Identifying Challenges and Potential Solutions for Fisherpreneurs

Abstract

Fishing is categorized as a low-income economic sector, especially in developing countries. The amount of fish disembarkation is highly seasonal, and the price is fluctuating, mostly due to fish migration, wind direction, involvement of commercialized fishing cartels, government interventions, and others. Most hardcore fishermen depend solely on their catch to support their families, thus, contributing to the instability of their monthly income. This situation makes fishermen as those living under the poverty line. It is a rare occasion when fishermen are also involved in entrepreneurial activities. Therefore, this study is proposed to identify the challenges that hinder fishermen from getting involved in entrepreneurship activities, which can improve their standard of living. It is also meant to recognize and leverage the potentials that fishermen possess so that they can be groomed to be successful entrepreneurs in the future. Data for this study were collected through interviews with the Chairman of the Fishermen Association and selected fishermen and fisherpreneurs in Terengganu, Malaysia. Studying them in detail using a qualitative (interview) approach allows the development of a practical business model that can help fishermen enhance their standard of living. The study is also expected to be regarded as a starting point for other future research efforts to help fishermen get involved in business ventures.