"Entrepreneurship
is the journey of opportunity exploration and risk management to create value
for profit and social good," said Ajay Bam, a lecturer at the Lester
Center for Entrepreneurship at the University of California, Berkeley's Haas
School of Business. (Brooks,
2015) Entrepreneurs can be defined as a person so successful
business cultivating an acquired with profit and exercise practices to keep the
strategic success. There are some advantage and drawbacks of being an
entrepreneur. The benefits are entrepreneurship can be exciting and many
entrepreneurs consider their work highly enjoyable. Next, is flexibility where
entrepreneurs can schedule their work hours around other commitments, including
spending quality time with their families. Moreover, rational salary which as
an entrepreneur the income is directly related to our efforts and the success
of our business. (A Publication of South University, 2015)
The
drawbacks are staying competitive is critical as a small business owner; It can
be lonely and scary to be completely responsible for the success or failure of
our business and the work schedule of an entrepreneur can be unpredictable. A
major disadvantage to being an entrepreneur is that it requires more work and
longer hours than being an employee. (A Publication of South University, 2015)
Basically,
being an entrepreneur is very useful in the economy. Since, field of
entrepreneurship were contributing a lot to the development of economy and it
also could growth the income of our country. More importance is that,
entrepreneurship would give an jobs opportunity to others who unemployed for a
long time. So that is why entrepreneurship is so encourage in our country.
In
these studies, we will explain and elaborate as well as give some example of
entrepreneur related to the traits. There are some traits such as integrity and
reliability, initiative, versatility, decisive, time competence,
perceptiveness, ability to learn from mistakes, ethical consciousness and
foresight.
CONTENT
1.0 Entrepreneur traits
1.1 Decisive
Decisive
is having the ability to make decisions or something that determines what comes
next.
Background
Mary
Teresa Barra was born on December 24, 1961. She studied electrical engineering
at General Motors Institute or now known as Kettering University, she also
obtaining a Bachelor of Science degree. Besides that, she was receiving a GM
fellowship at Stanford Graduate School of Business in 1988. Finally, she
obtained a Master’s in Business Administration from the school in 1990.
After
finish her studies, she served as a Senior Vice President of Global Product
Development at General Motors Company from February 1, 2011 to January 2014 and
served as its Chief of Product Development. She served as Vice President of
Global Human Resources at General Motors Company from July 30, 2009 to February
1, 2011. Thus, she also earned Kettering Alumni Association's Management
Achievement Award for her specific contributions with positive and lasting
effects in the field of management. (Bloomerg Business, 2015)
Moreover,
Mary Barra is the highest ranking woman in the automotive industry. She also is
the newest CEO of GM and in 2005 she appeared on the list of 100 leading women
in the auto industry, by Automotive News (Business Week) The best things is
that, she is the first woman to head a major automaker. Behind every success
story is the core of a person with values and techniques. (Farnaz
Namin-Hedayati)
Entrepreneur
that has this trait is Mary Barra. As a CEO, she instill decisive trait in her
leadership to organise the business or her career. She said that decisive
decision making is a skill crucial to leaders. Though kindness, empathy and
effective communication are all part of a team growth process, there comes a
point when someone must have the final say. No group will see eye to eye down
to the final decision at hand, so someone must be willing to put emotions aside
and make a clear-headed choice. (Farnaz
Namin-Hedayati)
1.2 Ability
to learn from mistakes
Putting
yourself in situations where you can make interesting mistakes. Having the
self-confidence to admit to them. Being courageous about making changes.
Background
Steve Jobs was born in San Francisco, California, on February 24, 1955, to two University of Wisconsin graduate students who gave him up for adoption. Smart but directionless, Jobs experimented with different pursuits before starting Apple Computers with Steve Wozniak in 1976. Apple's revolutionary products, which include the iPod, iPhone and iPad, are now seen
Steve Jobs was born in San Francisco, California, on February 24, 1955, to two University of Wisconsin graduate students who gave him up for adoption. Smart but directionless, Jobs experimented with different pursuits before starting Apple Computers with Steve Wozniak in 1976. Apple's revolutionary products, which include the iPod, iPhone and iPad, are now seen
as
dictating the evolution of modern technology. He died in 2011, following a long
battle with pancreatic cancer. (Biography,
2015)
Based
on the definition of this trait, it is suitable to Steve Jobs personality which
it is one of the key of success being used by Steve Jobs. The impact of this
trait which in 2008, Apple has been ranked No. 1 on Fortune magazine's list of
"America's Most Admired Companies," as well as No. 1 among Fortune
500 companies for returns to shareholders.
