Malaysia economic growth rate has been stagnant for years. Things are not looking very bright recently. There’re numerous of enterprise come and go within a few years. Business is not expanding, corporate earning is dropping, retail growth dropped. In a nutshell, the employer can’t afford to hike the wages even if they wanted to. Therefore, they always look for a cheaper alternative when comes to labor.
Apparently, people will always look for something to blame. We blamed the government, the economic condition, the replacement by machine for cheaper labor. Look around us, people always complain about the cost of living standard are too high, we can’t afford to buy a house, can’t have a nice vacation. It is easy to blame, it makes us feel good, irresponsible. It’s a pleasure to be a pessimist.
But a positive and strong individual would never complain about the external condition. Instead, they suck it up and embrace the adversity to propel forward. In the book, Zero to 1 by Peter Thiel. He describes that we people are not a lottery ticket.
“You can expect the future to take a definite form or you can treat it as hazily uncertain. If you treat the future as something definite, it makes sense to understand it in advance and to work to shape it. But if you expect an indefinite future ruled by randomness, you’ll give up on trying to master it.”
When people lack concrete plans to carry out, they use formal rules to assemble a portfolio of various options. This describes modern people and how we become helpless to our faith and destiny.
The unexpected closed down of Michelin Award restaurant, Tim Ho Wan caused a lot of controversial topic and consternation to F&B entrepreneur in Malaysia. During one of the interview by The Edge Markets, the management of the company responded below:
For the financial year ended Dec 31, 2016 (FY2016), Dim Sum Delight incurred a loss of RM895,642, and “is not expected to turn around in the near future”, Texchem said in a Bursa Malaysia filing today.
“Given that the current retail market remains soft and competitive, the board of Dim Sum Delight is of the view that the prospects of Dim Sum Delight is very challenging and this situation is not expected to change anytime soon.”
“Accordingly, the shareholders of Dim Sum Delight are of the opinion that Dim Sum Delight should cease its business operation to minimize losses,” Texchem added.
Instead of blaming the retail market remains soft and competitive, they should autopsy the core of the issue and come out with a solution before it’s too late. The rise of the Web 2.0 is in the middle of rapidly growing and disrupting every aspect of industry domain. Airbnb is now threatening the market leaders of the hotel industry, Uber is now disrupting transport industry, Google and Facebook are now violating the rules of traditional advertising medium. Only the successful enterprise can be able to discern the trend and embrace the adversity to thrive in this connection era to become the enterprise 2.0.
A Web 2.0 may allow users to interact and collaborate with each other in a social media dialogue as creators of user-generated content in a virtual community. Tim Ho Wan Facebook page has been generated more negative feedback for the past few years. They didn’t even welcome user to review or solicit any feedback from their customer. They should embrace the negative feedback from the customer and improve their quality and service. Not promoting the products incessantly with the “Michelin Stars” title as a unique selling proposition.
What if the customer does not care about the award? They just want to treated genuinely and enjoying the food with good quality and service. In this connection era, Web 2.0 allows all the user to interact and comment even rate the restaurant. “Michelin Award” means nothing to them. The customer is the food critic now and they are the one who determines your rating in this competitive market condition. They have the power to disseminate your brand and value.
Look around you, how many enterprises really appreciate customer feedback? True Fitness? Fitness First? Celebrity Fitness? They are busy to advertise their product’s benefit and shove it into the throat of the customer.
The Web 2.0 is no longer the internet what people use to think. The new Web is fundamentally different in both its infrastructure and applications. People no longer access the information only through the media gatekeeper. The internet is now a place for transparent discussion and empowering people to review, comment and feedback instantaneously through many platforms of media. Behold, this is the new era of industrial revolution. Enterprise 2.0 will be the one who embraces this changes and welcome customer feedback and review with genuinely and sincerity for future improvement.
“Don’t find customers for your products, find products for your customers.”
– Seth Godin
Image Source: http://www.placesandfoods.com/2017/07/tim-ho-wan-malaysia-outlets-officially-closed-down.html
News Source: http://www.theedgemarkets.com/article/texchem-shuts-down-tim-ho-wan-restaurant-operator-malaysia
Other Source: https://www.bloomberg.com/news/articles/2016-11-14/morgan-stanley-airbnb-s-threat-to-hotels-is-only-getting-sharper (Airbnb)
https://www.theguardian.com/media/2017/may/02/google-and-facebook-bring-in-one-fifth-of-global-ad-revenue (Facebook & Google)
Lone Wong | Things to remind in the journey of life 