UNIVERSITI
UTARA MALAYSIA
ACADEMIC
YEAR 2015/2016 (A151)
COURSE
CODE: SADE1013
COURSE:
INTRODUCTION TO ENTERPRENEURSHIP
GROUP:
S
GROUP
ASSIGNMENT:
Entrepreneurial Traits By Entrepreneurs
GROUP
MEMBERS
NO
|
NAME
|
MATRIC NO
|
1.
|
CHEW JIN WEN
|
240259
|
2.
|
SANDRA TEO CHEW TI
|
239810
|
3.
|
TEOH HUI YING
|
238543
|
4.
|
AHMAD MUIZZUDIN BIN AHMAD SHUHAIMEE
|
239840
|
5.
|
BALQIS BINTI ABD BASIR
|
239875
|
6.
|
NOR ASHIKIN BINTI ABD RAHMAN
|
240306
|
7.
|
UMAWATHI A/P KISNAN
|
239790
|
COURSE
INSTRUCTOR: DR. DONNY ABDUL LATIEF POESPOWIDJOJO
Introduction
Entrepreneur and
entrepreneurship are the words that used widely in economic literature since
Richard Cantillon in his book written in 1755.
Entrepreneurship is an important engine of growth in the economy. An
entrepreneur is a person who organizes, manages well, and assumes the risks of
starting as well as operating an enterprise. Entrepreneurs must be willing to
put in long hours and hard work. Proactive, networked, open risk taker,
observant, visionary, failure is an option, open culture, outcome oriented and
team oriented should also be an important part of one’s entrepreneurial traits.
All the entrepreneurial skills will helped an entrepreneur successful in their
future.
Entrepreneurial activity is imperative for firm survival. In an
organization or firm high outcome oriented, the acceptance of risk and high
proactive spirit are the best configuration to attain results from
entrepreneurial efforts. Instead, the key qualities traits such as team
oriented, the ability to keep going to face of hardship, and the social skills
needed to build great teams. Successful entrepreneur have many traits in common
with one another. Here are five traits
of the successful entrepreneur which we choose from Tan Sri Syed Mokhtar
Al-Bukhary. The main entrepreneurial traits in Tan Sri Syed Mokhtar Al-Bukhary
are proactive, visionary, open risk taker, failure is an option and networked.
Although there are many entrepreneurial skills that a successful entrepreneur
will have, but the following five traits are the ones that you absolutely need
to make a successful high-growth business venture. From this we can see there
is a clear positive relationship between entrepreneurial talents and success.
Task A
Textbooks
on entrepreneurship tell us that the word entrepreneur is derived from the
French ‘entreprende’ meaning “to undertake’’. The entrepreneur is who undertakes
organize, manage and assume the risks of a business. Ronstadt (1984) defines an
entrepreneur as a creative innovator who recognizes and use the opportunities
well and converts these opportunities into marketable ideas. The 19th Century
Industrial Revolution economists such as Adam Smith, David Ricardo and Carl Max
identified in economic entrepreneurship can combined with all resources that is
land, labor and capital to produce profit instead influence economic growth.
So, if the entrepreneur want to achieve their business there have some
entrepreneurial skill such as networked, open risk taker, observant, visionary,
failure is an option, open culture, outcome oriented, team oriented and
proactive are highly needed to operate business.
Networked
According to Oxford Advanced Learner’s
Dictionary, network means a closely connected group of people or companies.
Network is important in business as it will build trust and good relationship
with customer, partner and stakeholders. Network is also about interaction
between entrepreneur with their customer and partner. There are lots of
entrepreneur used this traits in their business to become successful. One of
them is Larry Ellison. He is the 5th richest man in the world with wealth of
$48 billion.
Larry Ellison was known as an American
Businessman. He was born in Bronx, New York on 17 August 1944 while his mother,
Florence Spellman was 19 years old which are unmarried. He suffered from
pneumonia when he was nine months old. Because of this disease, his mother sent
him to Chicago to be taken care by his aunt Lilian Ellison and his uncle Louis
Ellison. During his secondary school life, he studied in South Shore High
School, Chicago III. After that, he continued his studies in University of Illinois,
Campaign in 1962. But he only managed to study for two years and he dropped out
because his adopted mother which is his aunt passed away. He entered the
University of Chicago after that, but he dropped out after one semester. In
1966, at the age of 22, he moved to Berkeley, California and started to look
for a job. He worked as a programmer in Amdahl Corporation and he has learned
some basic computer skills. He used those basic computer skills to work on the
first IBM Journal of Research and Development. While using the IBM, he
discovered Relational Database Management System. Together with his coworkers
Bob Miner and Ed Oates at Ampex, they built a database for the CIA, which
called ‘Oracle’ in 1977. They developed the database and worked on as the beginning
of their association.
