Wednesday, 6 May 2015

Assignment Task - Entrepreneurial Traits and Example of successful entrepreneur in Malaysia..



1.0 INTRODUCTION
Entrepreneurship is the process of creativity and innovation to create new products and services to meet human needs. It provides products or services required by users. In providing products and services that are good, they will find better ways to maximize resources and reduce waste.
  With this, people will get the products (goods) and better services at lower prices. Entrepreneurship helps improve the lives of millions of people through new products and services introduced to the market. Entrepreneurship is an individual who not only create wealth but also at encouraging the distribution of wealth.
In economics aspect, entrepreneurship focuses on aspects of gain profit and wealth. Both of these aspects encourage a person to engage in entrepreneurial activities. To achieve both these aspects, entrepreneurs will seek to identify and find business opportunities that generate profits for the organization. In addition, entrepreneurs also are part of the input expenditure other than raw materials, land and capital. Input for an entrepreneur is profit. The advantage is the price paid because of the risks taken by an entrepreneur. Therefore, to become a successful entrepreneur and competitive they need to have the characteristics of entrepreneurs such as integrity, reliability, ethical consciousness and soon.

2.0 THE ENTREPRENEURIAL TRAITS AND EXAMPLE OF ENTREPRENEUR
2.1.0 Integrity and Reliability
Entrepreneurs must have a high regard for integrity and reliability between both suppliers and other inputs. In a new venture a reputation must be established. Both of reliability and integrity will set the business up to begin to build a loyal following brands and a good name amongst consumers. This is important in a supplier because without a good supplier a business cannot function well.
Faiza Bayumi Ahmad Sayed is an entrepreneur who has the integrity and reliability features. She is a founder of the Faiza Brand Rice under the private limited company. She migrated to Malaysia in 1964 because followed her husband, Tuan Haji Abu Bakar Ahmad. Migrated to Malaysia at a young age and was not fluent in Malay is the initial challenge to start business world at Malaysia. Through observation, she discovered that rice wholesalers mostly supplied by another races. She start learn about many various types of rice and finally she applied for a license to sell various types of rice and rice ponni Include, basmati rice, fragrant rice and Siam. Because of the integrity and reliability in her entrepreneurship, her company now been identified by her customers. Her company provides high quality guarantee products, made one hundred percent Muslim and halal. In conclusion, for being a successful entrepreneur, we must conduct any business with honesty and trust to attract customer’s reliability.


2.1.1 Foresight
            Foresight means the ability to anticipate the needs, issues and development that will exist or not exist. By having this ability, an individual can plan better business strategy for a long time. Successful entrepreneurs need to have a forward-looking nature within them. Entrepreneurs who have the foresight or forward-looking nature is someone who knows how to plan, analyze, formulate and take every opportunity. The advantage of having this feature is their ability to predict whether it can give profitable or loss to them.
Harsukhlal Maganlal Kamdar is entrepreneurs who have the foresight of what he did. Harsukhlal Maganlal Kamdar is the Founder and Managing Director Kamdar.Harsukhlal supermarkets are entrepreneurs born in Gujarat. It can be seen at who considers himself capable of developing business in Pulau Pinang at some point. Finally he managed to open Kamdar in Penang after facing many hurdles. After that, he has expanded his business to Kuala Lumpur. However, four years after opening, the store was closed and Harsukhlal then decided to go alone to Kuala Lumpur in 1977 and tried to improve the situation. In 1980, with his attitude that has the foresight that Kamdar will succeed in Kuala Lumpur.Kamdar business continues to grow rapidly. He continued to open retail outlets in major cities throughout Peninsular Malaysia. Harsukhlal also intends to further expand its business to the Sabah and Sarawak. Even though the problems of economic recession happen in Malaysia, Kamdar remained as local supermarkets competitive. In conclusion, as an entrepreneur, we shall have a distant view of our business and never give up in advancing the business. This feature makes Harsukhlal Maganlal Kamdar succeed in business and make a name Kamdar popular until now.

