Entrepreneurship referred to the capability and enthusiasm to establish and organize a business venture with varies sorts of risk with the goal of reward by return while entrepreneurs play an important role in economic development of an country as they act like a leader or innovator to take initiative and creative idea to combined all the tools involved land, labour, natural resources and capital to generate profit and indirectly help to increasing the competitive global marketplace of a country. Hence, entrepreneur is critical for a country because it help to develop an economic of a country.

The objective of this assignment is to provide a deeper understanding and comprehend the significance of the enhancement of entrepreneurial skills and personal qualities in a business. Hence, the identification and analysis of entrepreneurial skill by entrepreneurs would be carry out this this assignment with supportive evidence by relating to successful entrepreneurs in Malaysia and the world.

The entrepreneurial traits that would be discuss in this assignment are networked, open risk taker, observant, visionary, failure is an option, open culture, outcome oriented, team oriented and proactive. These traits will be associated with various types of industries including business, fashion and retail, food and beverage, technology, finance or investment, media, healthcare, medicine, service and so on when relevant entrepreneur examples are provided.

2.0 Entrepreneur Traits

2.1 Networked

Networked is a formally or informally relationship with people and object to increasing the effectiveness and success of the business activities. To the extent of informal networks, the relationship can start with family and friends. Activities regarding religious, public welfare and hobby can also develop into informal networks. Formal networks connect to businesses directly, it can be a meeting of board of directors or among managers, seminar of chambers of commerce and partnership with other corporate. It is necessary for an entrepreneur to exhibit networked trait since it able to build strong relationship between people and growth the business.

First, networked trait is important to an entrepreneur as it can build strong connection to their suppliers, customers, government, competitors and auditors no matter the distance. They might provide an unexpected source of information that is helpful in some aspect of a business's development. A great touch with people establish strong relationship, an entrepreneur credence would be trusted by everyone who deal a business with where extra benefit can be granted in this relationship. For examples, suppliers would offered best price or credit extension to entrepreneur and customers would loyal to the brand and product.

Second, networked trait possess by entrepreneur also help to growing the business. This is because the original customers could help to promote the product of the company through words-of-mouth. Thus, the sales of the company would be increase follow by the number of customers. This type of networks is important as it provide a source of information about regulatory matter, technical developments, effective communication or administration method and competitive information. In addition, the competitors who looking good at the company might offered to build business alliances or partnerships for certain project in order to expand the market. With this, the size of the company will be growing automatically. (Inc, n.d.)

In fashion industry, one example of entrepreneur showing networked trait is Rizalman Ibrahim. He is a fashion designer who was born in Pulau Pinang. Rizalman Ibrahim, is an icon in the fashion industry in Malaysia as he always surprise a new design with traditional and contemporary concept. He has serve as a model to other young people, especially those who are interested in fashion designer career. He was success in his career by possess networked traits. This can be show clearly when he build network relationship with Zalora, one of the popular online shopping website conduct in almost every country.

The most famous Malaysia's fashion designer, Rizalman Ibrahim has collaborate with Zalora to bringing in his newest collection right from Rizalman butik on this year Raya. He had introduced number of variety baju kurung moden, kaftan moden as well as other Muslimah wear with latest stylish designs, patterns, colours and sizes exclusive for sale at Zalora. The cooperation between Rizalman and Zalora aimed at bringing the best fashion for all customers provides a multi choices of attire for all women in Malaysia.

Besides the partnership with Zalora, he also has been collaborate with many popular celebrities, actress and supermodel like Fara Fauzana, Scha Alyahya, Elfira Loy, Dayang Nurfaizah, Natasha Hudson, Ziana Zain and Nasha Aziz. The good relationship was build when he working with all those celebrities in assist him to go further in his career. His excellent skill also had lead him to put his own name with other brilliant designers in this country.

From the examples above, we know that Rizalman Ibrahim is a networked entrepreneur since he was able to build relationship with others no matter what profession a people hold in order to be successful in his career. We can found that networked trait in entrepreneurs is necessary as it can provide relationship with people across the industry. It not only deliver critical opportunities for peer learning but also developing the business. (AZAHAM, 2015)

2.2 Open Risk Taker

Risk is defined as the probability of loss, accident, weakness and collapse while open risk taker can be referred to an individual or business who has the courage and tends to behave in a way that can potentially cause physical and financial loss to a business where also present an opportunity for a rewarding outcome. It is important for an entrepreneur to exhibit open risk taker trait since it able to advance the society and generate higher return.

