Introduction of entrepreneurship [SADE 1013] - Group X

Lecturer:
Prof. Madya Hoe Choe Hee

Group X

Members of Group 9

Name                                                                                     Matric No.

Atiq Wafeeq Bin Hasan                                                           238365

Chong Chee Yan                                                                     238424

Siti Aisyah Binti Abdul Rashid                                                  238428

Nur Izyan Izzati Binti Shafie                                                     238430

Anis Nadhirah Binti Abdullah                                                  238446

Siti Nur Wahidah Binti Ahmad Fuad                                        238994

INTRODUCTION TO ENTREPRENEURSHIP

INTRODUCTION TO ENTREPRENEURSHIP

Introduction of entrepreneurship is a course where students learn how to build and how a business works.This course provides an overview of essential entrepreneurial concepts in a broad context. In this course, students will learn basic theories and ways to create a successful business using the concepts learned.

Through this assignment, we are required to research on entrepreneurs and traits portray by each entrepreneurs. As a result, this assignment provides an understanding on importance of entrepreneurial skills in creating successful business. Entrepreneurial principles and skills are very important not only in starting and running a company but also in our daily life. This is proven by successful entrepreneurs in Malaysia and in the world.

Entrepreneur is  someone who exercises initiative by organizing a venture to take benefit of an opportunity and as the decision maker, decides what, how, and how much of a good or service will be produced. Entrepreneurs can also be defined as a person who operates a business is so successful. An entrepreneur supplies risk capital as a risk taker, and monitors   and controls the business activities. The entrepreneur is usually a sole proprietor, a partner, or the one who owns the majority of shares in an incorporated venture. According to economist Joseph Schumpeter (1883-1950), entrepreneurs are not necessarily motivated by profit but regard it as a standard for measuring achievement or success. Schumpeter discovered that they greatly value self-reliance, strive for distinction through excellence, are highly optimistic otherwise nothing would be undertaken, and always favor challenges of medium risk neither too easy, nor ruinous.

In conclusion, successful entrepreneurs should be our role model in order to be successful in life and lead a better, challenging and adventurous life.

Entrepreneurial Traits : Networked

  

Entrepreneurs can gain management assistance from peers through networking. Networking refers to a process of developing and engaging in reciprocally beneficial informal relationships. Business owner meet regularly with one another to discuss problems that will lead to an exchange of ideas and experiences.

Members also often meet on their own time and build their own one to one business relationships with fellow members. Research indicates it gives an entrepreneur a better chance of success. The entrepreneurs can join organizations such as the chamber of commerce, trade association, or civic club where they can make contacts among business people.

With business networking developing more business and opportunities, many businesses now have created networking activity as part of their business strategy. Business networking is a more cost effective method of generating new business because it involves personal commitment. Example of successful entrepreneurs is Datuk Dr Che Din Rozmey. 

Datuk Dr Che Din Rozmey is a figure who has tasted Malay entrepreneurs and success in entrepreneurship with excellence and exemplary by others Bumiputera entrepreneurs.  Its success cannot be taken overnight but had to perseverance and determination in his heart, he was able to expand its business from a manufacture of health food product. Herba Prima Marketing Sdn Bhd (HPM) which was founded by Datuk Dr Che Din Rozmey with late wife. HPM move so fast when succesfully built a business empire in the last two years. 

Personal networked refers to a network of entrepreneurs who are not formally involved direct contact between entrepreneurs and face to face with parties such as parents, friends, family, former teachers or lectures, members of social associations and youth groups. Business activities do not form the basis of this networked. It can be referred to the relationship with the local community that exists and in various forms of activity and interaction of society and education. Dr Rozmey has strong personal links with his family, especially his late wife, Noor Abdullah Shukri Halawiah. His wife who is also an executive in the company Herba Prima Marketing Sdn Bhd give moral support, labour, business device and information to Datuk Rozmey in the development of the company.

The public network refers to public sources which entrepreneur can use this resource to enchance knowledge, as well as intermediate information with certain parties. Publis sources including magazines, newspapers, books, tv, radio, video, internet and other materials that can be used by entrepreneurs for business development. In addition to reading materials and audio-visual equipment, training programs, seminars and workshops as well as the association may indirectly benefits the entrepreneurs Datuk Dr Rozmey Che Din uses newspaper and the internet as his primary medium to create a public networked.

Business networked also known as formal networked is based relationshipare generally related to business activities. It's more of an entrepreneur relationship with parties outside the business organization. Parties involved with entrepreneurs in these network is that customers, suppliers, banks, accountants, government, business association, personal bodies and the like Dr Rozmey has established business networked with counter Medical Centre (JMC) at the start of his business. The results of this network from depositing cash, Dr Rozmey has access to facilities for the office he began his business empire. In addition, Dr Rozmey establish his business relationship with his customers through customers testimonials and competed slim that he organizes. This once bought a very big impact on his company's performance when the customer testimonials that appears to show the effectiveness of his products in responding to specific health problems.

   

Entrepreneurial Traits : Open Risk Taker

                             

We all know that every business that operate have its own risk. The possibility for a company to succeed is depends on their product and ability to conduct a company. An entrepreneur need to have a good mentality, being positive and a risk taker is one of the important things that they should have. Business risk is influence by numerous factors such as government regulation, input cost, price per unit, economic stability, consumer and more. Being an entrepreneur is synonym with taking risk with everything on the line.

To start and support their own business, they need to sacrifice steady pay check,career, financial state and also their mental health stake. To be a successful entrepreneur they must accept the risk that every entrepreneur experience especially abandoning steady pay check, sacrifice personal capital, relying on the cash flow , estimating popular interest and many more. Many entrepreneurs started their business by taking risk in abandoning their steady pay check in some cases their career.

