http://www.forbes.com/fdc/welcome_mjx.shtml
http://www.inc.com/ss/diana-ransom/richest-entrepreneurs-2014
http://www.biography.com/people/bill-gates-9307520
http://www.deherbs.com.my/v1/index.php/2013-08-22-07-41-26/88-profile/105-latar-belakang
https://www.youtube.com/watch?v=fO2u-uxVBIc
Tuesday, April 28, 2015
1.0 Introduction
In terms of the definition, the entrepreneur is a person who operates a company of entrepreneurs. Employers also can be defined as a massive job to make goods industry or business on a large scale. In addition, in view of A. Schumpeter Joseph, a member state of the economy entrepreneur is an innovator that can lead to a renewal. While Carland (1984), defines that as an individual entrepreneur who set up the business and manage to make a profit and continues to grow.
Briefly, the entrepreneur is the one who took the considered risk of starting a business and working. The entrepreneur also is a leading business manager and entitled to claim rights to the business. Entrepreneurs have a vision to expand its business in the prosperity of society. In terms of the definition of entrepreneurship, it is a knowledge which includes elements or attitudes, skills and knowledge related to business and enterprise.
Moreover, according Yep White (1989) entrepreneurship is said to be the one ability, the ability and disposition to perform various activities in running the business. The objective of this assignment is to provide an understanding and importance of the enhancement of entrepreneurial skills and personal qualities with supportive evidence by linking to successful entrepreneurs in Malaysia and the world.
In addition, this assignment will enable a student to identify and analyse embodied entrepreneurial skill by entrepreneurs. Students can look to the successful entrepreneurs as a role model to venture into this field. Someone who has the characteristics of an entrepreneur will engage in efforts to create their own produced goods. In addition, a successful entrepreneur is about quality and satisfaction but not exclusively profit. They also approved of innovations always do to add creativity and consequently introduce new products that can penetrate the market.
Entrepreneurs have close connections with business. Business will be intended as buy and sell goods or services with the profit motive. Meanwhile, the entrepreneurs are the ones who run an enterprise and entrepreneurship is the one which associated with activities and skills of entrepreneurs. In conclusion, the entrepreneur must have some important features such as creative and innovative, clever seize opportunities, take risks, clever use of existing resources and the like for use in their respective fields to achieve success.
2.0 Task A
2.1 Section A
Entrepreneurs said to be different from others because they have characteristics or properties with a design of objectives and goals to be achieved, which can be an example to others. Experience and knowledge enables them to view, analyse and seize opportunities that cannot be seen by others. Figure 1 below shows the nine traits of entrepreneurship which the entrepreneurs need to be the successful.
2.1.1 Integrity and Reliability
Integrity and reliability are important to ones who want to be a successful entrepreneur. Integrity means that an entrepreneur has the quality of being honest and morally upright, while reliability means an entrepreneur is able to be depended and trusted. Barry Edwards who is successful entrepreneur shows the good integrity and reliability. He is running a business of selling equipment of presentations which is av system. Barry Edwards, President of the Louisiana-based Creative Presentation, Inc., is another entrepreneur who shows his integrity and reliability where he really understood how much a company’s image means to its existing and potential customers.
He started out really small, with only himself to work on his business, in a small office in his house. His idea of selling presentation equipment at the time when it was still a new technology was not something that his employer wanted to do. But he believed that he could do it, so he decided to go out on his own and make his idea come true. It wasn’t easy because of financial and other issues. Leaving an employment to work on his own business is a huge risk and would take a lot of energy and time, but he knew that he could do it. Working by himself on his business was something that he knew wouldn’t look very good to customers either. So, he took measures to make sure that the image of his company was not of one that was run by one person, but of one that was stable and reliable.
With full of integrity, he incorporated his company, answered the phone in two voices to make the customer think that he had an assistant and gave himself the title of Sales Manager so that people will think that he answers to higher authority. After a year, he hired his first employee and three years later Creative Presentation Inc., moved out of his house to its own office. Barry Edwards success in market when he can generates high income after his sales grew steadily from $180,000 in the year of 1991 to $11,000,000 in the year of 1999.
2.1.2 Initiative
Initiative is a new plan or process to achieve something or solve a problem. Initiative is the first in a series of actions. An initiative is the start of something, with the hope that it will continue. Initiatives start listing all the time. Dato Alif Syukri is the founder D’herbs products. The first step in to be the entrepreneurs are starting from the bottom. He is selling homemade products such as powder cold in the night market. After that, he made a loan to set up his own company. The company is known as D'Herbs Healthy Marketing. D'Herbs Healthy Marketing was established in 2010 where he produces and markets many health and beauty products.
After his business grew, he has added its branch known as the Megah Perawan. Sdn. Bhd. Previously only operated in a lot of shops on the second floor with only one employee and has four main products which are foundation, slimming products, Beverages Health of Women and Lipstick Lip Treatment. He is now moved a step further strides with almost 90 new product lines with a total of 35 staff whose are helped launch the company trip.
To ensure its products continue to be recognized and to attract people, they have been selling products with D'Herbs in magazines and newspapers such as the Weekly bestsellers in Malaysia Women, Midi, Family, Harmony, Metro, where our ads have been broadcast every week and it was a very big impact for us. They have also been broadcast on national radio and got an overwhelming response. More encouraging D'Herbs also sponsored programs such as Akademi Fantasia great and Stars for Stars on Astro and TV3.
Through online business, D'Herbs products are available in the Company's Global Marketing. D’herbs has been providing marketing tools and attractive. They have own factory and produce a quality product, product triggers with the low prices on quality pays off, leader in the production of juice Health Drink and committed to the production of products halal.
Award:
1) Title of Dato
2.1.3 Versatility
The third trait that highly needed and applied to operate the business by entrepreneurs is versatility. Versatility is a skill that entrepreneurs need to work on and excel at in order to be good at what they are doing for their business. It is very important in the business industry because all of the person that they are dealing with have the different behaviour and has their own different needs. Dato’ Dr. Maznah Hamid is the one of the entrepreneur who has the characteristic of versatility. Dato’ Dr. Maznah Hamid is the executive chairman of Securiforce Group Of Company and because of her attitude she is known as iron lady of Malaysia.
Dato’ Dr. Maznah Hamid is the one of the successful entrepreneurs that has versatility trait when she is operating her business. Dato’ Maznah Hamid and her husband have started their business on 1981. Her versatility traits can be seen when she had to holds several tasks simultaneously at one time. As no effort to employ many people when she has just opened her business, Dato’ Maznah Hamid and her partner, Tuan Haji Shaheen had to perform all the duties of operations, bill collector, and sometimes a guard patrol when their employees leave the highway or public holidays.
She learned the meaning of hardness and sacrifice in the business world. Dato’ Dr. Maznah Hamid’s versatility traits are also can be seen when she was also an expert on motivation, human development and entrepreneurship as well as 'success counselor' in institutions of higher learning. Based from that, she has established Maznah Motivational Centre (MMC) which is organizing the seminars of entrepreneurship and human development. She has the major assets which are durability, guts feeling, immunity, persistency and sustaining power.
Apart from that, she is trying applied to the public through seminars "ZERO TO HERO" and "AWAKEN THE SPIRIT OF ETREPRENEURSHIP'. Through this seminar, she is wishes to raise and absorb the entrepreneurial spirit into every human who want to be the successful entrepreneur and to them whose are interested in the business industry. This is shown that she had versatility traits as an entrepreneur.
