Entrepreneurs

TABLE OF CONTENTS


1.0) INTRODUCTION

2.0) TRAITS OF ENTREPRENEURS
       2.1- Visionary - DATUK LOH BOON SIEW
       2.2- Open Culture - DATUK STEVEN LIM
       2.3- Open Risk Manager - TAN SRI MOKHZANI MAHATHIR
       2.4- Networked - ROBERT KUOK HOCK NIEN
       2.5- Outcome Oriented - COLONEL HARLAND SANDERS
       2.6- Observant - HOWARD SCHULTZ
       2.7- Team Oriented - BILL GATES
       2.8- Proactive - DATUK WIRA DR. MAZNAH HAMID
       2.9- Failure is an Option - RICHARD BRANSON

3.0) BRIEF BIOGRAPHY

4.0) CONCLUSION



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1.0) INTRODUCTION

          The word 'Entrepreneur' originates from French word, entreprende which means "to undertake". In a business context, it means a person who organizes, operates and assumes the risk for a business venture in order to make a profit. An entrepreneur is a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of population. Anyone who wants to work for himself or herself is considered to be an entrepreneur. According to Joseph Schumpeter, an entrepreneur is also a person who will driving economic nation to enter increasingly competitive global marketplace.

          A person who want to be an entrepreneur must have a characteristics such as innovative, committed, determination, realistic, honest, visionary, willing to take risk and others in other to be a successful entrepreneur. So, in this group assignment we would like to describe the entrepreneur traits that highly needed and applied to operate the business and next we choose one entrepreneur to be describe briefly about their traits and how the traits assist them to be a successful in their venture.



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2.0) TRAITS OF ENTREPRENEURS


2.1- Visionary - DATUK LOH BOON SIEW

          Datuk Loh Boon Siew Penang is a billionaire and founder of Boon Siew Honda. He came from a very poor family in China. Life to cause him no chance to receive education since small. He able to speak in Hokkien and almost no education. He have collected faeces animals for sale to get money.

          He have migrated to Penang to seek other sources of income by taking a small boat from China at the age of 12 years old. He has worked as a car mechanic trainees in Penang. He bought his first bus unit 11 by using savings 2,000 ringgit. He was repairing the bus and sell them at a price 12,000 ringgit. In 1942, the Japanese military had seized all the money as a result of World War II. Datuk Loh Boon Siew expands his business by opening a shop store of used cars and become distributors of motorcycles British output after the second world war ended.

          Datuk Loh Boon Siew was a visionary, where he formed a company to bring in a Honda motorcycle to Malaysia by setting up his first motorcycle factory, Assembly Plant Boon Siew Sdn Bhd owned in Mak Mandin Industrial Estate, Penang. In 1969, Honda was no longer installed in Japan but assembled in Malaysia to save the cost of installation and sales. The company had introduced a new model Honda motorcycle S90Z in 1971. His high-minded attitude had raced to succeed in the motorcycle industry. Finally, his didn't give up attitude and high self-confidence in generating sales of Honda motorcycles had managed to hit the target.

2.2- Open Culture - DATUK STEVEN LIM

          'Steven Lim', the founder of the Secret Recipe [SR] was recognized around the world. His ambition is to be interior designer, but never thought Steven bountiful provision in the food business. He also is a creatively human. A shortage exists in a food business in our country gives an idea and a chance for him to existence SR. He does not have enough capital to advertise on first outlet, he offering free coffee for conduct marketing. Finally, the first premise SR established in SS2 Petaling Jaya.

          Steven Lim join the annual cheesecake competition, but he forgot the date of notification. So, he doesn't make any preparation. So, he just sends regular cheesecake and doesn't hope of winning. But, SR cheesecake won Grand Compion unexpectedly. After that, SR got many awards and too many range up to foster trust and consumer confidence in the brand. He is an indeed man of work. SR encouraging developments and have given Steven an idea to franchise the brand. Now, there are 200 outlets of SR around the country. He does not give up although his intention was to open an outlet in Orchard Road lost because of brand Malaysia underestimate. Then, he tried in other areas of the public that was evidently receive a good response. When SR was carved in site, Steven offered for retail space in Orchard Road.

