1.0 Introduction
Entrepreneurs can be defined as a person who organizes, manages, and assume the risks of a business while the entrepreneurship is the process of discovering new ways of combining new resources and ideas. Entrepreneurs must be able to develop, organize and manage a business along with any of its risks in order to make a profit. The challenges part for the entrepreneur is when starting a new business and the process to make the business successful and maximizes the profit and practices strategic plan to succeed.
The word ‘Entrepreneur’ was introduced by the Richard Cantillon initially in 1775. The word is derived from the French word ‘Entreprendre’ which means carrying task or an effort to try. There are various definitions have been given to entrepreneurs and entrepreneurship. Among them, Kao (1995) believes that entrepreneurship is a process of wealth creation and entrepreneurs are individuals who are involved in the process. He defines entrepreneurship as a process of creating something the new (creative) and different (innovative) for the purpose of creating wealth for individuals and add values to the public and entrepreneurs.
The successful entrepreneur has unique characteristics, powerful and has the ability of entrepreneurship skills and competence to perform entrepreneurial functions effectively. Entrepreneurs that have experiences and knowledge will help them to detect, analyze and grab opportunities that don't acknowledge by others. They should always look out for new ideas and innovations to improvise their product or services and develop their business. The entrepreneur must practices entrepreneurial traits in order to succeed and be able to compete in the global marketplace and at the same time develop the business globally.
2.0 Networked
Entrepreneur network is an essential trait in entrepreneurship in order to develop the business and organizations. The entrepreneur must have a strong and wide-range network which has a competitive advantage that leads to business opportunities and development of business. Entrepreneur network is the relationships that happen between an entrepreneur with the people around and maintained long-term relationships that are mutually beneficial. The ability to identify the opportunities and allocated limited resources affect the success of entrepreneurs. When different personality traits and experiences are brought together in a business, it will lead to a succession and excitement in an environment that would otherwise be stagnant and dull.
There are many advantages that gain by entrepreneur if the network that is formed is strong such as the business will be well-known by a lot of people. People will know what company doing, an achievement and the product and services that we served through strong connection and network between people and entrepreneur. Besides, by networking with variety group of people, it helps in build reputation and credibility of the entrepreneurs. The common barriers to achieving successful networking are difficult to start conversations with others and the frequent mistakes that entrepreneur make when the search for a business partner is that they look for someone who reflects their own image. Networking is the skill that needs to be learned by following the simple rules.
Nowadays, in globalization era where its connect people through the various space with the technology which is the notorious social media like facebook, twitter, and Instagram and create the world without barriers. The social media feeds constantly update breaking news and information across the world. Many successful entrepreneurs are active on social media so there are chances to get the attention from the individual that wanted to connect and bring beneficial to the business. Next, many entrepreneurial organization provides advice, mentoring, practices and exposure to the people who are new in the industry besides networking and connections. By joining the entrepreneurial organizations, the individual can interact and network with other like-minded individual and recognize the people that have skills and personality traits that valuable to business beyond simply sharing the workload. It may be challenging for the entrepreneur to work with the individual who thinks differently but it is even more rewarding because it keeps the entrepreneurial journey moving in a new direction and fresh.
Jimmy Choo is one of the entrepreneurs that success in the business that applied networked traits in his business. Jimmy Choo is the shoe designer and also a cobbler that expert in producing his art. Jimmy Choo was born in 1961 at Pulau Pinang, Malaysia. In 1990, one of his customers is H.R.H Princess of Wales, Princess Diana. Princess Diana pleased with his design and buys his shoes. Since then, Jimmy Choo is known in the international arena. Jimmy Choo’s designs have coverage in magazine Vogue, a famous fashion magazine in the United Kingdom. In 1996, Jimmy Choo along with Tamara Mellon, an editor of Vogue founded Jimmy Choo Ltd. This shows with wide networked, an entrepreneur can bring the company known by worldwide and give opportunities in the company to develop.
Orientation outcome is the entrepreneurs are involved in doing the business that has the target or vision which is something that able to achieve or something fruitful. This is the process which entrepreneurs identify the opportunities that give a reward for a long-term period. The important elements in outcome-oriented is SMART which is the reward must be specific, measurable, achievable, realistic and timeline. Entrepreneurs must include all element in making the plan and decisions.
