Conclusion

           As a conclusion, entrepreneurship is one area that has a big impact on the country or society. Entrepreneurs who adopts the characteristics of a good entrepreneur is among those that will contribute to the national economy. The result of this assignment students should be able to understand and know the importance of the characteristics that every entrepreneur should have in order to make a successful entrepreneur more clearly. Based on the figure that has been discussed above, students can make them as an exemplary figure in the business world. Most of the debated figure above is that they often adopt a characteristic as a successful entrepreneur. So they became a leading figure in the global rankings. The characteristic feature of the debate over the Networked Open, risk taker, Observant, Visionary, Failure is an option, Open Culture, Outcome-oriented, team oriented and Proactive. In applying the characteristics of successful entrepreneurs in their own entrepreneurs, entrepreneurs also need economic and social environment that is conducive to an awareness and pursued an entrepreneurial culture. This will make it more brilliant entrepreneur and visionary in the world of entrepreneurship.

5 Entrepreneurial traits that are highlighted in Question A

 

Tan Sri Lim Goh Tong, is a successful entrepreneur, he was always being proactive and always think positively in the business. For thoughts Tan Sri Lim Goh Tong, to succeed must always think positive and entrepreneurs also have to be proactive and work hard, if you want success in business. Successful entrepreneurs are entrepreneurs who are proactive effort taken either individually or in groups. Tan Sri Lim Goh Tong spend his time in the business world than taking the time to have fun. He highly appreciated the time. He always worked hard to develop his business. In addition, Tan Sri Lim Goh Tong was also a man versed in the intricacies of the business, so it is easy for Tan Sri Lim Goh Tong to more actively to develop and find solutions to any problems that arise in business. Tan Sri Lim Goh Tong is very active and works hard and he has managed to have a tour company Star Cruises, a cruise ship and he is also active in the gas and oil business in Asia and in Europe. The proactive nature played by Tan Sri Lim Goh Tong made him a successful and he is also one of the richest in Malaysia alone.

In addition, Tan Sri Lim Goh Tong was also a visionary entrepreneur. She had the insight or the high expectations in addition to its high in establish his business. Tan Sri Lim Goh Tong has sparked great idea like thinking outside of the box rather than the general public. His first idea was to set up a hill resort, in an atmosphere of fresh air and cool air as Cameron highland. Tan Sri Lim Goh Tong saw a lot of requests from all Malaysians. Tan Sri Lim Goh Tong has highly visionary take on this challenge to make a statement of reality. Although it is a difficult and possibly and it is impossible. However, Tan Sri Lim Goh Tong took the challenge to make the start for the glory of his business. If there is no insight into the nature of the self Tan Sri Lim Goh Tong, he would not be able to move large mountain into a premier holiday destination site in Malaysia. It looks as though it is impossible but not on Tan Sri Lim Goh Tong. His vision to create history, a successful entrepreneur has achieved that vision. He success develop Genting Highland Resort in them five-star hotels, two apartment blocks, highland golf, country resort, term indoor and outdoor park, gaming facilities, Genting skyway system, cable cars and more. Once the visionary have been clearly defined. With the greatest amount of determination and hard work, one can conclusively realize one's goal.