          Steven was the Kelantan's child. So, he never blown with any agreement and suggestion from the investment of Singapore to move headquarters of the Secret Recipe in Singapore country. He was determined to ensure that Malaysia's leading brand of Halal certificate so wherever it was open because believes that halal food industry is vast to explore. Now, the market is out to China, Australia, Philippines, Thailand, Brunei, Indonesia and some other countries to raise Malaysia brand.

          Therefore, Steven Lim arguably a culture characterized by open as he traced the lack of something in a food business. He also strives to create a new concept that can be adapted to all levels of society on a global basis around the world.

2.3- Open Risk Manager - TAN SRI MOKHZANI MAHATHIR

          Tan Sri Mokhzani Mahathir is the second son of Tun Dr. Mahathir and Dr. Siti Fatimah. He is 54 years old and has five children from his married with his wife, Massita Mohamed. He was currently the chairman of Sepang International Circuit Sdn Bhd, which hosted the FIA Formula One World Championship. In Malaysia, Mokhzani had listed as the 14th richest person with an estimated net worth of US $685 million in 2012 and the 11th richest person with estimated net worth of US $1.2 billion in 2014 by Forbes.

          Tan Sri Mokhzani is a businessman like his younger brother, Mukhriz. In politic, he is very active in United Malays National Organisation [UMNO]. But now, he doesn't active anymore in his political activities. He also follows his father's footstep to quit from UMNO in May 2008 after 22 years being as a great person of the Sungai Layar Hujung Branch of UMNO.

          After that, he combines his Kencana Petroleum with Sapura Crest, conducted by his childhood friend, Shahril Samsudin in 2012. For concentrate in his other investment, he quits from an executive role in 2014. Then, he stopped his stake in Sapura Kencana, the largest country of oil and gas service provider and selling $248 million of share.

          Now, he is sitting on the board of Sapura Kencana, a Maxis telecom giant and served as a chairman and chief executive of Opcome Holdings. He also is an investor in IHH Healthcare and Astro Malaysia Holding.

2.4- Networked - ROBERT KUOK HOCK NIEN

          Networked Business is about an individual and the connected state it is in, internally and externally. It evolving and using contacts made in business for intended beyond the reason for the inceptive contact. For example, a sales official may ask a customer for names of others who may have be interested in the product. The capability to network is one of the most decisive skills of any entrepreneur can have. A well-being networker should be extrovert, sincere, friendly, encouranging, a good listener or someone who pursue and stays in touch.

          As we take one of the example of successful entrepreneur in Asia featuring Robert Kuok Hock Nien as our role model in this entrepreneur traits. The name of Robert Kuok is known all over the global commerce industry as an efficacious and enduring business powerhouse. Kuok made his business in sugar, palm oil, shipping and property. Kuok group exaggeration of a large network of companies under three main holding companies in Singapore, Malaysia and Hong Kong. He had controls South China Morning Post, where once the world's most cost-effective daily newspaper. Wilmar is his biggest source of wealth in the world's largest recorded palm oil company.

          Kuok's profits are acquired from a broad range of business interests along with sugar refineries, sugarcane plantations, properties, animal feed, oil mining, hotel chains, publishing and also freight. To date, his utmost main source of wealth comes from his stake in the world's greaters listed agribusiness organisation, Wilmar International Limited. Besides a departure of business dealings in his real country of Malaysia, his companies hold the investments in other countries throughout the Asian district such as Singapore, Fiji, Australia, Indonesia, Philippines and Mainland China.

2.5- Outcome Oriented - COLONEL HARLAND SANDERS

          Outcome oriented which is 'what matters' is the outcome, likely even if you win or lose or achieve a certain objective. It is apparently contrasted with something like a process orientation, where the focus is on the way you play or execute. As example, a high jumper with an outcome orientation will be focusing on clearing the bar at a distinct height (or winning the competition), through someone with a process orientation will be thinking more about details of their pattern and achievement (and could be happy with the outcome despite they lose if they feel that they indeed performed well).

