INTRODUCTION TO ENTREPRENEURSHIP

INTRODUCTION

The term entrepreneur refers to the qualities of leadership, initiative and innovation in business used in 1723. Entrepreneur is one of the factor in microeconomics. Meanwhile, according to Richard Cantillon (1680-1734), entrepreneur consider as who will be the risk taker and who deliberately allocates the resources to increase the opportunities.

Besides that, an entrepreneurship had been exchange from its origin to social in bisness to political and social activities. An entrepreneur with current tough had been refers to an entrepreneurship which is include collaborative of a huge organization (Baron, R.A. & Shane, S.A. (2005). Meanwhile, an entrepreneurs become a learder who is berave to take some risk and extra work and give his best to make his organization become successful. Entrepreneur also make their bisness success by plannig, organing, and by handle resources, at the same time by innovating new ideas.

There are many entrepreneurial traits which make an entrepreneur to become stable and to give more quality to his bisness such as persuasion, self confidence, work commitment, efficiency oriented, tolerance for failure, high initiative level, information seeking and problem solving. Traits like these make an entrepreneur makes their bisness move forwards. Thus, traits like this and advancement of technology make an entrepreneur to become a successful entrepreneur.

TASK 1

 

1.0 PERSUSION

Persuasion is the action taken to attract others to make the product being sold and make others interested to buy it. Not all people have these persuasion skills in themselves. Therefore, very fortunately, an entrepreneur who has these skills in themselves because it is an advantage not shared by other individuals. Persuasion is a skill that allows an entrepreneur to attract more consumers to get products and services offered by their companies. For example. Dato Alif Shukri using persuasion technic to advertising his D’Herb products to attract consumers to the products offered. In addition, the use of the slogan of interest in persuasion like D’Herb overshoot demand can convince users to use the company’s products D’Herb. There are three types of persuasion that can be used in a business of which is rational persuasion, persuasion emotional and rational persuasion. As an example of emotional persuasion, that uses emotions to lure prospective buyers to get the products offered by an entrepreneur. Among the emotions that is often used is happy, sad, love, shame and fear.

 

2.0 SELF CONFIDENT

Every entrepreneur has a high self-confidence in their abilities to achieve success. This tendency makes them more optimistic attitude against the will of their success and take this attitude is based on the actual situation. Through high confidence and optimistic, it is not surprising if we see a lot of entrepreneurs who have failed many times, become successful in today. While, confidence in themselves make the most of the entrepreneurs who have never failed to come back to try and produce exceptional success, so be among people who are known in their venture.

As an example of how Steve Jobs on the ability to identify himself and created numerous achievements in himself. Through self-confidence he success to make a creation of computer and influential individuals in the company of Apple. In addition, every entrepreneur has confidence in making decisions and size opportunities. Through self-confidence each entrepreneur can take appropriate action to ensure that their business undertaken will always grow from the current and produce so many success.Even confidence in the reliability entrepreneurs will encourage them to always create new opportunities and create something new through these opportunities. Thus, each entrepreneur have to be high self-confidence in their abilities to achieve success.

3.0 WORK COMMITMENT

         Work commitment or job commitment is the feeling of responsibility that make a person to give important towards the mission and goals of an organization. When an individual has job commitment, he or she will more likely to perform tasks and responsibilities that will help an organization to achieve a goal. As an employee, it is important for you to identify and get to know your own strengths and weaknesses. When we use our strengths, we are doing our best work and that provides satisfaction. By using your strengths every day, you will improve your work and life satisfaction. It is also important to ask for feedback on job performance from your manager. For example, the more you request this, the better you will get. When you consistently ask for feedback, your manager will more than likely talk with you on a regular basis. This helps to make it a more comfortable conversation.

         In addiction, there are two developments of particular interest have occurred with increased attention to work and organizational commitment. First, commitment is complex and a multifaceted construct. That is, commitment can take different forms. Second, there has been broadening of the areas within which commitment is studied. Individuals can feel committed to an organization, top management, supervisors, or a particular work group. Furthermore, commitment has been examined with regard to “career, union and profession” (Darolia, & Kumari, 2010). Studies showing instances of high work commitment have also proven to highly relate to organizational performance.

