1.0 Introduction
Entrepreneur comes from the word entrepen (dre). A
French word that means one who undertakes (some task). In English, entrepreneur
means a person who organizes and manages any enterprise, especially a business,
usually with considerable initiative and risk. (Dictionary.com, 2015)
Someone who exercises initiative by organizing a venture
to take benefit of an opportunity and, as the decision maker, decides what,
how, and how much of a good or service will be produced are called
entrepreneur. (Business Dictionary, 2015)
They supplies risk capital as a risk taker, and monitors
and controls the business activities in the organization. According to
economist Joseph Alois Schumpeter (1883-1950), entrepreneurs are not
necessarily motivated by profit but regard it as a standard for measuring
achievement or success.
This shows that entrepreneurs are slightly different with
traders. They don’t just do business, they made the business. Entrepreneurs are
creators. Creative and critical thinker-that’s what they are. Hence, becoming
an entrepreneur is not an easy task. That is why in Universiti Utara Malaysia
(UUM), all the students are required to take the entrepreneur subject despite
the majoring and different courses.
Introduction to Entrepreneur is the core or basic subject
to all the UUM students. This subject teaches all the basic needs, traits and
challenges as an entrepreneur. Through learning and the assignments given, UUM
students will gain a better understanding on the importance of the enhancement
of entrepreneurial skills and personal qualities of successful entrepreneurs in
Malaysia and all over the world.
Thus, this report will describe briefly and analyses the
traits that are highly needed to be applied in the business field by
entrepreneurs. The traits included are networking, open risk taker, proactive,
observant, team oriented, outcome oriented, visionary, failure is an option,
and last but not least, open culture. Moreover, this report will also highlight
some successful entrepreneurs from Malaysia and all over the world and how
these identified traits had helped them going through the business journey in
their life. Hoped that this report would give UUM students a deeper
understanding on entrepreneurship.
2.0 Visionary
Jack
Lim
When we talk about
business, we are talking about the future. We are talking about something that
will not only affect the tomorrow of our life but it will also affect others.
We are talking about huge things, things that can give a great impact to one’s
life and better yet-the society. Thus, this made that anyone who wants to start
a business should have a vision. But what is vision? According to the Oxford
Dictionary, vision is the ability to
think about or plan the future with imagination or wisdom. (Oxford
University Press, 2015)
Therefore, a great
vision should made a great vision statement. Confused? Now look at the
definition of vision statement that Business Dictionary has to say, vision statement is an aspirational
description of what an organization would like to achieve or accomplished in
the midterm or long term future. It is intended to serves as a clear guide for
choosing current and future courses of action. (Business
Dictionary, 2015)
This shows how important for
any entrepreneur to become a visionary person in order to become a successful
entrepreneur. First thing first, what is visionary? According to the Cambridge
Dictionaries Online, visionary is a
person who hasthe ability to imagine how a country, society, industry, etc.
will develop in future and toplan in a suitable way. (Cambridge
University Press, 2015)
In other words,
visionary people has the ability to see what others cannot see. Visionary
people being able to have a picture of exactly the result of what they’ve
intended to produce in their mind. Hence, a visionary entrepreneur can see exactly what his or her business is
going to look like in every detail when it is finished. More or
less you can say that a visionary entrepreneur is like a necromancer who can
predict the future. That is how amazingly the mind of a visionary works and
this shows how becoming a visionary entrepreneur can be a big helper in
business.
There are a lot of
visionary extraordinaire in this world, but one visionary entrepreneur that is
so close to us is Jack Lim – the founder of Fipper slippers. Born in Penang and
later on moved to Kuala Lumpur at the age of four, this brainchild of the
Fipper brand foot wear came from a modest family. His father was an account
executive while his mother was a housewives.