 Some people have the luxury back up plan in case things don’t go well in their business. But for most newbie entrepreneur, the choice is risking plunge, there is no guarantee for the income, especially for the first few months and years of the company existence and will need to secure an alternative line of income to support both business and individuals.

Jeffery Preston born on January 12, 1964 or known as Jeff Bezos is an entrepreneur who has played a huge role in e-commence as the founder and CEO of Amazon.com, an online merchant of books and later of a wide variety of products. It becomes the largest retailer World Wide Web and a model for internet sales. He left his job at a New York City hedge fund after learning about the rapid growth in internet use. His taking risk by left well pay job to be an entrepreneur.

‘Losing billions of dollars in failed projects doesn’t matter. Having a flop in your company’s first smartphone doesn’t matter. What does matter is a willingness to take risks” was Jeff Bezos messages during his talk at Business Insider’s Ingnition conference. Jeff Bezos launched Fire Phone in 2014. However, the phone failed to make a dent in the market. After two months, it went from $200 to 99 cents with a two-year wireless contract. Despite losses, he said his company will continue to experiment and tells people to “stay tuned” about the unpopular Fire Phone.

Entrepreneurial Traits : Observant

    Observant means to pay close attention to precisely everything that happens around us. It is a process of collecting the information by seeing or, more specifically as observations of behaviour and make a note of the behaviour observed. Example of successful entrepreneurs is DatukLoh Boon Siew.

      When DatukLoh Boon Siew’s childhood, he started working by collecting animal filth as fertilizer in agriculture and fishing for sale as a family income .When he was 12 years old, his father took him to Penang to migrate and find a source of income . He was told by his father to work in a mechanic shop.

        They both do not have the slightest time to have fun but to work hard to send money to families who are in China. To earn more, on the night he washed his bus and wage 10 cents per bus. At the age of 18, he decided to run their own business and often figure out a way how to get the opportunity to do so.

        He save the money little by little, then bought some mechanical equipment, worth RM10.00 and 8 buses worth RM200.00 to be repaired and used as a passenger bus. The bus also highly profitable which is from RM1.20 to RM1.40 per day.  

         In 7 years, he owned 40 buses and a store which sells spare batteries and vehicles . After the Second World War ended, Datuk Loh expanded his business by opening a second-hand car shop and become distributors of some sort of British motorcycles. 

 In 1958, he visited Japan for outings. In Japan he saw a Honda motorcycle that has never been used in Malaysia and think maybe get a good market if brought to here. After detecting the producers who, he made ​​a deal to order 12 units. This bike was later sold to his friend without taking any profit. This is show that Datuk Loh have is good observant because he successfully sees Japan as a country which leads to the expanding of his business. 

         Now he is the one who managed to put the Honda as the third largest vehicle sold in the country since 3 years ago. He has reason to be proud of its success in the business and corporate leaders, putting him as one of the richest in Penang and from 10 leading figures in the Malaysian entrepreneurs.

Entrepreneurial Traits : Visionary

According to Dictionary.com, the word visionary means a person who is given to be audacious, highly speculative, or impractical ideas or schemes; dreamer.

In other word, a visionary thinks more on what can be done or improved in future time. For example, an environment that is more efficient, open or more collaborative. A good relevant example in business is Friendster, before the likes of MySpace, Twitter and Facebook, Friendster is the pioneer social networking websites that paved the way for others to follow into its footsteps. Although it never gain much popularity as the for customers.  All these companies share some common traits and one of it is juggernaut that Facebook is, Friendster is the first of many social networking website strong visionary.

One entrepreneur with the traits of visionary is none other than the author of Rich Dad Poor Dad, Robert Kiyosaki. He’s a visionary because he was able to make profit of what he learns from his 2 fathers, his biological father (poor father),a highly educated government worker and his rich father (not biological), an entrepreneur who never graduated from high school. Robert Kiyosakitranslate it into a book that has now become the #1 Personal Finance book of all time.

Entrepreneurial Traits : Failure is an Option

                                         

Walter Elias Disney or better known as Walt Disney (December 5, 1901- December 15, 1966) was an American entrepreneur, cartoonist, animator, voice actor and film producer. Not everything that he tried was met with immediate success. Before he built the empire that he has today, he had failed several times. Rejection is nothing to him.

      Disney Walt, one of the most creative geniuses of the 20^th century, was fired by his boss from the Kansas City Star Newspaper because he was told he lacked creativity and had no good ideas. That was not his last failure. In 1921, he formed Laugh-O-Gram Films an animation company.  Walt Disney was able to raise $15,000 for the company by using his natural salesmanship abilities. Later, he drove into bankruptcy because the distribution company in New York where he made a deal with went out of business. As a result he was forced to shut down his company. He could barely pay his rent and he survived by eating dog food.

      Broke but not defeated, Walt Disney created Oswald the Rabbit. When he attempted to negotiate with Universal Studio, the distributor, for better rates for each cartoon, he found out that Universal Studio had patented Oswald the Rabbit character and hired his artist out from under him.

      His troubles were not over. Once again he faced failure. Walt Disney created a new cartoon character based on a mouse that had lived in his office in Kansas City. ‘Mice gathered in my wastebasket when I worked late at night. One of them was my particular friend’ said Walt Disney. However, he was told that Mickey Mouse would fail because the mouse would terrify women. As if that was not enough, The Three Little Pigs was rejected because it needed more characters while Pinocchio was shut down during production.

      Walt Disney road to success was full of failure. These are example of failure faced by him. Instead of giving up, he learnt from failure and continues to take risk. He faced criticism and failure before his films started to skyrocket in popularity.