First, open risk taker trait is important to an entrepreneur as it can advance the society by moving forward the technology, economy, scientific discover and so on. When the entrepreneur take an initiatives to involve in certain activities which has never carry out by other as they interpret this project is full of uncertainty or risk. There is a possibility to implement the project successfully and contribute benefit to the society. For instances, entrepreneur can invent bio-energy supply in a small box which can overcome electrical short supply problem and is green to environment. Finally, benefit the society and the world. (Palmer, 2009)

Second, open risk taker trait possess by entrepreneur also help to generate higher return to a business. The amount of profit generate should be proportionate to the level of risk undertake so that investors and entrepreneur are willing to carry out the business. Thus, the higher the risk incur, the higher the return compensate. As a successful entrepreneur, they always avoid from comfort zone and seek risk as a challenge and a chance to yield higher profit.

In business industry, one example of entrepreneur showing open risk taker trait is Dato’ Aliff Syukri bin Kamarzaman. Dato 'Aliff Shukri was the third child of eight siblings of the founder of Sendayu Tinggi. He is the owner of D’Herbs who was born on 3 April 1987 in Felda Kechau, Kuala Lipis, Pahang and graduated at Taylor's College. He was success in his career by taking a risk to develop a brand new herba product. Dato Aliff Shukri tried to apply for a loan at the bank and unfortunately had been rejected. However, he never give up but took it as a challenge to create a company.

His friends who are interested and confident with his commitment to create a brand had borrowed him money and made it as an investment. Dato 'Aliff Shukri has brought these products to the whole country with great success because it is an excellent product that satisfies customers. D'Herbs business who has its own integrity and reliability able to let his clients placed a great faith in the products as well as his tagline business that attract the attention of customers. (BAKAR, 2013)

From the scenario above, we know that Dato’ Aliff Syukri bin Kamarzaman is an open risk taker entrepreneur since he has the courage and brave enough to take the risk in develop a brand new herba product which might cause huge losses for him if failure happen. We can found that open risk taker trait in entrepreneurs is necessary as it can create new opportunities to entrepreneur and building self-confidence as well as self-respect in life.

2.3 Observant

Observant means good at noticing things happen around you. In proper definition, observant referred to the behaviour of an individual who paying high attention or keenly watchful about somebody or something carefully for a period of time especially with the purpose of learning something from perceptive. In business, observant trait is very important to an entrepreneur in their business worlds to be succeed because it enable one to seize opportunities available and insightful with consumer’s needs. (Your Dictionary, n.d.)

First, observant trait is important to entrepreneurs as it enable them to seize the opportunities before competitors. In the exploration of new business opportunities, every entrepreneur perceive an event just like everyone else, but the results or assessment of those events by observant entrepreneur would be more valuable as they are able to perceive something more than or faster than others. Therefore, the entrepreneurs not only be able to seek opportunities that exist but have the ability to seize opportunities. It is important to be able to further develop the business.

Second, observant trait possess by entrepreneur enable them to be highly insightful with consumer’s needs. With the carefulness observation towards customers demand, entrepreneur able to identify innumerable desires and requirements in consumer market that remain unfulfilled. As soon as the needs is identify, the entrepreneurs can take an initiative to start up a business with the fundamental objective to arrange the business machinery towards the accomplishment of identified unfulfilled needs in order to generate highest profits before other competitor involved in the business. (Dictionary, 2014)

In food and beverage industry, one example of entrepreneur showing observant trait is Dietrich Mateschitz. Dietrich Mateschitz is the co-founder of Red Bull energy Drink Company born on May 20, 1994 in Sankt Marein im Mürztal, Austria. The business development of energy drink was inspired when he tasting a syrupy Thai drink called Krating Daeng, use for quick boost and finally turn it into soundness beverage brands around the worlds named Red Bull. The observant trait was exhibit by Dietrich Mateschitz when he start to develop the world’s top energy drink (Red Bull).

In year 1984, Mateschitz cooperate with Yoovidhya, the founder of Krating Daeng energy drink in Thailand to expand this type of drink into global recognized energy drink and the product was successfully launched in his country, Austria in 1987. Mateschitz decided to grow this business because he observe the potential of the energy drink in consumers market especially in sports field as the drink not only manage to boost up both physical and mentality stress but also improves someone’s strength, alertness, concentration and reaction speed. It is very essential to an athlete to vitalize their body and mind in training or competition. (Red Bull, n.d.)

