Entrepreneurship is essential in the fundamental of industry and economy. Thus, most governments are concerned on this particular field as it can generate the economy and strengthen the industry. Scholars are particular on the effect of entrepreneurship, even World Bank introduced entrepreneurship as one of the main sector in developing countries.
Entrepreneurs not only generate incomes for the states, also introduce new business and open more career opportunities. Back to 30 years ago, there is no occupation such as web designer and application programmer, entrepreneurs make this into reality. Innovation of entrepreneurs also contribute to the states in term of new-found technologies. People, as general, can live for a more convenience life due to these inventions, driven by the entrepreneurs.
Source: Modified and translated from "Prinsip-prinsip Keusahawanan: Pendekatan Gunaan Edisi Kedua".
Sunday, 15 November 2015
Saturday, 14 November 2015
Conclusion to the Group Assignment of SADE1013 on Entrepreneurial Traits
Being an entrepreneur in the society today can promote an individual to the next level within an industry or a specific field. Thus, by natural inherited entrepreneurial traits or learning the entrepreneurial skills through life-long learning process is essential to for one to extend his or her career path as well as being a successful person in his or her life. Entrepreneur not only makes profit but also at the same time contributes to the society, which becomes the main driver in the society.
There are nine entrepreneurial traits, including networked, open risk taker, observant, visionary, failure is an option, open culture, outcome oriented, team oriented and proactive that have been discussed in this study. Each of the traits are equivalently important to shape a successful entrepreneur. However, not all the successful entrepreneur would have all the traits but most of them have at least one or more entrepreneurial traits that have been highlighted in Chapter 2.
Through this study, He Xiangjian, as the founder of Midea group has been emphasized, especially on the entrepreneurial traits which have been portrayed by him. Typically, He Xiangjian is a proactive, visionary, outcome-oriented, open-risk-taker and open-cultural entrepreneur. These traits have contributed in his succeed as the China’s largest household appliance retailer. His modern management style is also influencing the norms of China society, which he refuses to continue Midea group as a family business, which makes Midea become highly competitive in the listed market. His strategies were the legacy of contemporary management.
In conclusion, it is not necessary for all the entrepreneurs to have all the entrepreneurial traits to success, but entrepreneurial traits are the key heading to the successful path. Whether it is by nature or learning, entrepreneurial traits should be built in every individual’s personality for better career and society.
There are nine entrepreneurial traits, including networked, open risk taker, observant, visionary, failure is an option, open culture, outcome oriented, team oriented and proactive that have been discussed in this study. Each of the traits are equivalently important to shape a successful entrepreneur. However, not all the successful entrepreneur would have all the traits but most of them have at least one or more entrepreneurial traits that have been highlighted in Chapter 2.
Through this study, He Xiangjian, as the founder of Midea group has been emphasized, especially on the entrepreneurial traits which have been portrayed by him. Typically, He Xiangjian is a proactive, visionary, outcome-oriented, open-risk-taker and open-cultural entrepreneur. These traits have contributed in his succeed as the China’s largest household appliance retailer. His modern management style is also influencing the norms of China society, which he refuses to continue Midea group as a family business, which makes Midea become highly competitive in the listed market. His strategies were the legacy of contemporary management.
In conclusion, it is not necessary for all the entrepreneurs to have all the entrepreneurial traits to success, but entrepreneurial traits are the key heading to the successful path. Whether it is by nature or learning, entrepreneurial traits should be built in every individual’s personality for better career and society.
Friday, 13 November 2015
He Xiangjian: The Legacy of Midea
In this chapter, the Chinese leading appliance maker- He Xiangjian is chosen to be discussed, emphasizing on his entrepreneurial traits. He Xiangjian is the Founder of GD Midea Holding Co., Ltd. and served as its Chairman since May 2007 (Bloomberg Business, 2015). According to Forbes, he has an estimated net worth of $8.9 billion as of September 2015. In the China Richest List, he is ranked 18th and the 437th in the list of World Billionaires.
He Xiangjian born on January 1, 1942, in Shun De, Guangzhou, China. When he was in the age of 26, he funded RMB5000 yuan together with 23 residents of Shun De. He founded the 'Beijie Plastics Production Team' or also known as the North District Office Plastic Production Group (北街办塑料生产组), as the fundamental organization of later Midea group. This group was initially a workshop for the production of bottle lids in 1968 (The Richest, n.d.).
Here is the starting point which He Xiangjian portray a visionary entrepreneurial trait. He was more ambitious than merely producing the normal bottle lids. The team’s next move was to manufacture electric fans. In 1973, the workshop began to produce medical used glass tubes, mainly sold in neighboring areas. On May 4, 1976, it changed the name to 'Shunde Beijiao Commune Automobile Component Plant' (Midea, n.d.). From this split of plants, He Xiangjian gradually expand his business in the production sector.
In 1981, the main base of Midea was established, covering an area of 20,000m2 in Shun De. In 1984, this plant started to produce plastic vane fans. On June 1, 1984, Midea set up 'Shunde Midea Electric Fan Plant', the main production line in electric fan (Midea, n.d.). This further expand Midea and diverse the production of the group, setting up a ground for Midea as the main electrical appliance supplier. During this time of exploring market, He Xiangjian has developed an excellent sense on market, which contributed on his observant personality in pursuing his business as an entrepreneurship.
Due to his proactive personality, he grasped the great opportunity for rapid growth after Miyazawa Kiichi, former prime minister of Japan visited Midea on July 8, 1984, becoming the township enterprise representative. Later on, Midea entered the air conditioning industry. In 1988, Midea became a qualified base for the export of mechanical and electrical products, enjoying the self-operated right of import and export (Midea, n.d.).
In June 1990, He Xiangjian’s team established Midea Industrial City, covering an area of 280,000m2. During this time, Midea group started producing a wide variety of electrical appliances including air conditioners, dishwashers, microwave ovens, water dispensers, rice cookers, domestic gas appliances, vacuum cleaners, heaters and other. In short, Midea started from small beginnings of lid production and became a wealthy appliance manufacturing tycoon (Midea, n.d.).