The contribution of a good idea is one of the aspects that could lead the business to achieve the goals and outcome besides the strategy. The entrepreneur must ensure all the generated outcomes must give the benefits and maximize the profits to the company in the future. If company achieved the goals and an outcome that gives satisfaction which is benefits and profits, so it will be a benchmark for the entrepreneurs to produce more creative and innovation products. The entrepreneurs give a full attention towards the situations and outcome which happens in a different period of time. The entrepreneurs must look from customers view on a business and must take it as a review to improve the quality of products or services.
When we talk about outcome oriented, Tan Sri Mokhzani Bin Mahathir is known as a successful entrepreneur that feature outcome oriented in his business. He is Chief Executive Officer of Petroleum Berhad (KENCANA). Tan Sri Mokhzani is the son of former Prime Minister of Malaysia, Tun Dr. Mahathir Mohamad. Tan Sri Mokhzani. Tan Sri Mokhazani gained experience throughout his career in the petroleum sector has given inspiration for him to start and set up an investment company called Kencana Capital Sdn Bhd that provide Oil and Gas Service Providers, Information Technology (IT), automotive and real estate.
Kencana Petroleum managed by Tan Sri Mokhzani more than 25 years ago and has shows an excellent performance and one of the companies listed on Bursa Malaysia that give increment to the national income year by year. During development of Kencana Petroleum, he was experiencing an economic crisis. In order to overcome this economic crisis, he met with an entrepreneur Chong Hin Lin. The idea that results in their meeting is to find partners among local businessman to mitigate the crisis and. At the same time increase the performance of Kencana Petroleum that profitable in long-term period. Tan Sri Mokhzani also invested in companies which is he think will thrive and benefited him. Many domestic investors as well as foreign investor invested in Kencana Petroleum after the company success to gain the high profit after tax amounting over than RM 50 million and give fully trust to Tan Sri Mokhzani in managing the company that gives profit to him as well as the investor.
4.0 Observant
In the fourth edition of the Oxford Dictionary, the term of the observant means that the ability to predict or the action of predicting what will happen or be needed in the future. By having this capability, an individual can make a neat plan for the long term. In the process of become a successful entrepreneur, one of the features that need to be available to them is to have observant. Entrepreneurs need to have a creative mind and also critical to create new ideas based on the observations that have been made. Entrepreneurs with such features can further enhance competitiveness in the business and can develop or expand their business, this is because entrepreneurs who have a keen mind and always observe the surroundings to become an entrepreneur is more alert and ready to face all odds.
For an example, Tan Sri Dr. Jeffrey Cheah is a successful entrepreneur who is very popular in Malaysia. He was the founder and chairman of Sunway Group. Tan Sri Dr. Jeffrey Cheah is from Pusing, Perak. He graduated in Footscray Institute of Technology or now known as Victoria University of Technology, Australia. After graduating from the university, he worked as an accountant in the factory that manufactures motor and in 1974 he quit his job to establish tin mine. After five years of economic downturn and he want to save a company. Tan Sri Dr. Jeffrey Cheah turns from the tin industry to the quarry and sand. What is good about him as an entrepreneur is, after the end of the recession of economy, he expand and develop his business into several branches.
In 1985, the economic crisis hit again but this time it worse than before and caused huge losses to his company. However, he tried to find a solution and managed to survive until the end of the recession. He began moved forward with companies involved in various branches of business. In addition, Sunway Holdings Berhad opened in various sectors such as the manufacturing sector, entertainment sector and the construction sector and real estate investments. In 1997, his company suffered the huge problem and have a significant impact on the company and its employees during an economic crisis. To solve the company's problems, Tan Sri Dr. Jeffrey Cheah took steps to reveal the company's account to settle the workers and their wages on time to motivate them and obtain the support of all employees of the company. After the end of the last crisis, Tan Sri Dr. Jeffrey Cheah started housing projects at the tin mining site located in the Klang Valley.The project was successful and worth billions of ringgit and was known as Bandar Sunway.
