INTRODUCTION
Entrepreneurs are creators, they
take risks and willing to generate new ideas to solve nowadays problems. This invention
may result in new organizations or revitalize mature organizations in response
to a foreseeable opportunity. The most obvious form of entrepreneurship is
starting a new business. In recent years, the term has been extended to
include social and
political forms of entrepreneurial activity, which are often referred to as
social entrepreneurship.
Entrepreneurial activities differ mostly depending on the type of
organization and innovation involved.
Entrepreneurship ranges in scale from solo projects to major undertakings that
create many job opportunities to the society. Many valuable entrepreneurial
ventures seek venture capital or angel funding to raise capital for building
their business.
In general, an entrepreneur has
nine important traits which are open culture, outcome oriented, team oriented,
proactive, visionary, open task risker, observance, failure is an option and
networking. These traits will be discussed in details below.
9
Traits of Entrepreneur
Open culture
Gabe
Newell who is a CEO of Valve, a company with totally flat hierarchy is a
success entrepreneur in practicing open culture.
Generally,
The Valve Corporation is a Bellevue, Washington based company known for its award-winning Half
Life, Portal, and Team Fortress games, as
well as the extremely popular digital distribution service and multiplayer
framework known as Steam. The owner of Valve, Gabe Newell gives a lot of
effort to avoid himself for annoying other workers in the daily management or
even larger decision. Therefore, there are no managers, no centralized plans,
and remains just a few of formal positions. All employees are free to do
whatever projects they find most attracting, and to create or destroy groups as
they see fit to involve in these projects.
These are then fed into a company-wide system,
which recognizes as a system that is use to determine the allocation of funds
across projects. Disputes are adjudicated on a case-by-case basis, and are
usually settled in a friendly way without any arguing. These assessments
are improved by repeated, anonymous peer reviews of each employee’s progress,
as well as a culture which encourages and supports repeatedly polling your
peers for feedback on progress and ways to make it better.
The culture of Boss-Free since 1996 in Valve is motivating peers coming
together to make cool stuff. It is fantasying when we can see those creative
people can come up with when there’s no one there telling them what to do.
Outcome
oriented
It
is a very important entrepreneurial skill as it can fulfill and meet long-term
corporate target, or any entrepreneurial objective. It also translating a
vision into missions, which can be achieve by the entrepreneur himself or herself
and among the team. An outcome oriented thinking is necessary for entrepreneurs
as it decides how one can strike its goal and get things done in the fastest
way since flexibility and an immediate drive to action are greater compared to
process oriented.
Per
Forbes, Zara founder Amancio Ortega, a fashion retail chain and world’s second
billionaire is one of the examples of success entrepreneur in outcome oriented.
Zara has recorded to have more than 92,000 employees nowadays too. The key
is the outcome oriented of Amancio Ortega which is known as “fast fashion”- a
mean of giving customers what they want as quickly as possible.
For example, When Ortega founded
Zara in 1975, he turns the retail world with an aggressive schedule mean to get
new clothes on the rack faster than anyone else in the market. Ortega's
strategy was dubbed as "fast fashion” in the process
to refresh the stock in Zara stores. Zara refreshes the stock twice a week and
receive orders within 48 hours, per CNBC report. This speed has become a feature
of Ortega's business and a annoyed point for his competitors. While a dress
modeled during Fashion Week needs months to arrive in a department store, a
similar design can be found in Zara just a few weeks later.
Team
oriented
Team
oriented allows everyone in the group to complete the task properly and
efficiently where they involve some criterions such as knowledge, skills, and
discussions with one another.
One of the example of entrepreneurs who had
this characteristic is Facebook founder-Mark Zuckerberg. In Facebook company, Mark
Zuckerberg provides his ideas while Sheryl Sandberg, Facebook’s chief operating
officer, provides her management ability around his visions. They are the core
criterions needed to continue to motivate the company forwards.
Mark Zuckerberg knows that for any
business to succeed, they need to have a great team. Mark Zuckerberg spent most
of the time, recruiting, finding good people to build a team.