Until 1993, Midea was founded for 25 years. He Xiangjian, with his open risk taker entrepreneurial traits did not only successfully sustained the growth of Midea but he was also taking risk to expand it, by listing Midea in the stock market to attract more capital. On November 12, 1993, Midea listed on Shenzhen Stock Exchanges, becoming the first listed township enterprise approved by China Securities Regulatory Commission. Income of major business of Midea group was increasing from RMB487 million in 1992 to RMB2.5 billion in 1996. Midea became one of the biggest home appliance production bases in China. In 1998, Midea purchased 40% share of Toshiba-Wanjiale Refrigeration Equipment Co. Ltd. and Toshiba-Wanjiale Electrical Machinery Co. Ltd., which both company were facing operation difficulties. During the restructure of Midea group, the two company made profit in the same year. Later, Midea purchased 20% more of share owned by Japan Toshiba of the above two enterprises. Midea use them as the base of supply chain of air conditioner industry, expanding the business into air conditioner compressor sector (Midea, n.d.).
As an entrepreneur with open culture, He Xiangjian’s founded the Midea Newsletter on Feburary 10, 1991 as a carrier of Midea enterprise culture, adhering to the principle of "Serve Midea", recording its growth process and creating a better cultural environment. Since 1999, following the international practice, Midea began to employ in large quantity overseas experts. At the same time, Midea sent a large number of senior executives, suppliers, and dealers to receive training abroad, implementing the “Century Talents Project”, (Midea, n.d.).
Midea has its “month of science-tech” every October, rewarding the science and technology contributors, appreciating their creativity and innovative. In 2012, Midea spent RMB20 million to reward those innovative talents working in the frontier positions. For the same purpose, Midea also invited foreign experts from Japan, South Korea, Spain and other to join Midea (Midea, n.d.).
He Xiangjin’s visionary did not stop in China. Since 2000, Midea, under his leadership, put a lot of effort in expanding overseas market, following the smooth operation of its Hong Kong company, Midea established Midea (US) Company, Midea (Europe) Company, Midea (Japan) Co. Ltd., Midea (Korea) Representative Office, Midea (Canada) Representative Office, and Midea (Russia) Representative Office, promoting the expansion of overseas business and offering support for Midea to become a well-known multinational company. In this year, Midea sales revenue hit RMB10.5 billion. Midea hence became the largest enterprise in Shunde in terms of business scale (Midea, n.d.).
Nonetheless, He Xiangjian is famous with his style of management, which was mainly outcome oriented. Under the communism regime, he managed to implement management buy-out (MBO) in 2001, which means the Beijiao Town Government as the biggest shareholder, withdrawing completely from the company, the executives headed by He Xiangjian becoming the biggest shareholders. The fate of executives was linked with the fate of the enterprises. It showed that He Xiangjian was typically looking on the larger source of capital- public listed (Forbes, 2012). In addition, to increase the public confidence, he actually took the MBO strategy, even it might affect Midea’s relationship with the local government.
Since 2003, Midea was the biggest enterprise in Foshan and in 2012, as the second largest electrical appliances supplier in China. The brand value of Midea increased from RMB2.654 billion in 1997 to RMB11.702 billion in 2002. Since 1990, Midea has contributed RMB50 million in social public welfare, education and health. This contribution made He Xiangjian an actual entrepreneur, he also further the contribution to the society after his retirement as the chairman of Midea group (Midea, n.d.).
The outcome oriented entrepreneurial trait is also seen when he resigned as the group's chairman on August 25, 2012 from the company he started in 1968. He passed the torch not to his son but to Fang Hongbo, president of the group's flagship subsidiary, Shenzhen-listed Guangdong Midea Electric Appliances Co. He Xiangjian will continue as the chairman of Midea Investment Holding Co to focus on development strategy, while his 45-year-old son He Jianfeng will be on Midea Group's new board, meaning the He family will distance themselves from the group's daily operation and entrust it to non-family members (Cong, 2012). This was unusual due to the long tradition and culture in China, which most enterprises were dominated by family business. He Xiangjian’s move was seen to be proactive and outcome-oriented at the same time.
He Xiangjian born on January 1, 1942, in Shun De, Guangzhou, China. When he was in the age of 26, he funded RMB5000 yuan together with 23 residents of Shun De. He founded the 'Beijie Plastics Production Team' or also known as the North District Office Plastic Production Group (北街办塑料生产组), as the fundamental organization of later Midea group. This group was initially a workshop for the production of bottle lids in 1968 (The Richest, n.d.).
Here is the starting point which He Xiangjian portray a visionary entrepreneurial trait. He was more ambitious than merely producing the normal bottle lids. The team’s next move was to manufacture electric fans. In 1973, the workshop began to produce medical used glass tubes, mainly sold in neighboring areas. On May 4, 1976, it changed the name to 'Shunde Beijiao Commune Automobile Component Plant' (Midea, n.d.). From this split of plants, He Xiangjian gradually expand his business in the production sector.
In 1981, the main base of Midea was established, covering an area of 20,000m2 in Shun De. In 1984, this plant started to produce plastic vane fans. On June 1, 1984, Midea set up 'Shunde Midea Electric Fan Plant', the main production line in electric fan (Midea, n.d.). This further expand Midea and diverse the production of the group, setting up a ground for Midea as the main electrical appliance supplier. During this time of exploring market, He Xiangjian has developed an excellent sense on market, which contributed on his observant personality in pursuing his business as an entrepreneurship.
Due to his proactive personality, he grasped the great opportunity for rapid growth after Miyazawa Kiichi, former prime minister of Japan visited Midea on July 8, 1984, becoming the township enterprise representative. Later on, Midea entered the air conditioning industry. In 1988, Midea became a qualified base for the export of mechanical and electrical products, enjoying the self-operated right of import and export (Midea, n.d.).
In June 1990, He Xiangjian’s team established Midea Industrial City, covering an area of 280,000m2. During this time, Midea group started producing a wide variety of electrical appliances including air conditioners, dishwashers, microwave ovens, water dispensers, rice cookers, domestic gas appliances, vacuum cleaners, heaters and other. In short, Midea started from small beginnings of lid production and became a wealthy appliance manufacturing tycoon (Midea, n.d.).