Oracle
offers an optimized and fully integrated stack of business hardware and
software systems. To create a network between community, partner and customer
of Oracle, Oracle had created a group named Oracle Partner Network (OPN) Cloud
Connection to engage with Oracle and other partners. This offers allowed people
to decide their Cloud Strategy before decide to join OPN and become a
profitably partner with Oracle.
Abu
Dhabi Department of Finance (DOF) have worked with Oracle to design and
implement an end-to-end security solution for the existing Oracle Database
environment to safeguard sensitive information against intrusion, unauthorized
activities, leakage and also theft. Dr. Hazem EL Khatib, IT Director of Abu
Dhabi Department of Finance said: “Oracle’s strategy of engineering and
integrating hardware and software to work best together, as well as the great
tools and best practices that the Oracle Advanced Customer Support Services
team brings to the table, guarantee that DoF and its constituents benefit from
in-depth IT security that covers every layer of our cloud architecture.
Following the advice of Abu Dhabi Systems & Information Centre, DOF chose
Oracle for most of its infrastructure and applications. Multiple auditors tried
to find a weak point in our security but they did not identify anything, so
we’re really pleased with the result”.
Open
risk taker
One of
the entrepreneurial skill that helped entrepreneur to achieve success is open
risk taker. Definition of open risk taker is a person who is willing to accept
something even though they know that something bad could happen as a
result.(Oxford Advanced Learner’s English-Chinese Dictionary 2004; Sixth
Edition by A.S; Wehmeier Hornby, Sally; Ashby, M, page 1503).
Many
entrepreneurs believe that risk is just an “occupational harmfulness” it can be
minimized or neglected by a savvy businessman. This way of thinking is
briefness and erroneous. Honestly, some risks are superior and should be
entertain for growth and a competitive advantage, while others are erroneous so
should be completely avoid. In traditional, risk management only focus on bad
risks, and maybe involve losses. Anyway if you want growth and persistently your
business, you must need to robust the strategic risk, which means deliberately
taking a risk to evolve your business or acquire competitive edge. As a matter
of fact, all entrepreneur must take the right strategic risk to minimizing
other risks.
In addition, risk takers are love to
solve problem. Risk taker always do what they want to do and this can encourage
you to spend more time on a challenging problem. This method will afford you to
identify other opportunities and you can take this advantage of market gaps in
your business. For example, Sandra Peterson the women who are already 56 years
old as a New York City native. She have an outstanding resume reveal her
extensive experience such as businesses, running product lines and entire divisions
from Whirlpool, Nabisco, Merck-Medco and finally Bayer. In several cases she
try to take the challenge of business and making it success and profitable.
Sandra Peterson says to be a top person in the world that is no shortcut and
must always take on risky roles. So, she thinks that all entrepreneur need to
take more risks in sequence go straight ahead.
Ms.
Sandra E. Peterson, as known as Sandi, she has worked in six different
industries a very different businesses and after that focused on the
marketplace and changed to industry dynamics. In the past 20 years, she has
accepted every challenges and risks in each of the high profile senior
executive jobs. For instance, Peterson worked on innovative product
development, brand marketing strategies, and new business and she served as
Management Consultant of McKinsey & Company from 1987 to 1993. From 1993 to
1996, she serves as the Chairman of the Board at Wildlife Trust worked on
different global executive positions with home appliances manufacturer
Whirlpool Corporation. She was take the risk and challenges in outstanding
positions at Nabisco and Whirlpool Corporation. After that, she held as Senior
Vice President of Marketing at Merck-Medco Managed Care LLC since January 1999
to March 2001. Her scope of worked at Medco included business development,
branding, strategy, product development, cooperation management, and marketing.
Besides, she served as a Director of Handle Man Co. from 2001 to November 2005.
2003 to February 2004 served as its Group President of Government at Medco
Health.
