Common Traits of Entreprenuers Around the World

Before the assignment start, we need to clearly know about the objective of this assignment is to understand the importance of the enhancement of entrepreneurial skills and personal qualities. This assignment will come out with the supportive evidence by list out the successful entrepreneurs in Malaysia and the world.

James Adams, an online supplier of Canon cartridges and also a tech writer. His review product, Canon CLI-521. He mentioned that the successful businessman have common traits. Firstly, we can realise that they disciplined in daily life. Secondly, they have confident due to the knowledge can help their businesses to be succeed. The entrepreneurs are always a self-starter since they should start it themselves if something want to be done. Next, they are competitive and followed by creativity.

Determination can be seen on successful entrepreneurs because they never believe that something cannot be done. They have well communication skills to promote their product and as a leader to encourage their employees. Besides, they have strong work ethic. They do everything related to their work no matter in the workplace or not. Passion also known that an entrepreneur love their work, therefore they are willing to work for extra hours until the business become successful. An successful entrepreneurs wish to go further once they observe it (Adams).

In this assignment, we have 2 sections need to complete. In section 1, we are required to explain relevant entrepreneurial traits which are visionary, networked, open risk taker, observant, open culture, failure is an option, team oriented, outcome oriented and proactive and analyse through application on successful entrepreneurs. In section 2, we need to brief about a successful entrepreneur with supportive examples that how he perform any five of ten entrepreneurial traits that we mentioned just now.

Networked

Mark Zuckerberg
 

Networked is one of the entrepreneurial traits that is strongly required and practiced for the entrepreneurs to run the business. It is the process of developing and maintaining connections with people. For this entrepreneur trait, we have selected Mark Zuckerberg, the founder of Facebook in the business perspective as the representative of networked entrepreneur.

Zuckerberg began his networked trait during the time when he created computer games for kids with a bunch of friends who are artists to draw for the game. (Wikimedia Foundation, Inc., 2016). While Mark Zuckerberg is studying in Harvard University, with his friends’ help, Mark has started operation of Facebook in his hostel room. Zuckerberg’s friends then promoted Facebook to other universities and Facebook users increased dramatically since then. (Wikimedia Foundation, Inc., 2016) From this, we can see that Mark Zuckerberg always makes use of the personal network he has to build his business.

In 2004, Zuckerberg and his team moved to California and hooking up with PayPal co-founder, Peter Thiel, who later invested in the company. With the investment from this well-built business network, they acquired their first office in 2004. (Entrepreneur Media, Inc. , 2008)

In April 2009, Zuckerberg listened to the financing strategies by former Netscape Chief Financial Officer, Peter Currie. In an interview of Zuckerberg, he mentioned about the advise from Steve Jobs towards creating an executive team that is "as high quality and good things as you are". We can conclude that Zuckerberg has always tried to manage his business network to gain more experience about other factors affecting an organization performance. (Wikimedia Foundation, Inc., 2016) Business leaders cannot run a company all by themselves; they need to make use of their network, either investors, management team or partnerships. Great leaders need partnering with the right people in to achieve success. (Walter, 2014)

Open Risk Taker

Warren Buffett

 

Being an open risk taker is another important entrepreneur trait. Most successful entrepreneurs work hard through planning and preparations to minimize the risk involved and take a calculated risk. For this entrepreneur trait, we have selected Warren Edward Buffett who is well-known as the investor with highest accomplishment in the world. Buffett is now 86 years old, but he is able to maintain his position as the chairman, CEO and largest shareholder of Berkshire Hathaway. (Wikimedia Foundation, Inc. , 2006)

According to Warren Buffett, “The basic ideas of investing are to look at stocks as business, use the market's fluctuations to your advantage, and seek a margin of safety. That is what Ben Graham, the Father of Value Investing taught us. A hundred years from now they will still be the cornerstones of investing.” (Wikimedia Foundation, Inc. , 2016) From this, we can see that Buffett is an entrepreneur applying the definition of risk in his investment career.