Hence we can conclude that Facebook's team is
one of the strongest in the industry not only because of luck but this is also
because Mark's strategic approach to hiring the best bring the company
forwards.
Proactive
Proactive is defined as individuals who tend to be proactive and have a temperament
prepared toward taking intentional action, helping them create their own
environment, future and fate. They don’t wait for others to make decisions or
decide their future for them – they create their own path.
The entrepreneur who has this
trait is Tony Fernandes who was born on 30 April 1964 in Kuala Lumpur. He is
the founder and leader of Air Asia Berhad. Since he engaged in airlines
business, many people assume that he did not achieve what a dream because he
has no capital, no network, had no knowledge about this industry and various
other reasons that ultimately make them stop trying. But his determination has
been proved that he can do it and make Air Asia one of the most success low
cost airlines in the world.
Besides that, the largest achievement is the
very first open skies agreement was brought up by Tony. The agreement
contributed to the aircraft can landing on the airport of the neighbour
countries such as Singapore, Indonesia, Thailand and Philippines. Nowadays, Air
Asia expanded the flight path widely and provides a frequent domestic flight to
fulfil the needs of the citizen of the country. The needs of saving time and
cost have been fulfilled with open one more choice to the existing public
transportation.
VISIONARY
Success in life must begin with
a vision. A vision is the ability to see what others cannot see in every term. They
also will constantly think in term of innovation to their product or services
so that they can fulfill customers’ needs and demands.
By Wikipedia The Tree Encyclopedia, Elizabeth
Anne founder of Theranos, is a American CEO with privately-held blood test company.
Normally, blood test will cost hundred or thousand dollars but it only taken by
a single finger prick only cost around $10.7 for a complete blood count and electrolyte
test at Theranos. Theranos following her main objective to democrat health care.
By turning a blood test into an inexpensive and accessible item, it encourages
people to be more likely to get tested as they can afford it.Thus, medical
problems can be identified earlier, and enabling the prevention or effective
treatment of disease ranging from diabetes and heart ailments to cancer.
Besides, for its achievement, Theranos has
already run millions of tests for individuals and currently stay in the lab
services at Wellness Centers in California, Arizona and Pennsylvania with a
national partnership at Walgreens. Theranos also has developed a finger stick
test that can rapidly detects the presence of the Ebola virus as close as to
the actual time of infection as clinically possible to.
By breaking down barriers to
only testing, she’s paving the way for an approach to early diagnosis and of
course with lower-cost, less expensive mean so that everyone has the chances to
get better treatments. In the future time, Holmes may work on more than just
only running one of the world’s most successful start-ups.
OPEN
RISK TAKER
Open risk taker may be a successful
entrepreneurs after all but not all people who are risk takers are successful
entrepreneurs. They can be a successful entrepreneur if they are willing to
risk time and money for example on unknowns, but they also keep resources, plans,
and strategies for dealing with the “unknown unknowns”.
Neil Gailman in The Graveyard Book, said “If
you dare to do nothing, then when the day is over, nothing is all you will have
gained. While Rachel Cohn in Dash & Lily’s Book of Daves said “The reward
is in the risk”.
William Henry Gates is one of the richest person in the world. At
first, his parents were interested to see him as a lawyer. At the early age of
13, he went to Lakeside High School. Like others successful person, the world billionaire
Bill Gates also took a great amount of risks while he founding Microsoft. He
had to drop out from Harvard University to help create Microsoft.
In a nutshell, we can conclude
that to be successful in life and to achieve our targeted life goals, we must
be prepared to be an open risk taker. Because by doing so, we will brave enough
to face the uncertainty in world and challenges that will come against us.
OBSERVANT
Observant in the context of
entrepreneurship means entrepreneurs who are always looking business
opportunities by observing through their surroundings environment. They focus
on what is going on around the world. They often be the first persons to recognize
potential opportunities before others. Observant entrepreneurs can notice even
a tiny changes and problems that occur in a system. Being an observant person
is very important especially the entrepreneurs as it allows them to notice things
that others cannot find out.