As a successful entrepreneur, like Tan Sri Lim Goh Tong. He is able and willing to take risks, or in other words he is willing to bear the risk. One of a series of series of successful entrepreneurs are willing to take risks that have been considered. Tan Sri Lim Goh Tong is willing to accept this challenge and are willing to bear the risk. This project is very risky at first because a lot of people say that this project can not restore profitability and capital projects require very high and requires employees who remain and persevere. This is because, the project uses a project for a long time to develop Genting Highland. They need to stay in the forest or in a cave nearby, because the project is located on the mountain. Tan Sri Lim Goh Tong take risk by  provide substantial capital expenditure in the business. He is also very concerned about worker employee, so he gained the confidence of its employees and the employees of its employees so that employees do not escape. During the Genting’s  project, he spent all he had without earning any income, he sold his hectare of rubber to raise 2.5 million. In addition he invested all the money he had made from iron increased, sub- contracting and hardware businesses. The project was a heavy drain on Tan Sri Lim Goh Tong's Finances. Tan Sri Lim Goh Tong wisdom in taking other initiatives in order to cover risks or losses, if it happen a risk Tan Sri Lim Goh Tong can use that money. This is one aspect that makes Tan Sri bold in taking risks. Tan Sri Lim Goh Tong practice saves money earned but not to spend is to be made round and investment capital to come. Tan Sri Lim Goh Tong save money for businesses and Development as capital or as a backup in case of loss. Traditional business is sometimes lucky and sometimes loss. As a successful entrepreneur they need to plan the initial setup in case of loss or substantial risk.

As a successful entrepreneur, the entrepreneur needs to create business networks. Examples of business networks that have been made by Tan Sri Lim Goh Tong is he has established business relations with the United Kingdom and China. In 2009 he was appointed as a visiting professor of the institute based in the United Kingdom. He was also an honorary professor of Xiamen University in China in 2007 under the auspices of the Genting Group Tan Sri Lim Goh Tong was unity resort property with  three Asian countries world resort Genting in Malaysia, Resort World Sentosa resort in Singapore and Manila in the Philippines world. Through a network of networks like this, Tan Sri Lim Goh Tong can expand its business name, namely Genting Highland worldwide. In 1990, Tan Sri has helped Mashantucket squats, a Native American tribe to create Foxwoods resort Casino. This indirectly she has established business networks. Tan Sri has joined a strategic partnership with Universal Studios, Herd Rock hotel, Premium outlets, Synthetic Genomics and more. Through this network, Tan Sri able to create ideas to expand his project, that is Genting Highland.

In addition, Tan Sri Lim Goh Tong, adopt an open cultural properties. Although he is a Chinese, but he always think of the common good for the culture of other nations. And Tan Sri Lim Goh Tong also never ignore the interests of other religions in its business sector such as Islam, Christianity, Buddha, Hindhu and this led to a culture of openness others . This open culture attitude, he received support from the people of other nations. Entrepreneurs and other entrepreneurs from different religions, cultures, peoples and nations. This attitude also attracted foreign tourists to come and participate in the business. For example, Tan Sri Lim Goh Tong set up a board which has 110 rooms. The room by the visitors or users or the public as a place to retreat, prayer, contemplation, meditation and self-discovery. Openness Tan Sri also think about the facilities that can give to senior citizens or foreigners, such as the provision of lifts and upgrading sub stations, awana skyway to increase access and a vegetarian restaurant. Trade openness Tan Sri Lim Goh Tong, to some extent increase the tourists to travel in the business district of Tan Sri Lim Goh Tong. Restaurant vegetarian successfully attract tourists. Every successful entrepreneur must adopt a culture of openness.

Tan Sri Lim Goh Tong always adopts openness to other religions, such as Tan Sri establish temple Chinese temple in Malaysia to become a tourist attraction of Chinese tourists. Genting Highland's project of Tan Sri Lim Goh Tong become famous place and it has already become one of the focal points of tourism in Malaysia apart from KLCC towers. It is suitable for all types of race, ethnicity, religion, culture and country. In addition, Tan Sri Lim Goh Tong practice openness in Genting’s group to carry out various activities including plantations, paper manufacturing, power generation, oil and gas, commerce, tourism, shipping, and Development of information technology and so on. This is because, the nature and culture of Malaysia and outside Malaysia is diverse in terms of their interest. Therefore Tan Sri Lim Goh Tong expand its business to the public who are interested in visiting his Genting Highland.

Biography of Tan Sri Lim Goh Tong

     Tan Sri Lim Goh Tong was born at An Xi, Fujian, China. Besides, he was born on February 28, 1918 and he died on October 23, 2007. Tan Sri Lim Goh Tong is one of Malaysian billionaire and he is the one who is responsible in developing Genting Highlands as one of the famous casino resorts in the world. He also well known and praised by his courage to develop unexplored hilltop into the most successful resorts in Malaysia.