Until 1993, Midea was founded for 25 years. He Xiangjian, with his open risk taker entrepreneurial traits did not only successfully sustained the growth of Midea but he was also taking risk to expand it, by listing Midea in the stock market to attract more capital. On November 12, 1993, Midea listed on Shenzhen Stock Exchanges, becoming the first listed township enterprise approved by China Securities Regulatory Commission. Income of major business of Midea group was increasing from RMB487 million in 1992 to RMB2.5 billion in 1996. Midea became one of the biggest home appliance production bases in China. In 1998, Midea purchased 40% share of Toshiba-Wanjiale Refrigeration Equipment Co. Ltd. and Toshiba-Wanjiale Electrical Machinery Co. Ltd., which both company were facing operation difficulties. During the restructure of Midea group, the two company made profit in the same year. Later, Midea purchased 20% more of share owned by Japan Toshiba of the above two enterprises. Midea use them as the base of supply chain of air conditioner industry, expanding the business into air conditioner compressor sector (Midea, n.d.).
As an entrepreneur with open culture, He Xiangjian’s founded the Midea Newsletter on Feburary 10, 1991 as a carrier of Midea enterprise culture, adhering to the principle of "Serve Midea", recording its growth process and creating a better cultural environment. Since 1999, following the international practice, Midea began to employ in large quantity overseas experts. At the same time, Midea sent a large number of senior executives, suppliers, and dealers to receive training abroad, implementing the “Century Talents Project”, (Midea, n.d.).
Midea has its “month of science-tech” every October, rewarding the science and technology contributors, appreciating their creativity and innovative. In 2012, Midea spent RMB20 million to reward those innovative talents working in the frontier positions. For the same purpose, Midea also invited foreign experts from Japan, South Korea, Spain and other to join Midea (Midea, n.d.).
He Xiangjin’s visionary did not stop in China. Since 2000, Midea, under his leadership, put a lot of effort in expanding overseas market, following the smooth operation of its Hong Kong company, Midea established Midea (US) Company, Midea (Europe) Company, Midea (Japan) Co. Ltd., Midea (Korea) Representative Office, Midea (Canada) Representative Office, and Midea (Russia) Representative Office, promoting the expansion of overseas business and offering support for Midea to become a well-known multinational company. In this year, Midea sales revenue hit RMB10.5 billion. Midea hence became the largest enterprise in Shunde in terms of business scale (Midea, n.d.).
Nonetheless, He Xiangjian is famous with his style of management, which was mainly outcome oriented. Under the communism regime, he managed to implement management buy-out (MBO) in 2001, which means the Beijiao Town Government as the biggest shareholder, withdrawing completely from the company, the executives headed by He Xiangjian becoming the biggest shareholders. The fate of executives was linked with the fate of the enterprises. It showed that He Xiangjian was typically looking on the larger source of capital- public listed (Forbes, 2012). In addition, to increase the public confidence, he actually took the MBO strategy, even it might affect Midea’s relationship with the local government.
Since 2003, Midea was the biggest enterprise in Foshan and in 2012, as the second largest electrical appliances supplier in China. The brand value of Midea increased from RMB2.654 billion in 1997 to RMB11.702 billion in 2002. Since 1990, Midea has contributed RMB50 million in social public welfare, education and health. This contribution made He Xiangjian an actual entrepreneur, he also further the contribution to the society after his retirement as the chairman of Midea group (Midea, n.d.).
The outcome oriented entrepreneurial trait is also seen when he resigned as the group's chairman on August 25, 2012 from the company he started in 1968. He passed the torch not to his son but to Fang Hongbo, president of the group's flagship subsidiary, Shenzhen-listed Guangdong Midea Electric Appliances Co. He Xiangjian will continue as the chairman of Midea Investment Holding Co to focus on development strategy, while his 45-year-old son He Jianfeng will be on Midea Group's new board, meaning the He family will distance themselves from the group's daily operation and entrust it to non-family members (Cong, 2012). This was unusual due to the long tradition and culture in China, which most enterprises were dominated by family business. He Xiangjian’s move was seen to be proactive and outcome-oriented at the same time.
Thursday, 5 November 2015
Entrepreneurial traits: Proactive
By Oxford dictionary’s definition, proactive is creating or controlling a situation rather than just responding to it after it has happened. According to Steven Covey’s famous habit, being proactive means thinking and acting ahead of anticipated events; this means using foresight. This is not only a great method for avoiding more work down the road, but it can be extremely important for averting disasters.
One of the example, Michael, J. Hoffman, who leads the Toro Company, collectively recalled 62,000 faulty commercial riding mowers together with Exmark Manufacturing and Dixon Industries Inc.. These companies worked directly with their dealers, distributors and customers during the recall campaign to proactively fix or replace the affected units already on the market (Brian, n.d.).
Wang Jianlin, the China’s richest man in 2015 according to Forbes is another successful entrepreneur with the trait of proactive. He has been the CEO of Dalian Wanda Group since 1993, with the real time net worth of $31.9 million as of October 28, 2015. His is proactive when he acquired the AMC theaters in 2012 and became the world’s largest theater owner. He is very proactive too in various property investment, for example the landmark Edificio España building in Madrid, Spain. In 2014, he acquired land at 9900 Wilshire Boulevard in Beverly Hills, California to build the American headquarters of his entertainment company. According to “The Economist”, he is "a man of Napoleonic ambition".
One of the example, Michael, J. Hoffman, who leads the Toro Company, collectively recalled 62,000 faulty commercial riding mowers together with Exmark Manufacturing and Dixon Industries Inc.. These companies worked directly with their dealers, distributors and customers during the recall campaign to proactively fix or replace the affected units already on the market (Brian, n.d.).
Wang Jianlin, the China’s richest man in 2015 according to Forbes is another successful entrepreneur with the trait of proactive. He has been the CEO of Dalian Wanda Group since 1993, with the real time net worth of $31.9 million as of October 28, 2015. His is proactive when he acquired the AMC theaters in 2012 and became the world’s largest theater owner. He is very proactive too in various property investment, for example the landmark Edificio España building in Madrid, Spain. In 2014, he acquired land at 9900 Wilshire Boulevard in Beverly Hills, California to build the American headquarters of his entertainment company. According to “The Economist”, he is "a man of Napoleonic ambition".
Wednesday, 4 November 2015
Entrepreneurial traits: Team oriented
According to Indiana University on the ‘Defining Performance Standards’, team oriented is a quality which a person can works effectively with others. This particular individual which is team oriented can actively contribute to the achievement of group and organizational goals. Individual who is team oriented can accept shared responsibility and ownership of projects. Besides, they can also maintain open communication among team members and utilize strengths of individuals within group to the benefit of the team.
