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.

Entrepreneurial Traits : Open Culture

                                              

According to Computer Incident Advisory Capability (CIAC) ,''Open Culture'' is a concept according to which knowledge should be spread freely and its growth should come from developing, altering or enriching already existing works on the basis of sharing and collaboration, without being restricted by rules linked to the legal protection of intellectual property. In a context of globalization, the consequence is that all citizens should have equal access to information.Examples of successful entrepreneurs who are open culture is Larry Page.

Since childhood, Larry Page dreamed of becoming an inventor. He not only created great products, but he also wants to change the world. The dream is still alive today which he set up Google.Google is an example of a successful and innovative company that has always been famous all over the world. Starting from the search engine Google, a company founded by Larry Page and Sergey Brin have now created a variety of applications and services for world domination today. Larry Page, the satisfaction is when he and his team are developing innovative 10-fold from which they had previously developed. Not surprisingly, the core of Google's business innovations. Look at Gmail, e-mail service that offers storage capacity 100 times greater than the capacity offered by any other service .Google has also created a multilingual translator service called Google Translate, Google Maps, transmission and data storage service Google Drive based cloud computing technology. In addition Google has YouTube, Android and Chrome, the most interesting has been used around the world.

"Basically, our goal is to organize the world's information and to make it universally accessible and useful."-Larry Page

"If you do not do crazy things, you do things wrong," said Larry Page. As the CEO of Google, he always encouraged his team to create innovative and open-minded

Entrepreneurial Traits : Outcome Oriented

                                      

Outcome oriented entrepreneur are entrepreneur who has a clear sight of his/her goals. Their goals are usually long-term, therefore they need to be focus and have a really concrete destination of outcome. They don’t waste their time thinking about the problems in hand, rather they find solutions and alternatives that will surely lay waste the problems to get to their targeted results.

An example of an outcome oriented entrepreneur is Oprah Winfrey. She is not just an entrepreneur but a talk show host, author, philanthropist, actress and many more. She would fit this trait because she was doing and influencing so much, the outcome of her actions is just superb. The Oprah Winfrey show had such a massive positive influence on society that it had broken many social and cultural barriers.

Entrepreneurial Traits : Team Oriented

  

                                                

Entrepreneurs build teams to help them to expand their business. To build a successful business is not a one-man show instead, entrepreneur have to surround themselves with talented, like-minded people to fill in the gaps. Ideas contributed by team members can use to form best ideas by combining or modifying it.

‘ Your firms are built on the Taylor model; even worse, so are your heads. With your bosses doing the thinking while the workers wield the screwdrivers, you’re convinced deep down that this is the right way to run a business’

 Konosuke Matsushita, Tokyo 1979

Konosuke Matsushita, known as the ‘god of manangement’, is the founder of Mastsushita Electric Industrial Company (makers of Panasonic, Technics and Quasar brand products). Konosuke Matsushita became nearly obsessed by the image of happy, hard-working people who donated their time to the temple when he visit a temple of the Tenrikyo sect. As a result he concludes that people will be more productive and more satisfied if corporation could be made meaningful like a religion.

Besides, Konosuke Matsushita also drafted seven principles to guide him and his workers. It is a set of standard for the employees’ proper mental attitude for their daily work which include contribution to society, fairness and honesty, cooperation and team spirit, untiring effort for improvement, courtesy and humility, adaptability and lastly graditude. The principle have renamed to ‘Seven Spirits of Matsushita’ because of the guiding principles are such powerful statements and an extension of the Japanese cultural into business..

Wealth for society as well as shareholders and work to alleviate poverty is what Konosuke Matsushita believe that a company should build. His business philosophy led to paternalistic leadership. Paternalistic leadership is managerial approach where employees are viewed as part of a ‘family’ within the company.