      For example, Datok Alif Shukri is an entrepreneur which is have a business named as “D’Herbs” which is salling beauty product, such a Losyen Pati, Halia, lipstick and so on. From his business he become millioner. He become a millioner because of his commitement in work.  Therefore, the business he did become forward and succes.  Meanwhile, he also become an successful entrepreneur. He also become role model to so many teenagers with his attitude and inspire those who want to become a successful entrepreneur as Dato Alif Shukri.

             Thus, work commitment is very important to an entrepreneur.
Networking is a feature that should be included in a business that plays a vital role for the success of an entrepreneur. If the entrepreneur has a good network for internal and external users, it will be easier for entrepreneurs to gain an edge on the business opportunities and solve problems on their business. Relationship network that both allows them to get the support and cooperation of the network circle. Thus, every entrepreneur needs to build networking skills and work commitment skill, as it will be the catalyst to achieving your goals and business objectives. Network strategy is the result of past relationships and resources for future strategies. The relationship is the right and responsibility of resource decisions which led to the original company (Rosli Mahmood) network, which he can experience and investments made from the relationship. Thus, work commitment is a important value that every enterpernuar  should to have.

 

4.0 EFFICIENCY ORIENTED

              Efficiency-oriented approaches encompass a wide range of management methods aimed at improving the ratio of output to input for an organization. These methods may focus on organizational output (example, quality improvement methods) or the input (as do project management techniques), or they may be targeted to both the numerator and the denominator of the efficiency equation (such as cost-benefit analysis). Positive outcomes are generally believed to result from the implementation of such methods.

Efficiency-oriented is very important in themselves to help entrepreneurs for expand their business to become a successful entrepreneur. Orientation is divided into three which is known as namely, the orientation of the opportunities, time and result. Orientation of the entrepreneurs are always looking for opportunities, see and seize opportunities to expand its business. Meanwhile, time orientation is the orientation of entrepreneurs have run toward the goal of a relatively long, ranging from 5 to 10 years to grow the business and continue to take appropriate action.
For example, results-oriented action means the mind that focuses on results and impact. An entrepreneur will open a business to get a good profit. In fact, an entrepreneur will strive to achieve a continuous manner to further develop their businesses. Therefore, entrepreneurs will market their business in abroad. For example, Tan Sri Nasaruddin do can be seen when he bought 20 APs (approved permits) and then he went to Japan, where he spent three months and bring back 20 of the first unit of Japanese car dealers who sold them all within three months. He started his automobile business in a shop in Taman Maluri and sell 10 to 15 units per month. In 1979, he opened a branch in Kampung Baru, Kuala Lumpur to intensify his retail business and sell 40 to 60 cars a month .Through this experience, he was able to expand its market in this. By apply this attitude he become a successful business man.

 

5.0 TOLERANCE FOR FAILURE

            Tolerance for failure also one of the entrepreneur traits. Entrepreneur use failure as a learning experiences, hence they have a tolerance for failure. The iterative, trial and error nature of becoming a successful entrepreneur make serious setback and disappointments an integral part of the learning process. The most effective entrepreneur are realistic enough to expect such difficulties. Furthermore they did not become disappointed, discouraged or depressed by a setback or failure. In adverse and difficult times, they look for opportunity. Many of them believe that they learn more from their early failure than from their early success. Sometimes when you decide a way, you make a mistake. It is best to accept the failure and get on with improving your other innovations.

Besidesthat, many individuals give up from the game of entrepreneurship because of the fear of making mistakes. They perceive mistake as bad and loss so they avoid it like a plague. But successful entrepreneur see business mistake as a learning tool, they see it as an opportunity to achieve new knowledge. Even a mistake may turn be a necessary to a worthwhile achievement. Successful entrepreneurs make mistakes in business but they do not give up and stop to learn new things. They know mistake are part of the entrepreneurial process, so they learn quickly from these business mistakes and move on. If you never make a mistake in business, then you will never learn about business.

