1.0 Introduction
1.1 Overview
Concept
of entrepreneurship has been paid a lot of attention by people nowadays.
However, many people still finding the exact meaning of what an entrepreneur
different with other businessman. Meanwhile, some common traits by entrepreneur
are really different from businessman. They have some unique and special traits
while doing their job and handling stuff. These certain traits can be
recognized by everyone for being an entrepreneur.
1.2 Background of the study
In the past few
years, "entrepreneurship" has been extended from its origins in
business to include social and political activity in Malaysia. Entrepreneurship
within an existing firm or large organization has been referred to as entrepreneurships and
may include corporate ventures where large entities spin off subsidiary
organizations. Every entrepreneurs as leaders as well are willing to exercise
initiative and take risk, taking advantage of market opportunities by planning,
organizing, and employing resources, often by innovating new or improving
existing products
Entrepreneurial
activities differ substantially depending on the type of organization and
creativity involved. In addition, entrepreneurship creates a lot of jobs by
running their business. High value entrepreneurial ventures also seek venture
capital in order to raise capital for building the business
while this can help to improve our country economy. Many organizations in
Malaysia exist to support would-be entrepreneurs, including specialized
government agencies, business incubators, and some NGOs.
1.3 Objective of the study
The objective of this group assignment is to provide
importance and understanding of the enhancement of entrepreneurial skills and
personal qualities with supportive evidence by linking to successful
entrepreneurs in Malaysia and the world. Furthermore, this assignment will
enable us to analyze and identify embodied entrepreneurial skill by
entrepreneurs. Besides, we will learn how we develop ourselves and what should
we change to improve ourselves in our lives.
2.0 Contents
2.1 Definitions and Examples of Each Entrepreneur
Trait
2.1.1 Integrity and reliability
Integrity
can be defined as a person who having strong moral principles and moral
uprightness. Reliability is quality of a person being dependable and
trustworthy. When someone needs
something done by a set date, or a service performed in a specific manner, he's
seeking someone who can provide that service with certainty.
Example of entrepreneur who has integrity and reliability
is Tan Sri Dato' Seri Dr. Yeoh Tiong Lay, founder of YTL corporation.
YTL is Malaysia’s biggest and most successful company with utilities, hotels,
construction and property development technology under control of Dr. Yeoh and
his family. He showed his integrity in all his business relationships and said
that corruption is not tolerated.
Dr. Yeoh knows the value
of individual intellectual capital and shows this by encouraging development,
by recognizing achievement and by looking after all aspects of their wellbeing.
He also committed to ensuring equality of opportunity, and the health, safety
and wellbeing of his employees in the workplace. All are encouraged to play a
full part in guiding their own development.
2.1.2 Initiative
Initiative is a process
that begins with an individual's action, often done without direct managerial
influence. In entrepreneurial, initiative is a factor needed to contribute to
entrepreneurial success. An entrepreneur with high initiative will be success
in his career. There are important practical implications if we find that there
are relationship between entrepreneur and initiative.
Example of entrepreneur who
is initiative is Tan Sri Dato’ Sri Dr. The Hong Piow. Although Dr. The was a
General Manager of Malayan Banking Berhad, but he never give up to growth his
own business and learn more. Furthermore, he takes initiatives to leave the
Malayan Banking in 1966 to set up the Public Bank. He also takes initiatives to
study and learn more with obtained three degrees at the unaccredited Pacific
Western University and two PhDs at Clayton University and University Malaya (GERBERIAN MEDIA
SOLUTION) .
2.1.3 Versatility
Versatility means that many different skills or qualities having in a
person. Versatility allows people to
adapt different situations and successful entrepreneurs normally have this
trait because they can adapt to different work situations. Versatility can also
be considered in terms of learning about the cultures and its language in order
to communicate with the customers as it can build a strong business relation
with clients.