Nowadays, Red Bull energy drink is one of the drink standing on top of the consumers market like Coke and Pepsi with sales of more than 4 billion cans every year in 169 countries around the worlds. (Business Insider, 2015) From the scenario above, we know that Dietrich Mateschitz is an observant entrepreneur since he was able to observe the economic trend and available business opportunity in front of him and wisely establish business strategy so that the planning remains relevant to the current situation. Thus, he has adopt observant trait in his career and this trait is prerequisite for an entrepreneur.

2.4 Visionary

Visionary referred to the capability to think about or plan the future in a way that is intelligent or full of creative imagination in advanced of time. The establishment of business objectives and company goals requires planning and scrutiny as well as the notion of effort to develop and expand its business. Thus, visionary trait can frame the future problem into a powerful solution by looking at overall situation. Hence, this trait is very important to an entrepreneur in their business worlds to be succeed because it enable one to overview the big picture and stay calm with temporary setbacks. ( Vocabulary.com , n.d.)

First, visionary trait is important to an entrepreneur as it enable them to overview the big picture of the whole business project carry out. This is because they can easily zoom in and out from the process of the business so that they could stay closely at every single process and screening out unnecessary stage to avoid wasting the resources. They also able to connect various events together and taking aggressive actions before the problem happen. Hence, they are always ahead of business project conducted and able to see the final terminal point.

Second, visionary trait possess by entrepreneur make them stay calm with the temporary setbacks happen currently. This is due to the reason that they would be frequently set the vision in mind and focusing only on the ultimate goal of their business either long term or short term planning. Thus, they would not frustrating with the undesired difficulty occur now. Instead, it had leads entrepreneur to gain the courage to take the risk and make the best decision by consider the challenges, threats and opportunities that will be encountered and eventually earn the rewards. (Akbarzadeh, 2010)

In technology industry, one example of entrepreneur showing visionary trait is Steve Jobs. Steve Jobs was the co-founder, chairman and chief executive officer (CEO) of Apple Incorporation born on February 24, 1995 in San Francisco, California. His interest in the field of electronic and technology was cultivate when he meet a neighbourhood of engineers who working on electronics and other gadgets in garage every weekends. The visionary trait was exhibit by Steve Jobs when he start to develop a new product called iPod which is never invent by other before.

iPod is the first digital music player launch in the world and had become the most successful commercial product at that particular time. This product had been create by Steve jobs when he realized the high demand of good MP3 player so that everyone can listen to the music anywhere and anytime without restriction. In order to overcome the problem of music piracy, he start to develop a legal way to download music which had finally come up with the introduction of iTunes Music Store, this application had reach the peak when the sales of song hits one million in the first week it launch.

When Steve Jobs start to expose his product to the worlds, he was gradually realized the unlimited possible of electronic music gadgets could be produce. Therefore, the compact version or serve with special feature version of iPod including iPod mini, iPod shuffle, iPod nano and iPod video had introduced from time to time. As a result, iTunes Music Store had sold more than one billion of songs to their customers. The successful of iPod gadget had leads the Apple Incorporation into brighter future and becoming the greatest consumers electronics company nowadays.

The invention of iPod gadget and iTunes Music Store not only increased the sales of iPods but also restructured the way people listen to the song as well as the entire music industry around the worlds. From the scenario above, we know that Steve Jobs is a visionary entrepreneur since he was able to frame the future situation with great illustration and establish ideal strategy in order to be successful in his career. Thus, visionary trait is prerequisite for an entrepreneur. (Moisescot, 2012)

2.5 Failure is an Option

Failure is an option can be defined as the ability to take the opportunity to learn and deal with the problems when encountered defeats. Gurbaksh Chahal mention that “we may encounter many defeats but we must not be defeated”. He was trying to tell that people should take failures as an opportunity to learn and be strong to face the problem. Therefore, every entrepreneurs must be encountered failures before they become a successful business man. This is because failure is inevitable for everyone. Hence, this trait play an important role for every entrepreneurs because they can only be successful when they managed to accept the failures.