Example, Dato’ Haji Ramly Bin Mokni, founder of Ramly burger has an entrepreneurship trait, tolerance for failure. At first, he was working as a butcher in a supermarket where most frozen foods uncertain the halal and haram for muslims like him. This is where the triggers of his ideas to produced beef burgers and sausages incurred halal meat for muslims in this country. It clearly shows that he has the capacity to take risks, wise to seize the opportunity and foresight. In addition, during his business, he often undermined by the public about the product. In fact, the more it makes her feel challenged and continue to work. His loan application was rejected by the bank, but with enthusiasm and high expectation using his own saving and loan provided by Bank Pembangunan Malaysia Berhad and has taken step to enable it to develop his business.Through challenge and obstacles, it can indicated that the ramly burger is one who has an antrepreneurship trait which is tolerance for failure.

6.0 INITIATIVE

Responsible attitude towards the initiative and entrusted one of the important things for an entrepreneur to be successful. With this attitude, it can create and show that entrepreneurs have the character or spirit to ensure a sense of responsibility can be exercised without being called. Power of initiative is very important because with this feature an entrepreneur has a tendency to see the problem or opportunity and analyze a situation and the situation efficiently. Initiative and responsible attitude absolutely must have in every entrepreneur who managed to accentuate the positive features that exist in successful entrepreneurs. Things like this are very important for any successful entrepreneur will dare to take the risk and responsibility for making decisions on the future of the company. Nowdays, we all know that the world is becoming more entrepreneurial kept pace with advances in technology, then took the initiative and responsible attitude is able to guide the entrepreneurs to intelligently deal with the changing tides and the passage of time so that the entrepreneur is not considered to be lagging behind.

7.0 SEEKING INFORMATION

Looking Information the success or failure of a company depends on the quality of the information obtained, enough where the information is collected and how that information is used in decision making. Dato Vida is an Entrepreneur sensitive information will learn it and turn draws from any form of feedback obtained either in the form of criticism from others or from the results of his own actions. Dato Vida with trademark “qu qu white” she despite a lot of criticism from the public but Dato Vida to insist because she believes that not all do not like her product. In fact, she earned high income nearly every month.

Looking Information the success or failure of a company depends on the quality of the information obtained, where sufficient information is gathered and how it is used in decision making. Dato Vida is an Entrepreneur which is more sensitive to information and try to learn it and turn draws from any form of feedback obtained either in the form of criticism from others or from the results of his own actions. Despite a lot of criticism from the public but Dato Vida to insist because he believes that not all who do not like the product.

8.0 PROBLEM SOLVING

            An entrepreneur should have entrepreneurial traits such as problem solving. Problem solving is the process of working through detail of a problem to reach a solution. Problem solving may may included mathematical or systematic operation and can be a gauge of an individual critical thinking skills. An entrepreneur look at a problem and knows it is an opportunity that is not a clishe talking. A problem is literally an opportunity to get paid if you can be the one to solve it successful entrepreneur make their own identity

To be a successful entrepreneur, your natural response to any given problem should always be to ask yourself how you can solve that problems. Not who is to blame, not how that problem came to be just how the problems can be solved. Problems solving become a habit. As you become alert to problems with no solution, you become alert to new way to create, grow, develop and innovate new product. If you can marry this alertness to calculated action you will develop the instinct that you need to be an understanding entrepreneur.

For an example, Tan Sri Dr. Jeffrey Cheah is one of the successful entrepreneur in Malaysia. He also a chairmen and founder of one of the largest property developer in Malaysia which is called Sunway group. Tan Sri Dr. Jeffrey Cheah also facing problem to develop his business. In 1997, there was an economy crisis which also affected Sunway Holding Berhad. To face this economy crisis, Tan Sri Dr. Jeffrey Cheah take a several step such as collect all his worker in Sunway Holding Berhad and show them that the company account are stable at the time to convince all his worker to stay at the company. Because of this Tan Sri Dr. Jeffrey Cheah has gained his worker support. He also promised to his worker that their salary will be paid on time. Tan Sri Dr. Jeffrey Cheah also sell his company machine which he does not use to reduce cost and he also shut down the business which is not give a profit. A part from that, he also reduce his salary and change his life style to avoided wasting of money. This shown that Tan Sri Dr. Jeffrey Cheah use an entrepreneur traits which is problem solving when he try to solve his company problems.

TASK 2

For task two our group choose Dato Seri Vida.

