SUBJECT	INTRODUCTION TO ENTREPRENEURSHIP
CODE	SADE 1013
GROUP	I
LECTURER NAME	DR. MUHAMMAD SHUKRI BIN BAKAR

TITLE	GROUP ASSIGNMENT
TOPIC	ENTREPRENEURIAL TRAITS
NAME	GROUP MEMBER	MATRIC NUMBER
	YANG ZHEN HOW	228055
	AMMIRUL IZZAD IZZUDDIN BIN ROSLI	225972
	LEONG CHI HANG	226847
	MUHAMMAD AMMAR ZUHDI BIN ZOLKIFLI	223925
	ALIA MUNIRAH BINTI ABDUL NASIR	226055

INTRODUCTION

           

            There are many entrepreneurial traits shown by entrepreneur namely integrity and reliability, initiative, versatility, decisive, time competence, perceptiveness, ability to learn from mistakes, ethical consciousness and foresight.

            In this assignment we will see the embodied entrepreneurial skill in each trait by some entrepreneur to show our understanding for each of this trait.

SECTION 1 (A)

ANDY RUBIN - VERSATILITY

Andy Rubin

            A versatile enterpreneur actively welcomes various opportunities than those who don't. Versatility includes learning about cultures and many languages to aid in communication, thus building a strong business relation with clients. Obtaining information on a regular basis about the business industry in order to be more competitive than other businesses is an important characteristic. Besides that, one is able to adapt to changes in the market using suitable business tactics.

The story of how Andy Rubin detecting the market condition when he is developing the Android Operating System clearly show the entrepreneurial trait - Versatility

In early stages, Andy Rubin actually developed the advanced operating system for digital cameras. However, Andy Rubin discovered that the market for the digital cameras operating system isn't that convincing, he switched the development course toward developing an operating system that would be named Android with its versions named after various types of desserts. It was unpredictable that this movement would spark the movement in competing against popular OS such as Symbian and Mobile Windows.

Rubin too make pact with Google to further expand his Android OS when he realised that the progress of development is very slow if he was to operate on his own. This move prove successful when Linux-based Android is able to deliver an upgradable OS to their customers and created a platform for Google to market their new products using this new Android OS.

Donald Trump - Decisive

Donald Trump

            Decisive plays an important role when we are discussing about entrepreneur traits. Decisive carried the meaning of having the power or quality of making decisions or something that determines what comes next.

            The story of how Donald Trump overcame his company’s financial crisis in 1991 clearly demonstrated the entrepreneurial trait – Decisive.

            Donald Trump has been strongly influenced by his father in his decision to make a career in real estate development, so he began his career at his family’s company, named Elizabeth Trump and Son.

            In 1971, Donald Trump moved his residence to Manhattan. He actively involved in large building projects that promised high profits. From there, he won public recognition. At the same year, he was given control of the company and renamed it The Trump Organization. After 17 years standing strong in New York, Donald Trump decided to build Taj Mahal Casino. This project eventually led to mounting debt and poor business decisions left Donald Trump unable to meet loan payments. By 1991, increasing debt brought Donald Trump to bankruptcy.   

            He ended up making some important agreements with his creditors and worked out a plan to repay them in the shortest period. The Taj Mahal re-emerged from bankruptcy with Donald Trump ceding most of the ownership of the casino to the original bondholders in order to exchange for lower interest rates and more time to pay it off. He even gave up Trump Shuttle Airline and his yacht. More importantly, he stopped guaranteeing debt with his own wealth.

With all the ways Donald Trump took to overcome the financial crisis, he managed to save his company in the shortest time. Today, Donald Trump is ranked 388 among The World’s Richest People with net worth of $3.9 Billion.

As the chairman and president of The Trump Organization, Donald Trump really showed his ability to make significance and right decisions in a short time. He has taken advantages of the bankruptcy laws to restructure his debt and improve his own businesses. 

Bill Gates – Ethical consciousness.

BILL GATES

Ethical consciousness is one of the entrepreneurial traits that play a huge role in business as they give a guideline as to which business practices are socially and morally acceptable or not. In cases where there are no clear rules as to the right and wrong ways of doing business, ethical consciousness of the entrepreneurs fill in the gap and give the much needed direction to help in making right decision.

It is through awareness of ethics that entrepreneurs desist from engaging in business practices that lead to loss of human life and rights, compromise the environment or bring about the gain at the unfair expense of other businesses, employees, consumers, etc. Application of business ethics benefit the consumer as they strive with direct businesses to be open and honest to their customers about the product or service that they offer.

For example, founder of Microsoft Bill Gates, one of America's billionaire would do well in ethical consciousness. His company has donated over $1 billion yearly to charities and non-profit organizations.

 If that was not enough, his company has also decided to tackle America's IT professional shortage through its Technology Education And Literacy in School program (TEALS). This program has encouraged the employees of Microsoft company to volunteer at local schools to instruct students in science computer, in order to inspire and build their interest to get involved in the technology industry.

Tan Sri Tony Fernandes – Foresight.