Moreover,
Sandra E. Peterson changed into a new industries and served as the President of
Diabetes Care Division at Bayer HealthCare AG since May 2005 as a challenges or
risk. From January 2009 to October 2010, she served as the Head of The Medical
Care Division at Bayer AG and Bayer Crop Science AG. Likewise, she also served
as the President of Diabetes Care Division at Bayer Healthcare LLC and has been
as Chairwoman of Management Board and Chief Executive Officer at Bayer Crop
Science AG from October 2010 to November 2012. After the variety of leadership
roles, lastly she served as Group Worldwide Chairman of Johnson & Johnson
since December 2012.
Observant
The
second entrepreneurial traits that must has is observant. Observant can be
defined as a good at noticing something that happened around the environment.
The successful entrepreneurs usually observing every opportunity that appears
in front of them and grab the opportunity and turn to a good business
strategies. For example, entrepreneurs see the problem among society as an
opportunity to them, so they will find the way to produce some product that
will gained many benefit to the society. When their product was accepted by
society, the number of production will increase by time to fulfil people needs.
For this
trait, we can choose Tan Sri Shed Mokhtar Al-Bukhary as an example. He was born
in Alor Star, Kedah on 1951. His family are from Hadhramaut, Yaman, which his
father was a traveler to trade purpose. Before he achieving his success, there
is a few challenges that must be face. Tan Sri Shed Mokhtar Al-Bukhary was an
observant person because he can see opportunity in front his view. He observe
the chances that appears in front him in way achieving the success. For example
from supplying rice, he observe the potential of sugar field and try to
expanding the other commodity like sugar through Bukhari Sdn. Bhd that still
operating until now. After one year, his company started it operation, he build
Bukhary (KL) Sdn. Bhd to get a contract to supplying rice, tea, cocoa powder ,
milk powder and ghee to government. Once he get the supply contract, Tan Sri
Mokhtar established Susu Mas Sdn. Bhd in 1979, which is joint ventures with New
Zealand Milk Product and then put into the market under Fearnleaf and Anchor
brand. Through his observe, he was helped lighten the society burden and spread
his business.
Visionary
Visionary also is one kind of entrepreneurial trait that must take by
entrepreneurs.
The meaning of visionary is original and showing the ability to think about or
plan the future with great imagination and intelligent. Visionary entrepreneurs
is the one who have their own great plans for their company’s future. They will
make a good and brilliant strategies for their company to advance their
company, so it will leaded the company that have high reputation rather than
others and become a well-known company. A successful entrepreneurs who have
visionary trait will showed they have their own great dreams in the future. In
fixed their vision, they must do some research and intensive studies, so they
can get a good result when he leads the company. As a smart entrepreneurs will
made a good and the accurate decision in their company’s goals and consider the
any challenges, threats and sometimes opportunity that they will face when they
lead the company.
One of
the entrepreneur who have this visionary trait is Lee Byung Chul, a person who
founded Samsung Group. As we know, Samsung was the largest OEM provider in the
technology world. This technology spread over the world. Byung Chul was planned
and think about the future such as compete his brand with another electronic
company for example Nokia, Motorola, Sony and the other brand. With thinking a
little bit far than others, he also set up a vision which is manage to produce
memory chip and make the Samsung become the biggest producer of memory chip
after Intel. Because of his persistence, his company have produce various
mobile phone that have various shape and color the most important is have
different function for each model phone from time to time. This trait helped
Byung Chul to achieve what he want and bring the name of Samsung to the high
level compare with other electronic company like Apple (Steve Job). Through his
vision, people all over the world are used his brand (Samsung). These trait was
helped entrepreneur success achievement and economic growth. For those
entrepreneur who want success their business must have their own visionary.
Failure
is an option
Failure
means that the performance of something do not achieve the expected results.
Failure is a word which carries a negative connotation. Nobody wants to defeat
but it is impossible to live without failing at something. It is difficult to
admit failure, but you need to admit it before failure admits you. Winston
Churchill, who once said: "Success is the ability to go from a failure to
another with no loss of enthusiasm". As an entrepreneur, failure is
inevitable on the path to success. Entrepreneurs need to make mistakes, learn
from their blunders and try to overcome them in their next attempt. These will
become well-trained and posing a better future for themselves. Failures will
give a better point of view to us, through which we can march our way onto
success. So we should always regard failure as the first step to success.
