Wednesday, 27 April 2016
Introduction
The concept of entrepreneurship has a wide range of meaning. On the one extreme, an entrepreneur is a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population. On the other extreme of definitions, anyone who wants to work for himself or herself is considered to be an entrepreneur. The word entrepreneur originated from the French word, entrepreneur, which means “ to undertake “. In a business context, its means to start the business. The Merriam-Webster Dictionary presents the definition of an entrepreneur as one who organizes, manages, and assumes the risk of a business or enterprise. There is no such thing as a typical entrepreneur. Some entrepreneurs are quiet and hard-working while others are more outgoing and flamboyant. The key to being a successful entrepreneur lies in the ability to take an idea and then, through the process of innovation, develop it in such a way that it becomes a marketable product or service.
There are many different ways to define an entrepreneur. They are the most multi-talented and diverse people out there as they are the project manager, an accountant, a salesman and so on. They monitors and controls the business activities. According to MJ Gottlieb, co-founder of Hustle Branding, an entrepreneur is someone who can take any idea, whether it can be a product or service, have the skill set, and have courage to take extreme risk to do whatever it takes to turn that concept into reality and not only bring it to market, but make it a viable product or service that people want or need. Therefore, an entrepreneur can be defined as a person who exercises initiative by organizing a venture to take benefits and decides what, how and how much the product or service needs to be produced. They need to have a good understanding of their markets and find out what their customer want and modify their products in line with market requirements.
Entrepreneurship is a discipline requiring skills and skills can be developed. Entrepreneurial skill is a combination of technical skill (communication, problem solving, organizational skills, etc.), management skill (planning and goal setting, decision making, etc.) and personal skill (self-control, innovation, leadership, etc.). In order to be successful in business, entrepreneurs need to have a certain set of qualities such as open risk taker, visionary, observant, team oriented and so on. Entrepreneurial skills are important to an entrepreneur such as communication skill and personal qualities like creativity and initiative are useful to everyone neither in their working responsibilities nor daily existence. Other than that, technical and business skills also help those who choose to be self-employed or to start their own venture. Therefore, entrepreneurial traits should be applied in the business by entrepreneurs in order to get successful.
1) Networked
Frustrated with his lack solid employment opportunities after graduation in the early 1990s, Ma relied on his English to teach at the local university he had attended a few years prior and to start a translation service business. Upon his first visit to the United States in 1995 as a translator, Ma got introduced to the Internet, and to his shock after looking up beer from various countries, he learned that there was none from China (a country of about a Billion people) on the World Wide Web. Ma immediately saw the potential business opportunities of the internet and how it could facilitate the way small and medium Chinese enterprises could do business with the rest of the world.
Then, he and his friends decided to lunch a site about China and Chinese products online, known as “China page”, that listed Chinese businesses and their products. Within the same day, he began to receive emails from people around the world requesting that they partner up. That experience taught Ma about the incredible power of connectivity, especially how the internet can greatly impact global trade, especially for SMEs. Later, believing that "China page" will get better funding, Ma partnered with a government entity that had majority control. Unfortunately, that entity brought along the rigid bureaucracy that stifled away many of Ma's visionary projects and frustrated him; which led to Ma’s eventual departure.
Thereafter, Ma took up a government job for a short period of the ministry of foreign trade and economic cooperation in the latter half of the 1990s. There, he also built important connections with influential people that would later impact Ma’s life and business venture; one of whom is the founding member of Yahoo, Jerry Yang. Jerry would eventually get yahoo to invest USD 1 Billion in Alibaba in 2005.
In 1999, after leaving the government job, Ma took a second bite at internet-based business ventures by grouping 18 people (including himself and his wife) at his home and sold them a dream to found Alibaba with the goal of facilitating international trade for small and medium ventures based in China. Alibaba was born out of Ma’s unfulfilled dream of using the internet to facilitate business activities for Chinese SMEs and frustration with the bureaucrats he worked with in the preceding joint venture (China page), where his suggestions to use the internet to facilitate a trade of Chinese-made products in the international market were repeatedly rejected.
In the early stages of the Alibaba, Ma tried to raise funds in Silicon Valley, the tech hub in the United States and was met with denials, and his business model was criticized to be unprofitable and unsustainable by many at the time. Eventually, Ma succeeded in getting Goldman Sachs and Softbank to invest USD 5 Million and USD 20 Million in Alibaba, respectively.