              During his early age, he also had to face difficulties in his life. This is because his father died when he was 16 years old and things become worse because at that time there was a revolution in China which called Xinhai Revolution. At the age of 19, Tan Sri Lim Goh Tong decided to move in Malaya with his cousin Lim Kheng Chong through Xia men in early February 1937. As he arrived in Malaya he tried many jobs to earn a living. As an example, he became a carpenter, building sub-contractor, a farmer , working on a small business or petty trading and others. After struggled with his life, he became successful after joining mining industry.

                His idea to make Genting Highlands as a resort happened during his dinner in Cameron Highlands, he thought that as the standard of living rose in Malaysia, definitely there were more and more people would visit mountain resorts for relaxation and recreation. His efforts were despised by the people as they thought that he could not make it or success. Other than that, people also thought that it was really risky for him who was financially stable to be foolish to invest huge amount of money and time to develop Genting.

                  Despite with all the negative responds and thoughts, Tan Sri Lim Goh Tong still proceed with his plan and he is really confident that he will succeed. Besides, Tunku Abdul Rahman , the prime minister of Malaysia at that time appreciate his efforts and impressed by his spirits to develop Genting and helping the government to improve Malaysian tourism industry. All his hard work pays off and he became one of the successful entrepreneur in Malaysia and his company Genting Group is now engaging in others industries such as plantations, property, paper, power generation, oil and gas exploration and cruise industries. On December 31, 2003, Tan Sri Lim Goh Tong handed his chairmanship of Genting Group over to his son, Tan Sri Lim Kok Thay.

Proactive

·          Proactive is a positive attitude by drawing or doing something far earlier      than the occurrence of a matter that will requires appropriate action in the future. Being proactive is an advantages to the entrepreneurs as they can be more success in their business. In globalization era of business all entrepreneurs needs to have proactive attitude so that they will get to compete with strong will in enhancing their business.

              For an example is Ma Yun or more wellknown as Jack Ma. He is the founder of Alibaba.com. Alibaba.com is an e-commerce company that is the largest in China. He always take a proactive action as he once being a tourist guide to enhance his English skills as to confront with many people and speaking in another languages that are different from what we speak in our everyday life is very difficult. More than that, he also being an English teacher after his application is being rejected by many companies. His effort is amazing as he is standing now.

            On 1995, for the first time he using internet but none of the inputs are produce and he failed. But, he takes a proactive action where he creates another one page site to an interpretation Chinese languages together with his companion. After the website creation he receive many email that helped him to continue his business effort. That effort being one of the factors the existing of Alibaba Group.

            After the successful of Alibaba Group Jack Ma being called as” Crazy Jack” because he have incredible and amazing idea in order to achieve goals of Alibaba Group. With thoughtful mind, he was totally able to  create a new company in China. We know that he does not have any education or even the basic about technology and computing fields yet he mange to becomes  massive online retailer in China and compete in global level. Alibaba.com managed to break the record in the IPO (initial public offering / IPO). Now, Jack Ma is the richest man in China.

Team Oriented

·  

            Team oriented is an effort by all employees and important person in some organizations that have own skill. These all skills and teamwork needed to solving some task likes program, annual report, project or even smoothness of the organization business. In group, each members play certain role in manage work that had been distributed by them. While the high position employees will share powers and working towards successful goals. This is because any team only can gain success if work environment is good and efficient while also can react a good relationship between team members.

        From my reading, I can say the example is Tan Sri Syed Mokhtar Shah bin Syed Nor Al-Bukhary where he manage to create a joint venture company with Ghiak Gee Ng and Chua Chong Tan on July 15, 1976 and being stated as Bukhari Sdn. Bhd. In this joint venture team oriented he hold shares of 52%, while 32% Ghiak Gee and Chong Tan by 16%. With this he started the sugar business, which now stands at RM250 million by Bukhari Sdn. Bhd.