One
great example is how the famous inventor, Thomas Alva Edison (in USA), who had
invented a commercially practical incandescent light bulb. Thomas Edison began
his incandescent light bulb research in 1878 as he hoped could compete with the
gas and oil lighting. Edison realized that the lamp that he had to produce
would have high resistance and low voltage. With unflagging determination, he
and his team had tried out thousands of different kinds of filaments (first
with carbon filament then platinum and other metals and in the end returned to
carbon filament) to find just the right materials to glow well and be
long-lasting. On 22 October 1879, Edison successfully tested a filament that
burned lasted 13.5 hours. After continuing to improve his design, he filed for
a U.S. patent (granted on 27 January 1880) for an electric lamp using “a strip
coiled or carbon filament and connected to platina contact wires” by 4th
November 1879. The filament was made from a piece of carbonized thread. Edison
and his team observed that a carbonized bamboo filament could last over 1200
hours after the patent was granted for several month. Through his career, the
invention of a commercially practical incandescent light bulb had covered the
way for the general domestic use of electric light.
From Thomas Edison in invention a commercially practical
incandescent light bulb, we can learn that we should not easily to give up when
we are facing with failures because failures is the stepping stone to success.
Before becoming successful, Thomas Edison had tried more than 10,000 times to
create the light bulb. When asked about
his failures, Edison stated that, “I have not failed. I’ve just found 10000
ways that won’t work”.
Open
culture
Successful entrepreneurship has been categorized by their ability to
accept open constructive critique use of feedback, decision making, human
relations and independence. The inter-relationship of the individual and the
organization is very important. For instance “supportive” type manager, which
encourages subordinates to provide feedback and to have a say in decision
making processes, will foster the relationship between manager and the
employees. Managers that pose open questions and open to honest responses of
employees, shows that the entrepreneur have the entrepreneurial trait which is
open culture.
Open
cultures have managers and leaders who are easy to approach as well as thus
tend to see higher employee satisfaction. For example, Tony Hsieh CEO of Zappos
is concerned and give importance with delivering an unmatched customer
experience through an engaged and by their positive company open culture. He’s
so committed in his work that he compensates employees who decide and feel that
they aren’t satisfied in their roles. Therefore, a good management of human
relations within the firm allow the firm to grow and thrive.
Another
example of entrepreneur that have open culture trait is Tory Burch, Chairman,
CEO, and Designer of Tory Burch LLC. She has created a multi-billion dollar
fashion conglomerate. Her secret is that she always encourages her employees to
work smarter, not in a long hour. She argues that it’s not about the quantity
of work instead it’s about the quality. By focusing on the results that matter
rather than how much time that they should put in, she has created a successful
and supportive work culture. It is important for culture needs to focus on
results, focus on employees, be professional and have an open system. Good
leaders always encourage culture where every team member’s ideas are heard and
appreciated. She always accepted ideas from all sources and imaginative as well
as they encourage. This trait develop the culture in which entrepreneurship is
fostered and thus maximal results from entrepreneurial efforts in a company can
be achieved.
Outcome
oriented
According
to Cambridge Dictionary Online, outcome in business means the result or effect
of an action or situation while oriented means showing the particular direction
in which something is aimed. Outcome oriented is foremost in business in order
to success or to reach a target in one’s business. Walt Disney is one of the
successful entrepreneur that having this traits. He aimed for a clean and well
organized theme park, motel-hotel resort vacation center, and his Experimental
Prototype Community of Tomorrow where the entire family could have fun
together. Finally, he managed to create an amusement park named ‘Disneyland’ on
July 18, 1957 in Anaheim, California that is very famous all over the world
till now. A word from Walt Disney "If you can dream it, you can do
it."
Walter
Elias Disney (Walt Disney) was born in December 5, 1901 in Chicago Illinois. He
is an American animator, filmmaker and also a businessman. Walter is the fourth
child among five of his sibling. Walt Disney has interest in drawing and arts
since his early life. He attended McKinley High School in Chicago but after
that he dropped off and served for World War I as an ambulance driver. By 1922,
he built up a small company named ‘Laugh-O-Grams’ together with his partner Ub
Iwerks. However, this company soon went bankrupt.