Frederick W Smith was born on
August 11,1994. He is the founder, chairman, president and CEO of FedEx or
originally known as Federal Express. At first, he was a student at Yale
University and while attending Yale University, Fred Smith wrote a paper about
the need of one reliable overnight delivery in the modern age. His professor
then found the idea was not likely to be happen, and to the best of his
recollection, he only received a grade of C for all the effort he put, but the
main idea remained with him.
After graduation, Smith
enrolled in the Marine Corps and served for two tours of duty in Vietnam. They
took benefits from the technology to always step forward than the competitors.
Today, FedEx Express is one of the world's leading express transportation
provider by believing in himself, Fred Smith enabling the world of business to
deliver goods faster through the world. The rise in technology contributed a
lot to the company’s growth.
As the conclusion, the FedEx exist because
Fred Smith was being observant with his surrounding as he knew what people want
in the future.
FAILURE
IS AN OPTION
Quotes by Coco Channel said that “Success is
often achieved by those who don’t know that failure is unavoidable”. As we
already know, failure can be destructive, but it can also make us stronger and smarter
(FED radio hour). We are all familiar with Edison’s response to the reporter
asking him how it felt to fail 1000 times, he then calmly said “I didn’t fail
1000 times. The light bulb was an invention of 1000 times”.
Before achieving success,
entrepreneurs will normally face a failure first. It was the same case as Steve
Jobs. He was born in San Francisco, California on February 24, 1955.Known as
smart but also directionless, Jobs experimented with different pursuits before
he started Apple Computer with Steve Wozniak in 1976. Jobs and Wazniak are
credited with revolutionizing the computer industry by democratizing the
technology and making machines much smaller, cheaper and affordable, intuitive
also accessible to everyday consumes.
After
the time he was fired from Apple, he say that he think this decision made was
the best thing that never happened to him before. Because of being fired, he
has more time to spend with himself and therefore bringing a thoroughly new
Apple back to his company.
As a conclusion, successful may sound great
but sometime it may become a burden and lead to failure. The most important
thing in life is not just between the choices of success and fail, but is
depend on the power of your intention to reach the target.
NETWORKING
Networking in the entrepreneurial ecosystem
are productive approaches which help along the way to build strong relationship
with others of interest. Not only entrepreneurs feel inspired and motivated
after knowing each other, but there are also many good opportunities can occur
if they can make a good job by impressing others.
Jayson Nazar, co-founder and
the CEO of a website named Docstock give some advice to entrepreneurs when
using networking in business which are:
1) measure
the return on investment we are making from our networking effort
2) make sure we give something valuable at first when making connections
instead of beginning by asking for something.
As conclusion, networking is a
relationship between individual and another individual. A healthy networking
will benefits one business while vice versa. Hence, it is very important to
maintain a good relation with others such as clients, suppliers and creditors
even our own family.
ENTREPENEUR : LI KA SHING
VISIONARY
A vision is very
clear and is a goal to succeed. In the meantime, the vision can be achieved
with hard work regardless of the existing weaknesses in ourselves. As an
entrepreneur's mission is very important in shaping a successful business
whether within the country or outside.
Li Ka Shing is a successful entrepreneur and
can be seen with the naked eye at the time that his business is now very
advanced in the development of economy in China. He is well-known in the Asian
region as a very strong influence in the business world and business is also
evolving rapidly in this era. Historically, Li Ka Shing is an ordinary citizen
who was born in Chauzhou, Guangdong Republic, China on July 29, 1926. Expenses
incurred during the terrible age is still small to be seen because at the age
of 12 years he had worked more than 16 hours a day for bear his family because
his father was dead after moving to Hong Kong. Experience is a role model for
his life and continue to strive in life to succeed and at the same time made
him a staunch forward to pleasure himself in the future. After 10 years of
working in a company making plastic in a remote area in Hong Kong he feels less
lucrative revenue even be promoted to a sales manager. He thought and then want
to decide to build a factory for Plastic arranged by him. He had told his
family about his intention to open a new business empire. Although in terms of
inadequate capital and capital resources he had lent his mother's side of the
family because the family of his mother's side was rich at the time. He was
grateful that his dream has come true. By the way, he should pursue its
business by working hard even though many competitors around him. With
experience, the financial manager can be controlled efficiently but its been
listed as the most successful company in Hong Kong in 1972. After that, Li Ka Shing
continues to advance in the business world. He has taken several other business
areas such as real estate developers and investors.