In 2003, still unprofitable with Alibaba, Ma and his team lunched an online auction site named “Taobao.com”, charging zero commission, and took on a multinational e-commerce giant, eBay, which already had the lion share of the Chinese online auction market. Determined to win against eBay, Taobao remained a commission-free marketplace for millions of online traders, and that did put Alibaba under significant financial strain. To stay afloat while maintaining the platform's commission-free policy, Ma and his team began offering peripheral value-added support services (e.g. custom webpages to online merchants) for small fees. Ma and his team won the Chinese market in less than five years, and eBay subsequently withdrew from China. Jack Mack reflected on this challenging period on a YouTube video of his interview with Charlie Rose, stating “If eBay is the sharks in the Ocean, We (Alibaba and Taobao) are the crocodiles in the Yangtze River.” Since then, Alibaba has created many subsidiaries through organic growth (such as Tmall and AliExpress) and acquisitions.
As the "dot com" boom period came to an end after 2000, Alibaba faced serious challenges due to its aggressive expansion into international markets (which Ma admitted to being a mistake). Jack Ma successfully reorganized the company's operations, including closing many international branches and focusing on strengthening Alibaba's position in the Chinese market. Thereafter, Ma expanded the services of Alibaba and reengaged its international expansion strategy.
After Ma and Alibaba reorganized their operations and made their Mark by driving eBay out of China after just a few years in business, with the help of Jerry Young of Yahoo, Ma succeeds in getting Yahoo to invest a sizable USD 1 Billion for a 40% stake in Alibaba in 2005. Besides getting crucial funds to help Alibaba to execute its international growth strategy, that Investment earned Alibaba (a six years old company) a valuation of USD 2.5 Billion.In 2014, in what turned out to be the largest initial public offering to date, Ma and his team successfully raised in excess of USD 20 Billion for Alibaba by listing it on the NYSE stock exchange in the United States. That made Alibaba, 15 years old e-commerce company that has its origins outside of the United States, one of the world's largest companies as measured by its market capitalization that was approximately USD 200 Billion. Ma and his team are turning Alibaba holding group into a massive conglomerate by acquiring many smaller companies from technology related to logistics and beyond.
2) Open Risk Taker
Business
is a risk and risk is something most people dread. Avoidance of risk is the
reason why most people shy away from building a business; it’s also the reason
why most people choose to remain the same. But risk taking is also the reason
why Bill Gates, Henry Ford, J. Paul Getty, Cornelius Vanderbilt and John D.
Rockefeller became the richest people on earth. High risk bearing capacity is
the reason why some people become billionaires and others remain average.
Some see him as an innovative visionary
who sparked a computer revolution. Others see him as a modern-day robber baron
whose predatory practices have stifled competition in the software industry.
Regardless of what his supporters and detractors may think, few can argue that
Bill Gatesis one of, if not the most successful entrepreneur of the 20th
century. In just 25 years, he built a two-man operation into a multibillion-dollar
colossus and made himself the richest man in the world somewhere along the way.
Yet he accomplished this feat not by inventing new technology, but by taking
existing technology, adapting it to a specific market, and then dominating that
market through innovative promotion and cunning business savvy.
Gates' first exposure to computers came
while he was attending the prestigious Lakeside School in Seattle. A local
company offered the use of its computer to the school through a Teletype link,
and young Gates became entranced by the possibilities of the primitive machine.
Along with fellow student Paul Allen, he began ditching class to work in the
school's computer room. Their work would soon pay off. When Gates was 15, he
and Allen went into business together. The two teens netted $20,000 with
Traf-O-Data, a program they developed to measure traffic flow in the Seattle
area.
Despite his love and obvious aptitude
for computer programming, and perhaps because of his father's influence, Gates
entered Harvard in the fall of 1973. By his own admission, he was there in body
but not in spirit, preferring to spend his time playing poker and video games
rather than attending class.
All that changed in December 1974, when
Allen showed Gates a magazine article about the world's first microcomputer,
the Altair 8800. Seeing an opportunity, Gates and Allen called the
manufacturer, MITS, in Albuquerque, New Mexico, and told the president they had
written a version of the popular computer language BASIC for the Altair. When
he said he'd like to see it, Gates and Allen, who actually hadn't written
anything, starting working day and night in Harvard's computer lab. Because
they did not have an Altair to work on, they were forced to simulate it on
other computers. When Allen flew to Albuquerque to test the program on the
Altair, neither he nor Gates was sure it would run. But run it did. Gates
dropped out of Harvard and moved with Allen to Albuquerque, where they
officially established Microsoft. MITS collapsed shortly thereafter, but Gates
and Allen were already writing software for other computer start-ups including
Commodore, Apple and Tandy Corp.