          We choose Colonel Harland Sanders as one of the example of successful entrepreneur for this entrepreneur traits. As we know, Kentucky Fried Chicken (KFC) is a fast food restaurant chain that exclusively in fried chicken. KFC was established by Harland Sanders, an entrepreneur who commence selling friend chicken from his roadside restaurant that was located in Corbin, Kentucky, amid the Great Depression. He had identified the possible of the restaurant franchising perception, and the first 'Kentucky Friend Chicken' franchise was opened in Utah in year 1952. KFC disseminated chicken in the fast food industry, transforming the market by confronting the established pre-eminence of the hamburger. The company's hasty development saw it overcome the ageing Sanders, and in year 1964 he sold the association to the group of investors that was managed by John Y. Brown and Jack C. Massey.

          KFC was the one of the first fast food chains to spread internationally, opening outlets in the Canada, United Kingdom, Mexico and also Jamaica by the midyear - 1960s. During the 1970s and 1980s, KFC had accomplished mixed fortunes domestic all, which it went through a streak of changes in corporate ownership with a little or without any experience in the restaurant business. In the early year 1970s, KFC was sold to the disposition distributor Heublein, who were then taken over by R. J. Reyholds food and tobacco conglomerate, who had sold the chain to PepsoCo. The chain continued to enlarge to overseas yet and in year 1987, KFC became the first western restaurant chain towards open in China. The chain had synced developed immediately in China, which is now the company's single largest market. PepsiCo expound its restaurant distribution as Tricon Global Restaurants, where later changes into Yum!Brands.

          KFC original's products are strain fried chicken pieces, compentended with Sander's recipe of 11 herbs and spices. The essentials of the recipe serve as a noteworthy trade secret. Greater portions of fried chicken are served in a cardboard 'bucket' that has become an infamous aspect of the chain as it was first popularized by franchisee Pete Harman in year 1957. Since the early year 1990s, KFC had increased its menu to attempt other chicken products like chicken fillet burgers and wraps, also salads and side dishes, such as French fries and coleslaws, desserts and soft drinks, the latter usually supplied by PepsiCo. KFC is known for its departed and instant slogan "Finger Lickin' Good", which was recouped by 'Nobody does chicken like KFC' and 'So Good' in the provisional. As the franchisor of KFC, Harland Sanders had shown the entrepreneurs traits of outcome oriented.


2.6- Observant - HOWARD SCHULTZ

          Howard Schultz is an American entrepreneur and the chairman, president and CEO of Starbucks Coffee Company, which is well-known as one of the largest coffee store chains of the world. Howard D. Schultz was born on 19th July 1953 in Brooklyn, New York.

          "Observant" means good or quick at noticing things and alert towards something. Such an example, he was a successful entrepreneur in the United States and intelligent in market observation. Mr. Schultz started Starbucks in 1986 with a single store in Seattle. Today, Starbucks operates more than 6,300 company-owned stored worldwide.

          One day, when the first II Giornale store open, sales exceeded expectations. Unfortunately, the capital raising took much longer than anticipated, and there were a number of weeks where the new company struggled to pay the rent. But, in the end, Schultz managed to raise $1.65 million from about 30 investors. The largest investor contributed $750,000.

          Then, Starbucks certainly offered these customers many opportunities to try them out. Starbucks also was being innovative by introducing music and wifi to their customers. Howard Schultz focused on the concept of a "third place" for everyone to visit the Starbucks after home and workplace. He wanted to create a unique experience for each customer to make Starbucks as a place to relax. They actually had attracts the teenagers to come often by offering the Wi-Fi services and variety types of coffee.

          Beside that, it had its own loyalty card and introduced different snacks for customers to maintain their loyalty to Starbucks. The Starbucks Card allows the member to collect "Duetto Dollars" that can be redeemed for anything they want to purchase at a Starbucks location. The card also provides value cards, gift support and increase the frequency of visited the store by the cardholder and integrated with their mobile apps. Through his observation, he finally succeeds in meeting the market demand.

          In a nutshell, Howard Schultz is an entrepreneur that keep moving with a new fresh idea that can be followed. He had reasonable observant that essential for every entrepreneur to meet the demands of society and marketing.