Despite having a
huge risk as the risk of loss, he should be tried without knowing the meaning
of defeat and this caused his mission in business continues to progress until
today. Cheung Kong Holding Company founded by Li Ka Shing
is a private company in the country imposing Hong Kong with its business
success up to this point. In conclusion, he as
personally unpretentious and frugal, leading a modest lifestyle that reflected
his respect for traditional Chinese values. Last, for concluding his story with
one of his inspirational quotes from Li Ka Shing is " Vision is perhaps our greatest strength……. it has kept us alive to the
power and continuity of thought through the centuries, it makes us peer into
the future and lends shape to the unknown." (Antony B. Chan 2002).
NETWORKING
Networking is one
where entrepreneurs and businessmen to mutually recognize each other in the
business world. With the meeting, there will be a branch with a more intimate
relationship between entrepreneurs and business deal to try to expand their
economies either in the country or abroad.
Li Ka Shing has an
extensive network of business after his success in the business world. The
underlying business network by him as plastics sales business operating in
China. In addition, the Company also Hutchion Whampoa Limited founded by the
reins, he has diversified business such as the stock exchange and business
technology and internet. All existing business is one business that gets
results with many advantages. Oil and gas business as well as he has been
buying shares in Australia because he knows that oil-based businesses are among
manufacturers that the source is of the earth, and may not be used without the
need for raw materials suppliers. In making solutions for businesses to invest
across national borders, he had to work together and create a good relationship
between China and countries such as the United States, Australia and United
Kingdom. China is one of the economic conduct of economic policy, "closed
door policy". This is one of the challenges in developing his business.
Various tax can be paid easily because the profit of the company he is many
times higher than doing business in China only in the national economy. One
advantage that China will be able to own is the exchange of the world economy
will increase and so many investors will come to invest in the country's profit
in China in various fields in addition to assist small entrepreneurs in China.
The flow of money in and out of the economy and in turn will increase the
involvement of the company to Li Ka Shing in foreign countries will make the
country proud. In addition, the country's name will be known around the world.
Next, other
business branch of Li Ka Shing is education. He also do not forget to provide
social services to the community in the country. He has established educational
institution that is Shantou University (STU) which has a total of 1,110,000
students are the students of the Bachelor, Master and Doctor of Philosophy. All
the students who got excellent ratings in exam will be given money to cover all
the costs of learning. Li Ka Shing Foundation scholarships are available to help
students from poor family. The involvement of the institution he is thoroughly
in technology and medicine alone. Li Ka Shing has joined a group of students at
university with him to Singapore to participate in the talks about the
importance of technology in the future. Involvement in the search for the
source of the technology is based on the interests of the people. Li Ka Shing
hope someday idea developed by the university will be a useful reference in the
creation of creative and innovative ideas from across the country. Li Ka Shing
also emphasize learning in the medical field in the country where China does
not have many specialists in surgery, he had invested a total of 8 billion to
produce graduates who have a high knowledge of medical science. He also made a
good relationship with elite universities abroad such as Cambridge University.
Many students from countries outside the entrance to demand in China in the
field of technology or in the medical field.
In the end, Li Ka Shing
has open a wide networking for his business. As a chairman of Hutchison Whampoa
Limited (HWL), he should control all his business from tumbling. Expertise has
made efficient in managing its business. Therefore, he always wanted to go and
venture into new business for having a wider business network in the future.