The duo moved the company to Seattle in
1979, and that's when Microsoft hit the big time. When Gates learned IBM was having
trouble obtaining an operating system for its new PC, he bought an existing
operating system from a small Seattle company for $50,000, developed it into
MS-DOS (Microsoft Disk Operating System), then licensed it to IBM. The genius
of the IBM deal, masterminded by Gates, was that while IBM got MS-DOS,
Microsoft retained the right to license it to other computer makers.
Much as Gates had anticipated, after the
first IBM PCs were released, cloners such as Compaq began producing compatible
PCs, and the market was soon flooded with clones. Like IBM, rather than produce
their own operating systems, the cloners decided it was cheaper to purchase
MS-DOS off the shelf. As a result, MS-DOS became the standard operating system
for the industry, and Microsoft's sales soared from $7 million in 1980 to $16
million in 1981.
Microsoft expanded into applications
software and continued to grow unchecked until 1984, when Apple introduced the
first Macintosh computer. The Macintosh's sleek graphical user interface (GUI)
was far easier to use than MS-DOS and threatened to make the Microsoft program
obsolete. In response to this threat, Gates announced that Microsoft was
developing its own GUI-based operating system called Windows. Gates then took
Microsoft public in 1986 to generate capital. The IPO was a roaring success,
making Gates one of the wealthiest people in the country overnight.
When Windows was finally released in
1985, it wasn't exactly the breakthrough Gates had predicted. Critics claimed
it was slow and cumbersome. Apple wasn't exactly pleased either. They saw
Windows as a rip-off of the Macintosh operating system and sued. The case would
drag on until the mid-1990s, when the courts finally decided that Apple's suit
had no merit.
Meanwhile, Gates worked on improving
Windows. Subsequent versions of the program ran faster and froze less
frequently. Third-party programmers began developing Windows-based programs,
and Microsoft's own applications became hot sellers. By 1993, Windows was
selling at a rate of 1 million copies per month and was estimated to be running
on nearly 85 percent of the world's computers.
Microsoft solidified its industry
dominance in the mid-1990s by combining Windows with its other applications
into "suites" and persuading leading computer makers to preload their
software on every computer they sold. The strategy worked so well that by 1999
Microsoft was posting sales of $19.7 billion, and Gates' personal wealth had
grown to a phenomenal $90 billion.
But with success has come scrutiny.
Microsoft's competitors have complained that the company uses its operating
system monopoly to retard the development of new technology -- a claim Gates
soundly refutes. Nevertheless, the U.S. Justice Department filed an antitrust
lawsuit against the company in 1998 over its practice of bundling software with
Windows.
In November 1999, a U.S. District Court
ruled that Microsoft indeed had a monopoly in the market for desktop-computer
operating systems. The court also found that Microsoft engaged in tactics aimed
at snuffing out any innovation that threatened its dominance of the
multibillion-dollar computer industry. A court settlement was approved in 2002
with Microsoft consenting to curb some of its objectionable practices.
Microsoft has since been the focus of antitrust actions from the European
Commission and private litigants.
Attempting
to explain his tremendous success, industry experts have pointed out that there
are really two Bill Gates. One is a consummate computer geek who can "hack
code" with the best of them. The other is a hard-driven businessman who,
unlike most of his fellow Silicon Valley superstars, took readily to commerce
and has an innate instinct for the marketplace. This combination enabled Gates
to see what his competitors could not. While they were focusing on selling
software, Gates was focusing on setting standards, first with MS-DOS and later
with Windows. The standards he helped set shaped the modern computer industry
and will continue to influence its growth well into the next century
3) Observant
Another characteristic of a
successful entrepreneur is observant. The meaning of the observant can be
defined as good at watching, listening and good at noticing what is going on
around you (Merriam-Webster, 2016). Another meaning that describes by Vocabulary.com
(2016) for observant is quick notice, showing quick and keen perception. Many
successful entrepreneurs have this characteristic when they’re having their
business. But, the best example of an entrepreneur that are having this
characteristic is Bryan Loo Woi Lip who is the CEO for the Chatime brand in
Malaysia that make waves and doing it very well.
If you’re a
bubble tea lover in Malaysia and you’ll know what’s the brands that are running
well in Malaysia and the CEO of that brands. The answer will be answered as
Chatime by Bryan Loo Woi Lip. He as a managing director in LOOB Holding Sdn.