Awards:
1) The Honorary Excellent Graduate Award for Personal Development and Leadership
2) Excellent Entrepreneur Award by The Malay Business of Chamber
3) Tan Sri Fatimah Hashim Excellent Woman Award by Avon
4) Honorary & Reputable Woman Award by Putra University, Malaysia
5) Excellent Woman Award by Her World Magazine
6) Entrepreneur Award by The Malay Business of Chamber, Kedah, Malaysia
7) Mother of Entrepreneurs Award 2008 by AVON
8) Honorary Master of Entrepreneurship 2008
9) Entrepreneur Extraordinaire Award – National Women Entrepreneurs Award 2008 (NWEA) – SMIDEC
10) Prime Minister Woman Entrepreneur Award 2011 – (Finalist)
11) Title of Lady Extraordinaire Inaugural Women of Excellence Awards 2014
12) Title of Great Entrepreneur Brand ICON Leadership Awards Asia Pacific 2014
2.2.4 Decisive
Decisive is the characteristics of individuals who have a vision and a strong belief that can determine things good or bad for themselves. It is very necessary for an entrepreneur to start their career became more successful. Therefore everyone must have a strong to decisive, for example as an entrepreneur who wants to succeed and develop their career and must determine how to realize his dream. The first dared to dream, that vision is important and it is important plan. Decisive is the criteria is owned by the successful entrepreneur who is William Henry Gates III which known as Bill Gates.
He is an entrepreneur who loved programming on the computer system. Apparently, he is started his interest when he is sat in the eighth grade, the Mothers Club at the school used proceeds from Lakeside School's rummage sale to buy a Teletype Model 33 ASR and the terminal block of computer time on a General Electric (GE) computer for the school students. Gates has an interest in programming the GE system in BASIC, and given the freedom to distribute math class interests. He likes to write the first computer program on this machine which is the implementation of tic-tac-toe that allowed users to play games with or near the computer.
Gates amazed by this machine and it will always make it execute software code with no less than one anything. After the Mothers Club donation nearly exhausted, he and other students looking for a system including time in the PDP minicomputers. One of these systems is a PDP-10 is belonging to Computer Centre Corporation (CCC), which banned four students which are Gates, Paul Allen, Ric Weiland, and Kent Evans. Lakeside was caught them exploiting bugs in the operating system to gain time use older computer when the end of his ban, Gates and his friends offered to find bugs in CCC's software in Hadia time using computers. He do not choose to use the system via Teletype, however, Gates prefers to go to CCC's offices and studied source code of the program running on the system, including a program in Fortran, Lisp, and machine language.
The arrangement with CCC lasted until 1970, when the company went out of business. The following year, Information Sciences, Inc. had employ Gates and his friends from Lakeside to write a payroll program in COBOL, in return they give their time to use computers and royalties. When he was 17, Gates made the job with his friends Allen, called Traf-O-Data, to produce traffic counters based on the Intel 8008 Gates graduated from Lakeside School in 1973 and is a National Merit Scholar. He could only get 1,590 placed of 1,600 students at Harvard College. This is shows that Gates is very not clever in his education compared to others student. Harvard is the beginning where Gates know Ballme Steve. Ellen and Gates then managed to become CEO of
Different with the other smart students who have a clear plan of study, however Gates did not have a clear program of study as a student at Harvard and spent more time with the computer only to meet the desires and his curiosity about computers. Bill Gates did not have a clear study plan, but at a very young age Gates have a clear plan to organize his future very carefully to see opportunity. This is show that the cleverness is not the main factor to success but the strong decisiveness to achieve his goal had encourages Gates to be the successful entrepreneur.
Awards:
1) National Medal of Technology and Innovation 1992
2) Lasker - Bloomberg Public Service Award 2013
3) Bambi – Millenium Award 2013
4) Silver Buffalo Award 2010
5) Bower Award for Business Leadership 2010
2.2.5 Time Competence
Competence is the ability of an individual to do a job properly. A competency is a set of defined behaviours that provide a structured guide enabling the identification, evaluation and development of the behaviours in individual employees. Some scholars see "competence" as a combination of practical and theoretical knowledge, cognitive skills, behaviour and values used to improve performance; or as the state or quality of being adequately or well qualified, having the ability to perform a specific role.
For instance, life, management competency might include systems thinking and emotional intelligence, and skills in influence and negotiation. Lakshmi Niwas Mittal, or known as Lakshmi Mittal was born in June on 15th 1950. He is the chairman and CEO of ArcelorMittal, an Indian steel magnate and world’s largest steel making company. Mittal owns 38% of ArcelorMittal and holds a 34% stake in Queens Park Rangers F.C. Mittal studied at Shri Daulatram Nopany Vidyalaya from 1957 to 1964. He graduated from St. Xavier's College, Calcutta, with a B.Com degree from the University of Calcutta.
His father, Mohan Lal Mittal, ran a steel business, Nippon Denro Ispat. In 1976, due to the curb of steel production by Indian government, the 26 year old Mittal opened his first steel factory PT Ispat Indo in Sidoarjo, East Java, Indonesia. Until the 1990s, the family's main assets in India were a cold-rolling mill for sheet steels in Nagpur and an alloy steels plant near Pune. His competence has rewarded him with many awards since early age in year 1996, and in 2004 he was chosen as Entrepreneur of the year.
What makes Lakhsmi Mittal a competence entrepreneur is his character that creative and innovative, other than being among persistence entrepreneur itself. His ability to take initiative, risk and solve problems also what made him deserve all the awards he received all his past years. Moreover, ArcelorMittal is the world’s leading integrated steel and mining company, with a presence in more than 60 countries. It is the leader in all major global carbon steel markets, including automotive, construction, household appliances and packaging.
The Group is a major supplier of construction steels into the UK market with a significant presence in such diverse areas as Structural Sections, Reinforcement bar and Coil, Wire Rod, Reinforcing Mesh and Steel Fibres. ArcelorMittal steel rolling mills in Germany, Luxembourg, Poland and Spain produce the full range of CARES approved reinforcing products for the UK market.
2.2.6 Perceptiveness
Perceptiveness is the trait of a person who is able to make everything to be better and leads to things that can make the change itself. It is important for people who are just starting their career and who is undergoing his career to be success. In order to achieve their goal, first of all they should always happy and never assume their job is a burden. Secondly, they need to have the ability to realize an idea into a reality. Thirdly, they are able to correct their mistake and fix it. Fourthly, they should always grateful to any condition.
The year of 1983 is the beginning of his career in which work successfully with John Sculley and recruit him from Pepsi-Cola’s company, to lead Apple Computer, with challenges. In Similarly, Apple also released the Apple Lisa who has a very sophisticated technology in the past but failed to achieve success in 1984 was the introduction of the Macintosh, the first computers were sold in the market by presenting a graphical user interface.
Despite its success, but Apple also experienced many problems in Apple's leadership in the work, the work by Sculley was dismissed from Apple in 1985. Jobs out of Apple, but do not stop there. Jobs founded a computer company called NeXT Computer, like Lisa, the NeXT has a very sophisticated technology, but never became famous, but only just within the scope of scientific research. Apple started to spread their wings.
With the introduction of the iPod portable music instrument, iTunes software, and the iTunes Music Store, the company made a breakthrough in the field of personal electronic equipment and music online. While stimulating innovation, Jobs also reminded his subordinates that "real artists to fruition," that the intention is, to produce works at the same time the importance of the innovation and product sniper.
Steven Jobs faced a lot of problems when he was alive, but he was still able to pass through and fix the problems. He also has his own perceptive in order to motivate himself said “Sometimes, when you innovate, you make mistakes. It is best to admit then quickly intervening, and get on with improving your other innovations”. His perceptive toward his past mistake lead him to be most successful entrepreneur.
Awards:
1) 1985 - National Medal of Technology
2) 1987 - Jefferson Award for Public Service
3) 2012 - Grammy Trustees Award
4) 2002 - PGA Vanguard Award
2.2.7 Ability to Learn from Mistake
The next characteristic of entrepreneurship is ability to learn from mistake. The ability to learn from mistake is means that the entrepreneur can study and make their own research about their past failure. This is because the failure can matured people since they have the experienced and aware in the future for not repeating the same mistake.