After
this failure, he goes to Hollywood, California with his brother Roy Disney. He
establishes the Disney Brothers Studio when he had a contract for the “Alice
Comedies”, which is a series about a young girl filmed in live action that
interacts with animated characters. In 13 July 1925, Walter married Lillian
Bounds, one of his employees. Walter and his brother Roy rename the studio to
‘Walt Disney Studios’ and move it to a new building on Hyperion Avenue. A film
distributor ‘Charles Mintz’ signed a contract with Walt Disney Studios to
create new series of animation films. Walter then started to work on a new
animated character called ‘Oswald the Lucky Rabbit’. This series was end up
successfully, but in 1928, Walter discovered that M.J. Winkler and her husband,
Charles Mintz, had stolen the rights of it. Walter the n begin with a new
animation which is Mickey Mouse. Walter had released two Mickey Mouse cartoons,
which are moderate success. He joins the advanced guard of the talking picture
revolution when he produces Steamboat Willie, an innovative cartoon with
combination of sound and animation.
Walter
created the 'Silly Symphonies', a series of cartoon that did not have a
continuous character in 1929. Walter released ‘Three Little Pigs’ with the
original song, “Who's Afraid of the Big Bad Wolf?” .The song becomes very
famous and as a national hit and an anthem for the Great Depression. In 1937,
Walter released the first full-length animated musical feature ‘Snow White and
the Seven Dwarfs,’ premiered at the Cathay Theater in Los Angeles. He continue
to produce more of the animated features which are Pinocchio in 1940, Fantasia
in 1940, Dumbo in 1941, Bambi in 1942, Cinderella in 1950, Alice in Wonderland
in 1951, and Peter Pan in 1953, Lady and the Tramp in 1955, Sleeping Beauty in
1959, and 101 Dalmatians in 1961. All of this animation were all successful. He
also produced The Mickey Mouse Club in 1955, Zorro in 1957 and Mary Poppins in
1964, the lavish musical fantasy.
Nevertheless,
he did not finish those plans. In 1966, he died in the hospital on December 15,
1966 at the age of 65 because of lifelong smoking. However his death don’t
seemed to stop him. His brother Roy carried on his plans to build the Florida
theme park, and it opened in 1971 under the name ‘Walt Disney World’. His
company continues to flourish, continue producing animated and live-action
films that started by one man ‘Walt Disney’, who will never be forgotten. Last
words from Walt Disney before his death ‘I hate to see downbeat pictures. I
know life isn't that way, and I don't want anyone telling me it is’.
Team
oriented
Team
oriented in business means a person that stress a spirit of teamwork. With this
situation, they can do their works effectively with others. For example, there
have some project to do in company, so as a team oriented one person can be
choose as a leader to conduct the project. Then, as a leader he or she must
build a group members to finish up the projects. Furthermore, as a team
oriented, all members must responsible and alert for their own jobs or activities.
They must always do a discussion to settle up the work. Then, as we know, all
members must responsible to come for the discussion on time. They must show a
good discipline attitude. So, if all members can give a good responsibility the
teamwork can be handle as well.
Moreover,
there may have some misunderstanding among group members especially when there
have some problems in the projects therefore all members should not give a
negative opinion and angry to each other instead they must give a good
suggestion to solve it. In this case, all members must think positive and
accepts the best idea to solve the problem. Not only that, all members should
maintain open communication among them especially with their leader. With this
hard situation, all members should be humble and control their emotion well.
Based on
the explanation above, there have one example of entrepreneur that have the
characteristic of team oriented. He is Sam Walton, an American businessman for
founding retail chain Wal–Mart. He was born on 29 March 1918 in Oklahoma. In
1962, he opened the first Wal-Mart. At age of 70, Walton become CEO of his
company and still work hard in this field until his death in 1992. When Sam
Walton open the Wal-Mart of course he need members to help him in his company.
As a leader, he can manage his members well during the work. As a team work,
they always give a good promotion and treat the consumer well. So, it is not
surprising when Wal-Mart’s stock had jumped to $45 billion. In addition, Sam
Wilton actually is a strict leader but at the same time he can give a good
cooperation with his team work. This can be seen throw his quotes “We all
working together, that’s the secret”. Then, as a leader he didn’t afraid to
change any group members in his company if there have some problems. He will
change the members based on their ability to do their work. This shows that he
can be a tolerated leader.
Proactive
Proactive
is one of the most important entrepreneurial traits that is highly needed and
applied to operate the business by the entrepreneurs. Proactivity is the
ability to spot opportunities. Proactive can be define as creating or
controlling a situation by causing something to happen rather than responding
to it after it has happened.