Many successful entrepreneurs admitted that they cannot build or run their business without others’ helps. Delegating responsibilities to team of employees or even outside consultants will not only allow the company to focus on its core competencies, but also will improve the efficiency of its operations and provide avenues for creative ideas to filter their way up to management (Gary, 2001).
For example, Gordon Moore, co-founder and Chairman Emeritus of Intel Corporation. He is famous as a team player since his earlier career life. He and his other seven friends- known as the ‘traitorous eight’ formed Fairchild Semiconductor in 1957 after they left Shockley Semiconductor Laboratory (Tom, 2011). Although ‘traitorous eight’ is not a good name, but it shows that Gordon Moore is a team-oriented person which used to cooperate with other scientists in his semi-conductor research.
Muar Payong Industries Sdn. Bhd. is a local company in Malaysia which established by Mr. Tay Tong Eh, Mr. Tay Tong Lian and Ms. Tay Yok Ngo. The company engages in the activities of trading and manufacturing of Umbrella. Not only that, the company also involves in the trading of sun shades, apparent, bags and caps. Through the hard works of Mr. Tay Tong Eh and his team members, their company product are able to deliver not only in local and East Malaysia but also exported to Singapore. At present the business has gradually expanded throughout the whole of Malaysia. Without the cooperation from his team members, Mr Tay Tong Eh is unable to run his business alone successfully. Every team members play an important role in order to achieve the goals of the company (Muar Payong, n.d.).
Many successful entrepreneurs admitted that they cannot build or run their business without others’ helps. Delegating responsibilities to team of employees or even outside consultants will not only allow the company to focus on its core competencies, but also will improve the efficiency of its operations and provide avenues for creative ideas to filter their way up to management (Gary, 2001).
For example, Gordon Moore, co-founder and Chairman Emeritus of Intel Corporation. He is famous as a team player since his earlier career life. He and his other seven friends- known as the ‘traitorous eight’ formed Fairchild Semiconductor in 1957 after they left Shockley Semiconductor Laboratory (Tom, 2011). Although ‘traitorous eight’ is not a good name, but it shows that Gordon Moore is a team-oriented person which used to cooperate with other scientists in his semi-conductor research.
Muar Payong Industries Sdn. Bhd. is a local company in Malaysia which established by Mr. Tay Tong Eh, Mr. Tay Tong Lian and Ms. Tay Yok Ngo. The company engages in the activities of trading and manufacturing of Umbrella. Not only that, the company also involves in the trading of sun shades, apparent, bags and caps. Through the hard works of Mr. Tay Tong Eh and his team members, their company product are able to deliver not only in local and East Malaysia but also exported to Singapore. At present the business has gradually expanded throughout the whole of Malaysia. Without the cooperation from his team members, Mr Tay Tong Eh is unable to run his business alone successfully. Every team members play an important role in order to achieve the goals of the company (Muar Payong, n.d.).
Tuesday, 3 November 2015
Entrepreneurial traits: Outcome oriented
Outcome oriented is sometimes referred as result oriented. Generally, outcome oriented is a term used to describe knowing what outcomes are important, and focusing resources to achieve them. It is the opposite of process oriented, which focus more on process.
It is an essential entrepreneurial skill as it can fulfill and meet long-term corporate target, or any entrepreneurial objective. It also translating a vision into missions, which can achieve by the entrepreneur himself or among the team (Jan & Wim, 1996). An outcome oriented thinking is necessary for entrepreneurs as it determines how one can achieve its goal and how to get things done in the fastest way. Flexibility and an immediate drive to action are greater compared to process oriented thinking (Myrko, 2008).
Amancio Ortega, the founder of Inditex and Zara, a fashion retail chain, is the world’s 4th billionaire as according to Forbes on October 10, 2015. This Spanish company has quietly become the world’s largest fashion retailer with 6,500 shops in 88 countries and annual sales of more than €18.1 billion. The key is the outcome oriented of Amancio Ortega, which known as “fast fashion”- giving customers what they want as quickly as possible. For example, in Europe, Zara stores change their stock twice a week and orders arrive within 48 hours (Ben, 2015).
Another typical example, Jeff Bezos, an American entrepreneur who leads the development of e-commerce- the founder and CEO of Amazon.com. He is one of the typical outcome oriented entrepreneur who aims to give the customers fastest and best online shopping experience. Amazon, in July 2015, proposed a plan for high-speed-drone airspace that would enable flying robots to carry packages to consumers. However, he also faced some criticism on conducting high-pressured and long-hour work environment, but he denied it (Forbes, 2015).
The famous Facebook founder, Mark Zuckerberg is also an outcome-oriented entrepreneur. For Mark, the outcome is the user experience of every human. Thus, he valued people more than other expects, in term of serving customers and also hiring the right people in Facebook. He appreciates outcome, believes that great work comes out of doing what a person adores (Ekaterina, 2013).
It is an essential entrepreneurial skill as it can fulfill and meet long-term corporate target, or any entrepreneurial objective. It also translating a vision into missions, which can achieve by the entrepreneur himself or among the team (Jan & Wim, 1996). An outcome oriented thinking is necessary for entrepreneurs as it determines how one can achieve its goal and how to get things done in the fastest way. Flexibility and an immediate drive to action are greater compared to process oriented thinking (Myrko, 2008).
Amancio Ortega, the founder of Inditex and Zara, a fashion retail chain, is the world’s 4th billionaire as according to Forbes on October 10, 2015. This Spanish company has quietly become the world’s largest fashion retailer with 6,500 shops in 88 countries and annual sales of more than €18.1 billion. The key is the outcome oriented of Amancio Ortega, which known as “fast fashion”- giving customers what they want as quickly as possible. For example, in Europe, Zara stores change their stock twice a week and orders arrive within 48 hours (Ben, 2015).
Another typical example, Jeff Bezos, an American entrepreneur who leads the development of e-commerce- the founder and CEO of Amazon.com. He is one of the typical outcome oriented entrepreneur who aims to give the customers fastest and best online shopping experience. Amazon, in July 2015, proposed a plan for high-speed-drone airspace that would enable flying robots to carry packages to consumers. However, he also faced some criticism on conducting high-pressured and long-hour work environment, but he denied it (Forbes, 2015).
The famous Facebook founder, Mark Zuckerberg is also an outcome-oriented entrepreneur. For Mark, the outcome is the user experience of every human. Thus, he valued people more than other expects, in term of serving customers and also hiring the right people in Facebook. He appreciates outcome, believes that great work comes out of doing what a person adores (Ekaterina, 2013).
