A brief report about the traits that identify an real entrepreneur

Introduction 

Entrepreneurs and entrepreneurship are among the terms that are often publicized by people since ancient times. Entrepreneurs are individuals who develop an enterprise and the business man is a person who runs a business. Generally entrepreneurs can be defined as a person adopting strategic practices to succeed. Through the Hirsch and Peters(2002) defined that the process of creating something new added value and business needs and time, assuming the financial, and social risks as well as receiving awards in the form of money and personal satisfaction and independence. While entrepreneurs are inventors who revolutionized by the discovery of the source of the latest trend or new outlet, new industrial organization or acquisition of certain innovative and unique no matter what source control is used.

Entrepreneurs also can 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 as well as capable of self-sustenance. The entrepreneurial skill or traits and personal qualities of an entrepreneurial which can make sure the business whether can grow or not. So in this assignment I would like to taking about and elaboration the traits which are highly bleed for entrepreneurs to operate business. The meaning of traits is a distinguishing quality or characteristic, typically one belonging to a person.

In task 1 (a), I choice the 9 entrepreneurs and make sure each traits can help them become successful entrepreneur. These are 9 traits given by the assignment which is networked, open risk taker, observant, visionary, failure is an option, open culture, outcome oriented team oriented, and proactive.

In task 2(b) I need write a brief biography of one successful entrepreneur traits that highlighted in the question A and how this assists them to be successful in their venture. In the end of this assignment, I need understand the importance of enhancement of entrepreneurial skill and personal qualities to help entrepreneur business continuous grow.

 Task 1 (A)

1) Manu Chhabria

MR Chhabria is the founder of the Jumbo group was the guiding force in built up the $1.5 billion Jumbo Empire. In 1974 he was founding the Jumbo group electronics in Dubai with simple capital but great vision .he was graduated from Harvard University business school that is the one of reason leading him do most Indians did not dare. 

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 the Manu Chhabria I can exactly know what the visionary is. For every successful entrepreneur there is so much we can learn from them.

 Manu Chhabria was from India, but we few can see that he was one of the first India generation which had such great achievement especially in short times. In his early life when he was child, he was very stubborn person and always focused on just playing.. He always kept observing while silent. He can remember all things happen in his childhood life even he can trace to 30 years ago. Al least for me, the most things happened in my child life I can’t remember fully. His dream eyes as the he have the big dream. He can do what most India people even cannot dare. When India was still in the license Permit Raj and the global environment did not do so much clearly. Mr. Chhabria transfers his company moving to Dubai which the company was famous with the Jumbo group. At those times nobody could say his decision was right or wrong. But the result is what he did. I think I only can use the world “visionary “ to describe this decision. In most of his educated colleagues settled for comfortable job in US which he was dreaming himself to be one of greatest entrepreneur one day. He start his first shop was in Lamington road of Dubai, his business core was the best for quality of product and services. I think these perfection trait is also one of reason to make the Jumbo company can growing to the empire. The Jumbo Corporation was start setting capital only 50000AED, and make the JUMBO successful story can defined was the MR MC make contract with the SONY Corporation. It let the Jumbo becoming the world first distributor in the Gulf. While the company grew faster, his ambition become big and big. He dreamt of an empire through takeover mechanisms. The metamorphosis began. It was like a conqueror and his conquests. In 1985, he took over Shaw Wallace, one of liquor majors in India. When he was finished the first takeover, he never stop his forward footstep. Again in 1984, he get the UK based Dunlop Rim and Wheel Ltd.’s stake in Dunlop India, which was the countries biggest tier marker.

I cannot stop my footstep which because nowadays the world innovate so fast. All everything I can do only study and practice. As what he highland in the business core, we need offering the customer best service and best product. Every success can also been possible, he thanking to every member who make effort to make the company bigger. Finally, jumbo group was grown into consumer electronics giant and is among the UAE’S first transnational corporations with global present. This is a great example of why this individual was successful, he had a vision and he executed it. 

2)Ng Teng Fong 

Ng Teng Fong started from being poor man to the one of Singapore richest successful entrepreneur due to his business of real estate. One is FEO bases in Singapore and another one is Sina Group based in Hong Kong. especially the FEO company within the 20 years developed which it makes becoming the largest private real estate company in Singapore while the Sina Group also becoming the mainly market in Hong Kong . In 2010, Ng wealth was up to 11.3 S$ billion.

Outcome Oriented

The word outcome oriented is defined as something that follows as a result or consequence according to dictionary. Usually the result can be positive or negative. Sometimes our action can cause a very bad that we are not looking forward to. Through the simply words can describe “what do you got? What do you want to achieve? As a result, entrepreneurs will know  what they want and hence set targets.