Tan Sri Syed Mokhtar Shah bin Syed Nor Al-Bukhary is the best example for
the entrepreneurial trait of versatility. Syed Mokhtar started his business in
Kedah in the 1990s by dealing in rice. He worked even harder after he was
awarded the rice trading license from Lembaga Padi Negara, and was later
awarded successions of supplier contract government-linked corporations as
partner with Zainal Hatim Hj Ambia Bukhary. He quickly moved to expand his
business into diversification of other businesses.
Tan Sri Syed Mokhtar Shah bin Syed Nor Al-Bukhary shows the versatility
that he involve his business in diversified business areas in a wide area which
include transportation and logistics, plantations, property development,
defense and armory as well as engineering and power generation.
2.1.4 Decisive
All entrepreneurs understand that the best decision is the perfect
decision, but never have sufficient information to make the perfect decision.
So as an entrepreneur has to make a decisive decision by using their best judgment.
Although not always be the right one, but a wrong decision is better than a
demeanor of uncertainty. A good and swift decision-maker will gain the trust
from employees, business associates, and customers because it will illustrate
confidence.
The best example for who demonstrates this trait is Jack Ma, the most
successful entrepreneurs in the China. His e-commerce company, Alibaba,
attracts 100 million shoppers a day. Ma is worth an estimate $20.4 billion. But
before he was the richest person in China, Ma went through a lot of obstacles.
Jack Ma failed a college entrance exam three times. Once he ruled out college,
Ma applied for 30 different jobs and got rejected. When Ma founded Alibaba in
1998, he was met with more obstacles. The brand didn’t turn a profit for the
first three years and Ma had to be more decisive.
One of the company’s main challenges was that it had no way to do
payments and no banks would work with him.
Ma made a very crazy decision to start his own payment program called
Alipay. The program transfers payments of different currencies between
international buyers and sellers. He said so many people didn’t believe about
Alipay, but Jack Ma didn’t care because he thinks although it was stupid as
long as people could use it. Today, 800 million people is using Alipay because
of he didn’t care about others people comment and brave to make decision on
that time.
2.1.5 Time Competence
Time competence is a set of
principles, practices, skills, tools and systems that help you use your time to
accomplish what you want. Time competence is important for an entrepreneur and
his career. Time competence is a concept that many entrepreneurs and businesses
struggle with. With that said, great time competence skills are probably one of
the most important skills to have when it comes to running a
successful business. Time competence is the creation of tools and
processes that allow entrepreneurs and organizations to accomplish more in a
set time period.
The founder of Cheung Kong Holdings and richest entrepreneur in Asia, Li Ka-shing is such a treat time
as gold, and this is another secret of his success to get rich. Several
critical juncture in his successful investment, which is relying on precise
grasp of time, so that in one fell swoop beat obtain maximum economic benefits.
Time for Li Ka-shing is more important than his own life, one step faster than
the opponent, even if it is a second, also on the final results play a decisive
role.
Moreover, Li Ka-shing grasp
of time and use is so right, he always watches dial fast 15 minutes, get up
every morning at 5:45, 6 o'clock in the morning to listen to the news.
Generally he does not nap at noon, if he felt too tired, he will drink coffee.
In addition, Li Ka-shing is never waste of time on the Internet, look up at the
top is a look at the latest news and information (Forbes) .
2.1.6 Perceptiveness
Perceptiveness is means that a person who good at understanding things or figuring
things out. Perceptive people are insightful, intelligent, and able to see
what others cannot. Perceptive as defined by Bygrave and Hofer is someone who perceives an
opportunity and creates an organization to pursue it.
The Cott’s company manager, Gerald Pencer is a person
very perceptive. During the mid-1980s, Canadian soft-drink manufacturer Cott
Corporation had a problem. Research indicated that soft drinks were one of the
biggest selling items in supermarkets. Pencer decided to develop Cott as
private-label bottler. Cott signed contract with supermarkets and other retail
stores to provide a variety of soft drinks that could be packaged under the
retailer’s brand. Its product challenged Coca-Cola and Pepsi by developing a
whole new method of distribution one that allowed retailers to make more
profits by offering consumers a cheaper soft drink. Today, Cott is the world’s
largest retailer brand and private label soft-drink provider.