First, this trait is important towards entrepreneurs because they can build grit and self-control through failure (Tough, 2011). There are many people may not accept failure which cause them fail to achieve their dreams. Most of the entrepreneurs who attain their goals with a successful result is because they willing to accept failures and take the opportunity to build their confidence level. Although it will be painful for a person to deal with failures. However, if they able to do so, they will become stronger to face the problems and solve it. Hence, it shows that the trait is important for a person to build their personality better once they go through failures.

Second, this trait can help a person to be motivated and come out with more effective and brilliant ideas. A person must take the responsibility for a particular failure so that he or she will be motivated to think for something that are more creative and innovated. Richard Rossenblatt said that people successful result couldn’t sustain as long as they wished if they didn’t go through failures. This is because when a person who face failures, they will think that their products or services are sustainable for them to win. However, they may not achieve that because the motivation for them to create a creative and innovative product or services does not exist. In order to remain a long-term success, an entrepreneur need to demonstrate this trait so that he or she will be motivated once they failed.

Bill Gates is the entrepreneur who demonstrated the trait of failure is an option. The world largest software business, Microsoft have been founded by Bill Gates together with Paul Allen. Bill Gates was born on 28th October 1955 in Seattle, Washington. At age of 13, he interested in computer programming and build Microsoft through aggressive business, keen business strategy and technological innovation. Failure is an option trait brought up by Bill Gates when encountered a failure with complete disaster while he tried to sell the product which was barely even worked with his business partner (Demers, 2014).

Bill Gates didn’t become a successful entrepreneur in a straight line to success. He had failed a business of Traf-O-Data. This product aimed to analyse and process the data from traffic tapes. Although he experienced the failure, but the failure does not completely knock him down. He grabbed the opportunities from the failures as a motivation for him to learn and bring up more creative and innovative ideas.

Bill Gates mentioned that it is more important to heed the lesson of failure compared to celebrate the success. Therefore, he viewed the failure as a valuable feedback in order for him to acknowledge his weakness so that he can improve through learning and become wiser and tougher. Lastly, he succeed to become the founder of world largest business software. Hence, the trait of failure is an option has been shown in Bill Gates personality.

2.6 Open Culture

Culture referred to the knowledge, experience, values, beliefs and attitude shared by a group or organizations towards their language, religion, customs, cuisine, social habits, music, sculptures and so on. Due to the factors of varies in communities, economics, social and cultural, every country has their own culture. When a person demonstrates open culture in life, it means that he or she able to understand, accept and learn others tradition and background with open arms. The knowledge of other country cultural also must be learned so that conflict among people could be reduced. Hence, this trait is very important to an entrepreneur in their business worlds to be succeed because it enable one to develop their business abroad and acquire resources easily. (Zimmermann, 2015)

First, open culture is very important for an entrepreneur to develop their business abroad in international and even multinational level. The most common type of barrier an entrepreneur face when expand their business oversea is the difference in cultural. For examples, if a country prefer rice meal compared to noodles meal, then an entrepreneur who want to produced various product line in noodles might not suitable to expand their business in that particular country. Instead, the entrepreneur should think creatively to match their noodles with local flavor in order to get rave from the local citizens. Thus, the entrepreneur can develop his business globally.

Second, open culture trait possess by entrepreneur enable them to acquire resources needed in production easily like commodity, labor, land and technology. This is because they can communicate well with suppliers outside the country in dealing the cost and delivery agreement when purchasing natural resources needed in which indirectly reduced the conflict cost. Besides, they also can easily build factories in other countries for the purpose of processing raw materials or final product due to reason like cheaper labor cost and advance technology. Consequently, the cost would be decreased and entrepreneur could generate higher profit.

In technology industry, one example of entrepreneur showing open culture trait is Sergey Brin. Sergey Brin was one of the co-founder of Google Company beside Larry Page. He also served as a director of special projects in Google born on August 21, 1973 at Moscow, Russia. He meet his business partner when acquire PHD study at Stanford University who decided to suspend their studies in order to build a web search engine and start up their career. The open culture trait was exhibit by Sergey Brin when he gradually modified his web search engine in order to fit everyone culture in using his search engine. (A&E Television Networks, n.d.)

