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Successful Entrepreneur Traits

Introduction

Entrepreneurs are people who start and run a business or organization. Entrepreneurs also known as the founder. He or she develop a business plan, obtain financing and hire employees need to run the business. Entrepreneurs starting a new business with a good idea. While development of enterprises, entrepreneurs are central people in the business.

Entrepreneurs also be defined as a person who is able to identify opportunities and implement actions to maximize opportunities. Entrepreneurs initiate entrepreneurship, risk taking and management resources to establish and operate a business is capable of self sustainance.

It is importance that entrepreneurial skill or traits and personal qualities of an entrepreneur to ensure the continually grow of business. In this assignment we will talk about and elaboration the traits which is highly need for entrepreneurs to operate the business. The meaning of traits is a distinguishing quality or characteristic, typically one belonging to a person.

In task1 (a), there are 9 entrepreneurs was selected and each traits which own by entrepreneur help or ensure them to become a well know or successful entrepreneur. There are 9 traits given by the question which is networked, open risk taker, observant, visionary, failure is an option, open culture, outcome oriented, team oriented and proactive. In task1 (a) will explain detail about how the traits own by the entrepreneur help them operate their business with supportive evidence.

In task1 (b), one entrepreneur will be selected and elaboration of five traits which ensure the entrepreneur to be success with supportive evidence. By the end of this assignment, we should understand the important of enhancement of entrepreneurial skill and personal qualities to help entrepreneur business continuous grow.

Akio Toyoda

He is the President and Chief Executive Officer (CEO) of Toyota Motor Corporation. He joined Toyota in 1984. In 2000 he joined the board of directors of Toyota. In 2005 he was promoted to executive vice president. In January 2009 he was named as the next president of the company. June 23, 2009 he was confirmed as the new president.

Outcome Oriented

The word "outcome" is defined as something that follows as a result or consequence according to Merriam-Webster Dictionary. The term "decision", then, to emphasize something that is the result of a specific event or action. The results are not always positive or desirable. Sometimes our actions lead to results that do not want and are not intended. The notion of "desired result" is commonly used as a general term that means "what one wishes to achieve or attain." It refers to the desired state or goal that a person or organization aspires to achieve. In short, the desired result is the answer to the question, "What do you want?" As a result, they are usually entrepreneurs will know that what they want and set targets or goals to achieve.

The outcome oriented entrepreneur that I want to introduce is Akio Toyoda. After he became president of the new company changed its corporate organization and invest a lot of money coming into the Toyota Center R & D Labs. Toyota Central R & D Labs is the institute gateway Toyota Group. The lab is working with Toyota Group and Toyota Technological Institute (TTI). At present, there are about 1000 employees conduct both basic and applied research in a wide range of topics and Toyota Group capital during the lab is 3 billion yen.

With the investigation "The 10 Biggest Spender R & D Worldwide" by Michael Casel and Robert Hackett, Toyota is the seventh largest R & D spender in the world in the world. Their R & D expenses in 2013 were $ 9.1 billion, which is almost 3.5% of their income in that year. Japan's largest maker of R & D investment areas including the environment and hybrid systems such as electric vehicles and fuel cells as well as security technologies, such as vehicle dynamics control and crash safety performance. The financial results of the second quarter, the company reported that this technology is the "foundation for future growth. We will focus our investment in this field."

Moreover, Akio Toyoda, Toyota also announced that it will invest $ 50 million to Stanford University and the Massachusetts Institute of Technology in the hope of getting an edge in the race to stop a speeding taxi man on 4 September 2015. The R & D program will be made within the next five years. The joint research centers located in Silicon Valley and other technology hubs in Cambridge, Massachusetts. He has also been hired robotics specialist Gill Pratt to supervise research aims to develop artificial intelligence and other innovations that will allow future car model to navigate the road without people doing all the steering and stopping. For information above, we know that Akio Toyoda has characteristics very results oriented to make sure he's become a very successful entrepreneurs worldwide.