Bhd and now as a master franchisor of Chatime brands in Malaysia. Regards
thanks to Bryan Loo who recognised a void of a culture of the brands in
Malaysia and make it grow beverage and ring the bell in this country. He also
makes this brands have the fastest grow in the ASEAN region in his entrepreneur
venture towards the whole world. As his responsibility and the observant
towards this brands or business make him become more success in his
entrepreneur business (Wikipedia, 2016).
Bryan Loo
Woi Lip is one of the young entrepreneurs who successful let the Chatime brand
be so popular in Malaysia. He was born in Perlis, Malaysia which is the
smallest state in Malaysia and raised up at there. In his childhood, he loves
to draw some comics and this started his business venture in his life. After he
has done to draw the comics, he sells it to his friends that are willing to pay
for it and read it. The payment for the each comic that produced by him is
about RM 0.50 to each of his friend that willing to pay to read. This has begun
his venture to earn the pocket money until he had enough the pocket money since
his comics is selling well among his friends (Timothy Tiah, 2013). From this
lifestyle, the observant characteristic has
been showed by Bryan Loo in his
childhood life that selling the comics to his friends.
In his study life, he was a biochemistry
student in one of the universities in Australia which called Monash University
in Melbourne as a degree holder and successfully graduated in his biochemistry
course at there. After he graduated as a biochemistry student, he didn’t come
back to Malaysia and started to find his first biotech jobs in Melbourne as a
salesman. The product that sold by him at that time is a ladies product which
is a pregnant lady water bag. During the period that as a salesman, he met many
failures as most of the women didn’t have much knowledge about the product and
some women treated him as a conman. This had become a bad and embarrassing
experience to him when the time he selling the product to the women in
hospitals (Asiapasificbusinesses, 2013).
After 2
years that becoming a salesman, he decided to quit and come back to Malaysia
and purpose his dream and interest for starting his business. With his father’s
encourages the guidance, he decided to start his business life in F&B
industry but he had no idea to start his new business life (Timothy Tiah,
2013). After some consideration, he decided to start his business life in
selling the bubble tea as he realised Malaysian nowadays more focus on drinking
coffee or milk tea and selling milk tea or bubble tea will be acceptable to the
Malaysia customers. So, he had gone to Taiwan along with his father to find the
sources for his business life as selling the Taiwanese bubble tea or milk tea
in Malaysia (Asiapasificbusinesses, 2013). The observant characteristic has
been shown by Bryan Loo is the way he starts his business life in an age of 24.
After he
quit his job, he used 3 and a half months to travel around the countries to
find out the sources about the bubble tea or milk tea with the supportive from
his father in his venture. Finally, when he travelled to Taiwan, he had found
the sources about the milk tea with his fathers. He had done the research about
the brands that can be brought back to Malaysia to start his business life in
Malaysia. After that, he had listed down 160 brands of bubble tea in Taiwan.
After he comes back to Malaysia, he filtered out the brands of bubble tea or
milk tea in many ways, he had chosen the best 5 brands. After he filtered the
top 5 brands, he started to approach to the directors and managers of those 5
brands bubble tea or milk tea in Taiwan and have a discussion with them about
the collaboration in Malaysia market (Asiapasificbusinesses, 2013).
After he tried many times, the proposal
about the collaboration might be lacked to attract their interests towards the
collaboration and it makes him failed to have the agreement with the directors
and managers of the top 5 brands in Taiwan. So, he goes back to Malaysia with
the disappointment with his father. They had travelled around 10 times as they
want to find the brands of bubble tea that can be brought back to the Malaysia
market. But, they still failed to fulfil their wish. After he came back to
Malaysia, he meet with his cousin and showed his cousin the pictures that he
had captured in Taiwan and the experiences that he had during the days in
Taiwan. His cousin saw that Chatime brand in one of the picture and told him
that Chatime brand is going to expand their business in others country (Timothy
Tiah, 2013)
Once he has been motivated, he googled the
contact number of the Chatime brand
and contact the CEO of Chatime brand, Henry and talk about the business
plan to Henry about the collaboration and he successfully obtained the approval
from the Henry, CEO of Chatime in Taiwan. The result comes out unexpected and
so successful (Asiapasificbusinesses, 2013).The entrepreneurial journey has
been started after the approval by Henry. After 2 months of the agreement,
Bryan had opened the Chatime outlet in Pavillion, Kuala Lumpur in 10th of
August in 2010. After started the journey, he used about 6 months to learn
about the business and make it become a big hit in Malaysia. He believed that a
franchise to do well and to do the brand justice, it has to be controlled by
only one owner (Timothy Tiah, 2013). So that, the observant has been shown by
Bryan in his journey of entrepreneur that full of failure and also the success.