He pursue his
education in Computer Science in United States of America after finished his
secondary school in 1996. However, Jack has bigger vision of his future. He got
big ideas. Crazy ideas but – forward thinking ideas. His passion to become an
entrepreneur had made him left school after the first semester in US in order
to realise his big dream. Jack went through tough times before he manage to
become a successful entrepreneur. He begin his entrepreneur journey as a bus
boy, a waiter and many other odd jobs before he starts kicking in the business
field.
Jack started his
footwear business under the Fipper brand through Fipper Marketing SdnBhd after
he returned to Malaysia. The business went through ups and downs but his
determination had bring the success to the Fipper brand today. Proud to be a
Malaysian home-grown brand, the company had expanded across Asia within its
seven years of establishment. Cambodia, Singapore, Brunei, Indonesia and
Vietnam are the list of some of the countries where Fipper had opened its
retail outlet.
Today, Fipper has
more than 20 different ranges of flip-flops with hundreds of colour combination
to choose from. In 2013, Fipper had won The World’s SMEs Best Brands Award that
proves the effectiveness of Jack’s leadership in the organization. This
confident and passionate young man had envision to emulate the success of
Havainas (another successful brand of flip-flops) for the next 10 years to
come.
“From a business
perspective, I look forward to Fipper establishing its very own production
lines soon and also more extensive regional distribution channels too. Nobody
can predict the future but this I am sure-whatever happens, I am ready to move
forward and keep the fire burning brighter than ever before,” said the visionary
extraordinaire in the interview for the Top 10 magazine.
All in all, Jack Lim
had shown the world that being a visionary is a must trait to become a
successful entrepreneur. Although common sense suggest that an ordinary human
being cannot predict the future, but an extraordinary entrepreneur can have a
glimpse of the future for their business in a bigger picture. Nonetheless,
being ahead in time and having the ability to envision what the future holds is
surely something that every entrepreneur in this world would wanted.
3.0 NETWORKED
Mrs
Lisa Fong
In entrepreneurship, each and every
entrepreneur needs networked traits to make their business success.
Entrepreneur cannot make their business become successful and efficient by
alone without any help from others. Networked traits in entrepreneur will lead
a business become successful.
Networked refer to a businessman or entrepreneur have a
good and effective relationship with certain people who can help them in
business. Networked entrepreneur will always surround with people who can make
their business more efficient. Entrepreneur may network with some people such
as business partner, to whom they get sources for business, financial partners
and competitors.
There are many entrepreneurs who become successful
because of their networked trait. For example, a successful entrepreneur is Mrs.Lisa
Fong. Mrs. Lisa Fong is an owner for OSCAR Footwear Marketing Sdn Bhd. Mrs.Lisa
Fong running a company that manufacturing safety footwear. The networked traits
within herself make Mrs.Lisa Fong could communicate with her peers, partners
and also customers.
A good networking can attract customer and it can develop
her business to next level. Mrs.Lisa Fong attracts companies to be her
customers because of her networking skills. There are many customers for Oscar
Footwear Marketing SdnBhd such as Petroliam NasionalBhd, Top Glove Bhd, Fraser
&Neave Holding Bhd, The Federal Land Development Authority, Seagate
Industries (M) SdnBhd and The Royal Malaysian Police. Networked traits will
lead to a successful business.
4.0 OBSERVANT
Mrs
Helen
Besides that, every entrepreneur
also need observant trait within themselves. Every entrepreneur should be a
good observant to make their business successful. Entrepreneur with good
observe will always be aware and always be precaution on their business.
Entrepreneur that being a good observant always see good and bad on their
business, always watch up and down of their business and their competitor
business. Entrepreneur who observe about their customers will satisfy their
customer needs. This is because, if entrepreneur being a good observant on
changes of customers behavior and needs
will know how to satisfy them by providing product or service according to
their customers needs. Businessman that observe better will provide good and
satisfy product or service to customers. This will lead to successful business.