David Filo

Filo was born in Wisconsin. At the age of six, he move to Moss Bluff, Louisiana, a suburb of Lake Charles, Louisiana. His graduation is from Houston High school and then he earned a B.S in computer engineering at Tulane University. Filo is estimated to be worth US 3.8 billion, which ranking him to the 580^th richest person around the world.

Networked

Network is a social economy business activities by the like-minded group of entrepreneurs recognize, create, or conduct business opportunities. Filo is founder of Yahoo and is a very successful entrepreneur, he highly show traits of networked. Filo's success story began at Stanford University, where he and Yang involved in a project, create one using computer-aided design computer chips, he found this work is so exciting, he decided to take his own a little vacation. Discard their academic work, they began to spend a lot of time surfing the net. In early 1994, they started their own list posted on the Web, "David and Jerry's Guide website," so that their friends can visit an informal guide to "cool" sites. Later that summer they re-dubbing system Yahoo. By November 1994, 17 million people a day visited the site. By 1998, Internet users of Yahoo  fall into more than million a day rate.

Power of the network will determine new joint ventures or existing business success and survival. It is believed that the potential benefits obtained from the network include better information, new credibility and exchange relations. Networks can also help Filo in obtaining a variety of resources and opportunities for business growth.

By 1999, not only by charging Yahoo advertising space in its pages, it may also involve online retailers make money through special cooperatives. The device, called Yahoo fixed fees and commissions to clients Yahoo guide to any transfer made on their website. Yahoo is also working with MCI and become an Internet service provider and information provider. This indicates that Filo is networked,this traits help him to become a successful entrepreneur. With the entrepreneur traits networked Filo are able to success which highly needed and applied to operate the business by the entrepreneur.

Tan Sri Lim Goh Tong

Lim Goh Tong was a wealthy Chinese businessman Malaysia stand out. He was known to his vision and courage in turning Genting Highlands from the hilltop that has not been explored in one of the most successful casino resorts in the world. He was the richest man in Malaysia with a net worth of US $ 4.2billion. He was an entrepreneur who never gave up because she often said "if we are confident with our decision, we cannot be bothered by ridicule or criticism."

Failure is an option                                

Failure is an option, but fear not. Nobody wants to fail, but failure to do so cannot be avoided on your way to success. George Bernard Shaw said: A life spent making mistakes is not only more honorable, but more useful than a life spent doing nothing. So, if you never fail then it may mean that you do nothing. Fail will show that you actually do something instead of just sitting in your comfort zone. Each entrepreneur is a risk taker, they were all failures including growth of entrepreneurs I want to introduce, he is Tan Sri Lim Goh Tong.

This one example is the story of Lim Goh Tong in his wake Genting Resort. When he told his plans to his friend and invite them to invest in the plan, almost all of them gaped in disbelief. There is also a telling him directly that he made. Many linking him with a silly old man saying that trying to move a mountain with a shovel spade, but Lim refused all these negativities and go ahead with its plans strongly. He assembled a team to explore the mountains and surrounding area. They gathered a variety of data about the topography, drainage, soil conditions and other relevant aspects of the region. These are very useful for Lim in developing plans for the resort.

There is a big challenge for Lim in the application for the project because the mountain straddles the border between the states of Pahang and Selangor. He began by placing a request made to the State Government of Pahang and they immediately passed his application on the recommendation of our first Prime Minister, Tunku Abdul Rahman. Selangor Government but only to give it on lease for 99 years to Lim. He went to see Datuk Harun, who is also the Chief Minister of Selangor and explained to him. Presentation lastly Datuk Lim is confident in recommending to the State which granted his request.

After getting approval from federal and state government, Lim started the project in the face of tremendous task. Among the problems that are building roads to the top of the hill, water and electricity supply. Lim managed to build access roads to the summit in the last three years when it is expected to be a period of fifteen years by the Government. During construction, Lim survived a close brush with death six. Meanwhile, Lim had to administer another major project in Kelantan, Irrigation Scheme prevention of crime at the same time. It stretched to the limits of physical endurance that he had to shuttle between Kuala Lumpur and Sabah and her work without leave. To supply drinking water from the outside to the top of the mountain would be technically difficult and financially ruinous and Lim is important to be self-sufficient in water supply. He built a water collection system to collect water, have their own water treatment system and water supply systems of their own. In addition, the National Electricity Board has rejected their application for bulk supply in the 1970s because the resort is about 20 km from NEB grid system and I will be expensive and difficult to install cables on terrain inaccessible mountain tops. So they have to find their own solution that they decided to carry out the project personally to connect to the grid system Genting Resort NEB. Total project costs including the cost of construction pylons and substations and power transmission equipment, was more than RM20 million.