TONY FERNANDES

The successful entrepreneurs have a good foresight to know about the future of the business environment. In other words, they will visualize the likely changes to take place in the market, technological developments, consumer attitude and taste, etc. and take timely and necessary actions accordingly.

Developing your insight and foresight can make a significant impact on the creation and sustainability of your beginning of business operation. Collective and individual change is necessary if we are to make progress–the idea that the world can become increasingly better. We have to examine the causes and conditions of how we got to where we are if we want to get into the light of awareness from the dark of not knowing. Then we have to face all tough challenges in order to achieve success.

A very good example for this characteristic is of course the story how the CEO of AirAsia build his empire. The idea of low cost airline is inspired from a commercial of an airline, Easyjet during his time in London. That he actually had a dream to venture in business seriously, then attract to the idea of low cost airline and intend to introduce this kind of service in Malaysia and dream of developing this concept in Asia.

Tan Sri Tony Fernandes saw this opportunity as see it is a great and new idea to start up his business as he told INSEAD Business School’s Knowledge publication in 2007 , “What does the market want? Nine times out of 10, when you go for what the market wants, it is something that is different,” . He added “But we were not the first to invent low-cost travel, we were not the first to invent a low-cost hotel. We have taken it to another level, but we have been a bit Japanese in taking it, and adapting it, and making it better for our part of the world,” .

PUA KHIEN SENG - INTEGRITY AND RELIABILITY

Pua Khien Seng

      Integrity word comes from the Latin. Integrity is a fundamental value ​​that employer get the workers they want to buy. Someone who has the integrity to live his relations with employees, customers, stakeholders. Trust and honesty is the key to integrity. Those who act with dignity and truth are the basic principles of a person with the integrity. Reliability is a ability of a person or system to perform and maintain its functions in routine circumstances, and hostile conditions or unexpected.

         Integrity and reliability are the glue that binds the fibers and a personal relationship and successful business and make them last. Investors, partners, customers and creditors alike appreciate these qualities highly. Integrity and reliability to help build and maintain trust and confidences. A small business entrepreneur, in particular, that the two essential features for success.

       Examples of entrepreneurs who demonstrate this trait is Pua Khien-Seng, arguably one of the creators of the USB flash drive. In an interview with The Star, CEO of Phison Electronics Corp based in Taiwan claimed a single-chip corporate first USB flash drive in the world. He is also considered the "father of pendrives" in a Malaysia. When Pua was dealing with major obstacles, the is a spirit has that helped him overcome obstacles and also employees, shareholders, and partners always give a lot of supports. Pua prove that the integrity and reliability of his by saying that "you need a team because it's not one man show. You should have your core technology and value to remain competitives" For him, it’s a simple principle: ". Do not treats others in a way that you do not want others to treat you, your staff will love you more if you treat them like friends. They will not like to work for you if you treat them as a part of a machine to make money. "

TAN SRI LIM GOH TONG – INITIATIVE

Tan Sri Lim Goh Tong

An entrepreneur must have the ability to always think of new ideas and see new places on the market that might be a good opportunity to take the chance. Customers like the fact that this type of entrepreneur never run out of ideas for selling new products and provide better service. It also has the ability to help entrepreneurs and businesses to stay up and running again. One of the most vexing situation that entrepreneurs face is the allocation of scarce resources. For example, the owner of the new ventures need to be able to decide how best to use small advertising budget or how to best use their limited computer resources. Entrepreneurial success is often based directly on the ability of business owners to make do with limited resources for him or her.

For example, Dhirubhai Ambani started his textile company in India at the time of the country's textile industry faces an environment completely un-good. The textile industry has been experiencing a general economic recession in the country. Government policy is to support small units of power-loom, on the one hand, and the factory sector by applying difference-rate structure, on the other. Expectedly, the power-loom entrepreneurs almost all small criticized the discriminatory policies of the Government and demanded the support of the government to protect them in the market. Entrepreneur (Dhirubhai Ambani) with extraordinary abilities, although he certainly opportunities in an environment that un-good.

He is aware that a small unit power loom can produce goods with high quality, but find it difficult to market them. Therefore, he decided to get high quality goods produced by small power units loom as his specifications at a relatively low cost, have them properly processed and printed with beautiful designs, and then sell them under the brand name widely accepted in the market. He earned a large profit margins to do so.

 DELL - ABILITY TO LEARN FROM MISTAKES

Michael Dell

Many people shy away from the game for fear of making mistakes entrepreneurship. They look as bad mistakes because mistakes sometimes cost money and pain; so they avoid it like the plague. But successful entrepreneurs see mistakes as learning tools; they see it as an opportunity to learn something new (Ajaera).

        Successful entrepreneurs are not afraid to make mistakes and failures advance. In fact, they understand that it's all part of the game, and they use every failure and so they make mistakes as learning experiences. Cold, hard truth is that every entrepreneur will eventually make mistakes, some are small and some are large, and will fail again and again. But every incident is going to be a learning experience for successful entrepreneurs, and every state will be an opportunity for him / her to appear better and stronger (Kinley, 2013).

