UNIVERSITI UTARA MALAYSIA
COLLEGE OF ARTS AND SCIENCES (CAS)
SEMESTER PERTAMA SESI 2015/2016
FIRST SEMESTER SESSION 2015/2016
SADE1013
ASAS KEUSAHAWANAN /
INTRODUCTION TO ENTREPRENEURSHIP
TITLE: ENTREPRENEUR TRAITS
TUGASAN KUMPULAN
GROUP ASSIGNMENT
Group AP
Prepared by
Lim Giap Jin 226808
Tee May Shin 228266 (leader)
Nur Amirah Binti Mohd Talib 238008
Amira Addina Binti Elias 238896
Siti Zulaikha Binti Mohtar 238927
Nor Syuhada Binti Baharudin 241259
Suhaila Binti Ibrahim 241260
Prepared for
Mohamad Ismandi Bin Wasli
Date of submission: 5 November 2015
Contents
1.0
Introduction
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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