Google Company has invest hundreds of millions dollar in improving the technology and research and development (R&D) project every year so that they can offered diversity products suitable to difference knowledge level of people around the worlds. The company had introduced number of advance products including Gmail, Google Maps, Chromebook, Glass and Nexus with all language available to reflect their pursue to facilitate global audience borderless. With all the Google search product provided, people can effortlessly find out any information needed by only tip of finger. This can prove that they know well the current trend or facilities that people need for all countries. (Carlson, 2014)

Sergey Brin understand well the cultural of all the citizen such as surfing the internet for information, socializing, online shopping and entertaining. Hence, the creation of Google search ensure smoothness in surfing the internet without wasting too much of time. From the scenario above, we know that Sergey Brin is an open culture entrepreneur since he was able to understand, accept and learn others culture and background so that it can aligned with the company’s visions, strategy, goals in order to be successful in his career. Thus, open culture trait is prerequisite for an entrepreneur.

2.7 Outcome Oriented

Outcome oriented is a characteristic used to outline an organization or individual who emphasize on the final result rather than the process going through to reach the outcome. It means focused are more on the fastest way or action flowing to the result. This outcome orientation is totally contrast toward process orientation which is focusing on the procedure to achieving final outcome. Outcome oriented trait is very crucial to an entrepreneur in their career because it provides flexibility and drive to action in the particular business.

First, outcome oriented trait is important to an entrepreneur as it can provide flexibility in a business. The process become very flexible because attention is not pay into the process of getting the outcome. Entrepreneur would not stuck in the stage of the process for too long as he can make specific changes in the work approach and skills in order to reach the final result faster. Therefore, it definitely help us to see the results. Flexibility is one of the main benefit in the outcome oriented mind set.

Second, outcome oriented trait possess by entrepreneur also help to driving out the action in a business. This is because people normally want the outcome right now without hesitation. Thus, the desire feeling would produces better motivation and passion to drive into the action in order to achieve the final result. Satisfactory of an individual would be high when the fruity outcome is achieved. People also would be motivated to take step forward when desire the outcome in mind. (Hanh, 2008)

In medicine industry, one example of entrepreneur showing outcome oriented trait is Gary Tan. Gary Tan is a young based entrepreneur who is expert on Chinese medicine. He was the founder of TCM Recipe and TCM Eczema, a natural medicine marketing based company. The outcome oriented trait was exhibit by Gary Tan when he start to develop a new nutritional product designed to help those suffering from the skin disease especially Eczema and continues on a mission to fulfil his branding slogan "Cheerful Skin, Cheerful Sleep". (PRESSNEWSROOM, 2015)

He was in high school when he was suddenly diagnosed with the chronic skin disease. Eczema is a broad term that applies to a range of persistent skin conditions. These include dryness and recurring skin with more of these symptoms like redness, skin swelling, itching, dryness, crusting, flaking, blistering, cracking, oozing or bleeding. Tan was still constantly using moisturizers despite stopping all the steroid based cream. To make sure his skin from wither, he had to use the moisturizers every day and unfortunately had come into a miserable addiction into those moisturizers.

In order to solve this problem that happen on himself, he try everything to produce an effective cure prescription and finally he had successful to create a useful traditional Eczema Remedy. In the extensive of clinical proof, his remedy not only to heal irritated skin, but arouse new and healthy skin growth through the natural nutrient extract from traditional Chinese herbs. His product had help over 1,000 patient who suffering from the painful chronic skin disease. (Collins, 2015)

From the scenario above, we know that Gary Tan is an outcome oriented entrepreneur since he was emphasize on the usefulness of the remedy rather than the process going through in order to cure this illness. Thus, outcome oriented trait is prerequisite for an entrepreneur in his business.

2.8 Team Oriented

Team oriented can be define as the ability to work as a team in order to complete a task or achieving goals. A person who demonstrated team oriented traits able to interact well and share knowledge among the team members, and willing to listen to others decisions as well as share the achievements together. The person manage to bring up the team by utilizing the strength of himself. Although a task might be able to complete by an individual effort, but a team oriented person able to complete the particular task more effectively with others by achieving it more faster and efficient. Obviously, a task can be achieved more effectively by a group of members compared to an individual capacity. Therefore, team oriented trait plays an important role for an entrepreneur in conducting businesses due to the limitation of an individual’s ability.

Firstly, this trait is important towards an entrepreneur in order to address problems (Brounstein, n.d.). Entrepreneurs would deal with many problems in conducting their business every day. Therefore, a team is needed in order to brainstorming the methods of solution for a particular problem. The entrepreneur can bring up the problems and open discussion among the team members so that they could come out with the solution and action plan more quickly by the collaboration of the team members. Thus, the problem can be solved as soon as possible in order for a particular business to run smoothly. This shows that teamwork is important because an individual ability is unable to compete with a group of member as there is a limitation (Eigen, n.d.).