Ng Teng Fong. He was born in china of Fujian province. At his early stage, he moves to Singapore with his family. At that time he is the eldest one in his family. So no doubt, he need take over his father’s business. But he was refused. In his career, he often kept 18 hours working, he start the first business in Singapore. In 1960s, he creates the first company which name was the TEO through raise capital. In 1972s, he was contracted 72 terrole house with each selling S$ 20000. Following years, Ng expand his own business into hotel industry.  It was establishing with in S$5.5 million on Orchid Road. And it was sold in 1982 with profit s$178 million. In 1970s, Ng was moving to Hong Kong to create the new company. The company name was the Sino Group. Through the time series from 1970 to 1990, he purchased reclaimed land in Tsim Sha Tsui Tan. Anticipating that, the former wasteland would become a thriving retail and commerce distinct. Although his company already developed a lot, and the business also can keeping the increase at steady rate. But Ng still presents the bid of land. And even insist every week fly from Singapore to hongkong. Ng also hit the headlines in 1995 as he won the takeover battle for the YHS Company. In 2010, Ng net worth estimated through Forbes 11.5 US billion, being the richest one billionaire in Singapore.

3) Chen Ou

Proactive 

Chen Ou was the CEO of JuMei company. The company is the largest china-based online cosmetic shopping platform focused on make-up and skin care brands.it was set up in 2010. And until 2014 the company already initial public offering in USA. From began with a small company growing into the IPO Company which he only cost three years. Within these 3 years, jumei.com went from 100,000 Yuan in month sales to 500,000,000 Yuan. Nowadays the jumei company net worth is up to 3.5 billion $.

Proactive 

Proactive means control of the situation and make things happen or to prepare for a possible future problem. I would like to define the Chen Ou as the proactive entrepreneur. When he was 26 years old who was just as the MBA graduated student from Stanford University. In 2009, he was from US back to china. At that time, he suddenly found there was lack of one website specifically to sale beauty product. At soon, he meet the china famous angel investor xu Xiaoping. Because he found this proactive situation, so it makes he decided to create one china’s first cosmetics group-buy website. In 2010, ChenOu with his another two partner was created the jumei company. The core business is the can refund the product within 30 days, and make sure every product in website is original. In April of 2010, the jumei was make a slogan of buy any two product which u will got delivery free. This slogan was stimulating the consumer shopping motivation. Within only 2 month, it more than 10000 user was enjoy the jumei special price offer about cosmetic. At the end of the year 2010, it already create the sales revenue more than 10 million RMB. In addition, while the business was growing Jumei Company changed the office moving into Beijing. And the warehouse it being increase 5 times compare before. In December of 2010, the company again pushing the online refund policy which it make the consumer purchase or refund can only using finger to come true. That’s the innovation revolution.  At the same time the jumei website user already more than 1million user registered. The whole sales revenue is more than 0.15 billion RMB. And inconceivable until this time the company only created within one year. Nobody can predict why suddenly the company being so rapidly growing .with the business continuous ChenOu again push the new slogan of seal off the package within 30 days still can refund from jumei. Any doubt to saying that it like the luxury purchasing experience to customer. Until May of 2011, the month sales can up to 30 million, and the warehouse shipments can up to 20o thousands. And in 2012 ChenOu filmed and advertising for his company and said in the ad “I am ChenOu, I speak for myself’ to express his dream and encourage the young people to grasp the opportunity to start their business. He said, I wish every younger man and woman can crate his or her own business. Just like today jumei. In 2014 of May, the jumei was successfully slated to launch its initial public offering on the NYSE Friday .it plans to raise $195 million by offering 9.5 million shares at a price range of 19.5 to 21.50 and to list on the NYSE under the symbol JMEI. The online retail sales of beauty products in China were an estimated $3.7 billion in 2013 and are expected to reach $ 15.6 billion in 2018, according to Frost&Sulivan.

4)Tadashi Yanai 

Tadashi Yanai is the most successful entrepreneur in japan. He is the founder and president of Fast Retailing, of which Uniqlo is a subsidiary. In 2014 he becoming the richest Japanese businessman and with net worth of $17.6 billion. One of his most important principle reads’ thoroughly analyses information relating to successes and failures. Remember what you learn and put it into practice the next time around.

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. Fail will show that you actually do something instead of just sitting in your comfort zone. For every entrepreneur which it must be failure so many times, but now I would like to introduce the one of my idol who it is the Tadashi Yanai.