As a conclusion, entrepreneurs need to have a keen mind to continue to move forward. Entrepreneurs need to observe internal and external environment carefully in order to generate new ideas for creative and innovative. Tan Sri Dr. Jeffrey Cheah has achieved the best performance of his life and received numerous awards. He was hailed as the leader of real estate in 1993 and 1994. In 1996, he was awarded as the best CEO 1996 by American Express and Sunway Holdings Berhad has been named as the best company management by magazine Asia Money. Next, Tan Sri Dr. Jeffrey Cheah was awarded eight honorary doctorates by several international universities.
5.0 Open Risk Taker
Every entrepreneur must be able to face risks either it was expected or unexpected risks to ensure the successful business. Entrepreneurs must be able to take a risk and make it as opportunities to bring benefits and profits to the company. If the level of risks is higher, the greater the returns for the company and vice versa. However, an entrepreneur must analyze and know the risks before taking an action.
For example, the business leaders in Malaysia, Tan Sri Lim Goh Tong which is known as an open risk taker. He was said to be crazy and laughed at when he expressed his desire to develop Gunung Ulu Kali. Tan Sri Lim Goh Tong had the idea of developing Genting Highland when he was having dinner in Cameron Highland. He started to collect information and decided that Genting Sempah is an ideal place to build a hilltop resort. Other people said that it is impossible to achieve and expects his investment will not give any returns. However, he did not care and bother towards others and understand that it is a challenge that must be achieved.
Tan Sri Lim Goh Tong challenge himself by working 2 shifts all week to save costs. He and his friends had to stay in the woods and caves. He was the first to work in shifts 24 hours a day throughout the week to ensure that his goal to build is achieved. Tan Sri Lim Goh Tong is among the first worker that arrived at work and be the last man to come home from work. He never gave up and still thinking positive.
Tan Sri Lim Goh Tong was the entrepreneur whose represent the good characteristics of entrepreneurship. He is not only willing to accept the risk of loss, he also accepts the risk of sacrificing his life. During the Genting project, he spent all he had without earning any income. He was willing to sell an 810-hectare rubber estate to raise RM2.5 million. If at the time he saw an opportunity, he was afraid to take risks or give up while being teased by other, Bukit Tinggi Genting would not exist in Malaysia. And now the First World Hotel is the largest hotel in the world.
In conclusion, an entrepreneur should take risks and not be afraid. Lim Goh Tong has won many awards along with the company Genting Group for entrepreneurship and contributions of Entrepreneur Award 1985, Manager of the Year 1986 Award, Business leaders in Award 1994 and Majikan Terbaik Awards 1996. He was awarded the title "Tan Sri" by the Malaysian government on June 6, 1979, in recognition of his contributions that have been made to this country.
6.0 Open Culture
Successful entrepreneurs must have a culture of openness in managing a business. The meaning of cultural openness is entrepreneurs willing and be able to receive the opinions and views of others in its business organization. The entrepreneur believes and work with other subordinate and not be influenced by others in managing the business. Entrepreneurs need high internal and external energy to motivate the subordinate. In the decision-making process, the entrepreneur has to take into account all internal and external factors of the organization as well as taking into account all relevant stakeholders. Entrepreneurs use strategies for creating the effect of ingenuity and efficiency of a wider network. An entrepreneur is someone who can think independently and matured. An independent-minded can see, seize and analyze the opportunities available by themselves. The entrepreneur must be always open minded and not be influenced by influences on the efforts. Entrepreneurs will make the opinions of others as partners, managers and subordinates as a guide. The companies will make local and international socio-cultural examination before entering their target market.
Among Malaysian entrepreneurs who practice the culture of openness in business is Tan Sri Ananda Krishnan. He believes workers underneath. He believes that with the expertise of its employees in generating ideas in business and this is evidenced when he has responsibility for managing a number of professional and competent employees. Tan Sri Ananda Krishnan management believes that the idea would be interesting to get a variety of views of the other parties. This shows he was able to manage and grow its business in the field of Telecommunications Maxis and Astro. Employee expertise is shared and merged into a strong management idea. This is evidenced by the wealth of its telecommunications company Maxis and Astro to have reached 81.48 billion.