2.1.7 Ability to Learn from Mistakes
Entrepreneurs understand that they are in the game and
they use every failures and mistakes they made as a learning experience. Every
entrepreneurs will end up making mistakes some small and some big and will fail
numerous times. Each of these incidents will be a learning experience for a
successful entrepreneur, and each of these instances will be an opportunity for
him or her to emerge better and stronger.
From used machinery trading, Tan Sri Dato' Lim Kok Thay strayed into iron mining fortuitously. Lim joined as
a partner in an iron mining company which couldn't settle the outstanding
payment of two bulldozers with him, and this proved to be a successful venture
as he earned a substantial amount of profit from the mining industry, including
forming a joint-venture tin mining company which was one of the first Chinese
tin companies to utilize dredges in mining tin.
While dealing in heavy machinery, Lim accumulated a
wide range of reconditioned machines as well as a high amount of cash to move
into the construction and related industries. Lim began taking on several
contracting jobs with help and guidance from his uncles. His company won
accolades and became recognized as one of the leading construction companies
after successfully completing many major projects. Among the biggest projects
completed was the Ayer Itam Dam, the first time a local contractor had been
given the construction job of such magnitude. He went on the brink of
bankruptcy when construction work was facing problems in the Kemubu Irrigation
Scheme, but managed to overcome the obstacles and completed the project (g2easia) .
2.1.8 Ethical Consciousness
Ethics consciousness concerns an individual's moral
judgements about right or wrong. Decisions taken within an organisation may be
made by individuals or groups, but whoever makes them will be influenced by the
culture of the company. The decision to behave ethically is a moral one. This
may involve rejecting the route that would lead to the biggest short-term
profit. Ethical behaviour and corporate social responsibility can bring
significant benefits to a business. Unethical behaviour or a lack of corporate
social responsibility, by comparison, may damage a firm's reputation and make
it less appealing to stakeholders.
Warren Buffett has been demonstrated ethical
consciousness as a successful entrepreneur and charity donor. June 2006, Warren
Buffett announced that about 10 million shares of Berkshire
Hathaway B shares, donated to the Bill & Melinda Gates
Foundation Programme, which is the largest charitable donations in US
history. Although Warren Buffett has yet to decide whether to actively
participate in the operation, but is determined to join the Gates
Foundation Board of Directors.
Meanwhile,
Warren Buffett announced that the remaining value of about $ 6.7 billion of
Berkshire stock, were donated to the Susan Thompson Buffett Foundation, and his
three children by Foundation was established plan. In addition, when
Warren Buffett's wife died in 2004, he has transferred most of his estate
valued at about $ 2.6 billion to the Buffett Foundation. Until today, he is
still doing charity for social with ethical consciousness.
2.1.9 Foresight
A successfully
entrepreneur always has foresight ability to help them make judgment to future
event that may or may not occur. An entrepreneur develops a sense of foresight
through current knowledge, past experiences with similar situations, or simply
through intuition.
Robert Kuok is a
good example to explain how foresight helps him in his career. He involves in
various business include sugar, plantations, flour milling, animal feed,
finance, properties, trading and freight. Robert Kuok can see the long term
opportunities so we can say he has a very good ability to spot the
opportunities. From the war, Kuok also realized heavy competition and low
margins is already made the rice trade become unattractive. So, Kuok change his
target to the sugar trade, and moved to England. England is the place he
learned about the commodities markets before he returning to Malaysia .This can
be proved Kuok have very great forecast ability.
Kuok company's
strategy of investing in relatively unknown areas of the mainland also had
placed it in a strong position to profit from the surge in China's industrial
sector and from the country's fast-growing economy in general at the dawn of
the 21st century. Shangri-La also had begun developing its interests beyond the
Asian region and builds its portfolio to more than 100 hotels in Asian-Pacific.
We can make a conclusion that foresight trait of Robert Kuok really help him in
business empire.