Entrepreneurial traits: Open culture
Open culture is defined 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. A open culture person can be more engaged, happier, more creative and contribute more hardwork on their jobs. This entrepreneurial trait enables an entrepreneur much more fun to work in and productive (Centre international d’art contemporain de Montréal, n.d.).
For example, John Thompson, Chairman of Timpson Shoe Repairs, believes that being an open culture person can bring many benefit to the company and employees. John Thompson tries to meet as many colleagues as he can and encourage them to contact him without going through line management. This is because he want to be close with them and avoid those misunderstanding among them.
Michael Dell, the founder, chairman and CEO of Dell Inc. Is another open culture entrepreneur. He gives the opportunity for his employees to speak out. He listened to employee feedback and opinions. He also encourages all employees to perform at a high level to help Dell Inc. achieve its vision and goals. Employees responded well to Michael Dell’s hand-on leadership style, which has resulted in a hardworking and committed workforce (Gareth & Jennifer, 2012). Michael Dell believes that communication is an essential way to build trust and motivate employees. He spends most time in communicating to his managers and employees.
Jack Ma also known as Ma Yun, is the co-founder of Alibaba, the largest e-commerce company in China. As an open culture entrepreneur, Ma has built a culture of participation, inclusion and fun. Ma spent years studying Western culture, management concepts and successful businesses, took what he needed and left the rest. He combined that with his love and understanding of China's culture and consumption habits to create an all-encompassing technology success that is positioned to become the first truly global Chinese brand. Ma has proved through his unique management style for Alibaba that East and West can meet and when they do something beautiful can come of it (Michael, 2014).
For example, John Thompson, Chairman of Timpson Shoe Repairs, believes that being an open culture person can bring many benefit to the company and employees. John Thompson tries to meet as many colleagues as he can and encourage them to contact him without going through line management. This is because he want to be close with them and avoid those misunderstanding among them.
Michael Dell, the founder, chairman and CEO of Dell Inc. Is another open culture entrepreneur. He gives the opportunity for his employees to speak out. He listened to employee feedback and opinions. He also encourages all employees to perform at a high level to help Dell Inc. achieve its vision and goals. Employees responded well to Michael Dell’s hand-on leadership style, which has resulted in a hardworking and committed workforce (Gareth & Jennifer, 2012). Michael Dell believes that communication is an essential way to build trust and motivate employees. He spends most time in communicating to his managers and employees.
Jack Ma also known as Ma Yun, is the co-founder of Alibaba, the largest e-commerce company in China. As an open culture entrepreneur, Ma has built a culture of participation, inclusion and fun. Ma spent years studying Western culture, management concepts and successful businesses, took what he needed and left the rest. He combined that with his love and understanding of China's culture and consumption habits to create an all-encompassing technology success that is positioned to become the first truly global Chinese brand. Ma has proved through his unique management style for Alibaba that East and West can meet and when they do something beautiful can come of it (Michael, 2014).
Monday, 2 November 2015
Entrepreneurial traits: Failure in an option
Generally, failure means that something suddenly stops working. As an entrepreneur, one of the entrepreneurial trait is that looking the failure as an option to get successful in the business. If an entrepreneur is afraid to face the failure, then this particular person will not achieve the goal at all the time.
Take Meredith Fineman, CEO of Finepoint as example. She said that “The idea of failure is more of a hum in the background. It is always an option." Every time she had failed in her work, she rely on mentors and friends to discuss crawling her way out. Thus, she try to not letting the failures affect her sense of herself and self-worth (Vivian, 2014).
Bill Gates, the founder of Microsoft also another example of this entrepreneurial trait. Before Bill Gates founded Microsoft, he was also the founder of Traf-O-Data. However, Traf-O-Data had failed. The failure of Traf-O-Data had encouraged Bill Gates to create another software company due to his passion in computer programming (Stephanie, 2014). Therefore, Bill Gates started to launch Microsoft, a few years after the failure of Traf-O-Data. Microsoft was very successful because Bill Gates had never given up and dared to bear the risks after encountering a failure. Most importantly, he learned from his mistakes in Traf-O-Data.
Lastly, Walt Disney, the creator of Disneyland and the founder of The Walt Disney Company. Before The Walt Disney Company was founded, Walt Disney was also the founder of Laugh-O-Gram. However, this company was able to operate for only one year. Although Laugh-O-Gram was a failure, but it was also the starting point for Walt Disney’s future success (Walt Disney, n.d.). Walt Disney had overcome lots of frustration but at last he still managed to succeed by setting up his company, Walt Disney Company.
Take Meredith Fineman, CEO of Finepoint as example. She said that “The idea of failure is more of a hum in the background. It is always an option." Every time she had failed in her work, she rely on mentors and friends to discuss crawling her way out. Thus, she try to not letting the failures affect her sense of herself and self-worth (Vivian, 2014).
Bill Gates, the founder of Microsoft also another example of this entrepreneurial trait. Before Bill Gates founded Microsoft, he was also the founder of Traf-O-Data. However, Traf-O-Data had failed. The failure of Traf-O-Data had encouraged Bill Gates to create another software company due to his passion in computer programming (Stephanie, 2014). Therefore, Bill Gates started to launch Microsoft, a few years after the failure of Traf-O-Data. Microsoft was very successful because Bill Gates had never given up and dared to bear the risks after encountering a failure. Most importantly, he learned from his mistakes in Traf-O-Data.
Lastly, Walt Disney, the creator of Disneyland and the founder of The Walt Disney Company. Before The Walt Disney Company was founded, Walt Disney was also the founder of Laugh-O-Gram. However, this company was able to operate for only one year. Although Laugh-O-Gram was a failure, but it was also the starting point for Walt Disney’s future success (Walt Disney, n.d.). Walt Disney had overcome lots of frustration but at last he still managed to succeed by setting up his company, Walt Disney Company.
Sunday, 1 November 2015
Entrepreneurial traits:
Based on Cambridge Dictionaries Online, visionary means a person who has the ability to imagine how a country, society, industry, and other will develop in the future and to plan in a suitable way. In other words, visionary also refers to someone with progressive ideas about the future.