Entrepreneurial Traits : Proactive

                                                

     In organizational behaviourand organizational psychology, proactive behaviour by individuals refers to anticipatory, change-oriented and self-initiated behaviour in situations, particularly in the workplace. Proactive behaviour involves acting in advance of a future situation, rather than just reacting. It means taking control and making things happen rather than just adjusting to a situation or waiting for something to happen. 

    Proactive employees generally do not need to be asked to act, nor do they require detailed instructions. Proactive behaviour can be contrasted with other work-related behaviours, such as proficiency, i.e. the fulfilment of predictable requirements of one’s job, or adaptability, the successful coping with and support of change initiated by others in the organization. In regard to the latter, whereas adaptability is about responding to change while proactively is about initiating change.Proactively is not restricted to behaviours. 

    Employees can be proactive in their prescribed role example by changing the way they perform a core task to be more efficient. Likewise, behaviours labelled as organizational citizenship behaviour (OCB) can be carried out proactively or passively. For example, the altruistic OCB can be proactive in nature example offering help to co-workers before they ask for assistance.

  The characteristics of a proactive attitude are not easily offended at what makes something that does not fit, responsible for his own actions and think before acting. Proactive people are actors of change and choose not to be victims, to be reactive, or to blame others, focus on the things they cannot change and do not worry about things they cannot change, do not blame circumstances or environmental conditions that if anyone is not in accordance with his wishes and being able to take the right decision, even in a very difficult situation.

      Example peoples who is successful Entrepreneur Tan Sri Mokhzani Mahathir, Net worth US $ 1.2 Billion (2014).He is very proactive in oil and gas business.There are positive features and many features that help entrepreneurs build their careers.One of the qualities that should be possessed by an individual entrepreneur is curiosity. Curiosity is one of the defence mechanisms of human life.From this sense of man has the tendency to identify previously unknown things this man showed a proactive. Figure entrepreneurs who demonstrate curiosity is very deep Tan Sri MokhzaniMahathir.Tan Sri Mokhzani Mahathir, 52-year-old Malaysian, was appointed to the Board of SapuraKencana Petroleum on December 9, 2011 as Executive Director and Vice Chairman.

 He is also a member of the Remuneration Committee SapuraKencana Petroleum.Tan Sri Mokhzani already begun to show interest in the petroleum sector since childhood.Passion and interest in this sector is shown when he resumed his studies and successfully completed his degree in Bachelor of Science in Petroleum Engineering at the University of Tulsa, Oklahoma, USA.Curiosity about the natural petroleum entrepreneurs move this time to get an education in the field of interest.He is very proactive because experience gained throughout his career in the petroleum industry to establish a company to motivate and self-employed.The nature of entrepreneurship is embedded within himself a prominent when he set up an investment company called Kencana Capital SdnBhd which is dealing in the field of Oil and Gas service provider, IT, automotive and property.

The company prospered and curiosity in him to make him feel he needs to make further investigations to develop a business that already has.Some steps have been taken to fulfil his curiosity. Helearns from companies that are in the same flow with it.After completion of the investigation, Tan Sri MokhzaniKencana Petroleum decided his company should make a merger with another company in order to finalize its business.He decided to join the company's Investor Group in 2012 and produce SapuraKencana a company Oil and Gas Service Provider in Malaysia

.In conclusion, curiosity and desire to learn something new is important in bringing an entrepreneur from the bottom of the stairs up to the highest notch and always have a proactive nature.

Successful Entrepreneur and His Entrepreneurial Traits

STEVE JOBS

Steve Jobs has been our generation's quintessential entrepreneur. A man who was visionary, inspiring, brilliant and mercurial. Through his incredible vision and drive, Steve Jobs forged together what is today the most valuable company in the world, and, along the way, he revolutionized many industries and facets of how we live. And, for his many accomplishments, his name is often synonymous with the words "entrepreneur" and "visionary". So, it should come as no surprise that he was rightfully named the #1 entrepreneur of our time ina list put together by Fortune. Perhaps the most astonishing fact about Jobs was his view that market research and focus groups only limited your ability to innovate. Asked how much research was done to guide Apple when he introduced the iPad, Jobs famously quipped, "None. It isn't the consumers' job to know what they want. It's hard for [consumers] to tell you what they want when they've never seen anything remotely like it." Instead, it was Jobs’ own intuition, his radar-like feel for emerging technologies and how they could be brought together to create, in his words, “insanely great” products, that ultimately made the difference. For Jobs, who died last year at 56, intuition was no mere gut call. It was, as he put it in his often-quoted commencement speech at Stanford, about “connecting the dots,” glimpsing the relationships among wildly disparate life experiences and changes in technology.