1.3 Foresight
Means
that knowledge or sound judgment into a future event that may or may not
occur. A person can develop a sense of
foresight through current knowledge, past experiences with similar situations,
or simply through intuition. In other words, foresight is the ability to see or
plan for what will happen in the future. (Business Dictionary.com)
Background
Bill
Gates was born on October 28, 1955, in Seattle, Washington. Gates began to show
an interest in computer programming at the age of 13 at the Lakeside School. He
graduated from Lakeside in 1973 and he scored 1590 out of 1600 on the college
SAT test, a feat of intellectual achievement that for several years he boasted
about when introducing himself to new people.
Bill
Gates is consistently the richest man in the world; and he is the co-founder of
Microsoft, the creator of the commonly used Windows. He is best known for being
the entrepreneur that revolutionized the computer industry. (Leadership
with you, 2014)
The
entrepreneur that have foresight trait is best suit to Bill Gates. This is
because he often looks for the future. As he said that “The Future Belongs to
Those Who Believe in the Quality of (Hee, Mahmood, & Zakaria,
2010)
Their Dreams” which mean he believe that his dreams will lead him to be a
successful entrepreneur in Microsoft.
The
youth can take inspirations from the life of Bill Gates. So it can be concluded
that Bill Gates is one of the ideal personalities of the world who has honestly
contributed towards the world's success.
1.4 Integrity
and Reliability
Integrity
is having a principle of being honest and strong moral principles. It is also a
personal choice to encourage ourselves to consistently moral and ethical
standards. In
other word, integrity refers to the leader's truthfulness and tendency to
translate words into attitude. This characteristic is sometimes called
authentic or valid leadership because the individual acts with sincerity. (Ltd, 2003-2015)
Tan
Sri Syed Mokhtar Shah bin Syed Nor Al-Bukhary is a businessman and the richest
Malay entrepreneurs in Malaysia. According to the Malaysian Business magazine
he has property worth RM2.93 billion in 2005 became the seventh richest man in
Malaysia in 2005. He was born in Alor Setar, Kedah in 1951. He started his
business as an entrepreneur meat in 1970. He is also the owner of al-Bukhary
Foundation based business engaged in farming, construction, engineering,
infrastructure and ports. (Biodata Penuh Tan Sri Syed Mokhtar, 2011)
Although,
he enjoying the success and richness as a corporate figures but he always not
forgotten to his responsibility in helping his Muslims brethren. (Ahmad, 2012) He can be
said to be a man of the highest integrity because he stick and keep his moral n
ethical principle.
1.5 Initiative
The meaning
of an initiative is an individual's action that begins a process, often done
without direct managerial influence. For example, an employee might take the
initiative to come up with a new product or service that the company could
offer. (Business Dictionary.com)
Background
Tan
Sri Anthony Francis or "Tony" Fernandes was born on 30 April 1964. He
is a Malaysian entrepreneur. He is the founder of Tune Air Sdn. Bhd., who
introduced the first budget no-frills airline, AirAsia, to Malaysians with the
tagline "Now everyone can fly". Fernandes managed to turn AirAsia, a
failing government-linked commercial airline, into a highly successful budget
airline public-listed company. He has since founded the Tune Group of companies.
(Wikipedia, 2015)
Tan
Sri Tony Fernandes is a good leader. This is because the way he leading his
crew and staff is much different as compared to other leaders. It could be
prove that, he has initiative traits in dealing the situation or problems.
Besides that, he also alert with his employees development whether they have a
problem or not. He says that, “Employees
come number one, customers come number two. If you have a happy workforce
they’ll look after your customers anyway.” That is why he very taking care of
his employees so well.
1.6 Time
competence
Time
Management refers to managing time effectively so that the right time is
allocated to the right activity. Effective time management allows individuals
to assign specific time slots to activities as per their importance. In other
words, time Management refers to making the best use of time as time is always
limited.
Background
Richard
Branson was born on July 18, 1950, in Surrey, England. He struggled in school
and dropped out at age 16. In 1973, he become an entrepreneur and launched
Virgin Records. Today Virgin Group holds more than 200 companies in more than
30 countries.
In
conducting his business, he often stresses the importance of time management
competency skills. In fact, he spends roughly one third of his time on trouble
shooting, one third on new projects both business related and charitable and
one third on promoting and marketing his businesses. In between, he also makes
time for his family and vacations. (Branson)
1.7 Perceptiveness
The
meaning of perceptiveness is someone who is good at understanding things and
figuring things out immediately. The examples of perceptive people are
insightful, intelligent, and able to see what others cannot. In other words, perceptive
is a word to describe someone who is good at seeing.
Background
Sam
Walton was born on March 29, 1918, in Kingfisher, Oklahoma. Walton opened the
first Wal-Mart in 1962, after years in the retail management business. His
graduation is from Hickman High School in Columbia, Missouri, in 1936. He was
an American businessman best known for founding the retail chain Wal-Mart,
which grew to be the world’s largest corporation. Walton stepped down as CEO in
1988, at the age of 70, but remained active in the company until his death in
1992. (Biography, 2015)
Sam
Walton is a perceptiveness person because of his intelligence and dedication in
conducting his business. Besides that, he also wisely in choosing a unique and strategic
business location in the middle of downtown.