 
2.1.2 Ethical Consciousness
            In general moral principles of business ethics is the standard of conducting business practiced by the community of dealers and obtained by people who deal with it as a treatment Fair (fair behavior) in business operations. Ethics are the guidelines that determine whether something was done wrong or right. Each party has an interest in the existence of the business will be taken if a violation happen during business time. Entrepreneurs who have ethical consciousness in business can highlight their benefits to a competitor company. Businesses with ethical consciousness would be easy, accompanied by various parties for dealing with their company.
Mr. Mydin is the owner of the company Mydin Mohamed HOLDINGS.BHD. He is looking for opportunities to improve the profitability of the company and also conscious of its social responsibility. The wholesale pricing are affordable for customers, especially those with low income. In addition, MYDIN also keep its ethics in business. This can be seen in the quality of products MYDIN sales. The companies continue to monitor the quality of goods marketed even if it's cheap. MYDIN MOHAMED HOLDINGS BHD companies attach great importance to labeling and Halal status of products sold in stores MYDIN. MYDIN group also emphasizes ethical awareness in management and involve employees in activities that could be contributing to society.


2.1.3 Ability to Learn from Mistakes
Everyone make a mistake. But from the mistake, people must learn from this experience to avoid the second mistake happen again. If we make mistakes, we should admit it and not blame others and should take it as a lesson in life. You need to be brave and honest and say this is the mistake I did and must be held accountable for it. A smart entrepreneur is someone who recognizes about their mistakes and tries to fix it.
From this point of view we can see through these figures. Leo Laporte is founder and host of the network “Twit the Tech Guy” and “This Week in Tech”. Belle Beth Cooper stated that, He's being one of a character who ability to learn from mistakes. Leo Laporte said: “my biggest mistake was trying to do it all myself. As a founder I felt like I knew everything I needed to know about media, content, even the technology involved to reach my audience. And I did. I just didn’t know anything at all about making a viable business: finance, marketing, advertising, and human resources”.
After a few years of rapid growth my company had stalled out, and I was spending more time fighting fires than I was doing the stuff I loved (and that made us money).Hiring a business partner then giving her full scope to do her job felt a little like giving up my company but it was a vital step toward success.
However, to succeed in a business we cannot do everything on its own. We also need the help of others to generate ideas for more constructive and progress towards competitiveness. The main reason these figures do not succeed because he is convinced that he can do all alone. After he realized that he could not afford and should take the initiative so that he can be successful in business.


2.1.4 Perceptiveness
Perceptiveness is those who understand or can think about something correctly. Perceptive entrepreneur is who have a visionary, wise and they can see what others cannot. In addition, the perceptive power of entrepreneurship is one of the most important competencies for the feature, so he must have a tendency to look and think about the situation or condition that can be effectively and further develop a business. This perceptiveness attitude will lead entrepreneur to predict the future through their imagination.
For example we can see through the character named Tan Sri as someone who has a vision for the company that he founded to bring Honda motorcycles in Malaysia. Decentralization with the establishment of the first motorcycle manufactured in Malaysia, namely Assembly Plant Boon Siew Boon Siew Sdn Bhd owned in Mak Mandin Industrial Estate, Pulau Pinang. With the establishment of this factory in 1969, Honda motorcycle is no longer installed in Japan but it was installed in Malaysia and it can indirectly save installation costs and sales.
Among the features is identified entrepreneurship as Tan Sri who succeeded and highly respected in Malaysia. Even though he was illiterate and could not read but he was very visionary in business. Because he was always look forward and able to anticipate and prepare for what will happen and lead of him continued success.
In conclusion, an entrepreneur must have a vision of the nature and characteristics of the tendency of his to be successful are very high. With the example I have proved with perceptiveness person will succeed


2.1.5 Time Competence
Time Competence is the time efficiency of someone who is very punctual with time when dealing in business. To become a successful entrepreneur, time efficiency is very important to us. Therefore, we should use the time efficiently to achieve our career. As the saying goes, "time is money".
Tan Sri Tony Fernandes is a person who has time competence. His full name is Anthony Francis Fernandes, but him also known as Tony Fernandes. In addition, he is also very popular with the title "Tokei Tiger" and also "Asian Tycoon". He was born on 30 April 1964 in Kuala Lumpur, Malaysia. He is one of the successful young entrepreneurs in our country.
 That was shown their time competence was successful. High motivation made him tread step by step to realize his dreams. All obstacles that he faces he manages to escape until he become successful. He is a man who seems to be so focused in what he was interested in, so willing to pawn whatever he had, although still far from adequate as the capital of the company. It is not a strange, if that's of interest to ordinary goals, but to have an airline's certainly not something in him that is not expected to have sufficient capital and only armed with enthusiasm and a strong spirit.
With higher self-confidence that has long existed in him selves, Tan Sri Tony Fernandes desired to have an own airline. He determined and he bought Air Asia with his lease and uses all his savings to buy it including two aircraft obsolescence. With efficiencies that are now proven he has become one of the richest in Malaysia. So we have to take it as a lesson in life for success in the future.