2.7- Team Oriented - BILL GATES

          Bill Gates or William Henry Gates III was born on 28th October 1955 in Seattle, Washington. Since Bill was a child, his mom often brought him along when she made presentations at various schools in Seattle. This gives a lot of experiences and knowledge to himself. Beside that, at only 13, Bill Gates and his friend, Paul Allen began experimenting with a school teletype computer. Bill's and Paul's interest in computers led them to become a friend and business partners.

          Gates had several friends at the school level (Lakeside School) who enjoyed toying around with him on the computer system included Paul Allen, Kent Evans and Richard Weiland. Four of them are well-known in writing computer programs. They were very interested in computer programming with using of BASIC language. Then, there is a programming company called information Science, Inc., which hired them to write a payroll program in the computer language COBOL.

          Nevertheless, in 1973, Gates graduated and left Seattle for Havard because of bussied himself with the announcement of the Altair minicomputer manufactured by MITS. This was the chance of Gates and Allen had been looking for a computer built around Intel's 8080 chip a computer that needed software. The first operation named Altair Basic. Bill Gates with Paul Allen named his software company with the name "Microsoft". Microsoft asked by IBM in 1980 to make an operating system for its PCs.

          Finally, Bill Gates managed to make the sale of MS-DOS made Microsoft a major player in the computer industry software. In 1990, he managed to sell Microsoft operating system that was very successful in the world market. In a nutshell, teamwork is the way of life and the critical component of work-life in modern organizations. Their enthusiasm since school, four friends that had the same interest in writing computer programs made them became successful in their job.

2.8- Proactive - DATUK WIRA DR. MAZNAH HAMID

          Datuk Dr. Maznah Hamid is known as one of successful women entrepreneurs in Malaysia. She is Securiforce Group of Executive Chairman. Her proactive traits make her established a Securiforce from an unknown entity 35 years ago to become the largest Security provider in Malaysia, which is more rising successfully other more than hundred competitive companies of similar nature.

          She just started her business with only RM5000 from her saving which is slightly different from other companies that doing the similar nature as her that began with capital between RM500,000 to RM1,000,000. She now has almost 65 branches with almost reaching 6,000 employees, hundreds of firearms and numerous amoured vehicles. But the most interesting part is the armoured vehicles are create and plan by Securiforce. The service provided from her company are not limited to static guards but also spans to logistic, cash-in-transit, cash management, high tech cargo management, armoured trucking service, as well as numerous other services. Securiforce provides a complete and total security package, pioneering the concept of 'total security'.

          Datuk Dr. Maznah also success to establish her companies without any financial problem from any banking institutions. These were make her being respect and admire by new entrepreneurs. Her philosophy of success and achievement is "the main capital in business is yourself". She was also a motivational counselor of Human Development, Business Development and a success counselor at several institutes of higher learning. She also had published a book entitled "MOTIVASI MEMBURU KEJAYAAN". Datuk Dr. Maznah Hamid also known as 'The Iron Lady with the Golden Touch'.

2.9- Failure is an Option - RICHARD BRANSON

          A success entrepreneur knows that the thing they do not always succeed. Richard Branson is an example of success entrepreneur that belief of ' Failure is an Option'. Therefore, he thinks that the failure attempts to produce experiences that can help entrepreneurs to make decision in future.

          Richard Branson was born in 18th July 1950. He is known as the group founder of Virgin Group. Branson started his record business from church where he ran 'The Student Magazine'. Therefore, Virgin is one of the world's most irrestible brand and has expanded into many diverse sectors from travel to telecommunications, health to banking and music to leisure. There are now more than 100 Virgin companies worldwide, employing approximately 600,000 people in over 50 countries.

          He is also a record breaker online, voted the United Kingdom's number one Twitter use, the world's most social CEO and the world's most followed person Linked-In. Branson also maintains a daily blog on http://virgin.com which discussing everything from entrepreneurship, conservation and sustainability to travel, music and humour. The interesting part is, he has more than 11.5 million followers across five social networks. He also has written six books, including autobiography Losing my Virginity.

          Richard Branson also said that failure and rejection are an inevitable part of business, and how you deal with them to bring you to success. The ability to cope with and learn from failure and rejection can be practice along the way. What is important is failure is essential to creating students who think like entrepreneurs. Entrepreneurs who have failed before, but they know why and are transparent about it definitely have better chance of raising money from investors than those are trying to hide oversell their past failures.