2.2 Bibliography - Tony Fernandes
Tan Sri Dr. Tony
Fernandes was born on 30 April 1964 in Kuala Lumpur to an Indian father who
was originally from Chennai, India and a Christian Eurasian mother of mixed
Portuguese and Malaccan descent. He was educated at Epsom College from 1977
to 1983 and graduated from London School of Economics in 1987. He had worked
briefly with Virgin Atlantic as a Financial Controller. He was also the
youngest CEO to lead the Warner Music Records (Malaysia) before deciding to
set up Tune Air Sdn. Bhd. and ventured into the airlines business.
He was
admitted as an Associate Member of the Association of Chartered Certified
Accountants in 1991 and became a Fellow Member in 1996. In 1999, the Sultan
of Selangor bestowed on him the title Setia Mahkota Selangor for his
contributions to the Malaysian music industry. He also received the Recording
Industry Person of the Year 1997 award from the Recording Industry
Association of Malaysia.
|
Since launching
AirAsia, he has received numerous state awards as well as accolades from
international press and industry observers. From the industry, he was presented
the Airline Business Strategy Award 2005 and Low Cost Leadership Award by
Airline Business and named Asia Pacific Aviation Executive for the years 2004
and 2005. He bagged The Brand Laureate Brand Personality Award for his
exemplary performance, dedication and contribution to the aviation industry in
Malaysia in 2006 and 2007. He was presented the CAPA Legend Award 2009 for his
influence in shaping the aviation industry’s evolution and the Airline CEO of
the Year Award for 2009 for his success in leading and growing AirAsia into
Asia’s largest and the world’s best low-cost airline.
Tan Sri Tony was
also named Forbes Asia Businessman of the Year 2010, the first Malaysian and
Asean citizen to receive the award. In 2011, he was named one of the most
creative people in business by New York-based business magazine Fast Company
and was on its Top 10 Most Creative People in Twitter list. In 2012, he was bestowed the Individual
Achievement of the Year award at the 1st Malaysia Achievement Awards 2012. He
was also honoured with the Best CEO for IR - Mid Cap award by the Malaysian
Investor Relations Association Berhad (MIRA); named as one of Malaysia’s
outstanding CEOs by The Edge Billion Ringgit Club (BRC).
In January 2013,
Tan Sri Tony was named a Malaysia Brand Ambassador by Prime Minister Dato’ Sri
Mohd Najib at the World Economic Forum in Switzerland. He went on to win
Corporate Governance Asia’s Best CEO for Malaysia award. Today, he is a
Non-Independent Non-Executive Director of both Tune INS Holdings Berhad and
AirAsia X Berhad in Malaysia (Airasia) .
2.3 Five Entrepreneurial Traits of Entrepreneur - Tony
Fernandes
2.3.1 Integrity and Reliability
Tan Sri Dr. Tony Fernandes demonstrates
integrity and reliability by using social media today such as Facebook, Twitter
and so on. He is so active in using social media to communicate or deliver
massages to his crews or to public. He said that as an entrepreneur he believes
that transparency in managing the organization is very important in business
industry today.
Tony Fernandes stresses the importance of good
interaction among all the staff as he maintains a non-hierarchy practice in the
office. The internal integration within the organisation articulates the good
working environment. For such integrity and reliability traits practice, he has
gained trust and respect among his dedicated employees.
On 28th
December 2015, Airasia’s plane 8501 went missing during a flight from Indonesia
to Singapore. Tan Sri Tony sent out a series of twitter after news broke that
the plane had gone missing. He also often promising information updates at set
times and leading sources of information on the progress of the investigation.
In addition, he announced to public that the company would not hide any
convention and guarantees a minimum level of compensation to the families of
air-crash victims. These actions can show his integrity and reliability as being
a successful entrepreneur (Arif & Brian, 2013) .
2.3.2 Initiative
Tan Sri Dr. Tony
Fernandes always showed initiative trait when managing his company or making
decision. On the 8 December 2001, Dr. Tony Fernandes and his other three
partners take initiative to buy the AirAsia with combining their money through
withdrew his saving, mortgaged his own house to get the floundering AirAsia
running.