Proactivity
commitment and determination represent an entrepreneur personality that is very
crucial in development and glory of an entrepreneur. In every stage of
business, an entrepreneur needs those features. For every beginning of a
business, an entrepreneur needs to be hardworking, committed, determination and
toughness to face all the obstacles, resistance, problems and failure in
enlarging the business. In the stage of survival, an entrepreneur needs these features
to face every difficulty and to gain advantages of competition between other
competitors. In the stage of growth, entrepreneurs needs these features to keep
enlarging their business to international level and gained profit. Through this
entrepreneurial trait, entrepreneur will achieved more competition and to
obtain longer products’ life in the market.
This
proactive feature can be seen at Tan Sri Loh Boon Siew, an entrepreneur who
does built a motorcycle factory in Penang. As a successful entrepreneur, Tan
Sri can be seen as a high proactive entrepreneur for the company he had been
founded which was importing Honda motorcycle from Japan to Malaysia. This can
be seen as he built the first motorcycle factory in Malaysia, Boon Siew Assembly
Plant belongs to Boon Siew Sdn Bhd at Mak Mandin Industrial Zone in Penang.
With the foundation of this factory in 1969, Honda motorcycle was not assembled
in Japan but it started assembled in Malaysia and can save the cost of
assembling and sales. After this factory was built, Boon Siew Sdn Bhd also
introduced several new models starting 1971 that is Honda S90Z this can been
shown Tan Sri Loh Boon Siew is a proactive person. Nowadays, there are so much
Honda models in market. By this proactive features, Tan Sri Loh Boon Siew has
been one of the most successful entrepreneur in motorcycle area. There are
certain entrepreneur who does have the ability to look straight just like Tan
Sri.
TASK B
One of
the successful entrepreneur that we choose in this task is Tan Sri Syed Mokhtar
Albukhary. Tan Sri Syed Mokhtar Albukhary as known as a successful
entrepreneurs in Malaysia. He was born on 1951 in Alor Setar, Kedah, from a
family of Hadhramaut, Yemen origin. Tan Sri Syed Mokhtar has seven siblings and
he was the third child of seven siblings. He went to Johor Bahru and live with
his uncle Syed Omar, when he was nine years old and continued his studied until
Form 2. Due to the privation in life, he returned to Kedah again to continue
his studies until Form 5 at Saint Micheal’s School. Tan Sri Syed Mokhtar
Albukhary was gained a lot experience and knowledge pass through his own
entrepreneurship experience during his life. All this experience and knowledge
made him successful in few business areas which include construction, property
development, power generation, plantation, engineering, transportation and
logistics. The five characteristics that brings Tan Sri Syed Mokhtar Albukhary
successful in his own business areas is proactive, open risk taker, visionary, failure
is an option and networked.
Proactive
One of
the characteristics that brings Tan Sri Syed Mokhtar Albukhary successful in
his own business areas is spirit of proactive. The meaning of proactive is
controlling a situation by making things happen rather than waiting for things
to happen and then reacting to them. For example, when Tan Sri Syed Mokhtar
Albukhary was young, he began helped his father in cattle business but in 1970
his father's livestock business decline due to the outbreak of disease. After
that, he replaced career path from the business of selling meat to business of
transportation for example, he took initiative by applying for MARA’s
supporting for started the lorry business. In addition, he success to get a permit
for four trucks which is known as Sentosa Vehicle Company in 1972. As a
proactive man he never stop at that point, he straight away bought his first
house under the agreement with UDA. He established the Company Shah and apply
for a license to obtain the rice trade from BERNAS in 1975. Besides, Tan Sri
Syed Mokhtar also active tried to look from other point of view and get the
good idea in his primary businesses as known as MMC Corporation Berhad which is
the largest shareholder of Gas Malaysia Berhad, within three sub-divisions such
as engineering and construction, energy and utilities, infrastructure and
airports. Moreover, he also active in manages the operations of Port of Tanjung
Pelepas. Because of his proactive to popularize the port so he get the confidence
from two shipping companies which is Maersk Sealand, Denmark and Evergreen
Marine, Taiwan.