In 2011,
Bryan Loo had been nominated an award which is organised by Malaysian Retailer-Chains
Association (MRCA) and 8 TV. The name for the awards is called MRCA 8TV
Entrepreneur Awards. This means that his successful is had been confirmed when
receiving the awards. Besides, he was the winner of The Best Master Franchiser
awards in 2012. After that, he had beaten the other two finalists and won the
Ernst & Young Emerging Entrepreneur of the Year Awards in 2013. He has been
featured in many of the magazine and new stories. He was featured as the cover
story of the August 2013 edition of Malaysian Tatler (Wikipedia, 2016). With
these awards or the prizes can be concluded that the characteristic of
observant which is showed by Bryan Loo has made him move towards the successful
way in future.
With the responsibility of being the master
franchiser of Chatime Malaysia, Bryan Loo also has given his responsibility
towards his family who had become the lucky one in his life. In early of 20,
Bryan has given his other half of life to share with his first and only love
who is Sally Quah. They got married and together in handling the Chatime brand
in Malaysia. His wife is being a Financial Controller for the Chatime brand and
he believed that the relationship will make the things become easier and more
smoothly. He can go out all the time for the meeting without any worries or get
distracted about looking for love (Jean Khoo, 2016). They have two cute and the
pretty daughter named Kylie Loo for the first daughter and Hayley Loo for the
second daughter (Wikipedia, 2016).
Based on
these evidence, we can conclude that Bryan Loo Woi Lip is one of the successful
entrepreneurs that is having the observant characteristic in the journey of the
entrepreneurial. The reason why he is having this characteristic is the way he
faces the problems and able to pay attention to anything that he face.
4.
Visionary.
Definition
of a visionary is having or showing clear ideas about what should happen or be
done in the future or showing a powerful imagination. Visionary entrepreneur
means a person must establish a specific direction in the future. The vision
should be developed for both the run, whether short term and long term.
Entrepreneurs who have the characteristics of a visionary is Tan Sri Anthony
Francis or is better known as Tony Fernandes. He always has positive
expectations about the future. An entrepreneur has often think that if they
work hard they will have success. Entrepreneurs also need to have a vision for
and creating goals clear and measurable accomplishment. He must be sensitive to
their own abilities and identify internal and external barriers so that
obstacles can be overcome.
He was born on 30 April 1964 in Kuala Lumpur,
Malaysia to an Indian father from Goa and mother of mixed Indian and Asian-
Portuguese descent who had been raised in Malacca, Malaysia. Fernandes was
educated at The Alice Smith School in Kuala Lumpur. Starting at age 12, he
studied at Epsom Collage boarding school in English in 1977 to 1983. He
matriculated at the London School of Economic and graduate with a degree in
accounting. His father named Stephen Edward Fernandes, who is a doctor and her
mother names is Ena Dorothy Fernandes who is an entrepreneur.
Although he was born into a well-luxury yet so he
does not expect to even his own parents learn to become a successful
entrepreneur with his mother. This is because, at a young age, she often
followed her mother because her mother's remarkable ability to become an
entrepreneur and from there he learned a lot from her mother.
His carrier began when he worked very briefly with
Virgin Atlantic as an auditor, then as financial controller at a company owned
by Richard Branson, the Virgin Records in London from 2987 until 1989. Upon his
return to Malaysia, he was appointed managing director of Warner Music
(Malaysia) Sdn Bhd. While working in this company he managed to trigger a 'revolution'
in ethnic music, nasyid and dangdut into the mainstream music scene. He served
in this group from 1992 to 2001, lastly office vice president of the group for
the Southeast Asian region.
Fernandes was admitted as Associate Member of the
Association of Chartered Certified Accountants (ACCA) in 1991 and became Fellow
Member in 1996. He is currently a member of the Institute of Chartered
Accountants in English and Wales (ICAEW)
in 2008. His career started with Warner Group executive in Malaysia,
when he was appointed the youngest managing director of Warner Music Malaysia
in 1992. He was the South East Asian regional vice-president for Warner Music
Group from 1992 to 2001. When Time Warner Inc announced its merger with America
Online Inc., Fernandes left to pursue his dream of starting a budget no-frills
airline. In September 2001, Fernandes purchased AirAsia and became its chief
executive.
One of the major challenges Tan Sri Tony Fernandes
faced was the lack of experience of the airline industry. He had spent the
majority of his past career in the music industry with WarnerMusic. When he
left his previous job as Managing Director, he had completely no experience of
the airline industry. Another challenge that Tan Sri Tony Fernandes faced when
starting his own airline company was to obtain an airline licence.