            Not just that but, he also build up a joint endeavor in 1979 between Susu Mas Sdn. Bhd. with New Zealand Milk Product. In this joint venture he hold shares of 51% while New Zealand Milk Products holds a stake of 49%. The brands under are Fernleaf and Anchor but later this joint venture is failed and force him to forced to sell its stake in Susu Mas Sdn. Bhd.

            Futhermore, he also establish joint venture with Oriental Garment successfully and named as Oriental Garments Uniform Division. He set up Amtek Holdings factories to produce shoes and Oriental Garments Uniform Division to produce clothing. This joint venture based in Seberang Prai and now a subsidiary of Amtek Holdings is producing military shoes (Amtek Shoes) and apparel brand Lee Cooper and Lois (Amtek Garments) for export purposes.

Outcome Oriented

                         An entrepreneur action for the purpose to achieve suitable goals is being called as outcome oriented. When the admire goals are beings achieve, the goals needs to be improve with more successful matter and later the implementation of the goals needs to be revised again as the action needed might be different from the previous actions.

           Moreover in this globalization era, for sure there are so many people who have their own life goals in the various aspect. For an example in academics, sport, family goals, relationship goals, business and many more. On the other hand, many entrepreneur now orienting on the business they are involved with. One of the entrepreneur that is following success entrepreneur is an encouraging local young people graduate with a Bachelor of Invention Multimedia from the University of Staffordshire, United Kingdom [UK], Irfan Khairi, 28 his own business on the internet.

                     Being brought up in Singapore yet conceived in Perak and now he and his family are staying in Seremban, Negeri Sembilan. He completely applies Multimedia and Internet learning that had procured him to end up a youthful tycoon in the years of 25 years of age. As an interactive media framework planner and Internet specialist, he was in charge of outlining Internet learning frameworks for schools in the UK known as the Learning Grid. Presently more than 5,000 schools in the UK benevolent apply this framework.

              Irfan Khairi is being called as an outcome oriented entrepreneurs because of the interests and deep knowledge in the field of Internet and business where he began playing in the field of Internet business part-time basis started around 1999. After finding his income from the Internet business increased two fold then he decided to quit his job and devote full attention of the business. Then, Irfan is working full-time from home with just a laptop and the access to the  Internet. Within three years of his business operation he managed to get net profit of RM 1 million without employees and advanced computer equipment from one his business.

Irfan Khairi put Bill Gates as his idol where Bill Gates became rich because he's interested in doing it and  always recommend to the workshop he conducted in order to do things he interested in. Moreover, Irfan do not  swayed by the industry that he himself do not know the circumstances. He once said that if we are to achieve industry actually anything but the most important is our interests.

            Presently, Irfan as yet working all day at home with a completely agreeable zone by utilizing the Internet as a wellspring of wage alongside with his wife. He said that life must go ahead with the title effectively interest. While property will be left once amazing, imagine that the work we do today is for the delight of year 1000. Along these lines, we might participate and adhere to the enthusiasm of our related objectives.

Open Culture

Open culture is an entrepreneurial traits that can help entrepreneur to survive for a long time. This because as an entrepreneur they should not be narrow minded and be able to accept any kind of changes that can help with their own business. Over the years, there must be have a changes in customer demands so the entrepreneur must alert with the changes and they must changes their products or services according to the changes. So, they must meet the requirements of their customers and be able to accept the difference. Besides, open culture also allows entrepreneur to be able to serve their customers, solves and make their lives easier. 

As an example of an entrepreneur that have this trait is Steve Job who is the founder of Apple Computer Corporation, now known as Apple Inc. Steve Jobs has been creates many types of computer and he keep improving his computer with new designs and applications. His creations not only unique and updated but he continued his creations with advanced technology. 

