TASK 1 A

TASK 1 A

Introduction

The entrepreneur is an individual who, rather than working as an employee, runs a small business, and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes. Entrepreneurs play a key role in any economy. These are people who have the skills and initiative necessary to take good new market ideas to market and make the right decisions to make the idea profitable. The reward for the risks taken is the potential economic profits the entrepreneur could earn. To become an entrepreneur, we must have the traits that highly needed and applied to operate the business by the entrepreneurs. Some of the traits are networked, open risk taker, observant, visionary, failure is an option, open culture, outcome oriented, team oriented and proactive.

                         Tan Sri Dato’ Sri Vincent Tan Chee Yioun

Networked

In era science and technology benefits the business field to develop and make new contacts in business world through communication with other individuals. Networked can be means that a group of people or organizations that are closely connected and that work with each other in order to achieve the organization’s objectives and goals. In business, entrepreneurial networks are social organization offering different types of resources to start or improve entrepreneurial projects. Having adequate human resources is a key. The ability to network is one of the most crucial skills that entrepreneur should have. But many are put off by the idea of networking, thinking that it may requires a phony, glad-handling personality that to show the insincerity. Nothing could be further from the truth. Moreover, a good networker should be outgoing, sincere, friendly and supportive, a good listener or someone who will follow up and stays in touch with other people. These are the skills that an effective and good networkers needs. A large collection of business cards and a huge contact list does’t make you an expert at networking. Buildings value based relationships that are truly meaningful is what networked all about and these are the relationships that lead to business opportunities and long term relationships that are mutually beneficial. For the example, many entrepreneur go to the networking events, but a very few of them know how to network nicely and effectively with the other people. Networking is more than just getting out and meeting with other people. However, networking is a structured plan to get to know people who are willing to do business with you introduce you to those who are willing. So, the best way to succeed at the networking is to make a plan, commit to it, learn networking skills and execute plan. To make the best plan, you need to ask yourself what you want to achieve from these business, where do my customers and prospects go to network and how can I build my image and my business’s image in order to attract the customers. 

Tan Sri Dato’ Sri Vincent Tan Chee Yioun is an example of a successful entrepreneur who has the trait of networked. He is the sole founder of The Berjaya Group or known as Berjaya Corporation Berhad in 1984 which is a Malaysia-based large corporation which operating variety of businesses, including resorts, gambling, food and beverage and property. With his excellent networked skill, he able to communicate with entrepreneurs in different fields by attending several events and sharing his ideas and interest on diversifying entity engaged in the core businesses. He dare to take risk on purchasing the Malaysia McDonald’s franchise in 1980. His good networking skills with the franchisor by deliberating the business opportunity given in doing franchise business with a legal agreement between two parties. Besides that, he diverse his businesses and engage it in core businesses. Until now, he owns this private businesses such as Berjaya Assets Berhad which involved in property management, investment and development, theme park operation and others. His wholly-owned subsidiary, Berjaya Times Square Sdn Bhd operates a shopping mall, Berjaya Times Square in Kuala Lumpur. He concerns about telecommunication by aiming to make a difference in the telecommunication industry. U Mobile was the first telecommunication company to provide the fastest internet connection in Malaysia following the call of the Ministry of Information, Communications and Culture of Malaysia to support the government’s national agenda of providing constantly-improving broadband access to the diverse communities of Malaysia. Therefore, he joined as a stakeholder of U Mobile Sdn Bhd to help in expanding the businesses which provide relevant mobile services to targeted customers in both the consumer and enterprise segments. 

                          Tan Sri Dr Anthony Francis Fernandes

Open Risk Taker

To start a business, an entrepreneur must be having the brave to take risk and challenges that will be coming to. Risk can be defined as a possibility of failure or loss in pursuing some activity or event that related to a business. Risk bearing and entrepreneurship are inseparable from each other. Some of the most successful entrepreneurs took major risks, and they paid off in a big way. Shark Tank’s Barbara Corcoran turned a $ 1000 loan into $ 5 billion dollar real estate business that she sold for $ 66 million back in 2001. When most people hear the word “risk” they relate it to financial risk, but in the case of Corcoran the initial financial investment wan’t very risks. The risk came into play when she went all in, devoting 100 percent to making her business work with such a small amount of seed capital. Many would assume it isn’t possible to start a business with very little money, but those who aren’t afraid to take risks don’t see thing such as limited funding as handicap.

Tan Sri Dr Anthony Francis Fernandes, who also known as Tony Fernandes is one of the entrepreneurs who have the characteristics of open risk taker entrepreneurs. He was the Chief Executive Officer (CEO) of Air Asia and founder of Tune Group and currently serve as Group Chief Executive Officer Director of Air Asia Berhad. He introduced the first budget no-frills airline, Air Asia, to Malaysians with the slogan “Now everyone can fly” to encourage Malaysian to travel with lost cost flight ticket. He made a decision to buy the loss-making Air Asia and then transformed it from a small and struggling airline. Actually at October 2001, he meet Tun Dr Mahathir Mohamad and advised him to buy the Airline. Tun Dr Mahathir advised Fernandes to buy an existing airline, Air Asia, which was the heavily indebted subsidiary of the Malaysian government-owned that time. Fernandes took risk and bought Air Asia for a token of RM 1.00, but with that RM 1.00 came with a whopping of RM 40 million debt and two ageing Boeing planes. He dare to mortgage his house and use up most of his personal savings to sustain and grow Air Asia. However, a year later, he was able to clear off all the debt and the initial public offering (IPO) showed it was oversubscribed by 130 percent. With his observant, he believe that Malaysian will prefer a cut-rate air service would help to save more money and time especially in a tight economy. Therefore, he dare to take risk by providing the new budget carries by open up to countries within the region. The history of Air Asia and Tan Sri Dr Anthony Francis Fernandes had given a deep insight about the observant trait of a successful entrepreneur.