLOATING RATE

BORROWING CHECKLIST

Interest calculated based on a reducing balance basis whereby the interest rate is tied to an index or base rate and fluctuates over the period of the loan. The most common index or base rate used is the Base Rate (BR). If the term BR is no longer used, it will then follow the rate of interest applied by the lender.

UNDERSTANDING OF COMPOUND INTEREST

Compound interest is just like a series of simple interests whereby the interest incurred is added to the original principal.

This is then included as principal for the next period.

Compounding can be done on an annual monthly or daily basis. The more frequent the compounding, the larger the interest effect.

Compound interest thus, can be a double-edged sword. While it helps to give more return on investments, it can also result in more interest being

charged if there is a delay in repaying a loan or credit card debt.

CONCLUSION

Be a responsible borrower who will ensure you complete paying up your instalment plan.

By making timely monthly loan payments, you will achieve a good scoring record.

Eventually, this will help you will enjoy a better rate which will reduce the cost of borrowing. Therefore, borrowing within your capability is a good way to avoid any financial stress in the future.

• Do you know your total cost of borrowings?

• Calculate your current debt-to-income ratio. Is it below 40% of your net income?

• Do you know the due dates of all your loan instalments?

• Compare the package offer by various lending instituitions • Are you a guarantor for any loan?

• If yes, is the borrower paying on schedule?

Oct 2017

39

STRATEGY

AIRBNB: BOON OR BANE?

A

irbnb’s meteoric rise in only a few years has established it as the largest provider of accommodation in the world with a net worth of over RM120 billion.

Airbnb has approximately three million listings and operates in 65,000 cities across 191 countries with about 80 million booked nights. By 2025, it is predicted that Airbnb will be completing 1 billion booked nights every year. This is a staggering string of numbers when viewed in perspective.

The largest hotel chain in the world, Mariott International which was founded in 1927, has 1.1 million rooms in 110 countries with an estimated brand value of RM21.6 billion.

The impact of Airbnb, which, cuts through many landscapes, is something communities and countries are grappling to come to terms with. On either end of the divide between optimists and pessimists, you will find narratives that border towards hagiography or obloquy.

The truth, as is usually the case, lies somewhere between two extreme narratives, and is geocentric. As such, this article focuses on the context of Airbnb in Malaysia.

Defining The Airbnb Concept

Airbnb represents another facet in the sharing economy – “A system in which people rent, borrow, or share commodities, services, and resources owned by individuals, usually with the aid of online technology, in an effort to save money, cut costs, and reduce waste” The key point here is the “effort to save money, cut costs, and reduce waste.”

Free markets, on the back of supply and demand, are usually pressured towards economic efficiency, which the sharing economy facilitates.

With Airbnb, anyone with a residential property can rent out a room or entire home on short-term basis to travellers or holidaymakers.

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Accommodation is usually cheaper for the consumer, and costs relatively lower for the provider. Wastage in terms of residential over-supply is reduced because global demand as opposed to highly localised demand is capable of absorbing it.

Airbnb’s Impact On The Property Market

In many cities around the world, Airbnb has been identified with a shortage of affordable homes for locals. Landlords are finding it more lucrative to rent out their properties on Airbnb instead of putting it up for long-term tenancies for the local population.

This is driving up rent prices and forcing locals out.

There are two arguments to this phenomenon but for the purposes of brevity, I will stick to the facts in the Malaysian context.

In Malaysia, the rental market has been on the decline in general. Occupancy rates for condominiums are about 80% and if you go to specific locations like KLCC or specific segments like the highend property segment, occupancy is much lower.

Rental appreciation has also not kept up with capital appreciation. So, you have a situation whereby property prices

have appreciated much more than rental prices. This is inevitably bring down the yields.

Unchecked propagation of luxury condominiums right up to 2015 and global economic trends like the drop in oil prices have resulted in more supply and declining demand.

I believe even in this segment of the market, Airbnb can help cushion the luxury market effect and sustain the property market.

Airbnb’s Impact On Tourism

Malaysia is right up at the top with regards to tourism. It is the 11th most visited country in the world with 25.7 million tourist arrivals annually in 2015, and is a close candidate for the top spot in South East Asia.

Airbnb is facilitating growth in tourism and will prove to be catalyst for increased travel to Malaysia in the years to come. Like budget airlines in the airline industry, Airbnb is creating new demand for travel.

In 2016, a Sociometrica report revealed that Airbnb contributed more than RM17 billion to the Italian economy and supported the equivalent of nearly 100,000 jobs. Italy is the fifth most visited country in the world with 50.7 million tourist arrivals in 2015.

Airbnb’s owns studies have shown that its guests typically spend 2.1 times more on their travels and are likely to stay 2.1 times longer.

Airbnb’s Social Impact

There are many horror stories about Airbnb – the all-night rave party that rocked a very affluent neighborhood in London, the balcony that collapsed in Brighton and injured few people, and the guest that stuffed feminine products down a toilet bowl causing RM40,000 in damage.

Then, there are hosts who do not filter their guests and are only concerned with occupancy thereby causing avoidable grievances to their neighbours.

Many condominium owners are trying to restrict vacation rentals in their buildings due to increased nuisance and security fears.

However, there is also the other side featuring heartwarming and touching

About The Contributor

Ikhram is a successful vacation rental entrepreneur with strong knowledge of property markets. He is also an author, keynote speaker, trainer, and blogger.

stories like the host who saved his guest from dying of a heart attack in Uruguay.

Personally, I have hosted over 3,000 guests and have plenty of uplifting experiences. I have had guests who barely know me bring really thoughtful gifts or leave beautiful notes behind.