2.1.6 Versatility
The meaning of versatility is the versatility of an entrepreneur who has the ability to develop a career in business. These ideas must be innovative, creative and productive. With these ideas, automatically an entrepreneur is able to adapt him or herself in the performance of tasks to achieve success in business. For example, a figure that is versatile features being like Thomas Alva Edison. He can design a wide variety of designs have been caused by his creative ideas, innovative, and productive in the production of his invention.
Thomas Alva Edison was a versatile creator. Thomas Alva Edison was born in 1847 in Milan, Ohio, United States. He only got a formal education for three years and then he was kicked out of school because his teachers thought these children a fool. He was an inventor who can serve he has created over 1000 inventions. His first invention is an electronic voice recorder which sells for 40,000 dollars. After that, he began to make incandescent bulbs, electric power distribution system that enables the development of electric lamps for the home. With the establishment of the first electric lighting for homes, Edison has laid the foundation for the development of the industry. Next, Edison also contributes to the development of the film camera that is extraordinary. In addition, among other creations made by him is the dictation machine, a coffee machine and a storage battery. This shows Thomas Alva Edison was a versatile figure entrepreneur with various inventions that he did.  In conclusion, its versatile entrepreneur inside Thomas Alva Edison is that he can design a variety of inventions every creation sold for high prices for example, his creation 40,000 million dollars is an electronic voice recorder was much more than that designed by him. This shows that he is a versatile.


2.1.7  Decisive
The meaning of decisive word is to the effect that an entrepreneur must have the determination and do not be hesitant in anything done and the decision made by the firm in business. With a firm stand that is in the entrepreneur will lead to success will be his harp in the future. Example of entrepreneur who has the characteristics of decisive is Alexander Ljung. He is the cofounder and CEO of SoundCloud which is the popular audio platform that has raised more than $63 million in venture funding. According to CrunchBase, he shared the importance of learning the power of simplicity in today’s complex world.
“In recent years, T.S. Eliot’s reported quote – ‘If I had more time, I would have written a shorter letter’ – has struck with me when making numerous decisions specifically around leadership, design, and product. The advice I would offer my 21 years old self is to remember that it takes more mental (and sometimes physical) bandwidth to create something simple or communicate something simple or communicate something complicated in basic terms, but ultimately, that’s a lot nicer for the user experience,” Ljung said. “It is not about building every feature or understanding everything the first time around. It is about creating the best, tailored experience for your community and company. I’d remind myself of the importance to leverage design as a decisive advantage and to not afraid to challenge people to break down their knowledge into easily digestible, clearer statements (Nasri, 2014).
Based on his statement above, it shows us that he is very particular in making the decision. He knows what he is doing in his life and it actually shows how decisive he is.


2.1.8 Initiative
The meaning of the initiative is voluntary. An entrepreneur who has a high power business will enable him to see a situation or condition more efficiently and can lead entrepreneur is more advanced than others. For the example figure entrepreneur that has initiative characteristic is Tengku Amran Harris Tengku Ismail. He has a high effort in achieving what they want in life. Although he was disabled but it will never stop him to achieve what he wants.
Tengku Arman Harris Tengku Ismail, 36 years old is having hearing problem. Tengku Arman is one of disabled entrepreneurs who succeed in making batik silk company in Terengganu due to the persistence and perseverance. He used to studying at the middle school in Penang Special Education and Vocational school in Shah Alam, Selangor. Before he is involved into creating batik silk he used to work in a workshop in Kuala Lumpur in 1990.
After working for a year in the workshop, he began to work in another place where is in making batik silk. Tengku Amran started working at the factory Romi Batik in Cendering in 1991 and batik in Batu Buruk for several years before opening his own company. To be a successful an entrepreneur in the industry, he began to build the company near to his family home to produce batik on a small scale. The Social Welfare Department (SWD) has provided him the supporting financial of RM2, 000 to develop the company. Due to his effort, he was able to open two shops that have known as "Anas Butik" in Subangjaya. It proves to us that, he was able to open his own company even though he was disabled. In conclusion, with the effort he can now prove that the disabled person can be successful even if no attempt had reached a high in what is desired.