Name         : Datuk Seri Dr. Hajjah Hasmizah Othman

From          : Machang, Kelantan

Age             : 44

Education   : Bachelor degree in education( kesusasteraan melayu dan sejarah) USM,

Phd. In Biology, University Monash.

Bisness      : Health and Cosmetic products

  • Founder of Health(Pamoga) and Cosmatic(Qu Puteh) products.
  • She live a simple life and was orphaned after father’s death at the age of 9 years. He holds a Bachelor of Education (Malay literature and history).
  • worked as a teacher at the National School of Chinese in Ipoh Perak for 12 years.
  • Datuk Dr. Vida start small businesses when in high school.
  • Now, her efforts and patience give her success by introduce Beauty and health products namely Pamoga and Qu Puteh is now known throughout the country, Brunei and Singapore.
  • She become a women entrepreneurs starts when she Now with middle age she is still eager to pursue business.
  • She had opened the salon business. From there, she began to make a variety of health and beauty products to meet customer needs in the salon for facials.
  • Provision favorable to herself when taking steps in her career by becoming a lecturer at the National Vocational Training Council (VLK). With this she is more active in promoting its products.
  • Atlast, now Vida Beauty products are now sold in the market in the country and abroad.

  

The traits that used by Dato Seri Vida are:

2.1 PROBLEM SOLVING

 An entrepreneur like Dato Vida should to be have entrepreneurial traits such as problem solving. Problem solving is the process of working through detail of a problem to reach a solution. Problem solving may included mathematical or systematic operation and can be a gauge of an individual critical thinking skills. An entrepreneur look at a problem as an opportunity to make his business become more success. A problem is literally an opportunity to get paid if you can be the one who solve it with successful as the can make their own identity. To be a successful entrepreneur, your natural response to any given problem should always be to ask yourself how you can solve that problems. Not who is to blame, not how that problem came to be just how the problems can be solved. Problems solving become a habit. As you become alert to problems with no solution, you become alert to new way to create, grow, develop and innovate new product. If you can marry this alertness to calculated action you will develop the instinct that you need to be an understanding entrepreneur. Dato Vida had use problem solving traits when she face problem with “Kafa” Kelatan football team but as an effecient enterpenuer she overcome the problem.

2.2 HIGH INITIATIVE LEVEL

Power of initiative is one way or the business that allows us to acquire a thing or object smoothly. In terms of entrepreneurship, the initiative plays an important role because through it, the entrepreneur can see the spaces and opportunities that can be taken as a medium for them to market their products and in turn can menampunghasil demand from buyers and users. Power initiative that has a high level of intensity that certainly helps entrepreneurs to be more inclined towards studying and analyzing the pattern of consumer demand and the factors that influence whether. This is a key success factor dato vida series. As a result of the attitude that likes to study and analyze the pattern of consumer demand and the factors that influence whether. Attitude dare to try this with existing initiatives, bring dato vida become a successful entrepreneur. Using the slogan on every product released as “Qu Qu Puteh Puteh Puteh Only” and “Lucky There is Good” has opened many opportunities and advantages to the company. Dato series vida take the initiative in promoting his products and accountable to each such issuance. Dato series vida an entrepreneur who is very efficient and is responsible for identifying problems and solving them with courtesy. It is thus made her a highly successful entrepreneur cosmetics nowadays.

  

2.3 TOLERANCE FOR FAILURE

Cosmetic product and health product by Datuk Seri Vida is famous especially in Malaysia. Before reaching to this level, there are many failure that Datuk Seri Vida has to face to put her product on top. Everything start when the government has provided RM1 million to Datuk Seri Vida to start her cosmetic business however she fail to make her product break into market due to an investment RM500,000 to advertised her product on local magazines, television, radios but she failed to promote her cosmetic product. She suffer from hypertension and stress but she always think positive which there always have a solution with the positive thinking she has successfully create her own formula from sea cucumber and pomegranates that create ‘pamoga’. Pamoga is a health product which reduce her own hypertension. Dato Seri Vida dare to introduced ‘pamoga’ by radios Kelantan fm with duration 15 minutes one session. Unexpectedly, her product get a good respond from people who is consume her product.