Open
risk taker
Besides,
Tan Sri Syed Mokhtar Al-Bukhary is also an open risk taker. Open risk taker
means an individual or corporate that tends to act in a manner that can
potentially cause financial loss or physical harm, but might also present an
opportunity for a rewarding profit. In today's hyper changing global
environment, risks play an important role in the development of self-
entrepreneurs. In theory, the higher the risks take by an entrepreneur, the
higher the returns will be given to the entrepreneur. For example, Tan Sri Syed
Mokhtar Al-Bukhary was willing to take risks to get involved in the field of
transportation which is a new field for him. In 1972, he managed to get a
permit for four trucks of Class A and he received a loan of RM110,000 from MARA to buy two lorries of
Mercedes 911LS. In fact, there was a Chinese businessman offered a sum of money
to him for the remaining two non-use permit but Tan Sri Syed Mokhtar Al-Bukhary
refused and returned it back to MARA. After buying two trucks, Tan Sri Syed
Mokhtar Al-Bukhary established a transport company named as Sentosa Transport
Company and he then started his rice business by using these trucks. Sentosa
Transport Company still existing until today and has more than 40 trucks.
Moreover, Tan Sri Syed Mokhtar Al-Bukhary had ventured into shipping business.
He established Bukhari Shipping and registered with Treasury. Bukhari Shipping
acted as broker vessel under CABOTAGE policy. Tan Sri Syed Mokhtar Al-Bukhary
bought a German-made ship which was 28 years old at a price of USD1 million
through Bukhari Shipping. This ship named as Angsa Mas was used to transport
rice from Thailand to Sabah and Sarawak. However, he had sold Angsa Mas at a
price of USD600, 000 due to the loss in his shipping business. Furthermore, Tan
Sri Syed Mokhtar Al-Bukhary was venturing into Islamic banking by taking over a
series of Bank Muamalat Malaysia Berhad and the risks that will be faced by him
had been counted. Financial and banking
is a very risky sector. It requires entrepreneurs who can address these risks
to avoid losses in the transactions of banking and financial Islam. All of
these statements has shown that Tan Sri Syed Mokhtar Al-Bukhary is an open risk
taker.
Visionary
Tan Sri
Syed Mokhtar Al-Bukhary is also a visionary person. Visionary can be determined
as having or planning ideas about what should be done for the future. Tan Sri
Syed Mokhtar Al-Bukhary have his own visionary in his business. So, he first
vision was build up a vision such as started to diversify his business empire.
For example, he also have another vision in his business such as in the field
of sales the sugar have a certain status. He continue doing a new business to
get more income and profit. He expanded his business with opening a new company
which is call Bukhary Sdn Bhd. This company runs the business of sugar that
still have operating until now. This company have an annual turnover about RM
250 million. Based on the profit that the company get, he build Bukhary (KL)
Sdn Bhd to get a contract for supplying rice and sugar to the government. As a
visionary person, we need to plan well our strategies for our future. This is
same like what had Tan Sri Shed Mokhtar do in his career. He not only focus his
business based on food and transportation, but also in shipping. He has built
Bukhary Shipping’s company. This company acting as a broker in CABOTAGE policy.
From this company, he buy one ship from German with the price of US1 millions
of dollar. This ship was used to carry away the rice from Thailand to Sabah and
Sarawak.
As we
know, Tan Sri Shed Mokhtar have a lots of business. As a visionary businessman
he manage his income well not only to support his family, but also to the
society. He has built Yayasan Al-Bukhary as a charities to help poor people,
support the development of art and culture of Islam. This shows that he wants
to help the society well especially the poor people maybe because he also come
from the poor family before this. With this charities, he can built a good
relationship among the society. So, we can conclude that he not only have
wealth money, but he also is a businessman that love kindness and vision to the
society as well.
Failure
is an option
One
of entrepreneurial traits in Tan Sri Syed Mokhtar Al-Bukhary is failure is an
option. Tan Sri Syed Mokhtar Shah bin Syed Nor Al-Bukhary started doing
business by helping his father in breeding cow. Although, his cow died cause by
disease but he never give up instead he took over the business again and start
over by selling meats. He never give up and wake up from mistakes. He is a man
who never knew the meaning of failure and he always willing to learn from any
mistakes. He continue strive to solve every problem that occur as soon as
possible. When he has a problem, he will solve the problem with wise and
calm. He did not give up under any
circumstances. In an interview he said, to develop a strong business need to be
patient and have high perseverance when face the obstacles as well as have to
always be brave to face it.