Buffett always looks further than the intrinsic value of an investment and concentrates on management of the company and the capability inhibiting by the  product in the marketplace. (Smith) Buffett and partners bought Berkshire Hathaway, a textile mill which had not make any profit for a long period. They operated the mill and used the gain from the textile business to be funds for other investments. “Opportunity comes along with risk” which is foreseen by Buffett and the risk is taken to giving a chance in succeed later.

In 1987, Berkshire Hathaway acquired a 12% ownership in Salomon Inc. After a scandal involving the CEO of Salomon Brothers, the CEO left the company and Buffett became Chairman until the crisis passed. Although Salomon Inc. is in difficulties and this may risk Berkshire Hathaway, Buffett is taking the risk to continue owning Salomon, and finally the risk becomes his accumulated wealth. (Wikimedia Foundation, Inc. , 2016)

In 2002, Buffett put in US$11 billion in assisting U.S. dollars against other currencies. By April 2006, his net profit from this investment was more than US$2 billion. In 2009, Burlington Northern Santa Fe Corp. has been purchased by Buffett to extend on new business area instead of only concentrating in financial industry. (Smith) Although Buffett is a risk taker, as an entrepreneur, he diversified his investment to minimize the risk.

Observant

 

Tan Sri Lim Goh Tong
Source: lifeofchina.lofter.com

Observant entrepreneurs are able to observe the problems, the needs or even the want consumers have at the moment, they manage to realize the consumers’ desire by initiating business while making profit for themselves. (Friel, 2014).

It is found on the late Tan Sri Lim Goh Tong, the founder of Genting Highlands Resort. Lim was initially working on a hydro-electric power project which is mostly patronised by the British colonials seeking cool refuge from the land of tropical heat in Malaysia. The idea of building resort on the hill was firmly conceived during his visit to Cameron Highlands. Lim was having his dinner and the cool breeze he enjoyed struck him as the standard of living that should have in Malaysia. His realised that there are high on demand that people visiting mountain resorts for vacation to enjoy the cool breeze at the hilltop. It was certainly a great business potential to build a mountain resort that is nearer to Kuala Lumpur as there is a significant driving distances from Kuala Lumpur to Cameron Highlands. Since then, Lim searched for the suitable location at Kuala Lumpur’s vicinity to build hilltop resort. He found Gunung Ulu Kali of 1,800 metre which is just 58 kilometre from Kuala Lumpur. A series of expedition and exploration at Gunung Ulu Kali including a collection of wealth date of topography, drainage and soil conditions were constructed in developing the plans for building the resorts. (Lim Goh Tong, 2016)

 Although there were numerous adverse occurrence throughout the project, Lim was proved by his action in transforming remote mountain into a holiday resort at last ,which was first thought to be impossible and risky by the people around him. Lim spend all he had on the project by selling rubber state and from the investment income of iron-mining, sub-contracting and hardware business, his friends rejected his favour to invest in the project at the same time. He began the construction with his team once being approved by the Federal and State government, the whole project was completed within seven year. Since the opening of first hotel in 1971 namely Highlands Hotel, Genting Highlands Resort continued to grow from strength to strength. (Genting, 2015)

 

The earlier look of Genting Highlands Holiday Resorts in the 70s
Source: skyscrapercity.com

 

To date, Genting Group is a diversified one ranging from the initial resort activities and hotels to plantation, power generation as well as oil and gas exploration and production. In conclusion, being observant is the key to be a successful entrepreneur.

Visionary

Jack Ma

Visionary refer to whom can envision the future. In extension, a visionary can also be a person with distinctive and have specify their vision of the future.

When mentioned about visionary, I linked it to Jack Ma. He not only is the founder of Alibaba Group Holding Limited but also the executive chairman of the group. Alibaba Group Holding Limited is a Chinese based e-commerce company, mainly are consumer-to-consumer business(portal Taobao, similar to eBay.com), business-to-consumer and business-to-business sales services. (Wikimedia Foundation, Inc, 2016).