      Examples of entrepreneurs who demonstrate this trait is Michael Dell. He is the founder and CEO of Dell Inc., one of the world's leading seller of personal computers (PC). He mentioned that: "Recognizing that there will be a failure and acknowledges that will be obstacles. But you learn from mistakes and the mistakes of others, because there is very little learning in success."

      Dell challenged the conventional wisdom that consumers will not buy a phone and computer equipment to build a billion dollar company doing that. Through his direct method offers low-cost, custom-configured personal computers directly to customers. Dell changed the competitive dynamics in the computer industry. Famous for its natural business talent coupled with a willingness to share a power, Dell was carried the company through growth and economic difficulties. She innovation process operations, take risks, learn from mistakes, and built Dell Inc. from a college dormitory operations to a global company (Radii, 2005).

SECTION 1 (B)

STEVE JOBS

STEVE JOBS

            Steve Jobs (Steve Paul Jobs, 1955-2011), one of the co-founder of the Apple, I consider the most successful modern electronic equipment company in 21 century. He and Peter Wozniak had done such a great invention that later bring a massive impact to the field of electronic equipment in the future. The character inside Steve Jobs had made him become the successful entrepreneur, as Apple already is the icon of electronics equipment field in nowadays.

            There are 5 characteristics inside him that I admired most. Firstly, is the foresight ability that he own. Steve Jobs know how companies such as Microsoft were able to dominate the software market by developing and then licensing their operating system to run on the multiple platforms. However, he was strongly against that manner. He wanted entire control on Apple products that a user experience in hardware and software. By this, his vision for Apple is simple, to develop products with simple user interface and elegant design would please greatly to all age groups. Thanks to his accurate foresight, Apple now is the icon of the field of electronic equipment.

            Secondly, is his ability to learn from mistakes. After Steve Jobs built up Apple to be a multi-million dollar company, he was expel from his own company by the board over disputes on how he was running the company and his own personal visions. To prove what his believe is right, he ended up starting NeXT after he got kicked out from the company. NeXT is a new start up computer company which developed a next generation operating system and then he soon became the CEO of Pixar, which changed the small animations studio into a global animation behemoth with massive fame with the production of “Toy Story”. Eventually, Jobs redeemed control of Apple. He managed to learn from the lesson which later on helped push him to gain more experience at other companies, and successfully revolute Apple to become an even great company.

            Thirdly, is the initiative of Stave Jobs. One of the natural give of Steve Jobs was able to do very well was to create a beyond reality field, both in positive and negative ways for him. This kind of give helped him to motivate his team to finish projects by desired deadlines no matter of how impossible they seemed. He conveyed his vision repeatedly and had others believe in his mission. His passion affect the attitude of his team and they can see what his think from his eyes.

            Fourth, is the versatility of Steve Jobs. Apple as a company that sell electronics goods, they didn’t necessarily invent it. Instead, they refer to the existing concepts and products and made them remarkable. For example, Steve Jobs first gain the concept of a visual-based operating system from Xerox, with a system they called the ‘Xerod PARC’. He principally took the same concept and produced the original Mac, with a blend some enhancements and his vision. To some extent, Steve Jobs even believe that “good artists copy, great artists steal” so he can always generate the new ideas to enhance his product by stealing great ideas. 

            Fifth, is the decisive ability inside Steve Jobs. His business partner honoured him with great respect and employees are fully inspired by the way he stood by his vision. When the company was in financial crisis in 1997, he quickly react by making the right decision to get rid of almost all but a few of key projects and products that fix with his vision. These quick reaction successfully retain the resources and funds for Apple to survive and turned its finances around. Steve Jobs never invite users into his design studios. He also never depended on market research and did not like the ideation process that came through crowd-sources. He rather invited top designers John Lasseter (Pixar) and Jony Ive (Apple) who admired his moderate aesthetics and followed his design’s austerity. He and his team were interdependent. Their main goal was to develop products that users did not even think they needed such as the revolutionary iPod or iPhone.

Conclusion

            In conclusion, for section 1 part A in this assignment, all the entrepreneurial skills and personal qualities listed in the assignment guidelines given by lecturer have been linked to the successful domestic and international entrepreneurs. The entrepreneurial traits are versatility, decisive, ethical consciousness, foresight, integrity and reliability, initiative and ability to learn from mistakes. The example of successful domestic and international entrepreneurs are Andy Rubin, Donald Trump, Bill Gates, Tan Sri Tony Fernandes, Pua Khien Seng, Tan Sri Lim Goh Tong, and Michael Dell. All these entrepreneurial traits have been linked to the entrepreneurs respectively.

            As for part B, the example entrepreneur that we used is Steve Jobs. We have chosen foresight, ability to learn from mistakes, initiative, versatility and decisive as the entrepreneurial skills that demonstrated by him and assisted him to be a successful entrepreneur.

             While doing this assignment, we found that all these skills and traits are very important in assisting a entrepreneur to be successful. These skills and traits should be practiced by any entrepreneur who has just started their business so that they can be successful like the entrepreneurs that have been listed in this assignment.