Higher education institutions (HEIs) are traditionally seen as society's robust institutions but are currently experiencing new difficulties as a result of shifts in both government and society's expectations of their roles as education providers. There is a global call for new models and practices which need HEIs in the private sector to develop what was once business-oriented management competencies. Hence this study addressed the global call for HEIs in Malaysia to be more entrepreneurial and explored the experiences of entrepreneurs who had ventured into the education industry with the aims of business diversification, capacity building, lifelong education and nation-building. The qualitative study explored the context of private universities in Malaysia which included the socio-historical background and experience of seven founders, and their management approaches in establishing their HEIs as successful, sustainable and respectable education providers. A grounded theory approach was adopted to gather data through in-depth interviews with the participants. Their emic perspectives of the challenges and opportunities experienced while managing their respective universities was analysed thematically. The findings revealed that new ventures into private higher education must be spearheaded by individuals with entrepreneurial leadership who would be able to develop and enhance the dynamic capabilities necessary for successfully managing a university. These leaders must also capitalize on the opportunities available and form a team of agile and resilient staff who can withstand and manage changes in the environment. The study also provides a guideline for managing private universities in a more cost-effective manner.