He also
advise young entrepreneurs do not just think and want to succeed quickly. Every
effort is very necessary through a phase of obstacles, adversity and so on. He
took off his own example that starts from the bottom with the help of his
father to sell the cattle and buffalo in the village before reaching to this
stage. This shows the entrepreneur moves on to developing an established state
of business, he encounters a succession of challenges. Even if the business
continues to succeed its growth invariably results in a series of additional
challenges or crisis. This gave him the confidence to reinvest and further
expanded and were rewarded with considerable amounts of profit. He also has a
burning desire to excel and uses failure as a tool for learning. Failure does
not spell the end of his attempt but is a lesson for the next attempt. From his
life story we can see, learn and find out that how much he need to struggle to
become successful entrepreneur. He try become independent person by trying to
stand on his feet and face all the problem by himself. The success enjoyed by
Tan Sri Syed Mokhtar Shah today was not gained through an easy way. He learns
from the past mistakes and move a new step forward to achieve the success.
Therefore, this is a reason how he can be one of the billionaires in our
country and be a successful entrepreneur. We should follow the steps that Tan
Sri Syed Mokhtar Al-Bukhary.
Networked
One of
that five entrepreneurial traits that I selected is networked. Instead of those
business that he had took part of, he also established a joint ventures company
with two Chinese man, Ng Ghiak Gee and Chua Chong Tan. Ghiak Gee is a rice
trader while Chong Tan is a rice manufacturer. Syed Mokhtar hold 52% share
while Ghiak Tee and Chong Tan respectively 32% and 16%. This joint ventures
company named as Bukhary Sdn Bhd and operated on 15th July 1976 in his office
at Jalan Telok Wan Jah. In 1977, he established Bukhary (KL) Sdn Bhd and
operated shop house at Jalan Pahang that had be bought by an agreement hire
purchase with UDA. This company had been given a contract to supply rice, tea,
chocolate powder, milk powder and ghee to government. The lower level of his
office had been renovated to become packing center.
In 1979,
Syed Mokhtar established a joint ventures company, Susu Mas Sdn. Bhd. (51%)
with New Zealand Milk Products (49%). There are several of Fernleaf and Anchor
products had been distributed. In 1985, Syed Mokhtar sold his share in Susu Mas
Sdn Bhd due to economy downfall. In 1978, he joined commercial delegation to
Canton Commercial Expo, China. He successfully adapted barter system,
exchanging cocoa from Malaysia to tea from China. His company got a contract to
supply 120,000 of shoes and 330,000 of military uniform. He bought them
directly from the supplier.
He
established Amtek Holdings factory to produce shoes and Oriental Garments
Uniform Division factory to produce clothes. Oriental Garments Uniform Division
is a joint ventures company with Oriental Garments located at Seberang Perai.
Amtek Holdings listed as Second Board of Bursa Saham Kuala Lumpur in 1998, he
used exchange listing received by him to buy Spark Man shop and the rights to
release Crocodile brands clothing. Now, the subsidiary of Amtek Holdings
released military footwear (Amtek Shoes) and clothes brands of Lee Coopers and
Lois (Amtek Garments Sdn Bhd) for export market. From all these, can be said
that Tan Sri Mokhtar Al-Bukhary has the networking entrepreneurial traits of
networked.
Conclusion
In this
assignment, enables us to identify and analyzed embodied entrepreneurial skill
by entrepreneur. As a conclusion, we know that all entrepreneur have their own
characteristics to success in their business such as networked, open risk
taker, observant, visionary, failure is an option, open culture, outcome
oriented, team oriented and proactive to operate business. Entrepreneur who
used the characteristics in the right way so they can solve the problem easily.
So, if we want to become like them as well, we must have some of the traits
that have been discuss in this assignment.
For
example, being enterprising involves taking responsibility for making decision
and learn to set up vision before we start to do something. Besides, become an
entrepreneur must try to take risk in business and fearless of failure and
learn from the mistake instead getting the successful in their business. Actually,
entrepreneur not only depend on their natural gift to build their business but
they always have the spirit of proactive to do something new thus improve their
business. For example, they always alert on how to take the opportunities in
their business as much as they can. When their business are in a good
condition, so it can give a good affects for economic and social development in
this country. All the trait that entrepreneur have can lead the young
generation set a good example.