In entrepreneurship, visionary is a typical entrepreneurial skills in most of the entrepreneur. The vision and ambition are the sources to inspire every step towards development and growth in business. With these visions, successful entrepreneurs are able to see what others people cannot see. They are able to imagine a picture on their minds of exactly the result they intend to produce. Visionary entrepreneurs manage to create extraordinary services and products by concentrating on growth before concentrating on profit. Those entrepreneurs are able to predict the future market trends and are able to plan and act accordingly to these predictions in order to fulfill the demands of the people.
For example, Naveen Jain is an entrepreneur with a passion to solve the world's biggest challenges with innovative technologies. He is founder of Infospace, which provide provided content and services, such as phone directories, maps, games and information on the stock market, to websites and mobile device manufacturers (Edward, 2001). He was awarded with the "light of India Business Leadership Award" for "visionary entrepreneurship" in 2011 (Edward, 2001).
Another significant effect of visionary is able to determine the businesses that become stagnant usually die. Shantanu Narayen, Adobe Systems CEO realized that there is a different future on distributing software with physical discs. Thus, he decided to change the widely-used Adobe Creative Suite to a subscription-based model. He was not the first, as Netflix had added streaming to its DVD rental services. However, Adobe’s graphic design empire was built on its box sets and annual releases of new versions. Narayen boldly changed his company’s distribution model, and the growth in subscription members has proven its success (Chuck, 2015).
Philip Krim, Casper CEO is also another visionary entrepreneur. He and his co-founders, has completely changed the process of buying a bed. From the price to the delivery- the mattresses are shipped compressed in reasonably sized boxes- this start up has thought through the entire process, including a 100-day trial period. The company, which launched in April, raised more than $15 million in funding and earned more than $1 million in revenue in its first month of business. Krim’s success proves that innovation is not only for high-tech industries (Chuck, 2015).
In entrepreneurship, visionary is a typical entrepreneurial skills in most of the entrepreneur. The vision and ambition are the sources to inspire every step towards development and growth in business. With these visions, successful entrepreneurs are able to see what others people cannot see. They are able to imagine a picture on their minds of exactly the result they intend to produce. Visionary entrepreneurs manage to create extraordinary services and products by concentrating on growth before concentrating on profit. Those entrepreneurs are able to predict the future market trends and are able to plan and act accordingly to these predictions in order to fulfill the demands of the people.
For example, Naveen Jain is an entrepreneur with a passion to solve the world's biggest challenges with innovative technologies. He is founder of Infospace, which provide provided content and services, such as phone directories, maps, games and information on the stock market, to websites and mobile device manufacturers (Edward, 2001). He was awarded with the "light of India Business Leadership Award" for "visionary entrepreneurship" in 2011 (Edward, 2001).
Another significant effect of visionary is able to determine the businesses that become stagnant usually die. Shantanu Narayen, Adobe Systems CEO realized that there is a different future on distributing software with physical discs. Thus, he decided to change the widely-used Adobe Creative Suite to a subscription-based model. He was not the first, as Netflix had added streaming to its DVD rental services. However, Adobe’s graphic design empire was built on its box sets and annual releases of new versions. Narayen boldly changed his company’s distribution model, and the growth in subscription members has proven its success (Chuck, 2015).
Philip Krim, Casper CEO is also another visionary entrepreneur. He and his co-founders, has completely changed the process of buying a bed. From the price to the delivery- the mattresses are shipped compressed in reasonably sized boxes- this start up has thought through the entire process, including a 100-day trial period. The company, which launched in April, raised more than $15 million in funding and earned more than $1 million in revenue in its first month of business. Krim’s success proves that innovation is not only for high-tech industries (Chuck, 2015).
Saturday, 31 October 2015
Entrepreneurial traits: Observant
According to the Oxford English Dictionary, the adjective, observant, can be defined as an individual that pays a lot of attention to things and notices more about them than most people do (2010, p.1499).
In this highly competitive society, entrepreneurs should always be observant towards their business surrounding. By having proper observation, entrepreneurs can predict the type of products or services that may improve people’ lives in that community and this will direct them to achieve their business goals.
There are some observant entrepreneurs that can be the role models. First, Bryan Loo Woi Lip, the CEO of Chatime Malaysia. He is listed as one of the Malaysia's top entrepreneurs under the age of 30 (Bervin, 2015). In October 2010, Bryan had brought Chatime, a Taiwan-based tea store chain to Malaysia. Bryan was aware that most of the Malaysians were focused on drinking coffee and the market for tea was still very underdeveloped. Therefore, based on this reason, Bryan believed that the market for tea is bound to be profitable. Today, there is almost 200 Chatime outlets nationwide (Chatime, n.d.).
Second, Dato’ Aliff Syukri, the founder of D'Herbs Healthy Marketing. It is a company that produces health and beauty products. D'Herbs Healthy Marketing realised that the recent market is lacked of good quality but cheap health and beauty products. Therefore, it has become the main vision of D'Herbs Healthy Marketing to provide customers with products lauded for its quality and reasonable price tags that are affordable to everyone (Sulaiman, 2014).
Third, Ryan Loo Chung Fong, the owner as well as the CEO of Container Hotel Group. Container Hotel Group used the concept of recyclable materials, mainly container in designing their hotels (Wong, 2013). This is because Ryan was alert that the world is getting sick. Thus, by using recyclable materials, people are able to care for the earth (Bervin, 2015).
Lastly, Tan Sri Dato' Seri Vincent Tan Chee Yioun, the founder of Berjaya Group. He is a very intelligent and observant person as he believes that one should not put all eggs in a basket. Berjaya Group with his lead has a wide scope of businesses, such as golfing, property, resort, and other (Berjaya Group, n.d.). Due to this strategy, Berjaya Group is still well-known until today.
All in all, business is not a gamble. A thriving business means a carefully planned business that requires a businessman to be observant of its own strengths and weaknesses as well as the need of the market. An observant businessman is able to make opportunities out of bleak situations by being decisive about decisions that make or break a business.
In this highly competitive society, entrepreneurs should always be observant towards their business surrounding. By having proper observation, entrepreneurs can predict the type of products or services that may improve people’ lives in that community and this will direct them to achieve their business goals.
There are some observant entrepreneurs that can be the role models. First, Bryan Loo Woi Lip, the CEO of Chatime Malaysia. He is listed as one of the Malaysia's top entrepreneurs under the age of 30 (Bervin, 2015). In October 2010, Bryan had brought Chatime, a Taiwan-based tea store chain to Malaysia. Bryan was aware that most of the Malaysians were focused on drinking coffee and the market for tea was still very underdeveloped. Therefore, based on this reason, Bryan believed that the market for tea is bound to be profitable. Today, there is almost 200 Chatime outlets nationwide (Chatime, n.d.).