Although there are many obstacles along the way to the top of Genting Highland Lim but he never felt disappointed and shy away. In the end, he does it and the one who reveals himself that he is not a stupid man.

Loh Boon Siew

Boon Siew was born in China. He spent his childhood collecting farrow (use as fuel) to make a living or survival. At the Aged of 12, he arrived Penang with a small boat from China with five colleagues, among them LohSay Bee and LohPohHeng. He can speak only Hokkien and have almost no formal education. He worked as an apprentice car mechanic when he arrived Malaysia. Boon Siew said that he hit his head every time he did something wrong. He stayed at keng’ at 4, Katz Street, Penangand he supplemented his income by washing buses at night to 10 cents per vehicle.

Visionary

The definition of visionary is showing or having a clear idea of ​​what should happen and do in the future and having or showing a strong imagination. From Boon Siew live we ​​can know that he is a visionary person, with the characteristics of entrepreneurs Boon Siew are able to become a successful entrepreneur and also knew entrepreneurs around the world. At age 18, Boon Siew buy 11 buses uses his $ 2,000 in savings. He repaired the bus and sell it for $ 12,000. He used the money earned to bring another 39 buses. In 1942, during World War II, his money was seized by the Japanese forces that attacked. After the second world war ended in 1945 and Japan was defeated, he began selling bicycles, tires and motorcycle accessories, and soon he expanded his business to a used of car, bus and transportation.

In 1950, Boon Siew enter into real estate development with his friends who is PohHengand Say Bee to build residential villas at Taman Saw Kit in Penang. His work was continued by his Boon Siew Group.

In 1958, Boon Siew noticed the popularity of Honda Super Cub motorcycle that was just introduced in Japan. He believes that this low-cost, high-efficiency engine will have a very good markets and grow rapid in urbanization area of Malaysia. This shows that Boon Siew is visionary, after that he continued plans to meet with Mr.Soichiro, who is the creator of the Honda, and quickly convinced him to establish a subsidiary Honda in Malaysia.

Finally, the factory of Honda Cub was built in Penang and the assembled of Honda motorcycle in Malaysia was renamed to the Boon Siew Honda. After that, Honda Cub was became the best sold of motorcycle in Malaysia and Boon Siew was knew as the first person who bring the Honda Cub into Southeast Asia.

 

Tan Sri Robert Kuok Hock Nien

Tan Sri Robert Kuok Hock Nien is Chinese millionaires Malaysia. According to Forbes estimated his net worth was $11.1 billion in 2015 Sept, making him the richest man in Malaysia. Tan Sri Robert Kuok was Kerry Group Limited Chairman of the Board.

Proactive

"Proactive" means control of the situation and make things happen or to prepare for a possible future problem.

Tan Sri Robert Kuok as proactive entrepreneurs. He started a new business or a business that has not been taken up by other entrepreneurs in Malaysia. Tan Sri Robert Kuok famous for his initiative in which he was the first person involved in the sugar business in Malaysia. It was courageous for her to start a business because there is no sugar that has been engaged in the industry before. He said he took the initiative to start a business trading in the sugar business since sugar is very important in the food sector. He also said that the sugar business is a simple business with the cheapest raw sugar, a man can become rich. (Robert Kuok Interview (with English subtitles, 2013) .Tan Sri Robert Kuok founded Sugar Manufacturing Malaysia in collaboration with Mitsui Bussan Kaisha Limited and Nissan Sugar Refinery in 1959. In 1968, he expanded his business to the sugar trade in sugar production. He starts a sugarcane plantation and started a joint venture with the government. After that, he established Perlis Plantations Bhd (PPB) and Perlis state government to clear 5,800 hectares of land for planting sugarcane FELDA owned. In early 1970, he set up a second sugar mill, refinery Kuala Perlis Felda Sdn Bhd and Felda plantation near. Tan Sri Robert Kuok continues to expand its sugar business internationally. In 1960, he expanded his business in Indonesia. Tan Sri Robert Kuok together with the big sugar producers and refiners, operated and Liong Liem Sioe develop sugar plantations and refineries in southern Sumatera. Finally, he had mastered 80% of the Malaysian sugar market (production of 1.5 million tonnes of sugar) which is equivalent to 10% of world sugar trade. In short, the initiatives of the sugar business to business give him the opportunity to build a business empire, and thus dubbed the "Sugar King of Asia".