Furthermore, they should know how to solve the problem in order to overcome their mistake and continue their goal to success. Apart from that, they should know how to find the way and take the precaution step so that they can avoid the same mistake. Moreover, the successful entrepreneur also needs to get the advices from their senior or the person who has a lot of experience to teach them and can be the placed that they can refer to.
This characteristic of ability to learn from mistake had shown by the most successful entrepreneur in the world, Michael Dell. Dell produced the product of computer which named Dell and the revolution of the computer was happened from the year of 1980 until nowadays and Dell Computer had become the largest PC maker in the world. Michael Dell was born on February 23, 1965 in Houston, Texas. He is very interested with the technology and gadgets and his interest had shown when he still young.
Moreover, he is also started building computers and selling them directly to people. The two main important aspects that he focused are the customer support and the cheaper prices of his product in order to attract the customer attraction and meet the customer needs. Michael Dell is the one who launched the personal computer revolution in the year of 1980s with the creation of the Dell Computer Corporation which more known as Dell Inc. today.
After eight years of Dell founded, he become the youngest Chief Executive Officer (CEO) of a Fortune 500 company which is in the year of 1992. However, behind his successful Dell’s company going through a huge problem. In recent years, poorly built computers were giving bad effect towards the company, thus, the company can’t produce high quality product. This mistake was reduced the customers supports and customers relies towards Dell company.
Besides that, it reduced the customer satisfaction towards the products. Hence, in order to fix the bad quality machines, the company expense for $300 million due it huge costing. As the result of the critical issue, Dell had loose its top perch in the industry during that time. The bad quality products were continued to plague the Dell’s company and this had effect the bad reputation of the company. Dell Computer’s struggling to reduce the critical issue, thus the documents was produced and revealed the issue was caused by the employees whose are well aware about the issue affecting millions of its computers.
Despite that, Michael Dell made headlines when he agreed to pay more than $100 million in penalties to overcome the charges of accounting fraud that had been filed by the Security and Exchange Commission on July 2010. The Security and Exchange Commission charge that Dell Computer inflated its earning statements by counting rebates from the chip maker Intel that were issued to Dell to encourage the company not to use chips from Advanced Micro Devices in its computers and servers. The investigators claimed that Dell Computer had misled investors about its actual earnings.
It shows that, the company was accused by do the fraud in their business and has no ethical behaviour. After the controversy that his company faced, Michael Dell announced that he would be taking his business private again in order rebuild his company and trying to clean his company’s name on February 2013. He reached an agreement with Silver Lake Partners which are a private equity firm that specializes in technology and computer software giant Microsoft to launch a buyout of all outstanding shares of Dell.
From this, it showed that Michael Dell has ability to learn from the mistake. He take the precaution step in order to avoid the mistake for not happen again by rebuild his company again and make the deal with the Silver Lake Partners even though the deal is highly valued which is between $23 billion to $24 billion. He is really put the big effort and struggling so that his company can build up again.
Apart from that, Dell’s product line not only focused on PC and network server only, but storage systems, printers, hand-held computers, MP3 players, television and computer services. Until nowadays, Dell is the most largest and successful online retailer in the business industry.
Awards:
1) Customer Satisfaction Award, J. D. Power and Associates, 1991
2) CEO of the Year, Financial World, 1993
3) CEO of the Year, Industry Week, 1998
4) Entrepreneur of the Year, Inc., 1998
5) Chief Executive of the Year, Chief Executive, 2001
2.2.8 Ethical Consciousness
Ethical consciousness is one of characteristics that should have in an individual called entrepreneur. According to Paperback : Oxford English Dictionary, ‘ethics’ means the moral principles that govern a person’s behaviour. Meanwhile, ‘consciousness’ means the awareness of something. Ethical consciousness is a character that a person realized whenever to run a business or project, he or she must follow the ethics in entrepreneurship.
For example, Warren Buffett, Businessman and investor Warren Buffett was born on August 30, 1930, in Omaha, Nebraska. Investing by age 11, Buffett was running a small business at age of thirteen in 1943. Buffett later started the firm Buffett Partnership in Omaha with the huge success. Buffett was announced as the most ethical entrepreneurs among world's rich after Bill Gates when he was done donation and making good relationship with other companies.
In June 2006, Buffett made an announcement that he would be giving his entire fortune away to charity, committing 85 per cent of it to the Bill and Melinda Gates Foundation. This donation became the largest act of charitable giving in United States history. The majority of Buffett's considerable fortune was amassed through Berkshire Hathaway, a company for which he is the largest shareholder and CEO.
Once ranked as Forbes' wealthiest man in 2008, his net worth was estimated at roughly $44 billion in the year 2012. After seven years he donates, in February 2013, Buffett purchased HJ Heinz with private equity group 3G capital for $28 billion. 3G, a U.S.-Brazilian company, also owns Burger King and a portion of Anheuser-Busch InBev. According to TIME magazine, Buffett has praise Heinz for making great-tasting products and for good management over the past several years. This show that he won’t condemn any products from any companies he had purchased. Hence, he was named as one of the powerful and ethical entrepreneurs in the world.
2.2.9 Foresight
Foresight is not a prediction. It is not intended to predict the future to introduce it as if it had been determined in advance but to help someone build it. It invites us to consider the future as something that we can create or form, not as something already decided. The nature of foresight is very important for entrepreneurs who want to move forward. For example, Mr. Rushdi Abdullah had been an only seller and ‘kuih cakoi’ who poorly but now he is able to change his fate. He is confident he will be successful for the future and he has his own empire.
His efforts paid off handsomely as successful to this day. He was known as a successful entrepreneur having built a business empire worth millions of ringgit. It is because he is very short sighted to small businesses that can turn into more developed in the future and now it has been proven. He is the founder of the company Dunia Herbs Oxford. Dunia Herbs commenced its operations on September 6, 2005. It is a company wholly owned by a Bumiputera which is currently growing rapidly through marketing quality beauty and health herbal based products.
The company begins to show its potential in the advance and competitive market by showing a good performance in marketing its pilot product, LOSYEN MUSTAJAB PATI HALIA or Effective Ginger Extract Lotion which is accepted by the Malaysians users with zeal. Taking from that DuniaHerbs Sales & Marketing will continue to progress and make its main goal of becoming one of the most successful companies in the future. Mr. Rushdi has spent several hundred dollars to start the formulation of herbal health.
He was aware that many people who suffer from obesity or extreme obesity. He has got the idea of natural materials, namely ginger, ginger which serves the wind and toxic waste in the body. To test the efficacy of its products, he practiced on himself and trying the products of his given name Mustajab Ginger Extract Lotion. The products are successfully penetrates in the local market. He hoped that his products are not only able to penetrate the local market but the international market someday.
Now, the product Mustajab Ginger Extract Lotion is between products that are frequently being bandied local communities in Malaysia. In fact, the products produced Dunia Herbs now have their own places in foreign markets including Brunei, Singapore and others. He has 20 years of experience successfully leading a company that formerly focused local market have succeeded in penetrating international markets.
LOSYEN MUSTAJAB PATI HALIA or Effective Ginger Extract Lotion is Dunia Herbs first and foremost product business sales has hit up to 100,000 units per month and automatically proven its self to be very popular among consumers. The growth is the results of continuous excellent advertisement that hit the target, not to mention the quality and effectiveness of LOSYEN MUSTAJAB PATI HALIA or Effective Ginger Extract Lotion itself.
2.2 Section B
Dr. Chang Yung Fa was born in 1927 in Penghu, Taiwan. In 1961, Dr. Chang and some friends jointly established a shipping company and having helped this company to develop, he decided to branch out his own. He established Evergreen Marine Cooperation on September 1, 1968 with just one second hand 15,000 tons of vessel, Central Trust.