Secondly, entrepreneurs who demonstrate team oriented trait able to complete a task more efficient and effectively. A team oriented entrepreneur would communicate openly and take care of the team members as a motivation for a team in order to get a better outcome on a process. Besides, if the entrepreneur are able to assign tasks according to the strength and weakness of a team members, they could achieve their goals more efficiently and quickly. Hence, in order to complete a task or achieve goals effectively, team oriented plays an important role for an entrepreneur.

One of the example who bring up team oriented trait was Tony Fernandes. Tony Fernandes was an indian entrepreneur born in Malaysia. He was the founder of Tune Air Sdn Bhd. He introduced the first budget no-frills airline, AirAsia, to Malaysian with the tagline “Now everyone can fly” which he hope that everyone stand a chance to take flight with the cheapest price. He succeed to make AirAsia become a public listed company as highly successful budget airline. The team oriented trait exhibit by Tony because he considered his employees much more important than his customers. He believed that if employees are able to work happily in a workforce, they manage to treat the customers better.

In order to break down the obstacles between Tony and his employees, he gave everyone his contact number so that they managed to seeking for the when a problem occurred. He welcomed every of his employees to approach him anytime and he wanted to be part of the team although he was the manager. Moreover, he believed that if every employees including him could treat each other as friend or as a team, the working process will be more effective and efficient. Besides, a vibe full of passion and charisma was constantly carried by him towards his team members so that every members of his team affected by him and eventually to the customers (HMD307 leadership, 2013). Therefore, we can see that Tony Fernandes is a well-known team oriented entrepreneur who managed to work as a team and take care of his team members all the time.

2.9 Proactive

Proactive referred to an individual self-initiated behaviour or actions that are tend to identify and exploit all available opportunities and take prompt action in figure out all hidden weakness and threats in advance rather than just reacting. It means that a proactive individual would not waiting something to happen and responding to that particular situation. Instead, they would control the situation and prevent unpleasant thing from happen. Hence, this trait is very important to an entrepreneur in their business worlds to be succeed because it enable one to make a strategic planning and predict the future. (BusinessDictionary.com, n.d.)

First, proactive trait is important to an entrepreneur as it allowed them to make a strategic planning. Strategic planning is a decision-making process as well as communication tool that let entrepreneur typically foreseen at least one year in advance. By defined the strategic planning, a company can be more structured and have a smooth journey in achieving their goal. This is because in a strategic planning, the entrepreneurs have to include the operating objectives, long-term strategic decision-making, evaluate the strength and weakness of the company and lastly the long-term opportunities and threats possess in external environment.

Second, proactive also will allow the entrepreneurs to predict the future. Although the future is hard to anticipate accurately, but proactive entrepreneurs are possible to make reasonably effective projections based on thorough analysis. The entrepreneurs will try to think about the potential problems regarding the company so that when the issue hit the company they already have plans to do. Besides, they always be aware about the developments of the market within a country and around the world. The evolution of the market will fluctuate based on the current economic but with proper planning, the stability of the company might be maintained. (Kokemuller, n.d.)

In service industry, one example of entrepreneur showing proactive trait is Datuk Wan Mohamad Sani Salleh. Datuk Wan Mohamad Sani Salleh is the founder of Sani United Berhad born on July 24, 1976 at Kuala Ibai, Terengganu. He has now expand his business to other industries including hospitality, transportation, terminal management, marine and engineering. The proactive trait was exhibit by Datuk Wan Mohamad Sani Salleh when he start to develop his own company, Sani United Sdn. Bhd. (SUSB).

Datuk Sani Salleh had experience various types of bus service when he was young and this experience had motivate him to involved in service industry in order to provide the best bus service ever to the society. This is because he had identified the high demand of better bus service in future and drive him to take into proactive action instead of doing nothing. Then, he start to make a comprehensive study, analysis and structuring a strategies. In January 2006, he had accomplished his dream with the establishment of Sani United Sdn. Bhd. (SUSB). (Syakirah, 2015)

After experiencing multiple twists and turns for many years in servicing industry, Sani United Berhad was independent and confidence to build success consistently. Holding on the principles of strategic thinking, passionate execution and maxims achieve measurable results make SUB standing strong on the eye of the corporate world. From the scenario above, we know that Datuk Sani Salleh is a proactive entrepreneur since he was able to take initiative to develop his own company with proper strategic planning in order to be successful in his career. Thus, proactive is prerequisite for an entrepreneur.