In addition, there are other examples of the characteristics of cultural openness Mr. Goh, one of the founders of Silverlake in 1989, he had built the Silverlake Group to spearhead the global banking problems, which involve the participation of 20 countries across the Asia Pacific, Middle East, and Africa. Through the vision of Mr. Goh, the Silverlake Group has won a variety of awards over the course of 25 years, including The Asian Banker Vendors 1 weak Survey Gold Award 2014, Asia's Forbes Best Under A Billion-Best of the Best Award in 2013. The personality that can accept the culture of other people in any situation makes him become a leading entrepreneur in the world (DeMers, 2014). He can adapt to any situation and be able to manage the challenges with how its own and successfully won a variety of awards in 25 years is based on the pattern of his leadership that praise.
Thus, the characteristics of cultural openness are important in a business with the feature could change the idea entrepreneurs implement their business faster and grow.
7.0 Visionary
To be a successful entrepreneur, one of the entrepreneurial traits needed is visionary. Visionary is defined as someone or something that thinks about the future or advancements in a creative and imaginative. The entrepreneur is richest in the world is Bill Gates. Bill Gates was born William Henry Gates III on October 28, 1955, in Seattle, Washington. Bill Gates began to show an interest in computer programming at the age of 13 at the Lakeside School. He about unveiled Microsoft fifth and the latest version of the most popular piece of software ever created , a computer operating system known as MS-DOS.
It was the biggest launch of a software product in computer history. More than 500 people had turned out to hear about Microsoft. Microsoft Operating Chief Steve Ballmer, make an impassioned sales pitch for MS-DOS 5.0, computer hardware and software executives had flown in from around the country to get a glimpse of gates and to listen to the industry’s enfant terrible and biggest star announce of his where his and Microsoft were headed.
At 35 years old Gates was at the pinnacle of his young career. In 1990 Microsoft, the company he and childhood friend Paul Allen had founded barely sixteen years before had become the first software company to sell more than billion dollars worth of product in a single year. Bill Gates was an undisputed mastermind of that success, a brilliant technocrats, ruthless salesman, and manipulative businessman. His astounding ascension had just a few years earlier made him the youngest billion in the history of America. He was listed as the second-richest man in the country in 1992 with the net worth more than $4 billion.
His word had become the closest thing to gospel in the godless of the computer industry. In Atlanta, people lined up two city blocks to hear Gates speak about the future of the industry. On this June, in the big Apple as gates moved stiffly to the microphone at the podium on the New Yorker, powerful and opposing forces were gathered across Hudson, in Armonk New York as headquarter international business machines.
Gates straightened his foot and began his pitch, a condensed version of the history MS-DOS. It has become the foundation of the PC industry and has sold more than ten times any other software package.
Microsoft operating systems were installed on more than 60 million personal computers which were presented about 75 percent of all personal computers in the world. Gates predict that 18 million copies of DOS would be sold with computer systems in 1991. He did not depart from the prepared text or interject would like “cool” Or super which normally were part of his standard vocabulary. A most unlikely captain of industry, he looked as if he could have been 25, or younger. There was an engaging, boyish charm about the former computer hacker whom many in the press had once described as a nerd. No one underestimated Bill Gates, though. Too many people had done that in the past. Most of the guests in the audience already knew Microsoft’s history. In 1980, the company sold the MS-DOS operating system to IBM when it made its irresistible entry into desktop computing marketplace and established industry standards that have yet to be supplanted. The revenue from that partnership gave Gates a guaranteed income stream and the plus he needed to make his vision. After long, he made the deal with IBM, the fiery, competitive Gates had slammed a fist into his palm and vowed to put several of his major software competitors out business. In 1991, many of those competitors were indeed in full retreat under a barrage of Microsoft product.
Bill Gates stepped down from the day-to-day operations of Microsoft in 2000, turning over the job of CEO to college friend Steve Ballmer, who had been with Microsoft since 1980. He positioned himself as chief software architect so he could concentrate on what was for him the most passionate side of the business, though he remained chairman of the board.
Over the next few years, his involvement with the Bill & Melinda Gates Foundation occupied much of his time and even more of his interest. In 2006, Gates announced he was transitioning himself from full-time work at Microsoft to devote more quality time to the foundation.