Every entrepreneur have to pay attention on their
business. Mrs. Helen Read is a owner of Ms Read SdnBhd company. Mrs Helen is a
good observant. She operate a business
of women’s boutique clothing for big size woman. Mrs.Helen always
observe a lot on their customer interest, how suitable of clothes for big size
woman, the choosing pattern of women, and satisfaction of her customer. From
the observant, she Mrs.Helen could know many business strategies that can attract
her customers. She also observe on market price so that she can prevent her
business from lose and bankrupt.
5.0
PROACTIVE
TAN
SRI SYED MOKHTAR AL BUKHARY
Tan Sri Syed Mokhtar has a proactive trait in himself.
Where he looked toward something with more advanced. As we known, he is a
successful entrepreneur and admired by the public, especially society in
Malaysia. At the age 64, he has everything that everybody wants. He has a net
worth estimated to be US$2.90 billion according to Forbes making him
the 8th richest Malaysian.
Tan Sri Syed Mokhtar was born in 1951 at AlorSetar,
Kedah. He from families who came from Hadhramawt, Yemen and have seven
siblings, Tan Sri Syed Mokhtar living in deprivation at a young age. On the
hardship of life, he tried to be a successful people in their life. He is known
as the "millionaire philanthropist" for his often helps the poor.
Besides, he established Al-Bukhary Foundation to help the people.
According Stan Mack, proactive business owners have a
significant competitive advantage. They are flexible, adaptable and focused on
continually improving their customer service, productivity, efficiency and
workplace environments. Tan Sri Syed Mokhtar is one that is competitive in the
business because he has a lot of varied businesses which is MMC Corporation
Berhad, the Port Bernas, Gardenia, DRB-Hicom, Bank Muamalat, Pernas, Malakoff
Berhad, Johor Port Berhad and more.
In addition, Tan Sri Syed Mokhtarare focused on
continually improving their customer service, productivity, efficiency and
workplace environments. His has own company manufacturing sector. Following
their success in obtaining contracts to make military uniforms for the Ministry
of Defence. The contract is to supply the army with 120,000 pairs of shoes and
330,000 pairs of uniforms. He then decided to set up two companies, namely
Amtek Holdings to manufacture shoes and Oriental Garments Uniform Division for
the manufacture of clothing. When Amtek Holdings is listed on the Second Board
of the Kuala Lumpur Stock Exchange in 1998, he used the money he earned to buy
listings Spark Manshop and the rights to manufacture and market branded
clothing Crocodile. Now, a subsidiary of Amtek Holdings issued a military
footwear (Amtek Shoes) and costume designer Lee Coopers and Lois (Amtek
Garments Sdn. Bhd.) for the export market.
Many successes that have been made by Tan Sri Syed
Mokhtar to advance the national economy to make Malaysia as a developing
country. Furthermore, the success of which was outlined by Tan Sri Syed Mokhtar
make her a figure of entrepreneurship and of becoming a role model for young
people who want to follow in his footsteps as a successful entrepreneur in the
world.
6.0
Team Oriented
Tony
Fernandes
Tony Fernandes is a
Malaysian Indian entrepreneur. He is the founder of Tune Air Sdn. Bhd., who
introduced the first budget no-frills airline, AirAsia, to Malaysians with
tagline “Now everyone can fly” (Kor, 2015).
One of the
entrepreneurial traits that highly needed and applied to operate the business
by the entrepreneur is team oriented. To Tony Fernandes, employees come first
before his customer (BBC, 2010).
As a hospitality
industry, people to people interaction is needed. So, Tony Fernandes encourage
his staffs to speak up with relaxing formality and breaking down walls because
having a hierarchy sometimes make it difficult for effective communication.
AirAsia executives
sit with other Allstars in an open floor plan. Usually management department in
corporate company is separated. But in AirAsia, management sit on huge stage in
an open space office. Chief pilot has a corner desk looking at the operations
team which is right next to the flight attendant team. Right next flight
attendant team is reception area, and where there are no call centre but an
online chat customer team.
Without hierarchy,
everyone will treating one another as friends or team members. The work
produced would be more productive. Everyone can gets the chance to share their
thoughts and opinions on how to increase the revenue and reduce costs of
AirAsia.