3.0 Biography

3.1 Biography of Stefan Quandt

Stefan Quandt is one of the word’s billionaires involves in automotive industry by ranking of 7 in Germany and 59 in the world in year 2015. He is the supervisory board and its deputy chairman in BMW Group who has a social status net worth of $15.6 billion nowadays. By combining the amount of shares holds by his mother Johanna Quandt and his siblings Susanne Klatten, they have possess 104 747 120 shares or approximately 47 percent in BMW Group. Mr Stefan’s hometown is from Frankfurt, which is the major financial hub and central city of Germany located on the main river.

He born on May 9, 1966 and has reached 49 years old in year 2015 and married with a women call Katharina Quandt with one child own. Besides that, he was studied at Technical University of Karisruhe by associate in economics and engineering. Although 90 percent of his wealth is inherited from Mini, Rolls Royce brands and his father Herbert Quandt, the founder of BMW Group, but his ability in doing business and leading the corporation into future prospect is absolutely undoubted from his past experience.

After him graduate from Technical University of Karisruhe, he does not immediately joined the BMW Group. Instead, he worked at Boston Consulting firm and be a marketing manager at Datacard Corp which is the Hong Kong based company he has owns focus on identity-card issuance, mobile identity, technologies for online and transaction authentication. Besides, he also own and manages company like Delton AG, Aqton SE, RHJ International and Solarwatt as well. Delton AG is a homeopathic drugs produced and logistic company whose have $2 billion of estimated sales for the year 2015.

While the business line of Aqton SE is alike to Datacard Corp. He has bought 94 percent of Solarwatt, a solar module maker who had bankruptcy under the umbrella of Aqton SE in year 2012. For RHJ International, it is an investment oriented group which has acquired a medium private German bank, BHF Bank. Presently, he is focused on the technology of solar power for rooftop systems as well as carports in BMW Group. (Muller, 2015)

3.2 Five Entrepreneurial Traits Possess by Stefan Quandt

There are five entrepreneur traits exhibit by Stefan Quandt including open risk taker, proactive, outcome oriented, observant and lastly visionary trait which would be further describes in next.

3.2.1 Open Risk Taker Trait

The first entrepreneurial traits he has demonstrate is open risk taker. He is willing to involve in danger or uncertainty in order to achieve his goal in the business although he has realized the possibility of losses. The courage of taking the risk is necessary to gain more profits since the greater the risk, the greater the return involved. From the case of overtake the Solarwatt, Stefan Quandt has shown his risk taking personal quality.

This is because he dared to purchase a bankruptcy company when everyone loss confident on this company. In year 2011, the Solarwatt Company had slipped into down trough due to the price crisis in solar industry. Mr Stefan has inject $5 million euros of capital into this company in order to save them in year 2012. With the new capital injection, the company finally overcome its critical situation and challenge faced for almost past 20 years after the abolishment of the insolvency proceedings. (Osborne, 2012)

In addition, his contribution not only able to differentiate the company from mass market by invented new solar modules but also preventing a total number of 440 employees in this company from losing their job. With the fully support of BMW board member as an anchor shareholder, Stefan Quandt, Solarwatt are now manage to look forward the future with different expectation. From the scenario above, we know that Stefan Quandt is an open risk taker since it had made a very significant decision which is not easy in order to save the company and his country economic. (Jungbluth, 2012)

3.2.2 Proactive Trait

Secondly, Stefan Quandt demonstrated proactive trait. Once he noticed the occurrence of a problem, he act proactively and quickly seek for the solution. For an example, once he noticed the threat of his family’s company that will being takeover by the others due to the legal and takeover rules implemented in German, he immediately find out the solutions. (Automotive News, 2015)

The German regulator had been asked by him to exempt him by the rules or else he will buy the whole market shares of BMW as his last move. Besides, there was a case of the acquisition of controlling stake in Volkswagen by Porsche that threaten BMW. (Andrew, 2008) In order to defend against it, Stefan Quandt moved around 1.86m shares currently in BMW to a holding company which named Stefan Quandt GmbH & Co. KG fuer Automobilwerte. Hence, as we can see that he made proactive moves to protect and continuously owning the company.

