At a talk in Kuala Lumpur yesterday, two local entrepreneurs spoke at length about the challenges they faced in setting up and running their businesses.

The audience was in stitches as one of them complained about the Internal Revenue Board and lamented how bad she was in keeping accounts at first.

They also gasped when they learned that the other entrepreneur is left bankrupt after a partner vanished, taking off with an RM8 million loan under his name, and he had to resort to running several businesses under the names of his relatives and other trustees.

At first glance, these 100 or so people present at the forum may have appeared to be attending another motivational talk, perhaps hoping to become successful entrepreneurs themselves.

This session, however, was organised by Umno and it is second series of its kind. The first was held late last year, which was on tackling the rising cost of living.

Umno information chief Ahmad Maslan said these forums would be held about once a month.

“This is the second forum – Increasing the rakyat's income. We will continue with certain themes after this, perhaps once a month. We will invite some personalities,” Ahmad told reporters outside the hall.

He maintained that his previous statements encouraging people to take on more jobs to earn additional income had been spun out of proportion .

Ahmad said what he meant was that the people should earn extra income through e-commerce in their spare time, if their workplace regulations allow for this.

The two entrepreneurs speaking at the forum were Rozita Ibrahim and Wan Hafizol Wan Omar. Wan Hafizol is also an actor.

'Matrade will help'

Also on the panel were Malaysia External Trade Development Corporation (Matrade) CEO Dzulkifli Mahmud and Companies Commission of Malaysia deputy CEO Khuzairi Yahaya, who helped to dispel some myths.

Dzulkifli said that many local entrepreneurs are fearful of venturing into overseas markets due to a lack of contacts, but he added that opportunities would be open to them if they would just ask around.

He said that Matrade would be happy to help facilitate this.

Khuzairi said contrary to popular belief, undischarged bankrupts can hold directorships in companies.

However, doing so would require written permission from the Department of Insolvency.

Civil servants can own companies, too, provided that their heads of department allow them, he said.

Higher prices for consumer goods and services, plus hikes in public transport costs and other daily necessities, have caused a major strain on Malaysia’s working class, with wages not keeping up with inflation.

The Consumer Price Index (CPI) for November 2015 rose 2.6 percent year-on-year, with food and non-alcoholic beverages rising an even higher, at 4.1 percent.

Ahmad’s remarks at encouraging salary earners to take on another job or start a side business to survive was seen by critics as rubbing salt into the wounds of those barely able to make ends meet.