Other than that, Steve Jobs also introduce iPhone in 2007 which attracts a lot of people to buy it. Although iPhone have competitors from others smartphones such as Samsung and others but it still can maintain its reputation because they keep improvise their products. Other than that, Apple Inc. also introduce iPad which is a tablet computer and this products is more convenience to users because it have some features same with smartphone and computers Besides, it have larger screen than smartphone.

Failure is An Option

As we know that, most of entrepreneurs definitely will faced difficulties or failure but it is should not use as an excuses for them to give up or quit with what they have planned.

Most of the successful entrepreneurs believes that failure is something that should be a factor that can boost their spirit for them to do something better. It is also can be a lesson or a learning process that entrepreneurs must gone through.

Besides, failures also will improve the entrepreneurs ability or skills because they already gain new knowledge based on their experiences. So they will analyse the cause of their failure and they will try to come up with new plan or strategy to redeem their mistake. Other than that, entrepreneurs must have a positive thinking so that they will not feel that failure is something that can bring them down.

One of example of entrepreneur that faced a lot of failures before become a successful businessman or entrepreneur is Richard Charles Nicholas Branson or mostly known as Richard Branson. He is the one who is establish or founder of Virgin Group. Besides, there were a lot of companies under Virgin Group such as Virgin Atlantic (airline), Virgin Mobile (telecommunication), Virgin Money (banking), Virgin Records ( recording company) and others.

Richard Branson have gone through several failures and he stated that in his autobiography. He said not all of his business make profits but all the failure is a learning process in his life and it is makes him become success until today.

Visionary

Every entrepreneur must have their own vision and goals. They must have thinks ahead of what they want to achieve or require. Besides, some entrepreneurs that are visionary might have gone through some challenges and hardship because of people surroundings who did not trust in them. So, they must stand with their own decisions and make people believe in them and what they are trying to do by showing the process and what they have been achieving in early stage.

Besides, most of entrepreneur who is visionary have a strict plan and follow what they have planned so that they will not strayed with their own goals. The outcome of what they want to do might not come in short-term but in a long-term so these entrepreneurs will faced a lot of process to achieve their goals.

 Example of a entrepreneur who have shown this trait is Tan Sri Anthony Francis Fernandes or known as Tan Sri Tony Fernandes. He is the founder of AirAsia Airlines and he is promoting low-cost travel and his airlines tagline is ‘Now everyone can fly’. He is very determined of what he want to do although other people think that it is impossible to have low-budget airline. This is show that he is confident with his vision. Besides, he believes that he is capable to pursue his planning to have an airline company which can serves everyone.

Observant

According to the New Oxford English-English-Malay dictionary from the Oxford Fajar publisher, observant means good at noticing things around you. Some opinions says observant refers to alert and paying close attention to something. In the context of Entrepreneurship, observant is someone who are good at noticing opportunities and grab the opportunities to make it reality. Furthermore, entrepreneur that observe opportunities make decision very carefully and also make many research.

One of the observant entrepreneur is Rozita Ibrahim. She is a successful entrepreneur who owns a company Sendayu Tinggi Sdn.Bhd. She had worked as rubber tapper before, living a very poor life until she has problem in raising her child. Due to that, she decided to work hard to change her life to be better. Sendayu Tinggi is well-known with its herbs treatment especially the slimming set that is popular and has proven the effect in body slimming. She started off through observing herself where she make herself as her own experiment. Then, she set up her own company in 1997 and her company then is stable around 1999. After that, she created the beauty revolution and choose to fulfill every woman wishes that is to be beautiful.

Sendayu Tinggi has their own herb processing plant for traditional product and this plant has received Good Manufacturing Practice (GMP) license. The agents of Sendayu Tinggi now are more than 2000 people of the whole Malaysia, Brunei, Singapore and the latest is Japan, China, Taiwan and Korea. Her ambition is to help women that is financially unstable to become a successful entrepreneur. Moreover, Sendayu Tinggi had made lots of roadshows to give motivation to the society especially the one that want to make entrepreneur as their career.  