2.2 BIOGRAPHY OF SUCCESSFUL ENTREPRENEUR

Faiza Bawumi Sayed Ahmad
Name             : Faiza Bawumi Sayed Ahmad
Age                 : 70 years old
Origin             : Egypt
Position         : Managing Director Faiza Company Ltd
Education      : Diploma in Tailoring

Faiza Bawumi Sayed Ahmad is the owner and Managing Director of the rice wholesalers Faiza Company Ltd. She was setting up her company from small business at home until being the leading business in Malaysia. Now, Faiza Company is located at Batu Pahat, Johor and has their own marketing office in several states nationwide (Norlela, 2008).
Faiza was born in Egypt in year 1945. Indeed, she also which born in the family who is involve in the business. Been in the business since childhood she was the cashier in her father’s shop.
The experience that led her to be seriously involve in the business. After married and having a first son, she followed her husband to migrate in Malaysia in year 1964. Faiza is always looking useful activities that could do to avoid the free time alone. Faiza has shown many attributes as a successful businesswoman such as versatility, decisive, integrity, perceptiveness and initiative.


 As a versatility person, the experience led her to participate seriously in business. She whohas adiplomainartstitchesthenshe started sewing embroidery with RM 4 capital and sells a variety of groceries. She also purchases fabrics to make little neighbors dress shirts. Then, she produced a set of pillowcase. The result is beautiful and neat seams sold to friends. Next, she was dealing encyclopedia set, followed crockery business. Through small scale business, she saves money to make the next business capital (Zami, 2013).
Using her saving, she are interested to produces her own curry powder. She started to buy all type of spices and produce it by her own style and using Bunga Raya brand. FaizaBawumi also invested millions of money on TajMahal product which is ponni rice from India. So, after get positive result about the benefit of the rice from research reported by Universiti Putra Malaysia, she apply the exclusive license from Beras Nasional (BERNAS). Even though, Faiza Bawumi has many products, she’s now exploring new areas including marketing noodles, chili sauces and soy sauces. This can prove that he was capable of doing many things and has knowledge in various fields.

She is an initiative person because she is motivated to do things and willing to get things done by owns self. Faiza was interested in producing different spice blends for the curries and other Malaysian dishes. She experimented with her own blend of spices and curry powder. With each new blend, she sold a small quantity to relatives and friends and asked for their feedback. Over time, Faiza perfected her recipes and sold them to shops. A few years later, she bought bigger equipment for her spice blending and work and opened her own sundry shop (Tan, 2013).

           Learned from experienced; Faiza had improvised the recipes to suit the taste of Malaysian. Since then, the journey through the open door has begun as the market demand shows positive growth for the following years. That was at this time when Faiza was divined to formed independent business unit to spearhead the spice business strategically (Behind The Scene).

Other than that, Faiza also has become Petronas gas distributor. With the help of her son, she drives a station wagon and distributes gas cylinders to everywhere. A few years later, Faiza bought another spice grinder and a shop in the town of Batu Pahat. The shop is divided into two; the front is a grocery store whiles the backside processing of spices. In year 1982, Faiza Company formally established. Faiza developed the business to apply for a license wholesalers. The customers who bought the spices he also buys rice from it. Faiza sells variety of types of rice in Johor, Malacca and Kuala Lumpur (Norlela, 2008).

Besides, Faiza is a perceptive person.  She is good at understanding things of figuring things out. In the 1990s, there was a growing awareness to eat healthily. Faiza did some research and imported the ‘Ponni’ rice which is said to be good for diabetic patients (Tan, 2013). ‘Ponni’ rice is planting in Kartanaka, South India. It is believed to have special herbal quality (Norlela, 2008). Now, Syarikat Faiza Sdn. Bhd. markets a variety of high quality rice all over Malaysia. Similarly, Faiza Marketing Sdn. Bhd. handles her spice business (Tan, 2013). In 1997, the company also has a joint venture with Padi Beras Nasional and became a member of the Bernas Group. Faiza rice mill now operates on a site area of 40, 000 square feet. It uses high-tech machinery and equipment for the processing and packaging of rice. The company also has a production capacity of two hundred metric tons of rice a day. The part of transportation also supported by lorries equipped to market the products nationwide (Norlela, 2008).

