Ricky’s Online Business Blog

I recently wrote a paper on whether globalization is good for Malaysia or not, as an assignment for the subject International Business Management & Policy in my MBA study.

To complete the 4000-word essay (I managed to write 2800 words only), I thought of 10 points and expanded from there. I published in Facebook before and have drawn many comments.

Here are the 10 points for sharing to all.  Welcome to comment and criticize. I’d like to discuss and learn from your viewpoints.

Introduction

The question “Is globalization good or bad for Malaysia?” is not relevant any more. Globalization will happen and is happening to all countries including Malaysia, no matter it’s good or bad.

Quoting an unusual example – The late Qing dynasty in China in late 19th century and early 20th century. They locked the country out from the rest of the world. Unlike the Meiji Restoration that propelled their neighbour Japan into a world power in just a few decades, the Qing dynasty eventually fell in 1911.  Refuse to follow the world trend? It’s either downfall or extinction.

The 10 Points

#1 Malaysian businesses need the global market. The local market is just too small. It’s a matter of survival in the globalized 21st century. Don’t be content with just being a jaguh kampung (champion in home country).

#2 Malaysia needs to specialize. Want to get out of the middle income trap? Do something new, something different. Don’t insist on attracting FDI in labor-intensive businesses. Move up the value chain.

#3 We have been trying to “prepare” for globalization for too long time, even decades. It’s true some of us, some industries, some businesses are not ready. But when will we be ready? Perhaps when we are truly ready, we are irrelevant in the world economy any more.

#4 Globalization raises our competitiveness. Being a frog in a well (Malay proverb: katak dalam tempurung) does not improve our competitiveness. In business, it’s only when we face the real challenges that we grow. Just open up and the competition will hasten up our readiness.

#5 Globalization raises our human capital. Yes, brain drain is a real problem. But don’t dwell on it too long. How about using these “drained brain” in overseas for our advantage instead? How about getting foreign talents into our country instead? Who say Malaysia can’t attract talents? Learn from Mind Valley, the Google workplace of Malaysia.

#6 When we close ourselves out, people will not admire us. When we become an open book and have transparency, investors will come. A 81% drop in FDI is a wake-up call, much too late. Learn the lesson and open up.

#7 Communities in Malaysia have been sharing the same country, yet living segregated. But our diversity should be a great blessing to foray into the largest markets in world. Globalized Malaysian businesses with true partnership among different races and spirit of 1Malaysia can help national unity.

#8 We are living in an integrating, interdependent world economy. We need to keep up this reality. Want to close our market? Check the fate of Qing dynasty.

#9 We are good in many areas. We have leadership in many markets, such as Islamic finance and palm oil. Why can’t we excel in other areas as well? Malaysia Boleh (Malaysia can)? Don’t be defeatist. Think boleh and we boleh!

#10 I never advocate opening up 100% completely without reservation. There are limits. But we need to embrace globalization and even be an advocate in it. Globalization will change us, for the better.

What do you think of globalization? Is it good or bad for Malaysia? Welcome to voice your opinions.

I have recently been interviewed by two local authors for their upcoming book on MBA in Malaysia.  Here are my original replies to their questions.

14. Did your studies help you in any way in your work? How?

Certainly. I have always found practical applications to work.  For instance, many accounting concepts such as revenue recognition have been directly useful in doing my own accounts.  Others include marketing concepts. Many a times I just cannot concentrate on reading up the marketing textbook, simply because my mind will drift away thinking of applications in business!

Furthermore, I have found concepts and models useful even in personal life too!  These include balanced scorecard, SWOT analysis, branding and repositioning that could be directly used in assessing our own self and making strategic decisions for our own life.

15. What do you expect to achieve with your MBA in 5 years?

An MBA will be of no use if it is not applied in real life cases.  I expect to be able to use what I have learned in busniess, especially in making informed decision and strategic planning.  I also expect to raise my soft skills such as presentation and public speaking to the next level.

16. What is the most recent book you read? Did it help you?

In preparation to write a marketing plan for one assignment, I borrowed from the libarary and just finished reading the book titled “The Marketing Plan: A Handbook” by Marian Burk Wood. It has helped me understand the steps in creating a marketing plan.  It is defintely not just start writing, but needs to go through real life analysis and decision making before coming up with a sound marketing plan.  This is directly useful in my business.

17. Looking back, what would you have done to prepare yourself before starting your MBA? Why?

I am working while studying at the same time, but I enjoy my life back to school again.  If I could have a wish, I wished I could just take a leave from work for one to two years and immerse myself in studies.

I have recently been interviewed by two local authors for their upcoming book on MBA in Malaysia.  Here are my original replies to their questions.

10. Describe a typical day at work.

I am a mobile worker and can work from anywhere with a laptop and Internet connection, even from school.  In a typical day without class, I normally intertwine working and studying throughout the whole day.  When I go out to meet customers and attend events, and sometimes travel outstation, I will bring along my mobile office wherever I go.  I can work in Starbucks and hotel room for hours.  I am a workaholics but have been sincerely trying not to work at night!

11. Describe a typical day in school.

It depends on whether my class is in the morning or evening.  The classes are 3 hours normally with half-hour break in middle of the session.  In a typical class,  the lecturer teaches for the first half of the session, and then students take stage to do presentation in the second half after the class break.  But this varies from lecturer to another.  If it is a morning class, I normally will stay back in school for one to two hours after the class to work in my mobile office!

12. Do some of your classmates struggle in class? Why?

All students do have their share of struggle in pursuing an MBA degree.  If one is not challenged, he and she might have chosen the wrong program.  Yes, some classmates may not be used to the student-centered learning approach as they are accustomed to the traditional teaching methods such as lecture.  For those who lack working experience, they might struggle in understanding, appreciating and applying the course content. As a result, some may not be able to produce work of quality expected in an MBA program.

13. What weaknesses do you observe in some of your classmates?

The lack of working experience among some classmates is certainly an area we should look into.  Other weaknesses such as lack of critical thinking, analytical and presentation skills are typical among students under the education system in our country.  The education system needs to be transformed to the next level to enable the country to march into high-level income country as according to the proposed New Economic Model (NEM).