Stan Shih

Stan Shih, founder of Acer returned as chairman in November 2013 with the main objective of the company through a third corporate transformation and return to profitability. Having completed the tasks set for the transition six months, in June 2014, Shih resigned from the post of chairman but remains as Honorary Chairman of Acer.

Open Culture

''Open Culture '' is a concept by which knowledge should be freely and growth must come from the developing world, change or enrich the work already existing on the basis of partnership and cooperation, without being bound to the rules relating to the protection of the law intellectual property.

Acer Group has an open culture of entrepreneurship. Stan Shih thinks most entrepreneurs will prefer to run his own small business than working for a large company. The key to recruiting entrepreneurs is a management philosophy that respects the independence, coupled with the company's employee ownership. In the company of really effective, each worker must be a shareholder in a big way. Shih often said: "Acer can grow rapidly, from tangible assets of view, is to raise the majority of funds invested by the staff; from the point of view of intangible assets, is highly centripetal force and close colleagues combined strength of the company and colleagues, is the corporate culture. "

Early on, the corporate culture from the edge of Acer founder common belief, though already a consensus among the staff, but there is no comparison system. Acer was founded in the first 10 years, they summed up four point, “Open, level of practice, contribute their wisdom and respect for customers.” Huang Shaohua, vice president, said: "Shih never force you to do anything unless you agree or willing to do."

Shih describe: "Acer is known for the manufacture of computer, are also well known for manufacturing millionaire." Shih said: "Acer starting from collective entrepreneurship to promote employees who shares, there is a very important intention is, I want my colleagues to know, although I was 'leading', but not the boss, I and everyone else are all guys" This is the key of Acer to building trust basis.

Anthony Francis Fernandes

Tan Sri Anthony Francis Fernandes is a successful entrepreneur in Malaysia. He was shorting his name to Tony Fernandes. Tony Fernandes was born in Kuala Lumpur on 30 April 1964, in the Malaysian capital, Kuala Lumpur Hospital, from Indian family. His father is the World Health Organization (WHO) doctor and mother is a businessman. Since childhood, Tony Fernandes live with his mother. In 1987, Tony Fernandes graduated with a Bachelor of Accounting from LSE University. After a lifetime of education, he worked as an auditor with Virgin Atlantic. In 1991, Tony Fernandes became the Association of Chartered Certified Accountants expert (ACCA), and he was upgraded to a fellow member of the Association in 1996. Tony Fernandes joined Warner Music after he returning to Malaysia in 1992 and he became the youngest Managing Director in that company. Then, Tony Fernandes is promoted to vice president of Warner Musia Asia. In 2001, Tony Fernandes was left from Warner Music and go to pursue his dream to start a budget no-frills airline.

Observant

On 2 December 2001, Tony Fernandes' company Tune Air Sdn Bhd to bought the AirAsia with sum of one ringgit (about USD 0.26 at the time), along with USD 11 million in debt (about MYR 40 million at the time). After Tony Fernandes take over AirAsia, that company turn a profil in 2002. Then AirAsia to open several new routes at Kuala Lumpur as the hub airports and promotional price of 1 ringgit ($ 0.27) price to attract comsumer. This is because Tony Fernandes was noticing is no all consumer able to take the plane because have a lot of  category low income.  So, he offer this promotional to make all consumer able to pay with this price and this also can attract other competitor’s customer. AirAsia operates scheduled domestic and international flights to 100 destinations spanning 22 countries such as Thailand, Singapore, Indonesia. This make the consumer convenience to them destination with low cost. AirAsia was have good services to them customers. Tony Fernandes was know have customer for category muslim. So, AirAsia it does not serve alcohol or pork to customers. For this we can know Tony Fernandes is a highly observant entrepreneur. From  Oxford Advanced Learner's Dictionary, observant meaning is good at noticing things around you. Tony Fernandes was noticing consumer was different category and culture. So, he provided the most comfortable service to consumers AirAsia.