Before they
transformed AirAsia into a one of the fastest-growth and cheaper airlines, they
are no have any experience about the airline. Although AirAsia coasted the
crisis at the year he just buy it, but Tony Fernandes never give up easily and
he take initiatives to make the AirAsia to revive with the slogan ”Now Everyone
Can Fly”, the cheap air travel was revolution in the region and it repaid 40
million ringgit debt in less than two years.
Tony Fernandes buy the whole AirAsia which full of debt at that time
with a symbolic 1 ringgit Malaysia.
Not just for the
AirAsia airlines area, Tony Fernandes also take the initiatives to move his
self into the sports world area on 2011.
He move into the sports world area with bought a majority stake in the
English Premier League soccer club, Queens Park Ranger. His initiatives move was showed when he also
including himself in the Formula One racing team with creates an owner
competitive team. Those move was telling
that Tony Fernandes have a highly initiatives in doing the business things as
an entrepreneur.
2.3.3 Ability to Learn from Mistakes
Tan Sri Dr. Tony
Fernandes once made a mistake by
trying to run a Formula One team at the same time as Asia’s largest budget
airline. However, Fernandes said he will remain as co-owner of soccer club
Queens Park Rangers, which is second-last in the Premier League. This showed
that he is an entrepreneur who ability to learn from mistake.
Furthermore, Tony
Fernandes experience harshest lesson of his club's slide into relegation that has
been the realisation since taking over at Loftus Road. Fernandes estimates he has
sunk £50million of his personal fortune into the club since he took over in
August 2011. Tony Fernandes has determined not to make the same mistakes again
despite admitting he has had to learn to deal with people inside football. He
told various newspapers that he will not be exploited anymore but he allowed
himself to be exploited because that is his choice.
Fernandes defends his transfer record, saying he and
his management team have a clear and long-term vision for the club. There is
some evidence that lessons have indeed been learned, with Fernandes and other
QPR executives engaged in a typically public row. Fernandes arrived with a
clear statement that he was not here to hand out cash. In truth, there is
almost relief in the air as he talks about relegation. It is as if he sees it
as an opportunity to really get stuck-in with the rebuilding project. He admits
since he arrived he has been focused on survival and the pressure of staying
up. He lays out some impressive plans for the club, including a new training
ground and building and moving to a brand new 40,000-seater stadium.
2.3.4 Ethical Consciousness
Tan Sri Dr. Tony Fernandes was awarded the 2nd Asian
Corporate Director Recognition Award, the award recognizes Tony’s contributions
in enhancing business ethics, transparency and corporate social responsibility
on the foundation of his success in running the airline business. In addition
to these selection criteria, the award also recognizes Tony’s efforts in
helping to raise the standards of corporate governance practice in Malaysia.
Undoubtedly, Tan Sri Tony is demonstrating ethical consciousness always in his
life.
He started a low-cost airline at a time when everyone
thought he would fail. He placed high emphasis on his workforce and flexible HR
strategies. During the past few years, Air Asia has become one of the best
low-cost airlines in Asia. Fernandes' basic sense of CSR starts with his people
that Air Asia was one of the first airlines in Asia to hire female pilots. He
says that his staffs are his best asset and that he constantly uses their
suggestions to improve and innovate within the company (Justmeans) .
Air Asia's other CSR initiatives extend towards its
work in extending help during natural calamities. They joined hand with UNICEF
to raise $128 million for children and families affected by the earthquake in
Haiti. They also provided transportation of aid to cyclone-ravaged Myanmar. Aid
workers are always offered free transport to and from disaster areas. He
mentioned that AirAsia shares in the responsibility of promoting wellbeing in
the world. When we help those affected by calamities, we share the burden of
their loss and grief and help them heal faster from these.
In 2011, he used his aircraft to lift individuals out
of political hot spots while also sending supplies to areas that were hit by
natural disasters. Over a period of five days from 3 to 7 February 2011, he
operated eight rescue flights from Cairo and Alexandria, in Egypt, to Jeddah in
Saudi Arabia, and one from Jeddah to Kuala Lumpur. In total, he helped to
return to safety 2,380 Malaysians affected by the political turmoil. These
actions definitely show how he demonstrates ethical consciousness in his career
and life.