         Thus, in 1998 Faiza Marketing Sdn. Bhd. (FMSB) was incorporated and Mrs. Najwa Abu Bakar (Daughter of Mrs Hajjah Faiza) was the person who works tirelessly to spread the wing in marketing and manufacturing a wide range of spices product, to where it is now. Nowadays, with more than 20 types of products and proper promotion channel, FAIZA spices has become one of the most trusted household brand name throughout the region, under the tagline Hygiene & Quality. The most popular brand is Faiza Raja Curry, Faiza Curry, Faiza Beriani and Faiza Bukhari.(Behind The Scene)

Furthermore, she also is a decisive person. She makes decisions quickly and effectively based on what she wants to do. As a successful entrepreneur, she must have to be decisive. Any doubtful in decision making could affect her business. So, she need to be firm in her decision without any influenced from others in able to take decision independently. 

For example, she’s not only the manager director of  Faiza Sdn.Bhd but she struggling to ensure his company established in 1992 that is on the right track and gain the profit for each year. After 45 year in this business, she mention that his successful not only for accumulating wealth but she want to fulfill the aim which is to be the biggest tax payers in Malaysia thus helping lighten the burden of the most people who are not afford (Zami, 2013). Despite her success, Faiza does not forget the poor and needy. Having a soft spot for single mothers, her companies sponsor the TV3 charity programmed ‘Bersamamu’ that highlights the plight of the poor and needy. She is also planning to set up a foundation, Yayasan Faiza to reach more people.

Next, she is an integrity and reliability person who is being honest and having strong moral principles. She always is consistent good in quality or performance thus able to trust. For entrepreneurial traits, integrity and reliability must have in entrepreneur because being honest and serve good quality of product or services can make customer feel confident and trust to them. This is important in order to keep good reputation of business and ensure the customer loyalty to be user of the product.

          Faiza Bawumi Company is now known as a high quality product, made one hundred percent Muslim and halal. She hoped that the involvement in the production of the product it gives preference to Muslims to obtain a high quality product and without misgivings to doubt his legal status. To support the trusted status of his product, Faiza company has also received numerous awards including best wholesalers in 2000, operational excellence awards Padiberas Nasional Berhad (Bernas) in 2001 and a gold award for rice and Taj Mahal by Reader's Digest Super Brand. So, this is the concrete prove show that integrity and reliability of Faiza Bawumi to the customers.


  3.0 CONCLUSION
 
The others say that successful entrepreneur is born, not made. However, there have argument saying that good entrepreneurship is a talent that can be learned and nurtured. The truth probably lies somewhere in the middle. In our opinion, we believed that as an entrepreneur we must have a combination of character, vision, talent, energy, timing and a bit of luck. Entrepreneur can change the way we live and work. If successful, their innovations may improve our standard of living. In short, in addition to creating wealth from their entrepreneurial ventures, they also create jobs and the conditions for prosperous society.
According to the Islamic perspective, an entrepreneur refers to the personality of a Muslim entrepreneur by how they are solving the problem regarding to Islamic value such as ambition, intuition, emotionally and physically preparation. Based on Quran, Allah has stated: “And We have certainly established you upon the earth and made for you therein ways of livelihood. Little are you grateful.” (Surah Al-A’raf: 10). All entrepreneur are leader even there a not a leader to any organization, there are leader and responsible to let their own selves.
By any chance, entrepreneur also creates the job opportunity to the society. As an entrepreneur, they can help develop the lives of others by providing the jobs thus they have their own income to support their daily life. Additionally, the cascading effect of increased employment and higher earnings contribute to better national income in form of higher tax revenue and higher government spending. This revenue can be used by the government to invest in other, struggling sectors and human capital.
In conclusion, there a lot of the outcome that we get from this assignment including interested us to be an entrepreneur, get know further about the traits of successful entrepreneur and also can apply this knowledge in the future. As an entrepreneur, we must grab the opportunity of business and perform with our own way based on the knowledge and skills availability.