Over the next four years, Chang built his fleet up to twelfth running them empty and convince his customers that his services were regular and reliable. Within a year, he had expanded to the Middle East. After that in the three years, Chang was dispatching Evergreen Ships to Carribean. In 1975, Chang realized that containerization was the way forward. He built for advance S-type container ships and launched his U.S East Coast Service.
Fifteen months later, he added the West Coast of United States.to his network. Europe followed in 1979. By 1984, he started his most ambiguous service yet two day round world service, one circulating the globe in an easterly direction the other westward. Departing every 10 days the 20 G type container ships he employed had a capacity of 2,728 containers each and could travel at a speed of 20.5 knots.
The Evergreen group had expanded beyond the shipping industry to encompass operations in heavy industrial development, air transport, hotels and resort services. In 2012 February, Dr Chang announced that he will donate all his wealth and assets which amounted around US$ 1.69 billion to those unfortunate through his Chang Yung Fa Foundation. Evergreen International Corporate The history of Evergreen group began with the formation of Evergreen Marine Cooperation by Dr Chang Yung Fa on 1 September 1968.
He starts shipping operation with a single 15 year old general cargo vessel named the Ever Trust. The company grew at a tremendous rate and by 1985 it had become the world largest container ship operator. During its 40 year history, the Evergreen group has diversified its business interest with land and air transportation operations and an international chain of hotels. EVA air, which made its maiden flight on 1 July 1991, is Taiwan’s first and only privately owned international airline.
In parallel, the Evergreen Group founded Evergreen International Hotels, which operates five- star properties throughout Taiwan and in key locations overseas. From air travel and sea freight to ground haulage and hotels, the Evergreen brand is strongly associated with safety, reliability, and high quality services. Dr Chang Yung Fa also believes in giving back the society. In 1985, he founded the Chang Yung Fa foundation, an organization committed to providing emergency and medical aid, promoting education and culture, and evaluating moral standards.
Among its milestone are the formation of the Evergreen Symphony Orchestra and the launch of Moral Monthly, a magazine distributed free charged to school aged children. The Foundation also operates the Evergreen Maritime Museum, an institution dedicated to preserving Taiwan’s maritime heritage. Until now, Evergreen group have around 22,000 staff and 220 representatives around the world. It has 30 branch companies around the world. In 21st century, Evergreen group also hopes to achieve and cross the benchmark standard prioritize integrity in business, and also create a high quality of human resources.
Besides that, Evergreen Group also pays focus on creating a good working spirit among the workers, future oriented and first class quality management. Evergreen Logistic Corporate Evergreen Logistics is a member of the Evergreen Group. They provide freight forwarding, logistics operations, customs brokerage, warehousing and distribution, project shipment, advanced IT platforms and customized total solutions with all value-added services.
The experienced and professional team of Evergreen Group also have offices in mainland China, Taiwan, Hong Kong, and Southeast Asia as well as agents in North Asia, the Americas, Europe, the Mediterranean, Australia, and Africa provides our valuable business partner with the most cost-effective and time-critical solutions. Via a single platform, our worldwide IT solutions provide real-time data to customers wherever they are in the world. Dr Chang Yung Fa is a famous and successful entrepreneur in Taiwan.
He is overcome various challenges in business in order to succeed by having all the important entrepreneurial traits. The entrepreneurial traits that Dr Chang has, had help him to achieve great success on his Evergreen Group and expanded the business on logistic. The traits and characteristic that Dr Chang has are:
2.2.1 Integrity and Reliability
Integrity means the quality of being honest and has strong moral principle. It also means unity and act as whole and not divided. Reliability means someone who is dependable, responsible and trustworthy. This trait is important for business in order to gain trust from customers and in order for the business to achieve their targets. Dr Chang has integrity and reliability traits that help him being successful. As we can see, Dr Chang provides high quality of service to his customers and great safely to his customers for shipping and logistic business.
This has attracted customers around the world. This shows that Dr Chang have the traits of reliability because he is dependable person and have trustworthy from his customers. Evergreen Group also provides benchmark to achieve something they target for and create high quality of human resources. This shows that Dr Chang is responsible and has strong principle in his work.
2.2.2 Initiative
Initiative means the ability to initiate things independently and to act before other people do. Initiative is important traits for business because it enables the entrepreneur to act faster than other people and to grab the opportunity.
Entrepreneur need to take fast action so that they can gain and obtain more stable business position before other do. Dr Chang initiative side can be seen when he decided to use the ships of the company to carry by the container. This is because at the time, most of the ships are used to carry goods and products and they didn’t want to oppose Far Eastern Freight Conference (FEFC).
FEFC is the organization where they will combine all the shipping company around the world to do the sea transportation based container ship. Dr Chang is the only person that expands this kind of transportation and his action is well received from Middle East, Middle and South America.
2.2.3 Decisive
Decisive means the power of making decision and settling an issue. Decisive is important for business because it enables the entrepreneur to make a decision quickly and effectively. This trait requires person who is strong minded, strong willed and also determination. Dr. Chang is good at making decision when he make a decision where in the year 1984, he started his most ambiguous service yet two day round world service, one circulating the globe in an easterly direction, the other westward. Departing every 10 days, the 20 G type container ships he employed had a capacity of 2,728 containers each and could travel at a speed of 20.5 knots. This shows that he is decisive in making a good decision in a short amount of time.
2.2.4 Ability to Learn from Mistake
Ability to learn from mistake is a very important trait for entrepreneur in order to become successful. This traits in important for business because business need to make improvement and learn from mistake so they won’t repeat the same thing wrong action on their current business. Dr Chang has this trait on himself.
As we can see, Dr Chang had faced many challenges but he never give up easily. This can be seen based on the incident that happened in 1969. In 7 September 1969, there is an accident where the ship named Ever Island own by Dr Chang’s company was on fire. This causes his company Evergreen group faces the loss of US$ 250,000. Furthermore, the ship name Ever State faced engine problem on high sea and forced stopped for a month. This causes the company faces great amount of loss to fixed the ship.
Moreover, the ship was named Central Trust also has accident on the sea on the same year and this causes the company to faced financial problems. Even though Dr Chang faced many hardship and challenges at that time, he never gives up and worked hard to get some financial from other parties to overcome the problems. This mistake enables Dr. Chang to learn from mistakes and he will be more careful so he won’t repeat the same mistake.
2.2.5 Foresight
Foresight means the ability to predict what will happen in the future. This trait is important for business because entrepreneur need to see what other people cannot see so they can take the opportunity faster than other entrepreneurs. Dr Chang have this characteristic because he started out working as an officer for the Japanese shipping line and after he got promoted as Captain he started to established this own shipping line in 1961.
He opened his own branch with his friends. The reason he make this decision to establish his own company is because he had the foresight characteristic which he can see the future of this business. Dr Chang knew that the business will brings great benefits in future and can make great profits. Dr Chang quickly took this opportunity to expand his business. By 1968, he managed to establish Evergreen Marine Cooperation.
Award:
1) Lifetime Achievement Award from CI 2006
3.0 Conclusion
As the conclusion, the previous research show that all the traits of entrepreneur which are the integrity and realibility, initiative, versatility, decisive, time competence, perceptiveness, ability to learn from mistakes, ethical consciousness and foresight are very important and highly needed to applied in operating the business by entrepreneurs.
Basically, to become an entrepreneur are not as easy as buying something in the market because not every person have naturaly entrepreneur characteristic and interested into this career. The entrepreneurs believe that they have to create their own destiny. They can create it by their own choices and actions. The most important to become an entrepreneur is they need to determine their goal and struggling to achieve it in some period of time that they are already set for their future business.