7.0 OPEN
RISK TAKER
DATUK
SANI
Sani Express is one of the establish bus company in
Malaysia. A red colour bus that can easily be recognize by people. Datuk Wan
Mohammad SaniSalleh or DatukSani, is a local youth who have a strong spirit
because at the age of 35, he has everything that people want. A business that
give a million of profit, his own three stray office building located on the
heart of developing city of Meru, Klang that costs RM 7 million for the
purchase and renovation. A bungalow that costs RM 9 million.Ferrari F360 Modena
worth RM1 million.
DatukSani was born in Kuala Ibai, Kuala Terengganu,
Terengganu and has Diploma Business Management from Sunway College in 1994. In 2009 he was rewarded the tittle Datuk by Sultan
Pahang, Sultan Ahmad Shah.
Before he start his business in 2003.DatukSani was a
model, actor and singer. He also own a car workshop in Kuala Lumpur and
Terengganu. And starting from there, he take the risk to make a transportation
business which is a bus.
According to Merriam Webster, risk taker is the act or
fact of doing something that involves danger or risk in order to achieve a
goal. Business dictionary state that, an individual or business that tends to
behave in a way that can potentially cause physical harm or financial loss, but
might also present an opportunity for a rewarding outcome. A real entrepreneur
need this kind of trait. And DatukSani has this kind of trait.
DatukSanistart the business with his two business partner
who later withdraw from the company. He was left alone handle the company. And
that was the struggling time for him. He has to be careful when make any
decision, because it can lead to a problem. He said that “when the business partner
still there, I can refer to them, but when I was left alone I need to think
about 10 times before making any decision”.
At that time he was only has one worker, and it take
three years of hard work for the business to show the result. He bears a great
risk because of the loan that he take from the finance institution. But he was
brave and confident with what he want to do. And in 2006 Sani Express are in
the road. From one worker, now he has 150 workers.
From small office in UkayPerdana, now he has an office
that well equipped. Other than being the center of operation, the building also
has a dorm, a training center, and a mosque.
DatukSaniprove that, Entrepreneurs take risks. They take
action. Each one may have a slightly different risk meter, but when the time
comes, they step out of their comfort zone and risk through taking action.
Many would assume it is not possible to start a business
with very little money, but those who are not afraid to take risks dont see
things such as limited funding as a handicap. You have to stay sharp, and that
requires that you are constantly learning.
8.0 FAILURE
IS AN OPTION
NICHOLAS
WOODMAN
Richard Branson said it best: “Few first ventures work
out. It is how a beginning entrepreneur deals with failure that sets that
person apart. In fact, failure is one of the secrets to success, since some of
the best ideas arise from the ashes of a shuttered business”. If you understand
that failure is part of being an entrepreneur, you will take those failures and
use them as learning experiences. Real world experience, even failing, will
teach you more than you would ever learn in a classroom.
Nicholas Woodman is an American businessman and the
founder and the CEO of GoPro. 37-year-old Woodman has turned an initial idea to
tether cameras to athletes’ wrists into a social phenomenon. Woodman is now
among the youngest self-made billionaires.
The GoPro is an HD-quality, waterproof, video recording
device. It is very small and compact, yet it can deliver amazingly crystal-clear
video. On top of all of that, the GoPro video cameras are completely waterproof
and shockproof so they can be used in any type of environment or conditions.
He has face two failure before his third business goes to
success. His first business was an e-commerce site aimed at a young demographic
which sold very cheap electronics. The company didn’t make any profit, so it
was quickly shut down. But that does not make him give up. So in in 1999 he set
up Fun Bug, an online marketing company and gaming that give user a chance to
win cash prizes. However, that had the greatest impact on his future career. In
April 2001, the company was face down in the water, unable to gain traction
among users. Fun Bug was sold for almost nothing, and $4 million of investors’
money was lost in the process. He said “Fun Bug was hugely traumatic, not
because I’d failed, but because people believed in me and I let them down.”
