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.
Saturday, 31 October 2015
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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