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 580th 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 25th 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.