Datuk Seri Vida also has to face sabotages from people who is jealous of her. Her product which named ‘qu puteh’ has been banned by the health ministry because the health ministry director, general Datuk dr. Noor Hisyam Abdullah said that ‘qu puteh’ whitening pro contained a high level of mercury, a harmful substances the use of which is banned in cosmetic product based on a sampling done by the ministry national pharmaceutical  control bureau. ‘The bureau had received report of adverse effect from users’ said dr. Hisyam. Although there are so many challenge and so many times Datuk Seri Vida has fail to promote her product but she always tolerance and think positive to escape from the problems.

2.4 WORKCOMITMENT

Founder of the popular beauty products Datuk Seri Dr Hasmizah Othman who is known as Datuk Seri Vida a woman who has high job commitment in pursuing health and beauty products such as product good for health (Pamoga) and  products of beauty for women known as Qu Puteh to ladies who want to look beautiful and can also whiten and refine the skin. Besides that, she giving her a high work commitment in pursuing her business to reach international level.

     For example, she had a work commitment in business is that he often sponsored various programs in television to advertise beauty products and health products so popular in some countries. This case shows that the commitment of his work is so high that he has been dubbed as billionaire has many assets such as luxury cars and have a lot of home, the result of its growing business until now.Therefore, high work commitment is very important in a person successful entrepreneur, these factors will give a good impression to entrepreneurs to develop business as the founder popular of Beauty products.

2.6 SELF-CONFIDENT

Datuk Seri Dr. Hajjah Hasmidah Othman, better known as Datuk Seri Vida is one of the successful bumiputera entrepreneurs and rising of current through cosmetic products Qu Puteh and Smoga. Through the self-confidence to achieve what you want in your business building. He was willing to take risks with his career change from a teacher to a successful businessman who went on to become an entrepreneur known. Despite various obstacles that had faced Datuk Seri Vida always sure what needs to be done to continue to move forward and deal with any obstacles that washed ashore in front of her. Lost 2 sons in the fire is not a reason for despair in his continuing interest in the business. But he makes it as a spur to continue pursuing the success and continued existence.

Next Datuk Seri Vida trust the ability of businesses in sponsoring various television programs, in addition to promoting his products through sponsored TV show. Self-confidence is in him allows him to appear in a TV show sponsored. Not all entrepreneurs to take risks with sponsored shows, and the risk that will happen after sponsoring tv shows like censured if the user of the product or the tv show fans. In conclusion, every entrepreneur must have the self-confidence to succeed in whatever field they involve this is because without the self-confidence it difficult for an individual to be successful.

CONCLUSION

            In conclusion, an entrepreneur have to learn entrepreneurial skills to success in their bisness.  Besides, an entrepreneur also need to have good self qualities which are one of traits to become a successful entrepreneur. Other than self quality, examples of the an entrepreneur traits  such as persuasion, self confidence, work comitement, efficency oriented, tolerance for failure, high initiative level, information seeking and problem solving make a person to become a successful entrepreneur.

At the same time, entrepreneur traits like these are the main values that every entrepreneur should have to become success. At last, without any confusion we can terminate that an entrepreneur needs to apply the traits in their bisness to become successful entrepreneur

REFERENCE

Baron, R.A. & Shane, S.A. (2005). Entrepenuarship.  A Process Perscepective, 176.

Chikako, U.  (2011). Comparative Entrepreneurship Initiatives: Studies in China, Japan and the USA (The Palgrave Macmillan Asian Business Series). United Kingdom: Palgrave Macmillan.

Davidson. (2014). Innovation & Entrepreneurship Initiative. Retrieved from http://www.davidson.edu/innovation-and-entrepreneurship-initiative.

Dr. M. Kamalun Nabi & Dr. M. Saeed. ( 2013). Characteristic of Ananda Krishnan. Retrieved from http://amazeentrepreneurs.blogspot.com/2013/10/characteristic-of-ananda-krishnan.html.

Ellis, Charles D & James R. Vertin. (2001). Wall Street People : True Stories of Today’s Masters and Moguls. New York : John Wiley & Sons.

Evelyn Samuel. (2013). Tan Sri Tony Fernandes talks about the ‘how’s’ of his success. Retrieved from http://atheneumgroup.net/tan-sri-tony-fernandes-talks-about-the-hows-of-his-success/.
.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s