When my guest from China became the victim of a snatch theft in Kuala Lumpur, I was the first person she contacted. I met with her within 15 minutes, brought her to a hospital, and assisted her with the police report. She was back on her feet the next day and proceeded to enjoy the rest of her stay in Kuala Lumpur.

The Verdict

On the flip side though, it is facilitating the rise in tourism, cross-cultural exchanges, better property yield and better experiences. It is also open to abuse and disrupting communities as well as the hospitality industry.

Disruption however is not necessarily a bad word. Horses were replaced by automobiles, jobs are being replaced by machines, even as human society will continue to evolve. Change and progress is always marked by disruption.

The sharing economy is a behemoth avalanche and with so much momentum, it cannot be stopped. What is necessary is to find ways to reduce the associated risks and allow progress it brings to flourish. In the end, it will be our collective willingness to find an equilibrium in this tidal wave that will determine whether AirBnB is a boon or bane.

Oct 2017

41

FINANCE

ENJOY YOUR RETIREMENT

Y

ou have worked some 50 years of your life. So, when it is time to retire, it should be something to celebrate and look forward to rather than dread it. You are the master of your retirement and if you take care of several key aspects today, it can be a fulfilling one.

Stages in Retirement

In reality, what constitutes retirement can be drilled down to the following stages. Some may experience all four while others may experience less.

During Stage 1 a person may have just retired and is still independent. There maybe actively travelling or they even undertake contract work on selected days. Some may help out with their children’s family. So, their lifestyles will start to change.

During Stage 2, may see an increase in health issues which requires more attention and funds for example experiencing knee and joint pains, advancement of existing issues such as high blood pressure, cholesterol etc.

New health problems such as vertigo may all creep in. At this stage, there is

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Total Dependency

STAGE 4 Assisted Living

STAGE 3 Decreased Health

STAGE 2 Active Aging

STAGE 1

still independence in caring for oneself and even for others.

During stage 3, some may suffer memory loss or disorientation. Loss of mobility may increase thus the senior may require assistance.

Nevertheless, the day to day activities of bathing, feeding and clothing oneself is doable. Hence, household chores and other activities may require assistance either from loved ones or hired help.

By stage 4, some may be bedridden or confined to a wheelchair being totally dependent on loved ones or hired help.

Some may stay in a nursing home which can provide not only daily care but the necessary medical monitoring.

There is no age definition to the stages above as it differs from person to person.

However, what needs to be highlighted is that at each of this stage, the financial and logistics requirements are different.

Understanding and accepting these stages, and planning for them will help one transit from stage to stage better.

Loved ones will also find it easier to care for their aged parents. By planning ahead which is something most people want in their retirement years.

Major factors that need to be considered monthly:1.

2.

3.

4.

5.

6.

7.

8.

9.

Food, dietary changes may be necessary Medication for existing health conditions Physical aid for instance the use of wheelchair, modification to the car Modification of one’s home Level of daily care coming from family members or hired help Who will be the primary caregiver when the need arises Holidays yes we may retire from work, not from life Personal and property protection Medical and hospitalisation.

Above all, psychological support is also key to keep the balance between the aged and the family members so that harmony, love and respect prevails.

Caregivers also need a break so other family members or a qualified caregiver maybe required to give a helping hand.

Where to Stay

This consideration raises from family to family. Have your own home? Great, do you need to renovate your home to accomodate each different stage of retirement? If your adult children can accommodate you, do consider if their home and location are suitable for your stay when mobility becomes an issue.

Practical residences for the aged and their care givers, especially those with mobility issues would either be single storey house with a flat, horizontal layout or condominium with flat floor space and lift access to the unit. Negotiating stairs and split level flooring is challenging for wheelchairs.

Do you rent or buy? What about upkeep of the residence for example the repainting, repair and replacement of furniture and fittings?

drawn salary before retirement and discounting it to 60% or 75% as the amount required for the duration of your retirement.

Then you work out how many years you will be in retirement, factor in the inflation rate and you will have the magic number you would need for retirement living.

In reality, do consider how you will be at the different stages of retirement and the long term care needed later before plonking down the numbers needed.

Use of financial instruments may help manage finances. Protection products such as insurance and takaful, estate planning products such as wills, trusts, hibah or wasiat could form part of planning ahead.

Just a point to note is at Stage 4, if a person needs to stay in a home, the cost for a decent unit with 24-hour medical care may range from RM2,000-RM5,000 per month, depending on location, facilities and number of people in the home.

The above factor will help derive the number and determine how far one’s Employees Provident Fund (EPF) savings will go.

Any shortfall with EPF funds will have to be topped up with more savings today and ensure these savings keep up with current lifestyle inflation to avoid falling short during retirement.

Therefore, rather than using the rule of thumb method, it may be prudent to look at one’s own family health history against

About The Contributor

Linnet Lee is the CEO of the Financial Planning Association of Malaysia (FPAM). She obtained her Certified Financial Planning (CFP) Certification and Islamic Financial Planning (IFP) Certification through FPAM and has been its member since 2002. She can be contacted at www.fpam.org.my

your current state of health and plan for the worst.

Conclusion

Remember that what you do today or did not do will determine the outcome of your tomorrow. Plan well today and plan with the family, it is a team effort.

At the same time, decide whether there is a need to improve current health conditions. A gradual lifestyle change may be necessary.

If professional help is needed, seek out a licensed Financial Planner, the fee paid to the planner may help you mitigate costly financial mistakes. So be sure to speak to a few planners before engaging as this could be a lifelong relationship.

Calculating Your Retirement Needs

Retirement is more than just a number.

The general rule-of-thumb commonly used to calculate your financial needs it retirement has been to take your last

Oct 2017

37

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