These days, Gates continues to devote much of his time and energy to the work of the Bill & Melinda Gates Foundation. The organization tackles international and domestic issues, such as health and education. One aspect of its work in the United States is helping students become college ready. In 2015, Gates spoke out in favor of national Common Core standards in grades K through 12 and charter schools. Gates also proved to be a groundbreaking employer around this time. The foundation announced that it would give its employees a year's paid leave after the birth of a child or the adoption of a child. Vision is able to remind Microsoft’s peers, employees, customers, and competition that leadership can make a buck and also one of the visions to give back to those in need. The vision, entrepreneurial ability and business knowledge of Bill Gate help to build up an industry which led to the changes of business and technology world.
8.0 Failure is an option
Failure happens to everyone and it also happens to entrepreneurs much. Yet cause as rain lead to rainbow 5 mistakes can have the way for valuable lessons that factor improvement. In fact, it is possible to rebound from a mistake and become stronger than ever. Failure is not the alternative to success but it is something to avoided, and it is only a temporary setback on a bigger, more significant course.
Entrepreneur Milton Snavely Hershey was born on September 13, 1857, in Derry Township, Pennsylvania. He was the only surviving child of Veronica "Fanny" Snavely and Henry Hershey. Born on a farm outside of Derry Church, Pennsylvania a small farming community in the central part of the state Hershey spent the early years of his childhood trailing his father, a dreamer who always had his eye out for the next big opportunity. However, Henry Hershey lacked the perseverance and work ethic to stick anything out.
By 1867, Hershey's father had largely cut himself out of the family picture. The details around his parents' separation are cloudy, but it's largely believed that Fanny, the daughter of a Mennonite clergyman, had grown tired of her husband's failures. With Hershey's upbringing left to her, the strict Fanny instilled in her son an appreciation for hard work.
Hershey's path to sweet success was fraught with obstacles and setbacks that would have crushed lesser men. But through perseverance, ingenuity and his amazing ability to bounce back from failure, he built one of the great American fortunes from the ground up and brought joy to millions with a beneficent wonder that would immortalize his name? Hershey's Chocolate. Hershey began his candy-making career at age 15 when he was apprenticed to Lancaster, Pennsylvania, confectioner Joseph H. Royer. Hershey blossomed under Royer's tutelage, acquiring many of the skills and tools he would later use to build his own empire.
In 1876, with $100 he'd borrowed from his aunt, Hershey opened his first candy shop in Philadelphia. For six years he worked day and night to keep the business alive. Working 15 to 16 hours a day, Hershey would make caramels and taffies at night, then sell them from a pushcart to crowds at the Great Centennial Exposition, which was being held to celebrate the 100th anniversary of the Declaration of Independence. But in February 1882, after a winter dogged by illness and mounting debt, Hershey sold the business and headed to Denver to join his father in the great Colorado silver rush. Surprisingly, the riches Hershey found in Colorado came not from the ground, but from a cow. While working for a confectioner in Denver, Hershey learned that adding fresh milk to caramel greatly improved its quality and extended the candy's shelf life a discovery that would be crucial in later years.
Hershey left Denver for Chicago, where he started another candy shop. But failure continued to haunt him, and the venture quickly fell through. After a similar experience in New Orleans, Hershey headed to New York City and opened yet another store. Despite his best efforts, the company continually lost money. When a group of kids stampeded his delivery wagon and made off with his entire stock, Hershey was bankrupt. Hershey returned to Lancaster to find that his relatives had given up on him, refusing even to take him in, let alone lend him money to start another business. But Hershey would soon find salvation in the form of an old friend and employee.
Henry Lebkicher, who had briefly worked for Hershey in his Philadelphia store, not only offered Hershey a place to live but also lent him the money he needed to bring his candy-making equipment from New York. The pair then scraped together enough capital to start the business that would firmly establish Milton Hershey as a candy-maker-the Lancaster Caramel Co.