Unfortunately, his initial application for an airline licence was rejected by
the Malaysian Government. He proceeded to consult then Prime Minister Tun Dr
Mahathir Mohamad who advised him to buy an existing airline instead of starting
from scratch. Ultimately, it came down to a decision between buying Pelangi Air
or AirAsia, and he made the latter decision. Upon acquiring AirAsia, AirAsia
was heavily in debt and its assets only included two old aircraft. To make
matters worse, AirAsia was struggling and making a loss. And to top it all off,
Tony Fernandes had to mortgage his home and use his personal savings to acquire
the company.
All the challenges faced above did not deter Tan Sri
Tony Fernandes. His main idea of reforming AirAsia as a short-haul low-cost
carrier was a major success. He had a clear mission and vision for his company;
this is how the tagline ‘Now everyone can fly’ came about. Moreover, he was
able to enlist some of the leading low-cost airline experts to restructure
AirAsia’s business model. Another major factor was that during his time of
acquiring AirAsia, September 11 had just occurred; this caused a reduction in
aircraft leasing costs. It was also the perfect opportunity for them to offer
customers a cut-rate air service, further saving them time and money
Upon acquiring AirAsia, AirAsia was heavily in debt
and its assets only included two old aircraft. To make matters worse, AirAsia
was struggling and making a loss. And to top it all off, Tony Fernandes had to
mortgage his home and use his personal savings to acquire the company. All the
challenges faced above did not deter Tan Sri Tony Fernandes. His main idea of
reforming AirAsia as a short-haul low-cost carrier was a major success. He had
a clear mission and vision for his company; this is how the tagline ‘Now
everyone can fly’ came about. Moreover, he was able to enlist some of the
leading low-cost airline experts to restructure AirAsia’s business model.
Another major factor was that during his time of acquiring AirAsia, September
11 had just occurred; this caused a reduction in aircraft leasing costs. It was
also the perfect opportunity for them to offer customers a cut-rate air
service, further saving them time and money
Successful entrepreneurs will design and set the
goals and vision of the business in line with the government's vision. for
example, Tony Fernandes desperately trying to achieve its business goals and
vision to enable him to make his business famous in the eyes of society.
Entrepreneurs who have the vision and the goals shows that he also had dreams
and ambitions that would be reached in the future. (Rosli Mahmood, 2010)
Fernandes has been awarded the following honours of
Given the titles Tan Sri and Dato' Sri by the King of Malaysia, The Legion of
Honour order by the French government Named Commander of the Order of the
British Empire (CBE) "for services to promote commercial and educational
links" between Malaysia and the United Kingdom.
Besides, Tony Fernandes also has received several
awards for his achievements. Tony Fernandes is also known as a visionary leader
and he managed to get awards like the "Visionary and Leadership
Series" for her work effort in Air Asia. He also made a statement about
his vision of a "dream the impossible, believes the unbelievable, and
never say no to any answers."
Therefore, visionary allows Tony Fernandes becoming
an entrepreneur who has dreams and high ideals to be achieved in the future. In
setting goals and vision, entrepreneurs need a thorough research and study as
well as efficiency in terms of thinking. They should be sensitive to the
ability of the organization internally or externally. In conclusion, the
visionaries are features that enable him to be a young and successful
entrepreneur.
5) Failure Is An Option
A failure is an option that can be define you can learn something from mistakes. Failure is a beautiful thing and if you organize a business around it you can gain serious advantages from you mistakes. This will provide you an experience to avoid the problem by the next time. A failure also will help you always prepare a plan B as a good solution and to avoid that same thing mistake happen again.
Other than that, failure is a step to success. People will never give up easy and they will use the possible of failure as a motivation to be prepared for all possibilities. Then, failure in a business will help us clearly to identify the problem and solution. The entrepreneur who has the failure is an option is Walt Disney.
Now we talking about the background of Walt Disney. Walt Disney was born on December 5, 1901, at Tripp Avenue in Chicago. Drawing is an interesting thing for Walt Disney at a young age. He hopes to become a cartoonist and newspaper artist in the future. Thus, he started by drawing cartoons focus on World War I for the school newspaper. In 1917, Walt Disney was stopped his academic at school and he go to join the army but he failed because he was underage. At the age of 16, he joined the Red Cross Ambulance Corps and one year later will send to France.
Walt Disney was rejected by many publishers in the year of 1919. This is because they said he did not have enough creative and ability for their newspapers. After that, he successful joined the Kansas City Film Ad Company and this place provides he made commercials bases on cut-out animations. He came across animation as an interesting field of work.