TEAMWORK (TEAM ORIENTED)
Cooperation is a joint venture
established with other employees to manage something as pithy or give ideas to
be implemented with the consent of the public. Efforts are intertwined will
give workers a real talent show in their thinking to be accepted. Clear Vision
will provide more quality products produced and in business. Employee behavior
will also be identified more quickly to take out the problems faced by other
workers. The teamwork is better than working alone.
The beginning Li Ka Shing in
the business venture he is seen like a work as he deems would be free to make
decisions and be aware that there are advantages in himself managing a job as a
sales manager. Each course will be made more quickly broken as the price to the
customer in buying plastic products sold by the company. After spending a few
years his company has grown from the demand side of many customers because its
products are of high quality. Li Ka Shing at that time cannot operate on its
own to market its products more widely in different places. The decision was
made by him to appoint two managers who will manage the business. To further
expand sales to obtain maximum profit he had to work as a team with other
employees. A close relationship between the employee has caused Li Ka Shing
know the problems that exist in the business in terms of place and the needs of
society in some places. These factors also result idea is faster in solving the
problem. Li Ka Shing give some flexibility to the manager to make decisions
without having to consult with other managers for the society and the quality
of goods is the main objective of the benefit. The team members can learn from
each other. Each member has a sense of belonging in making work more quietly. A
conducive environment will provide an opportunity for employees to perform well
at work. A bad attitude among employees can be avoided.
Furthermore, Li Ka Shing has implemented teamwork within the
organization until now to give power to his two sons who manage the company
which Hutchsion Whampoa Limited (HTL). His son Richard Li and Victor Li
Tzar-Nguoi has been a 'Role Model' in his company to other employees as a good
example to follow. Every business organization will have a hierarchy of
committees established to administer because of the company's management will
be more efficient than working in a camp just to the committee and the chairman
alone. Close the gap between workers and managers will give an edge to her to
show excellent performance as a worker within the service work.
He's
also known for making lightning quick decisions, like his 5-minute decision to
invest 120 million in Facebook. Starting a business is very difficult and
therefore should be prioritized teamwork and learning with other colleagues to
enable to decide made is final and pithy. Hard work by the group will be used
as a good start for any businessman to be successful. (Christi danner, 2015.)
OPEN CULTURE
Open culture is a
concept whereby knowledge should be shared growth is the result of the process
of development, modification and enrichment of existing efforts and cooperation
based on partnership without being bound by the law. Every entrepreneur nowadays should be open-minded in accepting a
change. In addition, to avoiding being affected by elements that are not
healthy and are able to become someone who can afford to see and seize the
opportunity that is before the eyes of the success of an organization. Successful entrepreneurs are
visionary and set any goals for their business. They will also seek to enable
him to make his business luminary in the eyes of the people. According to the
Oxford Dictionary, Fourth Edition, foresight means the ability anticipate
(needs, issues, and developments) coming or raised. By having these abilities,
an individual can make a neat plan for the long term.
Open attitude can
be seen in self Li Ka Shing, he has created a big change in the economy in
China. After so long a closed economy made by China government has abolished
the first time to give a chance to the entrepreneur china such as Li Ka Shing
to succeed. Li Ka Shing success has opened a lot of eyes another entrepreneur
to succeed in the field of economy and investments in other countries.
Furthermore, after the attitude of this kind in China's economy has grown
rapidly but can be competitive with the economy in European countries such as
for example in the United States. He has invested in real estate and in 1979,
Li Ka Shing closed a unique transaction and acquired his current flagship
company, Hutchison Whampoa Limited. The purchase created a massive conglomerate
with business interests in multiple industries. Existing open attitude has made
him happy to have a place to do business in foreign countries. Among the
investments made in the country's container ports in each port that are considered
strategic to expand their business when taxes are also cheap compared to their
own country. Container port that is included in Hong Kong, China, the United
Kingdom, Rotterdam, Panama, Bahamas and Canada (Delta port in Vancouver). In
total, his businesses handle about 12% of all container port capacity in the
world.