There were many traits that led Steve Jobs become the most successful entrepreneur of all time. His personality traits are role model for us in every way to achieve unimaginable success. A few of the traits that all the individuals, entrepreneurs and business owners can opt are:

1. VISIONARY

His vision for Apple was to develop products with simple user interface and elegant design would please greatly to all age groups. He saw how companies such as Microsoft were able to dominate the software market by developing and then licensing their operating system to run on multiple platforms. He was strongly against that approach. He wanted entire control over the user experience which he achieved by reducing his software to run on Apple products and gained full control over user experience in hardware and software. 

2. TEAM ORIENTED

One of the things that Steve Jobs was able to do very well was to create a beyond reality field, both in positive and negative ways for him. It helped to motivate his team to finish projects by desired deadlines (regardless of how impossible they seemed). He did this by addressing people passionately and having them see things from his eyes. He conveyed his vision repeatedly and had others believe in his mission. The way he stood by his vision inspired his employees and granted great respect from his business partners and competitors. When he formed Apple in 1997 and the company was in financial crisis, he knew exactly how to get rid of almost all but a few of key products and projects that matched his vision. That led the resources and funds for Apple to survive and turned its finances around. Steve Jobs did not invite users into his design studios. He never depend on market research and never crowd-sourced the ideation process. Rather, he invited top designers (incl. Pixar’s John Lasseterand Apple’s JonyIve) who admired his moderate aesthetics and followed his design’s simplicity. He and his team were dependent on themselves and their intimate feeling to develop products that users did not even think they needed such as the revolutionary iPod or iPhone.

3. OUTCOME ORIENTED

When Jobs returned to the U.S. from his tour of India, he renewed his friendship with Wozniak, who had been trying to build a small computer. To Wozniak, it was just a hobby, but the visionary Jobs grasped the marketing potential of such advice and convinced Wozniak to go into business with him. In 1975, the 20-year-old Jobs and Wozniak set up shop in Jobs' parents' garage, dubbed the venture Apple, and began working on the prototype of the Apple I.

4. PROACTIVE

At a time when personal computers were becoming more and more popular and standardized due to the popularity and user friendliness of Windows Operating Systems, Steve Jobs saw opportunity to innovate. Apple’s ideas and designs were far less popular initially than Microsoft and their market share reflected that. Jobs continued to tweak products and started to add small features and attractive designs that began to demand more attention. Now Apple is the leader in OS market (PC, Tab, Mobile) and Microsoft is trying to catch up.

“Your time is limited; don’t waste it living someone else's life. Don’t be trapped by dogma, which is living the result of other people’s thinking. Don’t let the noise of other’s opinion drown your own inner voice. And most important, have the courage to follow your heart and intuition, they somehow already know what you truly want to become. Everything else is secondary.”-Steve Jobs.

5. FAILURE IS AN OPTION

After Steve Jobs built up Apple to be a multi-million dollar company, he was kicked out of his own company by the board over disputes on how he was running the company and his own personal visions. Therefore, after he got kicked out, he ended up starting NeXT—a new start up computer company which developed a next generation operating system (which was eventually used in OSX), and then he soon became the CEO of Pixar, which turned the small animations studio into a global animation behemoth with massive fame.

Eventually Jobs redeemed control of Apple, but his failure of getting kicked out of his own company helped push him to gain more experience at other companies, and make Apple an even great company.