In 1994, Ma heard about the Internet. He never written a line of code and never do sales to the customer before this and the first time he start to acquire computer at the age of 33. Start from year 1995, he went to the United States and with his friends', during that time, he got know about Internet. He search the word “beer" but find none information from China but many other countries have a lot of information related to the word “beer”. He and his friend decided to set up an "ugly" website which related to China. He had received emails within five hours after he set up the website from ethnic Chinese say that wishing to know about him. At the same time, Ma found that the Internet able to offer something excellently (Wikimedia Foundation, Inc, 2016).

Jack Ma’s successful formula stated that be a visionary not a technocrat. The executive coach, Jeremy Kourdi said in The New Economy Video that Jack Ma is a man of great vision. He impressed with the story of him met up 18 people of his friends and sharing about his vision for two hours. His vision was flowing out of him for two hours and finally he able to start Alibaba group with the money (The New Economy, 2015).

 

Failure is an Option

Thomas Alva Edision

 

In this era of globalization, many entrepreneurs have faced mistakes or failure when they invent something new and make business. Those who are willing to learn will eventually become successful after mistakes and failures lead them to make some improvements.

 

Thomas Edision (1847-1931) was an American businessman besides being the famous inventor for light bulb. He designed many devices which greatly affect the life around the world especially the practical light bulbs which bring light to the people in this world. (Wikipedia, 2016)

Thomas Edision faced many challenges and obstacles when he first worked on the invention of a practical light bulb. He and few of his teams faced failed experiments for several times. For instance, they faced the number of negative laboratory tests for almost up to 50,000 times and a minimum of 700 times. This eventually caused a visitor to the lab who conveyed his feelings of pity to Thomas Edision about the number of times of the failed experiments and results (Williams, 2012). Thomas Edision then responded to him by quoting "I have not failed, I've just found ten thousand ways that won't work." Although he faced with these failures, he never gave up and continued with different creations of the light bulbs which eventually bring a large impacts and different to our everyday lives (Congress).  
 

In a nutshell, the failures or mistakes did not stop Thomas Edison from searching for new chances to start inventing and exploring ways to invent the new light bulb. He improves from the mistakes and failures when encountered with challenges and obstacles and never give up trying other ways to succeed. Finally, he succeeded in inventing the light bulbs after going through many ups and downs.

Open Culture

Larry Page and Sergey Brin

 

Open culture is defined as a concept where the development of ideas or knowledges should be free from any restrictions and on also on the basis of collaboration and sharing among people. (Open Culture, 2010). It is founded on the working environment in Google company. Founded by Larry Page and Sergey Brin during their PhD studies, it is an American multinational technology company specializing services and products related to the Internet. They practise open culture in their working environment since the start-ups. The employee (Googlers) are all hands-on contributors to feel comfortable in sharing ideas and opinions. Moreover, the offices and cafes are specially created in encouraging Googlers’ interaction across the teams and departments. It is expected that they would spark conversation about either work or play. (Our Culture, 2009)

Meanwhile, there is a weekly all-hands meeting on Fridays called TGIF where Googlers review news and products launches from the past week and a Question and Answer (Q&A) session with the founders.  Larry Page and Sergey Brin are default to open upon the concept that the Googlers are their greatest asset. This allows Googlers to believe that they are trustworthy adults and have good judgement that promotes them to do their jobs more effectively as well as contribute in the ways that beyond the top-down managers’ expectation. (Passion, Not Perks, 2011)

The Google culture of transparency accesses Googlers to nearly every Google’s code to view the goals and objectives of each Googler. Exposing more information to employees lead them to be more context which helps in high performance. In addition, to prevent backstabbing issue among the Googlers, whoever makes complain via email would be added to the email thread, instead, they are asked to have direct conversations with colleagues to solve the conflict. (D'Onfro, 2015)

 

The so-called Truck Pit, one of the four cafeterias in Google’s East Coast headquarters.

A snapshot of Google Engineering Headquarters in Zurich.