That is not his last failure in his life. Walt Disney decided to open his own animation business after learning animation by reading books and experimenting with borrowed camera. He starts produced his first series of cartoons that called ‘Laugh-O-Grams’ which played at the local cinema. The cartoons became very popular in Kansas City area and enable him to acquire an animation studio. But in a short time this studio had to close because of improper use of revenue and bankruptcy. He drove into bankruptcy because the distribution company in New York where he made a deal with went out of business. As a result, he was forced to shut down his company. He was unable to pay his rent and he survived by eating dog food.
In 1927, Walt Disney creates an animation that called ‘Oswald the Lucky Rabbit’ in association with Universal Pictures. This cartoon helped their company earn high revenues. He found out that Universal Studio had patented Oswald the Rabbit character and hired his artist out from under him. He was unable to continue production of ‘Oswald the Lucky Rabbit’.
Other than that, troubles were even stopped to find him. Once more again he faced failure. Walt Disney started to create a new cartoon based on a mouse that had lived in his office in Kansas City. ‘Mice gathered in my wastebasket when I worked late at night. One of them was my particular friend’ said by Walt Disney. However, he was told that Mickey Mouse would fail because the mouse would terrify women.
As if that was not enough, The Three Little Pigs has rejected distributors in 1933 because it needed more characters. Pinocchio in 1940 became extra expensive because Walt Disney shut down the production to make the puppet more sympathetic than the lying juvenile delinquent as presented in the original Carlo Collodi story.
In the early 1950s, he purchase an orange grove near Anaheim, California, and finance the construction of an 185-acre amusement park. In 1955, Disneyland became one of the world's most popular tourist attractions. Dubbed "The Happiest Place on Earth,".
In the journey became an entrepreneur Walt Disney was full of failure. These are an example of failure faced by him. Instead of giving up, he learnt from failure and continues to take the risk. He faced criticism and failure before his films started to skyrocket in popularity.
6. Open Culture
''Open Culture'' is a concept that according to which knowledge should be spread freely and growth with developing, altering or enriching already existing works on the basis of sharing and collaboration. In other means that open culture makes the entrepreneur who does management in their company without being restricted by the different culture and always prepare for creative and innovation to produce something different and new.
Open Culture have in common the aim for sharing and free access by everyone to the world of knowledge. Its expression in every daily life varies considerably from one sector to the other, with very little communication between them. Besides that, open cultural can be strategic on a business. This can develop business in any country. Tan Seri Dato' Seri Dr. Jeffrey Cheah Fook Ling is an entrepreneur who is open culture and make more success compare to others.
Tan Sri Dr. Jeffrey Cheah start his first career to be an accountant by training at a motor assembly plant in Malaysia. In 1974, he founded the Sunway Group. So far, the real estate and construction as its is a core of business for the Sunway Group and become a strong group of companies, with the market capitalization of RM12 billion. Twelve units (12) established business and span across 50 locations worldwide and with a strong employs base in 14,000 people.
Tan Sri Dr. Jeffrey Cheah was born in Pusing, a small town nearly Ipoh in the state of Perak in Malaysian. Jeffrey Cheah takes his secondary school at SMK Sultan Yusuf in Batu Gajah. After graduated, Jeffrey Cheah moves to Australia to continues his business degree at Victoria University in Melbourne. Tan Sri Dr. Jeffrey Cheah has been conferred nine (9) honorary doctorates by leading universities worldwide.
To be an open culture entrepreneur , must have a good thinking on finding a chance to develop your business. Jeffrey Cheah has a mindset of culture and this can make him successfully on his business. Jeffrey Cheah was developing his business to the different country as like as Australia, Singapore, Thailand, Malaysia, Cambodia, Indonesia and other.
In the field of hospitality, Jeffrey Cheah uses open culture with prefect in his business. For example, Sunway International Hotels & Resorts is the management arm that operates 10 hotels and resorts in Malaysia, Cambodia and Vietnam, representing a collection of over 3,500 guestrooms, suites and villas. Beside than, the management arm that operates hotels in Malaysia, Cambodia and Vietnam and this performed Tan Sri Dr. Jeffrey Cheah used the open culture in business. Hospitality has the element of the different culture will attract customer from the local and foreign country. So, we can see Tan Sri Dr. Jeffrey Cheah is a person can accept other countries culture and take this issues to the market and to fill the need of people.