After the failure, he goes for a hiatus. He decided to go
on surf trip with a few friends. They go to Indonesia, Bali and Australia.
While on vacation, he inventGoPro. At first his idea was just a wrist camera
that would allow to shoot photo while were surfing. But it become bigger and
that how GoPro was invented.
In Woodman case, we can conclude that things don’t always
go according to plan and may fail anyhow. Like the old saying, "nothing
ventured, nothing gained”. Means that do not be afraid to fail, put it out
there and give it your best shot.
9.0
Outcome Oriented
Richard Branson, CEO and founder of Virgin
Group
Richard Branson is
CEO of VIRGIN Group that hold more than 200 companies, comprising Virgin
Mobile, Virgin Atlantic, Virgin Blue, Virgin Finances, Virgin Brides, Virgin
Cars, Virgin Trains and most recently, Virgin Galactic (Kor, 2015).
In business, trait of
outcome oriented is important. Outcome oriented is a type of strategy that
affects how the company approaches its revenue and plans for future projects.
It describes the action of people and organization regarding their primary aims
(Lacoma, 2015). Branson is highly motivated. He is motivated to achieve the
group as well the organizational goal so he makes assure that he has control
over the outcome (Eason, 2013).
Branson focuses on
the performance of his employees. To achieve organizational outcome, he
enhanced the training and motivation on employees. Furthermore, he also focuses
on cost efficiency. To him, cost efficiency creating a value and builds a
strong business.
10.0
Open Culture
Datuk Steven Lim
''Open Culture'' is a
concept according to which knowledge should be spread freely and its growth
should come from developing, altering or enriching already existing works on
the basis of sharing and collaboration, without being restricted by rules
linked to the legal protection of intellectual property. In a context of
globalization, the consequence is that all citizens should have equal access to
information.(http://www.ciac.ca/en/open-culture-definition-en).
Thus, in entrepreneurship world, Datuk
Steven Lim origin from Kota Bharu, Kelantan is a
figure that possessed open culture characteristic as an entrepreneur. He is a
founder of Secret Recipe which is established in 1997. He is really humble. The
principle of his life, ‘among others, do not greedy’ and ‘we were born free,
when death did not bring anything’. Steven Lim is a youngest of eight children
who said that his childhood had life difficult. In addition, lack of atmosphere
of the village makes Steven Lim to become a creative human.
The majority ethnic Malays
friend and the same time he himself grew up in a traditional Malay village.
Relationship with neighbours are very close even though different nations.
Therefore among friends has never arisen questions can not play together just
because he a Malay and Chinese thee.
Secret Recipe very famous
and have a good gourmet cakes. This business promises a great life value with
the variety of food with the affordable price. All the food and dessert used a
high quality of ingredients, coupled with moderate pricing, has created a new
lifestyle cult, compromising of a loyal base of food and cake lovers (http://www.secretrecipe.com.my/).
Steven Lim origin from the
village started to realize that the inadequacy of a food business in our
country. Before this he want to become an interior designer but chose this path
and opened the lifestyle cafe chain and have branded name in Malaysia, Singapore,
Philippines, Australia, Indonesia, Thailand, Brunei, Pakistan and
Cambodia. The first café was opened in
S2 Petaling Jaya, Selangor where providing new concepts for cake and coffee
business to make difference for the food lovers.
During the initial opening
of the Secret Recipe, he had little support. Therefore, he was distributing
flyers that stated ‘free coffee’. As we know all people like things are free.
Thus, many customers came to shop secret recipe to try a variety of cakes. At
the same time, he took the opportunity to look at customer satisfaction and
feedback from the comments that he was given according Malaysian taste.
The best thing it is also
recognized by Halal Certification provided by the Islamic Development
Department of Malaysia (JAKIM). Therefore, he understand that the sensitivity
of muslims when talk about the food. Secret Recipe also offers a dining room
and friendly personal customers by combining the concept of a vibrant and
comtemporary interior with a cozy atmosphere and delicious food.