2.3.5 Foresight
Tony Fernandes’
foresight and vision has turned AirAsia to become one of the well-known airline
brands in the world. Before AirAsia became a multibillion-dollar aviation company, it was a small and struggling airline owned by the Malaysian
Government.
It consisted of more than two aging
Boeing 737 jets, 250 employees and also $40
million of debt. Together with several partners, Fernandes took control of
AirAsia from the Malaysian government in 2001. He paid 29 cents and assumed the
airline’s massive liabilities. Fernandes just is a 37-year-old music executive and had absolutely no experience in aviation
industry. He uses his foresight ability and finally invested in AirAsia with low-cost
travel. Tony Fernandes built his
airline on cheap fares, quality service, and make quick turnarounds for his company.
Many observers have attributed the success of
AirAsia due to the strong leadership of Tony Fernandes. He was able to create
good organisational culture and stressed the importance of working as a team. Today,
as the leader in a big organisation which has 10,000 employees, he is easily
approachable and accessible to all his staff. Schien (2004) noted in his study
that organisation leaders play a key role of establishing an organisational
culture that articulated the behaviors, rules and values critical to the
achievement of an organisation’s mission and strategies.
As what he
believes in the current business scenario where business has become much more
competitive therefore, having too much bureaucracy could impede the growth of
the business. The work culture in AirAsia introduced by Tony Fernandes has made
a big impact on the growth of the organisation as the employees were very happy
to move forward in the same direction.
3.0 Conclusion
Analysing from the
entrepreneur’s point of view, Tony Fernandes’ successful leadership success is
contributed by the strong desire to achieve his dream. He is willing to take
high risks and is always positive in achieving his dream. His persistent
attitude and dreaming the impossible is truly reflecting the entrepreneurial
leadership that is inherent in him.
In summary, every successful
entrepreneur has its own story. They must have certain key properties. It
must be a mixture of logic in servicing the laws of economics, the ability and
desire to lead, common sense, creativity, and the mental fortitude to make key
decisions. Entrepreneurs also have a unique skill set that can benefit
their local communities. It is because of a high level of reliability,
responsibility and dependability are lacking in our society today. So, the wise
entrepreneurs can build a profitable and steady business if they become known
for having these traits.
4.0
References
Airasia.
(n.d.). Retrieved from Directors Biography:
http://www.airasia.com/my/en/about-us/ir-directors-biography.page
Arif, K., & Brian, E. (2013). Tansactional and
Tansformational Leadership: A Comparative Study of the Differenece between
Tony Fernandes and Idris Jala Leaderships Style. International Journal of
Business and Management.
entrepreneur-inspiration.com. (n.d.). Retrieved from How to be A Successful
Entrepreneur:
http://www.entrepreneur-inspiration.com/2011/01/20/how-to-be-a-successful-entrepreneur/
Forbes. (n.d.).
Retrieved from Li Ka-Shing's Midas Touch:
http://www.forbes.com/forbes/2012/0326/billionaires-12-feature-hong-kong-li-ka-shing-horizon-investments-midas-touch.html
g2easia. (n.d.).
Retrieved from Past Winners of G2E Asia Visionary Award:
http://www.g2easia.com/Show-Info/Highlights/Past-Winners-of-G2E-Asia-Visionary-Award/Biography-of-Mr-Tan-Sri-Lim-Goh-Tong/
GERBERIAN MEDIA SOLUTION. (n.d.). Retrieved from Malaysia’s richest people 2011:
keusahawanan-it-space.blogspot.hk/2012/03/malaysias-richest-people-2011.html
Justmeans.
(n.d.). Retrieved from CSR in the skies with Air Asia:
http://www.justmeans.com/blogs/csr-in-the-skies-with-air-asia
Teleworker.org.
(n.d.). Retrieved from Secrets of Successful Entrepreneurs:
http://www.teleworker.org/work_from_home/entrepreneur.html