Drawing from his experiences in Denver, Hershey began experimenting with using fresh milk in the candy-making process and created a unique confection he called "Hershey's Crystal A" caramels. Impressed with the quality and shipping stability of Hershey's new, chewy milk-based caramels, an English importer placed a large candy order, enabling Hershey to secure a $250,000 loan with which he quickly began expanding his business. Milton started the Hershey Chocolate Co. and began producing more than 114 different types of chocolate candies, including the product that would make his name famous around the world. From failure, he became a successful entrepreneur in the world.
9.0 Proactive
Proactive entrepreneurs are the person who will act more aggressively in the behavior and actions in the business world. Entrepreneurs have goals, vision and always want to move forward. Entrepreneurs will be more creative and unique in producing the products and services in the business world. The proactive entrepreneur also involves finding new opportunities in rural areas of business operations.
An entrepreneur must be proactive in business. The person or leader needs to find a response, especially from customers and not wait for customers to complain. In addition, if there are complaints and customer complaints about products or services offered entrepreneurs should not be quick to anger but instead are open and receiving the complaint happy. This is because, through the feedback, entrepreneurs can improve the weaknesses and thus achieving success in business.
Furthermore, proactive entrepreneurs are related to entrepreneurs who act for the initiative of the opportunities in the market; this is the act of taking the opportunity to form a new environment. This action often leads to entrepreneurial firms it became the leader in the market with competing methods of influence by building new request.
For example, Datuk Wira Dr. Haji Ameer Ali Bin Mydin is known as proactive entrepreneurs. He was a founder of Mydin after his father. Mydin is a supermarket which offers cheap prices as compared to other supermarkets.
Founder of Syarikat Mydin Mohamed Holdings Berhad is Mr. Mydin Mohamed bin Ghulam Hussein. Beginning in 1957, he opened a small shop in Kota Bharu, Kelantan. Starting with his own savings and then get loans from financial institutions, he is now able to have more than 200 stores including 12 hypermarkets, 18 wholesale emporia, 3 bazaars, 53 mini-supermarkets, 10 convenience stores and five franchises in several states in Peninsular Malaysia. But after Mr. Mydin, his son Datuk Wira Dr. Haji Ameer Ali Mydin connect legacy as Representative Director of Mydin.
He was proactive in looking for opportunities in the market and meet the demands of the market at a reasonable price to compete with others local supermarkets. He also seeks feedback from customer to customer meet the new request.
10.0 Team Oriented
Team oriented management means within an organization or can be said as teamwork. Studies show that teamwork has highlighted the potential and improving performance when tasks that involve a variety of skills, experience, and judgment combined. In other words, help organizations maximize the talents and skills of the members of the group.
For example, entrepreneurs who practice this feature were fedEx led by Frederick W. Smith. He was born on August 11, 1944, at Memphis, Tennessee, United States. He has a salary of up to $13.7 million dollar and total wealth reached $3.8 billion dollars. In the 1980’s FedEx collaborated with British Airways. Name of FedEx Corporation's officially used since January 2000 that was previously using the FDX Corporation.
He said, successful entrepreneurs, because in February 2004, FedEx acquired Kinko's Inc. which a private company that changed its name to FedEx Kinko's. This process is carried out to expand the FedEx network access to the general public. Furthermore, the company re-acquired Parcel Direct in September 2004 and renamed FedEx SmartPost. Currently, FedEx has been to provide the world's leading shipping services.
This proves that this feature is very helpful especially for entrepreneurs. Frederick W.Smith own successfully by adopting team-oriented features thus making him a success in the eyes of the world. Quality service and excellence in an organization are needed more in this era of globalization. Therefore, to be a great entrepreneur, generation Y should apply it at work or in business.
Conclusion
Each individual has the different characteristic to differentiate them with others. The differences in the characteristic of entrepreneurs make them special and lead them to success in many ways. An entrepreneur is someone that plays an important role in driving force the economy of a country. The entrepreneur should be more prepared and to be more dynamic to deal with uncertainty in the business in order to achieve success. Practices of the values and characteristic of entrepreneurship will lead them to become more confident and will seize the opportunities and also be able to cope with challenges. Entrepreneurs must have a vision and expand their business for the prosperity of society and country. Entrepreneurs is someone who has a freedom in managing their business, make decisions and be successful with their effort in developing their own business.
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