Open-risk Taker

Open-risk taker is refer to the act or fact of doing something that involves danger or risk in order to achieve a goal. Starting a business always involves some risk-taking. Risk-taking is a necessary part of any business model. Without it, little is accomplished and customers quickly become bored with your product, service or program. Open-risk taker will create new possibilities. For a business, risk can uncover new markets, new customers and new capabilities. Risk forces leaders to put aside their fears and take strides toward future success.

Datuk Dr. Hajjah Hasmizah Othman or famously known as Dato’ Seri Vida is one of a successful entrepreneur in Malaysia that has taken high risk in her business world.She started off doing business since she was 9-years-old selling nasi lemak and cakes. She did not just stop there, she continued doing other business at the age of 12 selling cosmetics and that business remains until she pursue her studies in university.

She had resign from being a teacher in primary school through giving 24 hours notice just for the sake of the business that she wanted to run. She had sold other people’s products before she came out with her own brand that is Vida Beauty that consists of cleanser, day cream and night cream. From there, she took risk to come out with health drink which is Pamoga in 2010 with hope to compete with international market.

Her latest venture will take her business into the world of sports where she volunteer herself to sponsor the Kelantan football team. Every time she tried to market her brands, it is always with a purpose. She always tried to get a new segment of society to recognize her products.

She also did not afraid  of the country’s economy wavering, in fact she is looking to expand her business . She is confident that her products will continue to sell through 2016 as it had through in 2015. This shows how she really take high risk on her business.She said confidently that she wanted to make a different on her appearance and people will continue to buy her products.

Networked

Generally, a network means interaction with other people to exchange information and develop contacts, especially to further one’s career. Entrepreneurs use networking as a tool of building social capital. In enterprise, networking play the role to support the success of the business. An entrepreneur’s networked position reveals its ability to access external information and knowledge. Entrepreneurial networks span relations to organizations, clusters of firms, as well as to other people that help them set up the firm. For these reasons, it is important for entrepreneur to locate themselves in a central position in order to gain access to information benefits from their network linkages. Furthermore, the size of network indicates the number of different people. A higher number of people means receive a diversified information where the entrepreneur will has a higher number of contacts which then increases the chances of receiving and using useful information for the growth of the business. Therefore, it is better to have a wider branch of network to make your business run easier.

Dato Siti Nurhaliza Bt Tarudin is the one who has few networks to work on her new business. As she is a well-known figure, she easily make networkings with other parties. Her own husband, Dato Khalid Mohd Jiwa is a rich and very influential person in business world. She make use of her experience where she had been a beauty cosmetic product ambassador like Maybelline and Pantene to get more serious in business. All her products range such as SimplySiti C Bright, SimplySiti New Age and SimplySiti Acne Solution and Simply 5 cream. Besides, SimplySiti is already marketed in more than 200 Watson’s pharmacy outlets in the whole Malaysia and also in Jusco supermarket.

Dato Siti Nurhaliza take opportunity to use her network through using scientist from Korea to produce SimplySiti. Plus, she had move on now to clothing line where she had launched her new brand called “Creacion” which came with blouse, palazzo pants, cardigan and long dress. Her boutique is situated at Jakel Mall in Kuala Lumpur.

Introduction

                          Entrepreneurship is a process of innovation and a new creation of business through 4 dimensions that are individual, organization, environment and process that is helped by cooperation network by the government, education and institutions. (Kuratko and Hodgetts, 2004). Entrepreneurship involve changes, revolution, transferring and introducing new approach. On top of that, through entrepreneurship new product, services, transaction, approaches, resources, technology and market has been invented with the purpose to give some value contributions to the society or market. All of the resources were transferred into output such as a product. Therefore, the value of transformation has created because entrepreneur is able to create something useful and valuable. ( Prinsip-prinsip Keusahawanan, 2^nd Edition). There are several entrepreneurial traits which are networked, open-risk taker, observant, visionary, failure is an option, open culture, outcome-oriented, team oriented and proactive.