11.0 Biography
TAN SRI JEFFREY CHEAH
Tan Sri Jeffrey Cheah is the CEO of Sunway Group. He
was born in Perak and has six siblings. He received higher education at
Victoria University of Technology Australia. After graduating he worked as
Accountant and subsequently ventured into entrepreneurs. He was ranked the 19th
richest man in Malaysia in Forbes with a fortune of 950 million. Tan Sri
Jeffrey Cheah has a trait of entrepreneurs who should be on individual
entrepreneurs. Among its trait is a network, open risk taker, observant,
visionary and failure is an option.
Networking
is the single most powerful marketing tactic to accelerate and sustain success
for any individual or organization. Therefore, Tan Sri Jeffrey Cheah has a
network with stakeholder. He is intelligent to seek opportunities to expand the
business to other countries such as Australia, Taiwan, and India. At the same
time he also entered partnerships and joint ventures with other parties such as
the Singapore government investment company. Besides that, he has a failure is
an option. As we know, on 1997had a severe economic downturn. To solve the
crisis that occurred, he took steps to seek the support of the workers, he paid
salaries according to the time and to reduce the costs he has sold equipment
that is not needed and close a business that does not bring results.
He is open risk taker. He is willing to do anything to
Sunway profit and revenue. He had long aspired to develop the city Sunway and
successfully developed in the vicinity of the mines and now it's worth RM2
billion, there are various facilities such as hotels, complexes, universities,
hospital and others.With passion and determination he succeeded in developing
the Sunway group to become a company in the world.
In addition, Tan Sri Jeffrey is visionary. Visionary
is thinking about or planning the future with imagination or
wisdom. He can anticipate what will happen as in 1974, he has been doing
business as a result of the mining and economic recession has turned to sand
mining and quarrying. Now Sunway involve themselves in the property development,
property investment, manufacturing, hospitality and entertainment related
business. In addition to that, Tan Sri Jeffrey Cheah has set the target of
success in Sunway therefore with a multitude of established businesses in more
than 40 locations worldwide. With this success, he has also been able to
contribute to Malaysia's future in the form of education through his Jeffrey
Cheah Foundation.
Besides that, he has observant in their entrepreneur. He
saw something else than the others, which is something that ordinary objects
can become exceptional as it involves the development of the sector and develop
the city Sunway mined areas. Therefore, it makes Sunway group famous and
advanced. In addition, in the various branches of the Sunway there are many of
hospitality, education, entertainment and high-tech hospital. He also invested
in working with outsiders to develop his company.
Tan Sri Jeffrey Cheah is a person who likes to learn from
mistakes and he is also a man who does not let emotions control the mind. Every
action taken based on facts and knowledge about a matter that involves the
development of Sunway. Apart from the risk-taking, he also believes in his
ability and integrity for success.
12.0
Conclusion
Each and one of us are special and have our own
superiority and so thus entrepreneurs. Each entrepreneur have their own way and
thoughts in making their business a success. However, following the key traits
to become a successful entrepreneur is essential and was the base in starting a
business. The report had describes briefly and explained how the key traits
such as networking, open risk taker, outcome oriented, visionary, team
oriented, observant and so on could be a big helper in making the business a
success.
In an organisation, there are objectives to be
accomplished. To achieve the objectives, entrepreneur have to be smart in
planning strategies involving tactical and operational management. One of the
key traits in the report that is team oriented trait suggest that every
tactical and operational management consist of few departments to work
together. If an entrepreneur did not have one of the key traits that had been
explained throughout this report to manage their organisation, it is hardly
believe that the organisation could last long.
Above all, being an entrepreneur is surely a challenging
task since entrepreneurs are gambling with the future of their business.
Nevertheless, there are so many successful entrepreneur in this world that had
shown the sceptics that they were wrong about them. Business is not just about
profit but it is also about the passion to continue surviving in the business
field and to achieve the feeling of satisfied with what we had accomplished in
life.
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