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3.0) BRIEF BIOGRAPHY

          Jack Ma is a visionary man. When he was child, he had vision that English language is important as a child and the persistence to learn the language. He able to speak English fluently today, but more important his childhood efforts had served him greatly to manage his business. Any person who had ever started a company knows that they need to be able to envision success and put action behind their vision. Jack Ma had dream to set up his own e-commerce company although he had knew nothing about personal computers or emails because he had never touched a keyboard before that. That's why he call himself, "Blind man riding on the back of a blind tiger". In 1999, he gathered 18 people in his apartment and spoke to them for two hours about his vision. In the end, everyone put their money on the table and he got the money that he needed which is $60,000 to start the company. He wanted to has a global company, so he chose a global name. Alibaba is easy to spell, and most of people associate that with "Open, Sesame," the command that Alibaba used to open doors to hidden treasures in One Thousand and One Nights. His believe on global vision make him designed the business model by himself. Jack Ma focuses on helping small and medium-size companies to make money. He never duplicates a model from the U.S, like a lot of Chinese entrepreneurs did. he focuses on product quality. It has to be "click and get it" - if I can't get it, then its rubbish. Lastly, Jack Ma's vision is to build an e-commerce system that allows businesses and consumers to do all aspects of online business. He was going to search with Yahoo and have launched online auction and payment business. His vision is wants to create one million jobs in order to change and improve China's social and economic environment and also make it the biggest and largest internet market in the world.

          Besides, he used principle "Failure is an option". This was because he was courageous in any affair although he had many times rejected by companies in entering job world. Before he being a lecturer, he had a lot of time registered jobs but always rejected. He registered as an employee in KFC, however from 27 persons those registered, just 26 persons from them were accepted. That's means that only Jack Ma who doesn't got the job. From 30 companies that he requested, but all of those companies rejected Jack Ma. This situation made him to change direction to be an English lecturer. He also ever failed in examination while entering college. Therefore, he started to build e-commerce site in China but investors thought that serial entrepreneurs was ridiculous, but he had proved them all were wrong.

          Furthermore, Jack Ma also was a proactive person. In the beginning, Jack Ma built internet business seem like as Yellow Pages which resembles Yellow Pages. In year 1999, he gathered with 17 of his friends and struggled together without give up. Finally, they able to produce a website for connect any exporters with foreign buyers, thus Alibaba.com has produced. Jack Ma is an aggressive competitor and hold fast to his belief that Chinese firms can take on international competitors. What does Jack Ma said was, "Brain China is the best. This is because we dare to compete with United States." It is a belief that led him to challenge eBay in year 2003 when the Silicon Valley firm had expanded its operations in China. Alibaba is now the largest online retailer in China and was in second place after Wal-Mart. Alibaba is a global company with 22,000 employees and has 90 offices. The popular site, Taobao and Tmall.com was representing 80% of retail sales online China and received more than 100 million visitors a day. How hard it is to get funding for his business and he started lending services to help entrepreneurs. Alibaba also entered the world of entertainment and sport, acquiring media companies and the football team at the pre-IPO shopping.

          Moreover, Jack Ma was an open risk taker. This was because he dares to take the risk even it was higher risk. At a young age, Jack Ma was not only used to be a tour guide, even after completing his studies at Institution of Master Hang Zhou. In year 1988, he also became an English lecturer at Institute of Electronics and Technology Hang Zhou. In year 1991, Jack Ma found a translation agency named Haibo. In 1995, he worked as an interpreter, visited the United States and that was his first time to disclose to the internet. After returning to China, he borrows $2,000 from a friend and launched the website "China Yellow Pages" which considers that the website was the first commercial website in China. However, he faced a problem in searching of capital and thus forced him to finish the business. After that, he got a job at the Ministry of Domestic Trade which enabled him to meet with Jerry Yang, the Yahoo founder in year 1988. Jack Ma successfully obtained $60,000 for launch Alibaba.com in 1999. In rapidly, the company became a leader in the business-to-business sector.