Asa Griggs Candler

Asa Griggs Candler born on 30 December 1851 in Villa Rica, Georgia. He was uneducated because The Civil War happened during some of his youth. After the war ended, he did spend some time in high school, but he was anxious to get started in the outside. So that, he left his school and became a trainee from a pharmacy. After few years, he entered into business deals with his partner and had his own company in 1886. In 1888, he had built up one of the largest pharmacy businesses in Atlanta.

Open Risk Taker

Definition: A person who brave to do or make change something that could be dangerous or have a bad result.Although Asa Griggs Candler had his own business but he still bought the recipes of coca cola from John Pembleton by 2300 dollars because he saw opportunity from this soda drink. Coca cola is the first soda drink in the world and no other product had been marketed before. It is quite challenging because he needed to promote Coca cola to others and not everyone will feel interest on trying new things.

In advertisement, he hired salesmen to pass out the coupons for a free Coca cola to let the people try the drink, like it, and buy it later on. Besides that, he also decided to use the word of Coca-Cola by plastering logos on calendars, posters, notebooks and bookmarks as an advertisement to make Coca Cola became a national brand and not a regional brand. So that, he spent enormous sums on coca cola advertising. Although he could not be sure the success rate of Coca Cola, but he still spent a lot of money on it. If he fail, he would lost his money and time but he did not give up.

Besides, he also use his knowledge about the pharmacy to add in the Coca cola. He sold the Coca-Cola  as a medicine, claiming it would get rid of fatigue and headaches. It was too difficult to produce a tasty and sweet syrup by combine a soda drink with medicine but he tried his best and became the first successful entrepreneur in soda drink. From this, we can know Asa Griggs Candler is an open risk taker who had courage, innovation and visionary.

Jonney Shih

Jonney Shih is a successful entrepreneur in Taiwan. He was born in Lukang township, Changhua on 12 Angust 1952 from family civil servants. Jonney Shih graduated from Taiwan University Department of Electrical Engineering. He once was Acer vice president, director of computer systems. On 1992, Jonney Shih was leave from Acer with reason bleeding. Then he go to the United States to rest for six months. After he rest and he was returning to Taiwan on November 1992 and joined ASUS officially.

But actually on 1989, have four person Acer engineers under departmant Jonney Shih were plan to started them entrepreneurial. The four person engineers request Jonney Shih leave from Acer and to join and leading them. But Jonney Shih was no leave because at the time Acer was coincided with low tide. So Jonney Shih was subsidize 60% funds to they. On 1992, Acer change loss to profit, Jonney Shih was leave from Acer with reason bleeding. After he rest then he joined to Asus officially.

Team oriented

Jonney Shih is very attach importance to team oriented. From Oxford dictionary, team is meaning a group of people who work together at a particular job and oriented is meaning tailor or adapt something to specified circumstances. Jonney Shih was founding a team to management Asus. The team members were Ted Hsu, M.T. Liao, Wayne Tsiah and T.H. Tung, the four engineers and leader been Jonney Shih. In the team, each person to management different department. But the all decide must been discuss after approval with all team members. Because the team oriented is importance.

But on December 2003, the team was appear something conflict. After then Wayne Tsiah was leave the team and Asus. Jonney Shih was no do anything to impede Wayne Tsiah to leave them although Wayne Tsiah is a talented person and good leader. This is because Jonney Shih know if the team appear something conflict will be bring many trouble such as can’t make a accurate decide.  And now the team only left Jonney Shih, Ted Hsu and T.H. Tung. M.T. Liao was already retirement on 1997.