3.2.3 Outcome Oriented Trait

Thirdy, Stefan Quandt also bring up the outcome oriented trait. He was a person who look forward for outcome or the final result. He willing to sacrifice something in order to get a good result or some superior achievements. The best outcomes were always seek by him no matter what obstruct will be. For an example, as he mentioned on an interview before that he was not a good CEO or the chairman of the Group although the company was in good condition. Therefore, he was willing to dispend the chairman post gladly. (ZEIT, 2015)

Then, he suspended his post as a chairman in the company. Norbert Reithofer became the new chairman during the election at the AGM on May 2015 which suggested and voiced by the Quandt Family. He trusted Norbert Reithofer that could do well in the company and make a superior outcome so that he is willing to suspend his post currently. He look ahead to work together with the new chairman and hope that with the hard work of the new chairman, there will be improvement in the company and become the best as he desired.

As we can see that Stefan Quandt look at the outcome as something that more valuable compared to the others. Thus, he is willing to sacrifice whatever thing just to achieve an outcome that is good enough. Obviously, this shows that he was a person with outcome oriented trait.

3.2.4 Observant Trait

Fourth, Stefan Quandt contained observant trait. He was searching for some strategies that could improve the company performance and observe it carefully. He was observant and wiling to observe the strategies in order to validate the effect of the strategies towards the company so that it will not harm his company. For example, he observed that their company needs those new young generations for their continuity and experience with the creative energy nowadays (McHugh, 2014).

Then, he made a move to develop training program for the young generations by cooperated with the Education Society of the Technical University of Wildau. They create the opportunity for the talented and motivated young generations to learn and perform in the industry. Stefan Quandt observed that the talented and motivated young people could come out with more creative and innovative ideas that will bring a lots of benefits for his company. Therefore, he willing to put much effort towards the new and young people in order to deal with the changing generational.

As we can see that Stefan Quandt was observant towards the generational changed. He observed that his company need the new and young talented person. Therefore, he put as much effort as he can in order to create the opportunity for the young generations to perform in the industry.

3.2.5 Visionary Trait

Lastly, Stefan Quandt also demonstrates visionary trait no matter in his career or personal life. He is an insightful person who is ahead of particular time by think of future and take it as an advance with a creative and imagination way. The visionary personality is very important so that he can grab an opportunity to improve and develop his future. For example, he had donated $945,000 to the party of Germany’s chancellor, governing by Angele Merkel called Christian Democratic Union (CDU) right after the general election in year 2009.

However, the donation figure is beyond than that amount as the total three major shareholders of BMW Group including Stefan Quandt, Johanna Quandt and Susanne Klatten were donated a sum of $930,000 to the CDU. After the donation, the establishment of tougher carbon dioxide emissions limits for passenger cars was blocked by Germany. Germany was request to delay the enforcement of legislation from year 2020 to year 2040. However, the donation of BMW Group had aroused global criticism about their motives, since their action might influence the decision making process. (John, 2013)

Then, the Quandt family had made their declaration that the donations are not related to any industrial policies issue. The reason they donate the funds after the election campaign is to avoid from involving in the election. From the example above, although the donation is questionable but it is clearly that Stefan Quandt is a visionary entrepreneur as he can design a powerful plan to change the development of the BMW Group. (Berlin, 2013)

From the scenario above, it is clearly that Stefan Quandt has exhibit 5 of the entrepreneur traits which is open risk taker, observant, visionary, team oriented and proactive in his business as well as the daily routine. With all the personal qualities possess, he had become a well-known and successful entrepreneur.

4.0 Conclusion

At the end of this assignment, we finally achieved the research objective which is to understand about the importance of the enhancement of entrepreneurial skills and personal qualities by looking to the successful entrepreneurs in Malaysia and also in the world. Besides, we also have identified and analyse entrepreneurial skills embodied within the entrepreneurs. Thus, all the entrepreneur traits mentioned above is very essential to become a successful entrepreneur in the business world. In addition, it is very important to take part in completing this assignment because through this assignment we will learn how to be successful like the entrepreneurs, ponder as well as wisely in making a decision like those entrepreneurs.

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Entrepreneurial Traits

Thursday 29 October 2015

Assignment

1.0 Introduction