Next, Li Ka Shing
has brought in a state technology into China for use in the company to promote
and advertise better than previous technology used. Technology from horizon
Ventures has a big impact in the world of technology. The technology is related
to the text can be inserted into the video and so on into the net just a few
seconds. The technology is highly inappropriate advertising use. Moreover, in
Canada, the company Li Ka Shing has upgraded the airport with a total of 12
million to protect public safety from natural disasters often faced like
falling snow typhoons which will lead to the destruction of public property
damage. Public facilities built is like a car cover that has an area of 180
acres, the equivalent of 73 square hectares. Although the assets owned by Li Ka
Shing companies are all over the place around the world to stand with him still
want to continue to develop its business successfully and even had to accept a
variety of issues such as culture, places and different countries in an open
manner. In conclusion openness within Li Ka Shing in the economic field has
seen the relationship between many countries to further develop its business in
various fields.
OBSERVANT
It is a concept where a person's
ability to predict what will happen or what is needed in the future. Farsighted
individuals are those who have a clear direction despite themselves uncertain
about what will happen.
Entrepreneurs nowadays also need to know how to analyze, formulate and act on
the opportunities available for those opportunities can bring to the
organization.
Li Ka Shing was a
good observer in the business. For example, he was wise to take the
opportunities that exist in other countries. In the UK, National Grid held an
auction that is expected to value the business at 11bilion including debt. In
observing the existing business at the present time, he has been involved in
the gas business abroad as an investor by such things, he feels in the oil and
gas business has a huge advantage in business. The oil and gas used in each
country to meet the demands of the people in the country to move even oil used
in the motor industry, industrial transport, such as ships, airplanes,
helicopter, cars, and motorcycles. Daily use is more convincing to invest in
the business. Li Ka Shing had to compete with other Chinese investors, from
German investors, and investors from New York. With a large capital company Li
Ka Shing easy to invest heavily.
Besides, his firm,
Cheung Kong, bought the electricity distribution business from EDF in 2010 for
5.8 billion and his CK Hutchison has a group in Europe that keep the main
business retailers, The Perfume Shop and Savers Health and Beauty. Li Ka Shing
is considered one of the most powerful figures in Asia, and has a total net
profit of more than 20 million.
In conclusion, Li
Ka Shing is a successful entrepreneur with the principle of cooperation with
the group, a good observer and an open attitude in business. With a network of
big business will be more stable financial stability and a clear vision of the business
allows him trying to get ahead in business, such as what you have now with
thanks to his tireless efforts in the past.
CONCLUSION
As an
entrepreneur, they tend to behave differently from those who are not entrepreneurs.
They being proactive and observant through their surroundings to make sure they
are the first to recognize any changes. The way they adapt the changes either
can bring profit or might also give loss. In most case, entrepreneurs must be
wise to consider risk taken because that is the main thing that decide whether
they gain profit or loss. Entrepreneurs are also innovators that they are brave
enough to take risk that have been considered. They are also brave enough to
try new things that others might find difficult to do.
To be a successful entrepreneur, they should have a wide network with
other sources such as other entrepreneurs, supplier, customers, and even with
their workers. If they manage to impress their network, the chances to expand
their business becomes bigger. People such as customers are more likely to
believe in their product and services. Entrepreneurs also someone who are
making efforts to improve their products and services so that it can fulfil
customers demand. They consider customers’ complaints about their product so
they can make it better.
In
a nutshell, traits of entrepreneur like networked, proactive, open risk taker,
observant and so on are discussed in this assignment. We also discuss in detail
about these traits of entrepreneur by giving some examples in this assignment.
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Hutchison
Whampoa Limited, 3 June 2015 retrieved
Christi
danner, 27,2015. Business Insider,
Forbes.
SADE1013 ASAS KEUSAHAWANAN/ INTRODUCTION TO ENTREPRENEURSHIP
Hutchison Whampoa Limited, 3 June 2015 retrieved
Mason,
C, & Harvey, C 2013, 'Entrepreneurship: Contexts, opportunities
and processes', Business History, 55, 1, pp. 1-8,
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