With leader by Jonney Shih, ASUSTeK Computer Inc. was become a most popular in globe with aspect computer. In addition, Jonney Shih was founding Da Vinci Innovation Lab. Under Da Vinci Innovation Lab. have two group. One group responsible for disruptive innovation, and another group responsible for continuous innovation. Because Jonney Shih know innovation can be divided into undermine innovation and continuous innovation, these two parts have distinct concepts. And Asus EeePC was the successful product research been  Da Vinci Innovation Lab. So this is show the team oriented is important to a leader.

Task 1 (b)

Tan Sri Lim Goh Tong

Tan Sri Dato Seri (Dr.) Lim Goh Tong was a prominent wealthy Malaysian Chinese businessman. He was renowned for his vision and courage in transforming Genting Highlands from an unexplored hilltop into one of the world's most successful casino resorts. He was once the richest man in Malaysia with a net worth of US$4.2billion. Born in 1918 in Anxi, a mountainous county in southeastern Fujian province, China, Lim Goh Tong was the fifth child in his family. His father was Lim Shi Quan and his mother Goh Ban.  Goh Tong was born into a rustic environment in a village, during that time, China was in a period of turmoil and unrest after the 1911 revolution. His father died when he was 16. Lim was forced to leave school and he and his elder brother had to take over the heavy burden of feeding his family. As China's situation was becoming worse, Lim Goh Tong decided to take the plunge in venturing out to Malaysia.

1 ) Proactive

How to proactively create or control of the situation by causing something to happen rather than reacting to it after it has occurred. Tan Sri Lim Goh Tong really is an entrepreneur who has proactive features. He would plan everything before he started and will not miss any opportunity in front of him.

One example that shows Lim is an entrepreneur who is proactive when our Bapa Malaysia Tunku Abdul Rahman made his first trip to Genting Highlands. In his speech, he said, to help accelerate the development of Genting Highland, the Government will consider promoting the application of Genting to operate a casino. Lim was decided immediately to upgrade the proposed Highlands Hotel of 33 rooms to 200 rooms. After that, he was planning to visit Macau casinos research and discussions with potential partners. After returning from Macau Lim submitting his application for a casino license to the Government. Remarkably, the application was approved on the evening later and Lim were asked to collect the letter of approval.

Another example that shows he is an proactive entrepreneur, he is trying to be proactive on the water and electricity supply Genting. Because Genting Resort on the top of the 1800 meter mountain, to supply water and electricity from outside sources would be technically difficult and complex, so they had to meet their own demand by themselves. He has formed a team to explore the mountains and surrounding area. During the expedition, they have gathered a variety of data about the topography, drainage, soil conditions and other aspects related to the region. With the help of data, he identified areas of potential supply and they have found an excellent source of water supply. After that, he built a water collection system to collect water, have their own water treatment system and water supply system of their own to ensure continuous water supply in Gaza. In addition, the National Electricity Board has rejected their application for bulk supply in the 1970s because the resort is about 20 km from NEB grid system and I will be expensive and difficult to install cables on terrain inaccessible mountain tops. So they have to find their own solution that they decided to carry out the project personally to connect to the grid system Genting Resort NEB. Total project costs including the cost of construction pylons and substations and power transmission equipment, was more than RM20 million. To ensure uninterrupted supply, they are forced to spend large sums on maintenance and upgrading their own power generation facilities as a backup system.

Moreover, fire safety is a paramount concern Genting Resort. Lim has set up their own fire brigade unit. Work on fire station equipped with five levels of fire alarm systems and fire fighting facility was completed in 1982. Lim also donated two fire engines Germany and the mountain areas of special fire-fighting equipment worth a total of RM8.2 million to the fire station in Gaza Resort, making it one of the best in Malaysia. In addition, there is also a 1.6-acre man-made lake was dug at the resort to serve the dual purpose of providing a place for boating and serve as a reservoir for firefighting. From all evidence we know that Lim Goh Tong is proactive.