Other than that, Tan Sri Dr. Jeffrey Cheah also use open culture in the field of education. Sunway Education Group has always strived to provide quality education for all regardless of race, creed or financial standing since its establishment in 1987.
7) Outcome Oriented
Datuk Ramly Moki is a success Malay entrepreneur in Malaysia. He is really a positive man, kind-hearted person and brave to face any obstacles in his life. He starts his success from the bottom and had to overcome many challenges and obstacles. He was able to expand his business from a stall selling burgers to open a factory for producing meat burgers from 300 pieces per day to 30 tons of meat a day after 20 years with annual sales are now recorded RM42 million.
In the early 1970s, he worked as a butcher in a supermarket in the capital. From his observations, he saw the most frozen foods uncertain status of , and it has sparked ideas for producing meat burgers and sausages incurred halal meat for Muslims in Malaysia. From this situation has shown that he is clearly a wise man in seizing opportunities, creative and innovative. He saw that halal foods are really important because Malaysia has a big Muslim community. He really takes seriously among the beginning of food process until the end.
Even though he faced many problems like not get support from the public and his loan has been rejected by banks, he never stops trying to reach his outcome of his business. However, he dares to use his own savings and in the same time got loan provided by Pembangunan Malaysia Berhad to enable him to develop his business. His wife, Datin Hajjah Shala Siah Binti Abdul Manap and family also give encouragement to him and he said that his success is the result of strong family support. Ramly Chicken Burger was first introduced in Malaysia in 1979 and it was the first chicken product ever produced by Ramly.
Nowadays, RAMLY FOOD PROCESSING SDN BHD is a well-known Bumiputra-owned food-based manufacturer dealing in meat-based products such as beef, chicken, and seafood. In addition, Datuk Ramly always holds to the principle of honesty, emphasizing the quality of goods produced, priorities and views on the items his company's customers is never taken lightly. Any complaints and customer dissatisfaction, he will definitely improve the quality of their products to meet specific customer as soon as possible to find out the problem. He is very competent and efficient in dealing with any problems that arise. The results of his hard work, he was awarded the Entrepreneur of the Year Award several times
Therefore, Datuk Ramly is an excellence entrepreneur that has faced many failures before he reaches success. He always keeps trying, look forward and always thinks positive. These are the reasons why we choose him as an example of our entrepreneurship’s assignment and make him as our role model to face any obstacles to run a business.
8) Team Oriented
Mydin Mohamed is a son of the old founder of Mydin Legacy, Ghulam Hussein Jamal. Mr. Mydin has continues his family’s business after his father’s small shop burned at Penang during World War II. In 1957, Mydin Mohamed has opened its first store named Syarikat Mydin Mohamed by renting part of shop houses in Jalan Tok Hakim, Kota Bharu, the capital of Kelantan by selling toys of his own hard-earned cash. Profit from the sale of these toys, he began buying additional products such as lighters, balloons and needles for selling in the shop.
Furthermore, in 1979, he expands his business in Terengganu and then in Jalan Masjid India in 1989 with the help of his children. He always sticks to his vision to become the world's leading distributor of providing services that are competitive and Halal in Malaysia. Syarikat Mydin Mohamed is now known as Mydin Mohamed Holdings Bhd and has successfully emerged as the retail and wholesale business in Malaysia's largest with annual sales reaching RM1.6 billion. Nowadays, Mydin now operates more than 95 branches throughout Peninsular Malaysia with diversified business chains such as emporiums, hypermarkets, convenience stores and mini markets. This succeed cannot be achieved without a team work. He always believes with his employees and also motivated them to be the positive person.
However, his legacy has been continued by his son, Dato’ Ameer Ali Mydin. His son creates a big step makes Mydin Group as one of the supermarkets involved in the program TUKAR (Transformasi Kedai Runcit). Now, under this program, Mydin role as consultant and assistant in implementing this program. According to company’s mission, they aim to be the leading wholesale and retail company by providing the best value, the wide assortment of goods and continuous excellence based on the business formula. In 2011, MYDIN, along with other major hypermarkets such as Tesco and Carrefour participated in the TUKAR program under the Economic Transformation Programme. The program is aimed to transform 100 selected sundry shops into modern mini marts. The company is responsible for training the shops and providing assistance after transforming as mini marts along with Tesco.
As a result, Mydin Mohamed Holdings Bhd has created establish the name and be one of the Bumiputera company that can compete with the other foreign company. We can conclude that Mydin Mohamed is the great entrepreneur because he can stand up and built the Mydin Legacy from zero to hero. He also works in team and family. He makes them as the supporters to gain his success today.
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