As we know, this famous Japanese entrepreneurs has actually failed in his own business and met so many challenging  the early stage failure he met can trace to 1995, at this time the uniqulo already slated launch initial public offering in Hiroshima stock exchange. The direct-sale shop was more than 100 quantities. The business environment reflection was very good. But as sooner he found the foundry of china could not producing the good quality. Due to improving the clothing quality , Tadashi Yanai daring collect in advertisement with slogan which want to reward to you 1milllion yen to complain the uniqlo clothing . As soon after, he was received more than 10 thousands letter for complain. Then he pick up one of the consumer who complain the quality of his company. he reward to this customer 1 million yen .the Yanai feel very sadly which his clothing receive so many complain. It makes he realized that even though the company can got the good profit but it was not can improve his clothing quality is good one. Lately when he memory of this things, he write down don’t afraid being failure , need continuous doing research , need improving .because when you experience so many times series which it will breed the next time successes . Another example can trace to 2002, at this time yanai want to foray into international. In this year, the uniqolo open in the Knightsbridge area of London. Only few month later which result almost 20 stores closing. In same time, the foray into china still did not make any profit. But he remain undeterred. He learnt the valuable experience from failure. Hesaid, ‘fails fast, fail often, the only solution is to keep changing yourself and keep challenging yourself. So that why the uniqlo can get revenue $15.5 billion. So as we need should not afraid of failure. Better we treat every failure experience regard as the premise of success. 

5)David Filo 

David filo is an American successful man and same while is the co-founder of yahoo. Until December of 2014, his net worth estimated into 3.8$ billion. This makes him ranking in the world up to 570^th which stand for the richest person.

Networked 

 Filo is a one of founder of yahoo. No any doubt to saying filo is a highly base networked entrepreneur. Trace to 1990, the David and his partner study in stand ford university. Both of them start to do one project. At the same time, the mosaic browser just come out be published, they are everyday spent much time on internet. Even the most important things of doctoral thesis which they are forget completely. Both of them want to create site directory list which they are liked. Lately they decided combine this entire site directory list. This decision form the system of navigates the World Wide Web. With the collect more and more website, they sorted these website.  When each directory could not hold all, they are further subdivided into a subdirectory. Soon, their website attract so many user to using, most user feedback information to their website, and they are given constructive idea. For those it make the website content more intact. Until 1994 winter, they did not have much time sleeping, eating which it makes they are thinking it’s a luxury things. Actually, the internet already exist so many competitor. For example which is the WebCrawler, Lycos, Worm, and Info seek and so on. These web site rely software automatically search, even though the site have a wide range of forgoing, but the information is not accurate. However yahoo is more accurate and practical. Until the end of 1994, yahoo had been the market leaders.  Right now to laugh the first site by the advertising support which it means appears the internet business opportunities. At the first half year in 1995, yahoo becoming the website of site access to the highest in the world. By 1998, yahoo was the most popular starting point for web users.

The significance of internet network with various industries creates a new connection. Because of integration innovation which will bring hundreds of commercial interests compare the traditional industrial.

6) Tan Sri Teh Hong Piow

Is the founder of public bank. Berthed in Malaysia. In 1960s, he was Malaysian bank vice manager. Until 1964s, through his own effort, the young man soon rose to a position as the general manager of the Malaysian bank.  In 1966s, the Malaysian government issues the grant a license to bank. At the same time, Hong Piow created his own bank which it was named as Public bank. Nowadays the public bank is a bank based in Kuala Lumpur,Malaysia offering financial services in Malaysia as well as the Asia-Pacific region. In 2015, the market capitalization of the bank was up to US $18.4 billion.

Team oriented

Team oriented simply can define as the overall consciousness and team spirit. The core is collaboration. The common values can actuate people better cooperation. For this I want to make an example of pubic bank. As we known the public bank is the largest private bank in Malaysia. But the reason why the bank through the baptism of the years still can operate in today. I think it is due the leader have the team oriented.

Tan Sri Teh Hong Piow was born in 1930s and meanwhile is the second generation of Singaporean. To those who knew he said he is the person who has both calm and wisdom. Due to his character which gave the pubic bank the label of steady. Malaysia has been experience two serious economic slump which specifically happen in 1987 and 1997. At period these time most business insolvency. However, finance industry is the most affected industries .but to public bank continue to make profit in ever year. Actually since its establishment in 50 years, the bank still continues every year make profit. Buffett said ‘only the ebb tide which I can only to know who was skinny dipping.’ The storm swept Asia in 1997 becoming the watershed between public bank and another competitor. In1998s, the consolidated profit arriving record of 1.1 billion RM. The image of outsider was describe the management team of public bank is briligent. Because they are always can according to the current situation to making different but always right decision. Hong piow is the earliest advocate pay attention to talent strategy in the southeast .when public bank click into splenius, he maximize the talent strategy. He all the time revise the system of reward mechanism, and guarantee the fairness. In Malaysia, the employee benefit of public bank is well known for good. What he after is not just let the staff enjoy the good welfare rather than let their own family without fear of an attract from the rear. Abide by the system make public bank maintain the cost control advantages. They are have not meet the real challenges, the level of profitableness constant improve. In 2005, the Hong piow acquire the title of the best bank in Asia.