2 ) Team Oriented

Lim Goh Tong shows the team oriented in action development of Genting. At the beginning of Lim Goh Tong organized a team of 20 people exploring the mountain, field surveys were carried up the hill, stayed nine days and eight nights in the mountains. Search on the the mountain terrain after officially put into development. On April 27, 1965, Lim Goh Tong established Genting Highlands Sdn. He led a team of technicians and workers to start work, the government later agreed to build a telecommunications tower halfway up the mountain for better reception but with the condition of the road was completed in three years and promised to provide subsidies of RM 900,000. Since he has to complete it quickly, he made the construction team to work in two shifts around the clock, seven days a week. Here is Lim Goh Tong said, and showed good distribution of work.

"Since I was committing myself to the time of completion of the project which half of the original target, I consider that my coaching team will have to work in two shifts around the clock, seven days a week. Sucking intensive pace of work is nothing unusual nowadays, but back in the 1960s it was rare. I divided the workforce into two teams: one to carry out survey work in front, the other to do the felling of trees, leveling and construction of roads back from the foot of the hill at Mile 20 Kuala Lumpur-old Bentong Road "(with My Story Lim Goh Tong).

On August 8, 1965, he began to build the road to the summit of Gunung Ulu Kali through a dense tropical rainforest and rugged mountainous region. He devoted all the time, money and resources, even risking his life several times to complete this important access road in three years, rather than the original target of six years. Fortunately they meet the deadline and received the promised subsidy of RM 900,000, a huge sum at the time and a great help to them. Since the establishment of a good team so, his work can be completed earlier than expected.

3 ) Networked

The brief meaning of networked is interact with other people to exchange information and develop contacts. Tan Sri Lim Goh Tong is networked which ensure or enable him receive help and encouragement from Malaysian Government to turning a jungle-covered mountain into a top tourist resort. There are some evidence to show Goh Tong is networked.

First, Tan Sri Lim Goh Tong owe a debt of gratitude to our first Prime Minister Tunku Abdul Rahman which giving him the opportunity to embark on his venture. Developing Genting Highlands is a formidable task. Tunku confidence in Goh Tong boosted him to be courage and determination to fight against all obstacles. Furthermore, Tunku enabled Goh Tong to play the role. The wish to develop Gunung Ulu Kali as a highland resort had been in the Tunku’s heart. Goh Tong success in completing the gruelling task also means the fulfilment of the Tunku’s wish.

Moreover, Malaysia’s second Prime Minister Tun Abdul Razak also gave Goh Tong solid support and encouragement. After his visit to Genting Highlands, Tun Razak had proposed a six-year pioneer status for every highland resort business, a one-year extension of the original five years. This brought Genting Highlands RM8 million in tax savings, which Goh tong reinvested into development work. Besides that, Tun Hussien award Goh tong Tan Sri-Ship award because of their contribution to the country’s tourism industry.

Next, Malaysian’s fourth Prime Minister Datuk Seri Dr Mahathir Mohamad has shown great interest in the development of Genting Highland . Dr Mahathir give Goh Tong a valuable advice and publicly expressed support for Genting which will help Genting Highland continue to grow. In Dr Mahathir speech as guest of honour at Genting’s 25^th anniversary on 11 august 1990, Goh Tong is honoured by Dr Mahathir ‘s words. Goh Tong also thankful for his able leadership which has brought political and social stability and burgeoning economic.

Lastly, Goh Tong also get support from friends which is Tan Sri Haji Mohd Noah. 1960s were tumultuous years for Malaysia, because of the Indonesia Confrontation and the breakaway of Singapore from Malaysia. Against a backdrop of political turmoil, Goh Tong embarked on the arduous task of developing Genting Highland. At a time when Goh Tong was cold-shouldered by many friends, Tan Sri Haji Noah stood by me steadfastly. Without his staunch support all the way, I doubt if I could have succeeded in my undertakings.

From the evidence above we know that the traits of networked help and enable Goh Tong to become a very successful enterepreneur which is highly need and applied to operate the business.

4 ) Open Risk Taker

Definition of open risk taker is an individual or business that tends to behave in a way that can potentially cause physical harm or financial loss, but might also present an opportunity for a rewarding outcome.