In order to achieve their target, the entrepreneurs also have to energetic and willing to work more than office hours. Moreover, they should have the courage to take the considered risk in every decision they are made. They are also need to avoid stereotype thinking, otherwise they need to think more creative and innovative to produce the products which can attract customer, increase customer satisfaction and meet customer need. The experience can be the good teacher for entrepreneur to learn and apply in their business life, hence become the successful entrepreneur in this industry.
In terms of the definition, the entrepreneur is a person who operates a company of entrepreneurs. Employers also can be defined as a massive job to make goods industry or business on a large scale. In addition, in view of A. Schumpeter Joseph, a member state of the economy entrepreneur is an innovator that can lead to a renewal. While Carland (1984), defines that as an individual entrepreneur who set up the business and manage to make a profit and continues to grow.
Briefly, the entrepreneur is the one who took the considered risk of starting a business and working. The entrepreneur also is a leading business manager and entitled to claim rights to the business. Entrepreneurs have a vision to expand its business in the prosperity of society. In terms of the definition of entrepreneurship, it is a knowledge which includes elements or attitudes, skills and knowledge related to business and enterprise.
Moreover, according Yep White (1989) entrepreneurship is said to be the one ability, the ability and disposition to perform various activities in running the business. The objective of this assignment is to provide an understanding and importance of the enhancement of entrepreneurial skills and personal qualities with supportive evidence by linking to successful entrepreneurs in Malaysia and the world.
In addition, this assignment will enable a student to identify and analyse embodied entrepreneurial skill by entrepreneurs. Students can look to the successful entrepreneurs as a role model to venture into this field. Someone who has the characteristics of an entrepreneur will engage in efforts to create their own produced goods. In addition, a successful entrepreneur is about quality and satisfaction but not exclusively profit. They also approved of innovations always do to add creativity and consequently introduce new products that can penetrate the market.
Entrepreneurs have close connections with business. Business will be intended as buy and sell goods or services with the profit motive. Meanwhile, the entrepreneurs are the ones who run an enterprise and entrepreneurship is the one which associated with activities and skills of entrepreneurs. In conclusion, the entrepreneur must have some important features such as creative and innovative, clever seize opportunities, take risks, clever use of existing resources and the like for use in their respective fields to achieve success.
2.0 Task A
2.1 Section A
Entrepreneurs said to be different from others because they have characteristics or properties with a design of objectives and goals to be achieved, which can be an example to others. Experience and knowledge enables them to view, analyse and seize opportunities that cannot be seen by others. Figure 1 below shows the nine traits of entrepreneurship which the entrepreneurs need to be the successful.
2.1.1 Integrity and Reliability
Integrity and reliability are important to ones who want to be a successful entrepreneur. Integrity means that an entrepreneur has the quality of being honest and morally upright, while reliability means an entrepreneur is able to be depended and trusted. Barry Edwards who is successful entrepreneur shows the good integrity and reliability. He is running a business of selling equipment of presentations which is av system. Barry Edwards, President of the Louisiana-based Creative Presentation, Inc., is another entrepreneur who shows his integrity and reliability where he really understood how much a company’s image means to its existing and potential customers.
He started out really small, with only himself to work on his business, in a small office in his house. His idea of selling presentation equipment at the time when it was still a new technology was not something that his employer wanted to do. But he believed that he could do it, so he decided to go out on his own and make his idea come true. It wasn’t easy because of financial and other issues. Leaving an employment to work on his own business is a huge risk and would take a lot of energy and time, but he knew that he could do it. Working by himself on his business was something that he knew wouldn’t look very good to customers either. So, he took measures to make sure that the image of his company was not of one that was run by one person, but of one that was stable and reliable.
With full of integrity, he incorporated his company, answered the phone in two voices to make the customer think that he had an assistant and gave himself the title of Sales Manager so that people will think that he answers to higher authority. After a year, he hired his first employee and three years later Creative Presentation Inc., moved out of his house to its own office. Barry Edwards success in market when he can generates high income after his sales grew steadily from $180,000 in the year of 1991 to $11,000,000 in the year of 1999.
2.1.2 Initiative
Initiative is a new plan or process to achieve something or solve a problem. Initiative is the first in a series of actions. An initiative is the start of something, with the hope that it will continue. Initiatives start listing all the time. Dato Alif Syukri is the founder D’herbs products. The first step in to be the entrepreneurs are starting from the bottom. He is selling homemade products such as powder cold in the night market. After that, he made a loan to set up his own company. The company is known as D'Herbs Healthy Marketing. D'Herbs Healthy Marketing was established in 2010 where he produces and markets many health and beauty products.
After his business grew, he has added its branch known as the Megah Perawan. Sdn. Bhd. Previously only operated in a lot of shops on the second floor with only one employee and has four main products which are foundation, slimming products, Beverages Health of Women and Lipstick Lip Treatment. He is now moved a step further strides with almost 90 new product lines with a total of 35 staff whose are helped launch the company trip.
To ensure its products continue to be recognized and to attract people, they have been selling products with D'Herbs in magazines and newspapers such as the Weekly bestsellers in Malaysia Women, Midi, Family, Harmony, Metro, where our ads have been broadcast every week and it was a very big impact for us. They have also been broadcast on national radio and got an overwhelming response. More encouraging D'Herbs also sponsored programs such as Akademi Fantasia great and Stars for Stars on Astro and TV3.
Through online business, D'Herbs products are available in the Company's Global Marketing. D’herbs has been providing marketing tools and attractive. They have own factory and produce a quality product, product triggers with the low prices on quality pays off, leader in the production of juice Health Drink and committed to the production of products halal.
Award:
1) Title of Dato
2.1.3 Versatility
The third trait that highly needed and applied to operate the business by entrepreneurs is versatility. Versatility is a skill that entrepreneurs need to work on and excel at in order to be good at what they are doing for their business. It is very important in the business industry because all of the person that they are dealing with have the different behaviour and has their own different needs. Dato’ Dr. Maznah Hamid is the one of the entrepreneur who has the characteristic of versatility. Dato’ Dr. Maznah Hamid is the executive chairman of Securiforce Group Of Company and because of her attitude she is known as iron lady of Malaysia.
Dato’ Dr. Maznah Hamid is the one of the successful entrepreneurs that has versatility trait when she is operating her business. Dato’ Maznah Hamid and her husband have started their business on 1981. Her versatility traits can be seen when she had to holds several tasks simultaneously at one time. As no effort to employ many people when she has just opened her business, Dato’ Maznah Hamid and her partner, Tuan Haji Shaheen had to perform all the duties of operations, bill collector, and sometimes a guard patrol when their employees leave the highway or public holidays.
She learned the meaning of hardness and sacrifice in the business world. Dato’ Dr. Maznah Hamid’s versatility traits are also can be seen when she was also an expert on motivation, human development and entrepreneurship as well as 'success counselor' in institutions of higher learning. Based from that, she has established Maznah Motivational Centre (MMC) which is organizing the seminars of entrepreneurship and human development. She has the major assets which are durability, guts feeling, immunity, persistency and sustaining power.
Apart from that, she is trying applied to the public through seminars "ZERO TO HERO" and "AWAKEN THE SPIRIT OF ETREPRENEURSHIP'. Through this seminar, she is wishes to raise and absorb the entrepreneurial spirit into every human who want to be the successful entrepreneur and to them whose are interested in the business industry. This is shown that she had versatility traits as an entrepreneur.
