M'sian Entrepreneur Shares How He Earned His First Million By The Age Of 19
Now, he hopes to make his first billion by his 30th birthday.
A young Malaysian entrepreneur has recently shared how he became a self-made millionaire by the age of 19
Munashraf Munawar, the founder of pet food and supplements company Biovet, recently told the New Straits Times in an interview that his journey to entrepreneurship began after witnessing the struggles his parents faced.
He decided from a young age that he wanted to do more than just work a salaried job to get by.
Today, at 23 years old, he owns a company that is worth an estimated RM26 million, with over 200 people under his employ.
Image via @munashraf (Instagram)
The young man said he first began dabbling in business at the age of 15, running a dropshipping business selling sneakers imported from China
"I used social media to sell the shoes, both to my friends and the public. I made between RM10 and RM15 per pair of shoes," he said.
After focusing on studying for his SPM examinations at 17, he started another business selling snacks such as chocolate and kerepek (crackers) by the roadside.
Munashraf said while his friends were out having fun, he was always looking for ways to improve his business acumen.
"I learned how to do marketing, sales, and closing. I looked for companies which I could become an agent for," he said.
However, after setting up several businesses that initially showed promise, Munashraf realised he could not scale his sales further by simply being a product agent.
Munashraf said he finally bought the car of his dreams, a Ferrari, this year.
Image via @munashraf (Instagram)
He finally struck gold by conceiving Biovet, an idea that came after observing frequent health issues among his friends' cats and his own, as well as seeing long queues at veterinarian clinics
"I began looking into the idea of creating my own range of cat products," he said, adding that he conducted market research before producing a range of cat food and vitamins.
Despite facing many trials and tribulations, including the loss of his mother, the teen persevered, achieving almost RM1 million in sales in his first year of business.
He earned his first million a year later at the age of 19, and since then, he's been focused on growing his business even further.
Munashraf shows off the new location of his headquarters in Kuala Lumpur.
Image via @munashraf (Instagram)
Now, Munashraf hopes to make his first billion by his 30th birthday
He attributes his success to having a clear vision, combined with humility, tenacity, and a willingness to learn. He also acknowledges the support from his family and team as crucial to his journey.
"If you don't have a vision, you will do things half-heartedly. Even now, my vision is to expand Biovet as far as I can and to build the largest veterinary hospital in Malaysia," said Munashraf, who is now pursuing a law degree.
According to the Inland Revenue Board (LHDN), the number of young millionaires in Malaysia is on the rise:
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