In 1963, Tan Sri Lim Goh Tong was working in Cameron Highlands, he has an idea to build a highland resort for everyone to enjoy the cool mountain air. After that, he returned to Kuala Lumpur and manage to search a mountain which near Kuala Lumpur. He identified GunungUlu Kali which between the states of Selangor and Pahang.Although many peoplethink that his idea as an impossible dream or project but he still felt excited and manage to take the risk develop a mountain resort.

He did not give up his dream but keep going on. He gathered a team to do some research and exploremountain surrounding. In 1965, he began built the road to from the foothills to the peak of GunungUlu Kali through the tropical rainforest. Even though the process built access road to the peak of the mount was very tough, but he did not quit from his dream, he still believed that a tourist resort on the mount was possible.

Finally, he completed this access road within three years, more faster than the original plan six-year target. He spent all his savings, time and resources into turning GunungUlu kali to Genting Highlands which is a tourist resort. He not only needed to build the access road but also  todevelop Genting Highlands which include hotels, entertainment centre and the golf course.

In 1969, the government approved the first casino license inGenting. He knew maybe he will lose all his money and time on developing Genting but he kept on his development. From this, clearly shows that Tan Sri Lim Goh Tong is an open risk taker.

5 ) Visionary

From Oxford Dictionary, visionary meaning is thinking about or planning the future with imagination or wisdom. in 2004, Lim Goh Tong make a visionary decision which is let his son Lim Kok Thay take over his businesses, Genting Group. Lim Goh Tong know that his son Lim Kok Thay is a outstanding businessman. Lim Kok Thay is a successful entrepreneur in cruise industry. In 1990s, Lim Kok Thay selling off the hotels and casinos in Australia and the Bahamas. Then Lim Kok Thay invest in the cruise industry. When Lim Goh Tong first acquaintance with this industry, he also consider this industry is potential and can bring the more opportunity to get profit. So, Lim Goh Tong gave full suppor to Lim Kok Thay to invest in the cruise industry. After several years of efforts, Lim Kok Thay become a successful entrepreneur in cruise industry. And Lim Kok Thay’s cruise company is own most large cruise compare with other cruise company in Malaysia.

From this, Lim Goh Tong confirmed his son Lim Kok Thay is very talent and suitable in business industry. So, in 31 December 2003, Lim Goh Tong decide hand over the chairmanship of the Genting Group of companies and pass to Lim Kok Thay take over to continue his businesses.

Nowadays, Genting Highland is prosperity and continue to grow or expansion due to leadership of Lim Kok Thay. This obviously shows that the of decision Lim Goh Tong make is visionary. 

Conclusion

At the end of the assignment, we know that the importance of the entrepreneurial skills and personal qualities own by the entrepreneur to help them continuous grow in their business. As shows in task 1 (a) and (b), the traits which is personal qualities own by each entrepreneur help them in their journey to become the empire of business by linking the supportive evidence.

In task 1 (a) and (b) clearly or obviously show that traits own by entrepreneur is significant to help applied and operate in their business. In short, through this assignment we know that it is importance to enhance entrepreneurial skills and personal qualities. This is because successful entrepreneur contribute a lot in country economy grow.

For example, they create more jobs opportunity which Improve people's living standards. Furthermore, entrepreneur produce new goods which is innovative to attract foreigner buyer. This will due to the increasing in the value of the local currency because of the flow of foreign currency into country.

Thought unique new goods and services, entrepreneurs break away from the traditional and indirectly support the freedom to reduce reliance on outdated systems and technologies. Overall, this results in quality of life, greater zeal and economic freedom.

For example, the water supply in a limited area will, at times, it forces people to stop working to collect water. This will affect the business, productivity and income. Imagine, low-cost automatic, pump based on the innovative flow of water can fill the former home of the people automatically. As the installation will ensure that people can focus on their core job without having to worry about the basic necessities such as carrying water. More time to focus on the work means economic growth.

In conclusion, this assignment provide an understanding importance of the enhancement of entrepreneurial skills and personal qualities or traits to ensure the continuous grow in business.