Awards:
1) The Honorary Excellent Graduate Award for Personal Development and Leadership
2) Excellent Entrepreneur Award by The Malay Business of Chamber
3) Tan Sri Fatimah Hashim Excellent Woman Award by Avon
4) Honorary & Reputable Woman Award by Putra University, Malaysia
5) Excellent Woman Award by Her World Magazine
6) Entrepreneur Award by The Malay Business of Chamber, Kedah, Malaysia
7) Mother of Entrepreneurs Award 2008 by AVON
8) Honorary Master of Entrepreneurship 2008
9) Entrepreneur Extraordinaire Award – National Women Entrepreneurs Award 2008 (NWEA) – SMIDEC
10) Prime Minister Woman Entrepreneur Award 2011 – (Finalist)
11) Title of Lady Extraordinaire Inaugural Women of Excellence Awards 2014
12) Title of Great Entrepreneur Brand ICON Leadership Awards Asia Pacific 2014
2.2.4 Decisive
Decisive is the characteristics of individuals who have a vision and a strong belief that can determine things good or bad for themselves. It is very necessary for an entrepreneur to start their career became more successful. Therefore everyone must have a strong to decisive, for example as an entrepreneur who wants to succeed and develop their career and must determine how to realize his dream. The first dared to dream, that vision is important and it is important plan. Decisive is the criteria is owned by the successful entrepreneur who is William Henry Gates III which known as Bill Gates.
He is an entrepreneur who loved programming on the computer system. Apparently, he is started his interest when he is sat in the eighth grade, the Mothers Club at the school used proceeds from Lakeside School's rummage sale to buy a Teletype Model 33 ASR and the terminal block of computer time on a General Electric (GE) computer for the school students. Gates has an interest in programming the GE system in BASIC, and given the freedom to distribute math class interests. He likes to write the first computer program on this machine which is the implementation of tic-tac-toe that allowed users to play games with or near the computer.
Gates amazed by this machine and it will always make it execute software code with no less than one anything. After the Mothers Club donation nearly exhausted, he and other students looking for a system including time in the PDP minicomputers. One of these systems is a PDP-10 is belonging to Computer Centre Corporation (CCC), which banned four students which are Gates, Paul Allen, Ric Weiland, and Kent Evans. Lakeside was caught them exploiting bugs in the operating system to gain time use older computer when the end of his ban, Gates and his friends offered to find bugs in CCC's software in Hadia time using computers. He do not choose to use the system via Teletype, however, Gates prefers to go to CCC's offices and studied source code of the program running on the system, including a program in Fortran, Lisp, and machine language.
The arrangement with CCC lasted until 1970, when the company went out of business. The following year, Information Sciences, Inc. had employ Gates and his friends from Lakeside to write a payroll program in COBOL, in return they give their time to use computers and royalties. When he was 17, Gates made the job with his friends Allen, called Traf-O-Data, to produce traffic counters based on the Intel 8008 Gates graduated from Lakeside School in 1973 and is a National Merit Scholar. He could only get 1,590 placed of 1,600 students at Harvard College. This is shows that Gates is very not clever in his education compared to others student. Harvard is the beginning where Gates know Ballme Steve. Ellen and Gates then managed to become CEO of
Different with the other smart students who have a clear plan of study, however Gates did not have a clear program of study as a student at Harvard and spent more time with the computer only to meet the desires and his curiosity about computers. Bill Gates did not have a clear study plan, but at a very young age Gates have a clear plan to organize his future very carefully to see opportunity. This is show that the cleverness is not the main factor to success but the strong decisiveness to achieve his goal had encourages Gates to be the successful entrepreneur.
Awards:
1) National Medal of Technology and Innovation 1992
2) Lasker - Bloomberg Public Service Award 2013
3) Bambi – Millenium Award 2013
4) Silver Buffalo Award 2010
5) Bower Award for Business Leadership 2010
2.2.5 Time Competence
Competence is the ability of an individual to do a job properly. A competency is a set of defined behaviours that provide a structured guide enabling the identification, evaluation and development of the behaviours in individual employees. Some scholars see "competence" as a combination of practical and theoretical knowledge, cognitive skills, behaviour and values used to improve performance; or as the state or quality of being adequately or well qualified, having the ability to perform a specific role.
For instance, life, management competency might include systems thinking and emotional intelligence, and skills in influence and negotiation. Lakshmi Niwas Mittal, or known as Lakshmi Mittal was born in June on 15th 1950. He is the chairman and CEO of ArcelorMittal, an Indian steel magnate and world’s largest steel making company. Mittal owns 38% of ArcelorMittal and holds a 34% stake in Queens Park Rangers F.C. Mittal studied at Shri Daulatram Nopany Vidyalaya from 1957 to 1964. He graduated from St. Xavier's College, Calcutta, with a B.Com degree from the University of Calcutta.
His father, Mohan Lal Mittal, ran a steel business, Nippon Denro Ispat. In 1976, due to the curb of steel production by Indian government, the 26 year old Mittal opened his first steel factory PT Ispat Indo in Sidoarjo, East Java, Indonesia. Until the 1990s, the family's main assets in India were a cold-rolling mill for sheet steels in Nagpur and an alloy steels plant near Pune. His competence has rewarded him with many awards since early age in year 1996, and in 2004 he was chosen as Entrepreneur of the year.
What makes Lakhsmi Mittal a competence entrepreneur is his character that creative and innovative, other than being among persistence entrepreneur itself. His ability to take initiative, risk and solve problems also what made him deserve all the awards he received all his past years. Moreover, ArcelorMittal is the world’s leading integrated steel and mining company, with a presence in more than 60 countries. It is the leader in all major global carbon steel markets, including automotive, construction, household appliances and packaging.
The Group is a major supplier of construction steels into the UK market with a significant presence in such diverse areas as Structural Sections, Reinforcement bar and Coil, Wire Rod, Reinforcing Mesh and Steel Fibres. ArcelorMittal steel rolling mills in Germany, Luxembourg, Poland and Spain produce the full range of CARES approved reinforcing products for the UK market.
2.2.6 Perceptiveness
Perceptiveness is the trait of a person who is able to make everything to be better and leads to things that can make the change itself. It is important for people who are just starting their career and who is undergoing his career to be success. In order to achieve their goal, first of all they should always happy and never assume their job is a burden. Secondly, they need to have the ability to realize an idea into a reality. Thirdly, they are able to correct their mistake and fix it. Fourthly, they should always grateful to any condition.
The year of 1983 is the beginning of his career in which work successfully with John Sculley and recruit him from Pepsi-Cola’s company, to lead Apple Computer, with challenges. In Similarly, Apple also released the Apple Lisa who has a very sophisticated technology in the past but failed to achieve success in 1984 was the introduction of the Macintosh, the first computers were sold in the market by presenting a graphical user interface.
Despite its success, but Apple also experienced many problems in Apple's leadership in the work, the work by Sculley was dismissed from Apple in 1985. Jobs out of Apple, but do not stop there. Jobs founded a computer company called NeXT Computer, like Lisa, the NeXT has a very sophisticated technology, but never became famous, but only just within the scope of scientific research. Apple started to spread their wings.
With the introduction of the iPod portable music instrument, iTunes software, and the iTunes Music Store, the company made a breakthrough in the field of personal electronic equipment and music online. While stimulating innovation, Jobs also reminded his subordinates that "real artists to fruition," that the intention is, to produce works at the same time the importance of the innovation and product sniper.
Steven Jobs faced a lot of problems when he was alive, but he was still able to pass through and fix the problems. He also has his own perceptive in order to motivate himself said “Sometimes, when you innovate, you make mistakes. It is best to admit then quickly intervening, and get on with improving your other innovations”. His perceptive toward his past mistake lead him to be most successful entrepreneur.
Awards:
1) 1985 - National Medal of Technology
2) 1987 - Jefferson Award for Public Service
3) 2012 - Grammy Trustees Award
4) 2002 - PGA Vanguard Award
2.2.7 Ability to Learn from Mistake
The next characteristic of entrepreneurship is ability to learn from mistake. The ability to learn from mistake is means that the entrepreneur can study and make their own research about their past failure. This is because the failure can matured people since they have the experienced and aware in the future for not repeating the same mistake.
Furthermore, they should know how to solve the problem in order to overcome their mistake and continue their goal to success. Apart from that, they should know how to find the way and take the precaution step so that they can avoid the same mistake. Moreover, the successful entrepreneur also needs to get the advices from their senior or the person who has a lot of experience to teach them and can be the placed that they can refer to.