Second, Dato’ Aliff Syukri, the founder of D'Herbs Healthy Marketing. It is a company that produces health and beauty products. D'Herbs Healthy Marketing realised that the recent market is lacked of good quality but cheap health and beauty products. Therefore, it has become the main vision of D'Herbs Healthy Marketing to provide customers with products lauded for its quality and reasonable price tags that are affordable to everyone (Sulaiman, 2014).
Third, Ryan Loo Chung Fong, the owner as well as the CEO of Container Hotel Group. Container Hotel Group used the concept of recyclable materials, mainly container in designing their hotels (Wong, 2013). This is because Ryan was alert that the world is getting sick. Thus, by using recyclable materials, people are able to care for the earth (Bervin, 2015).
Lastly, Tan Sri Dato' Seri Vincent Tan Chee Yioun, the founder of Berjaya Group. He is a very intelligent and observant person as he believes that one should not put all eggs in a basket. Berjaya Group with his lead has a wide scope of businesses, such as golfing, property, resort, and other (Berjaya Group, n.d.). Due to this strategy, Berjaya Group is still well-known until today.
All in all, business is not a gamble. A thriving business means a carefully planned business that requires a businessman to be observant of its own strengths and weaknesses as well as the need of the market. An observant businessman is able to make opportunities out of bleak situations by being decisive about decisions that make or break a business.
Friday, 30 October 2015
Entrepreneurial traits: Open risk taker
According to Collins English Dictionary (2007, p.1901), an open risk taker can be defined as an individual 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.
Every business has its own risk. An entrepreneur that runs a business shall be facing a lot of risks that are unavoidable. Therefore, a smart entrepreneur will be alert with the possible risks that its company might face. As a result, an entrepreneur should list out the solving methods in order to avoid unnecessary risks consistently.
There are some successful entrepreneurs that can be role models of risk takers. Firstly, Tan Sri Tony Fernandes, the founder and group CEO of AirAsia Bhd. In 2001, Tan Sri Tony Fernandes was the man who bought AirAsia for 50 cents (Carney, 2014). Although 50 cents was a small amount but AirAsia was a failing Malaysian Airline with a debt of RM40 million at that time. He adopted the risk-taking spirit and accepted the challenge. The failing Malaysian Airline had started to clear the debt and earned profit within a year (AirAsia, n.d.).
Secondly, Datuk Dr Maznah Hamid, the Executive Chairman of Securiforce Group. She is also known as the Iron Lady of Malaysia. In the 20th century, she intended to buy a security company to improve her standard of living. However, she and her husband only had RM5000 in hand, so they could only afford to buy an almost-bankrupt security company because at that time there was not even a bank that was willing to give loan to them as they viewed this as an unprofitable sector. However, she did not give up but put in more effort to make it a success. Due to the limited source of finance, she had to sell off their house to provide more funding in their business. Her sacrifices were worthwhile as the company emerged as a renowned security company in Malaysia (Robiatuladuhwiyah, 2013).
Lastly, Dato’ Steven Sim, the group president and CEO of Secret Recipe. Secret Recipe was founded in 1997, with the first outlet in SS2, Petaling Jaya (Secret Recipe, n.d.). When the first outlet was formed, it was well-received by the public. Slowly, it had become an international lifestyle cafe chain with 300 outlets across the world. Today, Secret Recipe has become one of the well-known international brand but before this, it experienced many setbacks before having today’s achievement. For example, in 1998, Dato’ Steven Sim and his partner wanted to expand to Singapore but it was a hard time as opening a new outlet in different country is a risky act. However, they managed to take the risk and tasted the success (Karina, 2012).
All the risk takers above are the epitome of “when the going gets tough, the tough get going”. It is a well-deserving success for all of them.
Every business has its own risk. An entrepreneur that runs a business shall be facing a lot of risks that are unavoidable. Therefore, a smart entrepreneur will be alert with the possible risks that its company might face. As a result, an entrepreneur should list out the solving methods in order to avoid unnecessary risks consistently.
There are some successful entrepreneurs that can be role models of risk takers. Firstly, Tan Sri Tony Fernandes, the founder and group CEO of AirAsia Bhd. In 2001, Tan Sri Tony Fernandes was the man who bought AirAsia for 50 cents (Carney, 2014). Although 50 cents was a small amount but AirAsia was a failing Malaysian Airline with a debt of RM40 million at that time. He adopted the risk-taking spirit and accepted the challenge. The failing Malaysian Airline had started to clear the debt and earned profit within a year (AirAsia, n.d.).
Secondly, Datuk Dr Maznah Hamid, the Executive Chairman of Securiforce Group. She is also known as the Iron Lady of Malaysia. In the 20th century, she intended to buy a security company to improve her standard of living. However, she and her husband only had RM5000 in hand, so they could only afford to buy an almost-bankrupt security company because at that time there was not even a bank that was willing to give loan to them as they viewed this as an unprofitable sector. However, she did not give up but put in more effort to make it a success. Due to the limited source of finance, she had to sell off their house to provide more funding in their business. Her sacrifices were worthwhile as the company emerged as a renowned security company in Malaysia (Robiatuladuhwiyah, 2013).
Lastly, Dato’ Steven Sim, the group president and CEO of Secret Recipe. Secret Recipe was founded in 1997, with the first outlet in SS2, Petaling Jaya (Secret Recipe, n.d.). When the first outlet was formed, it was well-received by the public. Slowly, it had become an international lifestyle cafe chain with 300 outlets across the world. Today, Secret Recipe has become one of the well-known international brand but before this, it experienced many setbacks before having today’s achievement. For example, in 1998, Dato’ Steven Sim and his partner wanted to expand to Singapore but it was a hard time as opening a new outlet in different country is a risky act. However, they managed to take the risk and tasted the success (Karina, 2012).
All the risk takers above are the epitome of “when the going gets tough, the tough get going”. It is a well-deserving success for all of them.
