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.