This characteristic of ability to learn from mistake had shown by the most successful entrepreneur in the world, Michael Dell. Dell produced the product of computer which named Dell and the revolution of the computer was happened from the year of 1980 until nowadays and Dell Computer had become the largest PC maker in the world. Michael Dell was born on February 23, 1965 in Houston, Texas. He is very interested with the technology and gadgets and his interest had shown when he still young.
Moreover, he is also started building computers and selling them directly to people. The two main important aspects that he focused are the customer support and the cheaper prices of his product in order to attract the customer attraction and meet the customer needs. Michael Dell is the one who launched the personal computer revolution in the year of 1980s with the creation of the Dell Computer Corporation which more known as Dell Inc. today.
After eight years of Dell founded, he become the youngest Chief Executive Officer (CEO) of a Fortune 500 company which is in the year of 1992. However, behind his successful Dell’s company going through a huge problem. In recent years, poorly built computers were giving bad effect towards the company, thus, the company can’t produce high quality product. This mistake was reduced the customers supports and customers relies towards Dell company.
Besides that, it reduced the customer satisfaction towards the products. Hence, in order to fix the bad quality machines, the company expense for $300 million due it huge costing. As the result of the critical issue, Dell had loose its top perch in the industry during that time. The bad quality products were continued to plague the Dell’s company and this had effect the bad reputation of the company. Dell Computer’s struggling to reduce the critical issue, thus the documents was produced and revealed the issue was caused by the employees whose are well aware about the issue affecting millions of its computers.
Despite that, Michael Dell made headlines when he agreed to pay more than $100 million in penalties to overcome the charges of accounting fraud that had been filed by the Security and Exchange Commission on July 2010. The Security and Exchange Commission charge that Dell Computer inflated its earning statements by counting rebates from the chip maker Intel that were issued to Dell to encourage the company not to use chips from Advanced Micro Devices in its computers and servers. The investigators claimed that Dell Computer had misled investors about its actual earnings.
It shows that, the company was accused by do the fraud in their business and has no ethical behaviour. After the controversy that his company faced, Michael Dell announced that he would be taking his business private again in order rebuild his company and trying to clean his company’s name on February 2013. He reached an agreement with Silver Lake Partners which are a private equity firm that specializes in technology and computer software giant Microsoft to launch a buyout of all outstanding shares of Dell.
From this, it showed that Michael Dell has ability to learn from the mistake. He take the precaution step in order to avoid the mistake for not happen again by rebuild his company again and make the deal with the Silver Lake Partners even though the deal is highly valued which is between $23 billion to $24 billion. He is really put the big effort and struggling so that his company can build up again.
Apart from that, Dell’s product line not only focused on PC and network server only, but storage systems, printers, hand-held computers, MP3 players, television and computer services. Until nowadays, Dell is the most largest and successful online retailer in the business industry.
Awards:
1) Customer Satisfaction Award, J. D. Power and Associates, 1991
2) CEO of the Year, Financial World, 1993
3) CEO of the Year, Industry Week, 1998
4) Entrepreneur of the Year, Inc., 1998
5) Chief Executive of the Year, Chief Executive, 2001
2.2.8 Ethical Consciousness
Ethical consciousness is one of characteristics that should have in an individual called entrepreneur. According to Paperback : Oxford English Dictionary, ‘ethics’ means the moral principles that govern a person’s behaviour. Meanwhile, ‘consciousness’ means the awareness of something. Ethical consciousness is a character that a person realized whenever to run a business or project, he or she must follow the ethics in entrepreneurship.
For example, Warren Buffett, Businessman and investor Warren Buffett was born on August 30, 1930, in Omaha, Nebraska. Investing by age 11, Buffett was running a small business at age of thirteen in 1943. Buffett later started the firm Buffett Partnership in Omaha with the huge success. Buffett was announced as the most ethical entrepreneurs among world's rich after Bill Gates when he was done donation and making good relationship with other companies.
In June 2006, Buffett made an announcement that he would be giving his entire fortune away to charity, committing 85 per cent of it to the Bill and Melinda Gates Foundation. This donation became the largest act of charitable giving in United States history. The majority of Buffett's considerable fortune was amassed through Berkshire Hathaway, a company for which he is the largest shareholder and CEO.
Once ranked as Forbes' wealthiest man in 2008, his net worth was estimated at roughly $44 billion in the year 2012. After seven years he donates, in February 2013, Buffett purchased HJ Heinz with private equity group 3G capital for $28 billion. 3G, a U.S.-Brazilian company, also owns Burger King and a portion of Anheuser-Busch InBev. According to TIME magazine, Buffett has praise Heinz for making great-tasting products and for good management over the past several years. This show that he won’t condemn any products from any companies he had purchased. Hence, he was named as one of the powerful and ethical entrepreneurs in the world.
2.2.9 Foresight
Foresight is not a prediction. It is not intended to predict the future to introduce it as if it had been determined in advance but to help someone build it. It invites us to consider the future as something that we can create or form, not as something already decided. The nature of foresight is very important for entrepreneurs who want to move forward. For example, Mr. Rushdi Abdullah had been an only seller and ‘kuih cakoi’ who poorly but now he is able to change his fate. He is confident he will be successful for the future and he has his own empire.
His efforts paid off handsomely as successful to this day. He was known as a successful entrepreneur having built a business empire worth millions of ringgit. It is because he is very short sighted to small businesses that can turn into more developed in the future and now it has been proven. He is the founder of the company Dunia Herbs Oxford. Dunia Herbs commenced its operations on September 6, 2005. It is a company wholly owned by a Bumiputera which is currently growing rapidly through marketing quality beauty and health herbal based products.
The company begins to show its potential in the advance and competitive market by showing a good performance in marketing its pilot product, LOSYEN MUSTAJAB PATI HALIA or Effective Ginger Extract Lotion which is accepted by the Malaysians users with zeal. Taking from that DuniaHerbs Sales & Marketing will continue to progress and make its main goal of becoming one of the most successful companies in the future. Mr. Rushdi has spent several hundred dollars to start the formulation of herbal health.
He was aware that many people who suffer from obesity or extreme obesity. He has got the idea of natural materials, namely ginger, ginger which serves the wind and toxic waste in the body. To test the efficacy of its products, he practiced on himself and trying the products of his given name Mustajab Ginger Extract Lotion. The products are successfully penetrates in the local market. He hoped that his products are not only able to penetrate the local market but the international market someday.
Now, the product Mustajab Ginger Extract Lotion is between products that are frequently being bandied local communities in Malaysia. In fact, the products produced Dunia Herbs now have their own places in foreign markets including Brunei, Singapore and others. He has 20 years of experience successfully leading a company that formerly focused local market have succeeded in penetrating international markets.
LOSYEN MUSTAJAB PATI HALIA or Effective Ginger Extract Lotion is Dunia Herbs first and foremost product business sales has hit up to 100,000 units per month and automatically proven its self to be very popular among consumers. The growth is the results of continuous excellent advertisement that hit the target, not to mention the quality and effectiveness of LOSYEN MUSTAJAB PATI HALIA or Effective Ginger Extract Lotion itself.
2.2 Section B
Dr. Chang Yung Fa was born in 1927 in Penghu, Taiwan. In 1961, Dr. Chang and some friends jointly established a shipping company and having helped this company to develop, he decided to branch out his own. He established Evergreen Marine Cooperation on September 1, 1968 with just one second hand 15,000 tons of vessel, Central Trust.
Over the next four years, Chang built his fleet up to twelfth running them empty and convince his customers that his services were regular and reliable. Within a year, he had expanded to the Middle East. After that in the three years, Chang was dispatching Evergreen Ships to Carribean. In 1975, Chang realized that containerization was the way forward. He built for advance S-type container ships and launched his U.S East Coast Service.