Entrepreneurial trait: Networked
Networked is about interacting with people and engaging them for mutual benefit. A successful entrepreneur should be outgoing, sincere, friendly, supportive, a good listener or someone who follows up and stays in touch. The ability to network is one of the most crucial skills any entrepreneur must have. It can help entrepreneurs to establish a new business or grow an existing one. They can use networking as a tool for finding investors, customers, staff, suppliers and business partners with minimal cost to their business. They can also network face-to-face at social events, conferences and through industry associations (Entrepreneur, n.d.).
One of the example is Tan Sri Syed Mokhtar Al-Bukhary. When he started his business on rice in Alor Setar, Kedah, he first started with the Urban Development Authority (UDA). Later on, he established Syah Company with the license of trade on rice under BERNAS, which this helps him a lot to successfully supply the rice to FELDA, MARA and Pernas distributor. With his close relation and networking with the Malaysian government, also his credibility on the field, he further developed his business on similar control items including sugar, milk powder, oil and other.
Tan Sri Dr. Jeffrey Cheah also another entrepreneur who shows the entrepreneurial trait of networking. He as the Chief Executive Officer of Sunway Group has a large networking within Malaysia as well as worldwide. During his legacy as the CEO of Sunway Group, the property group has opened the globalization trade opportunities such as in Australia, Taiwan and India (Ashadi, 2005). This step has helped Sunway Group to attract more investment and capital.
One of the example is Tan Sri Syed Mokhtar Al-Bukhary. When he started his business on rice in Alor Setar, Kedah, he first started with the Urban Development Authority (UDA). Later on, he established Syah Company with the license of trade on rice under BERNAS, which this helps him a lot to successfully supply the rice to FELDA, MARA and Pernas distributor. With his close relation and networking with the Malaysian government, also his credibility on the field, he further developed his business on similar control items including sugar, milk powder, oil and other.
Tan Sri Dr. Jeffrey Cheah also another entrepreneur who shows the entrepreneurial trait of networking. He as the Chief Executive Officer of Sunway Group has a large networking within Malaysia as well as worldwide. During his legacy as the CEO of Sunway Group, the property group has opened the globalization trade opportunities such as in Australia, Taiwan and India (Ashadi, 2005). This step has helped Sunway Group to attract more investment and capital.
Thursday, 29 October 2015
Introduction to the Group Assignment of SADE1013 on Entrepreneurial Traits
Generally, entrepreneurship is refer to the process of starting a business, typically a start up company offering an innovative product, process or service. However, there is no specific concept or definition to actually define entrepreneurship as this concept is too vast (Rosli, 2010).
Becoming a successful entrepreneur is not by faith or chance. It is a long process that involves various strategies, characteristics and quality of person who wants to become a successful entrepreneur. Successful entrepreneurs have various similarities on their personalities, which scholars conclude them as entrepreneur traits. This assignment is aimed to study various entrepreneurial traits, including networked, open risk taker, observant, visionary, failure is an option, open culture, outcome oriented, team oriented and proactive.
In Chapter 2, various relevant examples are given to describe the entrepreneurial traits. The assignment also highlighted the importance of the enhancement of entrepreneurial skills, portray a better understanding on entrepreneurial traits.
In Chapter 3, He Xiangjian is chosen by the group in order to highlight various typical entrepreneurial traits in an entrepreneur. He Xiangjian is a leading entrepreneur in China, as the co-founder of Midea group. Midea group produces mainly electronic appliances and also household appliances, based in Guang Dong, China. A complete profile of He Xiangjian will be discussed, emphasizing his entrepreneurial traits.
A successful entrepreneur may not have all the traits mentioned but he(she) will at least portray a few typical traits. Thus, understanding and implementing these entrepreneurial skills are necessary to achieve success in life.
Becoming a successful entrepreneur is not by faith or chance. It is a long process that involves various strategies, characteristics and quality of person who wants to become a successful entrepreneur. Successful entrepreneurs have various similarities on their personalities, which scholars conclude them as entrepreneur traits. This assignment is aimed to study various entrepreneurial traits, including networked, open risk taker, observant, visionary, failure is an option, open culture, outcome oriented, team oriented and proactive.
In Chapter 2, various relevant examples are given to describe the entrepreneurial traits. The assignment also highlighted the importance of the enhancement of entrepreneurial skills, portray a better understanding on entrepreneurial traits.
In Chapter 3, He Xiangjian is chosen by the group in order to highlight various typical entrepreneurial traits in an entrepreneur. He Xiangjian is a leading entrepreneur in China, as the co-founder of Midea group. Midea group produces mainly electronic appliances and also household appliances, based in Guang Dong, China. A complete profile of He Xiangjian will be discussed, emphasizing his entrepreneurial traits.
A successful entrepreneur may not have all the traits mentioned but he(she) will at least portray a few typical traits. Thus, understanding and implementing these entrepreneurial skills are necessary to achieve success in life.
Friday, 2 October 2015
Concept of Entrepreneurship
The word "entrepreneur" was originated from the French, "entreprendre", which means responsible on task or try. In 1775, Richard Cantillon had used this word to refer on business.
Source: Modified and translated from "Prinsip-prinsip Keusahawanan: Pendekatan Gunaan Edisi Kedua"
Rusell, refer entrepreneurship as the process of discovering new ways of combining resources. When the market value generated by this new combination of resources is greater than the market value these resources can generate elsewhere individually or in some other combination, the entrepreneur makes a profit. An entrepreneur who takes the resources necessary to produce a pair of jeans that can be sold for thirty dollars and instead turns them into a denim backpack that sells for fifty dollars will earn a profit by increasing the value those resources create. This comparison is possible because in competitive resource markets, an entrepreneur’s costs of production are determined by the prices required to bid the necessary resources away from alternative uses.
Source: Rusell S. Sobel in Entrepreneurship
Source: Modified and translated from "Prinsip-prinsip Keusahawanan: Pendekatan Gunaan Edisi Kedua"
Rusell, refer entrepreneurship as the process of discovering new ways of combining resources. When the market value generated by this new combination of resources is greater than the market value these resources can generate elsewhere individually or in some other combination, the entrepreneur makes a profit. An entrepreneur who takes the resources necessary to produce a pair of jeans that can be sold for thirty dollars and instead turns them into a denim backpack that sells for fifty dollars will earn a profit by increasing the value those resources create. This comparison is possible because in competitive resource markets, an entrepreneur’s costs of production are determined by the prices required to bid the necessary resources away from alternative uses.
Source: Rusell S. Sobel in Entrepreneurship
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