1.8 Ethical
consciousness
Ethical
awareness is a condition where a person has knowledge about awareness,
understanding of themselves, their environment and their creators.
Background
Thomas Edison was born on February 11,
1847, in Milan, Ohio. He was an entrepreneur of Electricity of bulb. He is from
humble beginnings to work as an inventor of major technology. Setting up a lab
in Menlo Park, some of the products he developed included the telegraph,
phonograph, electric light bulb, alkaline storage batteries and Kinetograph (a
camera for motion pictures). He died on October 18, 1931, in West Orange, New
Jersey. (Biography, 2015)
In doing his job, He encountered a
large number of problems along the way. But, he once famously said, “I haven’t failed. I’ve just found 10,000
ways that won’t work.” However he learned to handle his problems and ideas,
recycling them into other products and successes for which they weren’t first
intended. (Real
Leaders, 2014) Based on this statement, it shows that Thomas Edison is people who
have an ethical awareness through his problems and issue that occur regarding
to his business.
1.9 Versatility
The
definition of versatility is someone that has capability in various tasks
competently. In other words, a person has many abilities and flexibility in
dealing with their problems.
Background
Harsukhlal
Maganlal Patel is Founder and Managing Director supermarket Kamdar. Harsukhlal
also is President of Gujarati. He also is the entrepreneur who was born in
Gujarat. He arrived in Malaysia in 1941 to join his father and brother from his
hometown in Rajkot, after completing grade five at the age of 14 years. At that
time, his father wants him to continue his education but he want to work.
Although, even he got less formal education, he got a lot of knowledge from
other sources such as work experience and also experience as an entrepreneur. (My Civil Department, 2006)
He
could be classified as an entrepreneur that has versatility in handling his
problems. This is because he was also willing to take a risk. Because of the
willingness, the business that he carried out provides a solid result.
2.0 Biography
of Successful Entrepreneur
Tan
Sri Dr. Jeffrey Cheah
Tan
Sri Dr. Jeffrey Cheah was born on 1945 in Pusing, Perak and had six siblings.
Previously, He received his higher education from Footscray Institute of
Tecnology, now known as Victoria University of Technology, Australia. After
successfully completing his studies, he began his career as an accountant in a
motor assembly plant. Jeffrey Cheah's Sunway boasts interests in hotels,
education, health care and infrastructure projects. The diversity results, he
is the founder and chairman of Sunway Group which is one of Malaysia’s most
formidable property-construction groups.
Based
on his biography, it indicate that he is an initiative person since he had long
aspired to develop Bandar Sunway but many people unconvinced in his ability to
develop the former mine. Other than that, he has foresight with high spirit and
determination he managed to develop Bandar Sunway and now it is worth RM2
billion and a complete urban facilities such as schools, hotels, resorts,
shopping malls, hospitals, high-tech and superior residential areas in the
Klang Valley.
Furthermore,
he not only focuses on developing Bandar Sunway itself. Thus, he also trying
and seek various business opportunity abroad such as Australia, Taiwan and
India. It can be explain that Tan Sri Dr. Jeffrey Cheah has a versatile trait
in keep his business run smoothly. In order to maintain the business, he also
held a smart partnership and collaboration with bodies such as the government's
investment Singapore.
More
interesting about Tan Sri Dr. Jeffrey Cheah is that he is very wise to use
intuition in decision making. Moreover, he does not let emotions control himself
because he made the decision to use common sense. These mean that he was a decisive
leader in making decision.
Finally,
another trait in describing Tan Sri is he also has high esteem of his ability
and integrity as well as reliability in order to accomplish success. As a
proof, he will ensure that all debts owed to the bank can be explained on time.
The secret of his success that he held all this time is because his philosophy
said that "nothing is impossible in the world in achieving
successful".
These
entire traits, would play their roles in assisting him to be successful in his
venture. For example, they will understand what is happening in their business
at all times where they know how their sales are performing and they are fully
aware of how each department within his organization is performing at all
times. By full understanding, it would be impossible to implement changes and
exceed company goals.
Other
than that, he would set his daily goals because he never gave up as he saw
everything as a challenge. By setting daily goals allows him to hold himself
accountable. Also, by setting goals it demonstrates that you understand it
requires a well thought out plan to become successful.
Then,
he would be a great at delegating tasks. As a successful entrepreneur he can
quickly identify which tasks he can tackle personally and then delegate the
additional tasks to appropriate individuals to be handled. It is important to
have confidence in a team and know whether they can handle what being assign to
them.
He also
would pay attention to the news and world issues where successful business
owners understand that world news can have a major impact on their business. As
an example, twitter is an excellent source of quick updates, even for the
busiest entrepreneur.
CONCLUSION
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