Fifteen months later, he added the West Coast of United States.to his network. Europe followed in 1979. By 1984, he started his most ambiguous service yet two day round world service, one circulating the globe in an easterly direction the other westward. Departing every 10 days the 20 G type container ships he employed had a capacity of 2,728 containers each and could travel at a speed of 20.5 knots.
The Evergreen group had expanded beyond the shipping industry to encompass operations in heavy industrial development, air transport, hotels and resort services. In 2012 February, Dr Chang announced that he will donate all his wealth and assets which amounted around US$ 1.69 billion to those unfortunate through his Chang Yung Fa Foundation. Evergreen International Corporate The history of Evergreen group began with the formation of Evergreen Marine Cooperation by Dr Chang Yung Fa on 1 September 1968.
He starts shipping operation with a single 15 year old general cargo vessel named the Ever Trust. The company grew at a tremendous rate and by 1985 it had become the world largest container ship operator. During its 40 year history, the Evergreen group has diversified its business interest with land and air transportation operations and an international chain of hotels. EVA air, which made its maiden flight on 1 July 1991, is Taiwan’s first and only privately owned international airline.
In parallel, the Evergreen Group founded Evergreen International Hotels, which operates five- star properties throughout Taiwan and in key locations overseas. From air travel and sea freight to ground haulage and hotels, the Evergreen brand is strongly associated with safety, reliability, and high quality services. Dr Chang Yung Fa also believes in giving back the society. In 1985, he founded the Chang Yung Fa foundation, an organization committed to providing emergency and medical aid, promoting education and culture, and evaluating moral standards.
Among its milestone are the formation of the Evergreen Symphony Orchestra and the launch of Moral Monthly, a magazine distributed free charged to school aged children. The Foundation also operates the Evergreen Maritime Museum, an institution dedicated to preserving Taiwan’s maritime heritage. Until now, Evergreen group have around 22,000 staff and 220 representatives around the world. It has 30 branch companies around the world. In 21st century, Evergreen group also hopes to achieve and cross the benchmark standard prioritize integrity in business, and also create a high quality of human resources.
Besides that, Evergreen Group also pays focus on creating a good working spirit among the workers, future oriented and first class quality management. Evergreen Logistic Corporate Evergreen Logistics is a member of the Evergreen Group. They provide freight forwarding, logistics operations, customs brokerage, warehousing and distribution, project shipment, advanced IT platforms and customized total solutions with all value-added services.
The experienced and professional team of Evergreen Group also have offices in mainland China, Taiwan, Hong Kong, and Southeast Asia as well as agents in North Asia, the Americas, Europe, the Mediterranean, Australia, and Africa provides our valuable business partner with the most cost-effective and time-critical solutions. Via a single platform, our worldwide IT solutions provide real-time data to customers wherever they are in the world. Dr Chang Yung Fa is a famous and successful entrepreneur in Taiwan.
He is overcome various challenges in business in order to succeed by having all the important entrepreneurial traits. The entrepreneurial traits that Dr Chang has, had help him to achieve great success on his Evergreen Group and expanded the business on logistic. The traits and characteristic that Dr Chang has are:
2.2.1 Integrity and Reliability
Integrity means the quality of being honest and has strong moral principle. It also means unity and act as whole and not divided. Reliability means someone who is dependable, responsible and trustworthy. This trait is important for business in order to gain trust from customers and in order for the business to achieve their targets. Dr Chang has integrity and reliability traits that help him being successful. As we can see, Dr Chang provides high quality of service to his customers and great safely to his customers for shipping and logistic business.
This has attracted customers around the world. This shows that Dr Chang have the traits of reliability because he is dependable person and have trustworthy from his customers. Evergreen Group also provides benchmark to achieve something they target for and create high quality of human resources. This shows that Dr Chang is responsible and has strong principle in his work.
2.2.2 Initiative
Initiative means the ability to initiate things independently and to act before other people do. Initiative is important traits for business because it enables the entrepreneur to act faster than other people and to grab the opportunity.
Entrepreneur need to take fast action so that they can gain and obtain more stable business position before other do. Dr Chang initiative side can be seen when he decided to use the ships of the company to carry by the container. This is because at the time, most of the ships are used to carry goods and products and they didn’t want to oppose Far Eastern Freight Conference (FEFC).
FEFC is the organization where they will combine all the shipping company around the world to do the sea transportation based container ship. Dr Chang is the only person that expands this kind of transportation and his action is well received from Middle East, Middle and South America.
2.2.3 Decisive
Decisive means the power of making decision and settling an issue. Decisive is important for business because it enables the entrepreneur to make a decision quickly and effectively. This trait requires person who is strong minded, strong willed and also determination. Dr. Chang is good at making decision when he make a decision where in the year 1984, he started his most ambiguous service yet two day round world service, one circulating the globe in an easterly direction, the other westward. Departing every 10 days, the 20 G type container ships he employed had a capacity of 2,728 containers each and could travel at a speed of 20.5 knots. This shows that he is decisive in making a good decision in a short amount of time.
2.2.4 Ability to Learn from Mistake
Ability to learn from mistake is a very important trait for entrepreneur in order to become successful. This traits in important for business because business need to make improvement and learn from mistake so they won’t repeat the same thing wrong action on their current business. Dr Chang has this trait on himself.
As we can see, Dr Chang had faced many challenges but he never give up easily. This can be seen based on the incident that happened in 1969. In 7 September 1969, there is an accident where the ship named Ever Island own by Dr Chang’s company was on fire. This causes his company Evergreen group faces the loss of US$ 250,000. Furthermore, the ship name Ever State faced engine problem on high sea and forced stopped for a month. This causes the company faces great amount of loss to fixed the ship.
Moreover, the ship was named Central Trust also has accident on the sea on the same year and this causes the company to faced financial problems. Even though Dr Chang faced many hardship and challenges at that time, he never gives up and worked hard to get some financial from other parties to overcome the problems. This mistake enables Dr. Chang to learn from mistakes and he will be more careful so he won’t repeat the same mistake.
2.2.5 Foresight
Foresight means the ability to predict what will happen in the future. This trait is important for business because entrepreneur need to see what other people cannot see so they can take the opportunity faster than other entrepreneurs. Dr Chang have this characteristic because he started out working as an officer for the Japanese shipping line and after he got promoted as Captain he started to established this own shipping line in 1961.
He opened his own branch with his friends. The reason he make this decision to establish his own company is because he had the foresight characteristic which he can see the future of this business. Dr Chang knew that the business will brings great benefits in future and can make great profits. Dr Chang quickly took this opportunity to expand his business. By 1968, he managed to establish Evergreen Marine Cooperation.
Award:
1) Lifetime Achievement Award from CI 2006
3.0 Conclusion
As the conclusion, the previous research show that all the traits of entrepreneur which are the integrity and realibility, initiative, versatility, decisive, time competence, perceptiveness, ability to learn from mistakes, ethical consciousness and foresight are very important and highly needed to applied in operating the business by entrepreneurs.
Basically, to become an entrepreneur are not as easy as buying something in the market because not every person have naturaly entrepreneur characteristic and interested into this career. The entrepreneurs believe that they have to create their own destiny. They can create it by their own choices and actions. The most important to become an entrepreneur is they need to determine their goal and struggling to achieve it in some period of time that they are already set for their future business.
In order to achieve their target, the entrepreneurs also have to energetic and willing to work more than office hours. Moreover, they should have the courage to take the considered risk in every decision they are made. They are also need to avoid stereotype thinking, otherwise they need to think more creative and innovative to produce the products which can attract customer, increase customer satisfaction and meet customer need. The experience can be the good teacher for entrepreneur to learn and apply in their business life, hence become the successful entrepreneur in this industry.
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