          Lastly, Jack Ma was really outcome oriented. It was proved by his ways to start his business to become a largest business. Such as Amazon and eBay, Alibaba was like them. He do not have but he have one thing that was different from both of Amazon and eBay. Alibaba has no inventory or merchandise. Alibaba was just middlemen who collect annual fees and commissions from wholesalers and advertisement charges from small traders. As a result, Alibaba had became the most profitable business model in the world until today.

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4.0) CONCLUSION

          We would like to thanks to our lecturer, sir Mathivannan A/L Jaganathan for helping us in order to finish up this assignment and also for each grou[ members for giving cooperation. The objective of assignment which to provide an understanding and importance of the enhancement of entrepreneurial skills and personal qualities had been achieved. I hope that all of us can apply the entrepreneur traits that given in Task 1 to start a business. We make some successful entrepreneur such as Steve Job, Bill Gates, Richard Branson and others as examples of how their being able to manage their business progressively.

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5.0) REFERENCES

• Books :

1. Lesinski, J. M. (2009). Bill Gates: Entrepreneur and Philanthropist.
2. Schuman, M. (2008). Bill Gates: Computer Mogul and Philanthropist.
3. Poole, H. W., Lambert, L., Woodford, C., & Moschovitis, C. J. (2005). The Internet: A Historical Encyclopedia.
4. Strother, R. (2008). Bill Gates.
5. Burns, P. (2013). Corporate Entrepreneurship: Innovation and Strategy in Large Organizations.
6. Lamb, C. W., Hair, J. F., & McDaniel, C. D. (2009). Essentials of Marketing.

• Website with no author or date or publication :

1. Howard Schultz Biography: Success Story of Starbucks CEO. (2015) Astrum People website: Retrieved 12:18, Oct 25, 2015, from http://astrumpeople.com/howard-schultz-biography-success-story-of-starbucks-ceo/
2. Internet Center for Management and Business Administration, Inc. (1999) A Definition of Entrepreneurship and the Entrepreneur. Retrieved from http://www.quickmba.com/entre/definition/
3. Securiforce Sdn Bhd. (2013). English Version | Securiforce Sdn Bhd. Retrieved from http://securiforce.com.my/portal/index.php/profile-of-datuk-maznah-hamid/english-version
4. Entrepreneur Media, Inc. (2015). Richard Branson - Articles, Businesses and Biography. Retrieved from http://www.entrepreneur.com/author/richard-branson
5. Biography.com Editors. (n.d.). Richard Branson Biography. Retrieved from http://www.biography.com/people/richard-branson-9224520
6. Adib Yazid Give to Accept. (2015). How Jack Ma be the Richest Man in China. Retrieved from http://adibyazid.com/2015/07/10/bagaimana-jack-ma-menjadi-lelaki-terkaya-di-china/

• Blog post :

1. Welcome to Business World. (2015, March 12). Retrieved from http://jacksonlkh.blogspot.my/
2. Creativity in Entrepreneurship. (2015, March 14). Retrieved from http://kineikin.blogspot.my/
3. Basic Skills and Organizational Behavior. (2015, March). Retrieved from http://crystalchua1205.blogspot.my/

• Encyclopedia Articles :

1. KFC. (n.d.) In Wikipedia, the free encyclopedia. Retrieved October 2015, from https://en.wikipedia.org/wiki/KFC
2. Entrepreneurship. (n.d.). In Wikipedia, the free encyclopedia. Retrieved October 2015, from https://en.wikipedia.org/wiki/Entrepreneurship
3. Richard Branson. (n.d.). In Wikipedia, the free encyclopedia. Retrieved October 2015, from https://en.wikipedia.org/wiki/Richard Branson
4. Maznah hamid. (n.d.). In Wikipedia, the free encyclopedia. Retrieved October 2015, from https://en.wikipedia.org/wiki/Maznah Hamid
5. Loh Boon Siew (n.d.). In Wikipedia, the free encyclopedia. Retrieved October 2015, from https://en.wikipedia.org/wiki/Loh Boon Siew
6. Mokhzani Mahathir. (n.d.) In Wikipedia, the free encyclopedia. Retrieved October 2015, from https://en.wikipedia.org/wiki/Mohzani Mahathir