Monday 30 March 2015
Top 5 business ideas & opportunities for 2015
1. 16 million color pen can match its ink to the shade of any real world object
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Perhaps more than any other trend we’ve seen over the last 12 months, the boom in the maker movement has been the most noticeable. Services such as Fictiv arrived on the scene, offering a service that could rapidly 3D print prototypes and then deliver them the same day. By making prototyping easier than ever before, such companies will only serve to increase the number of amateur (by name — not nature) designers in 2015. Perhaps the most intriguing of all the maker movement facilitators spotted last year, however, was the Scribble pen. The pen features two ends — one with a nib and one with a scanner. Users can press the scanner against any surface to capture its color, which is then translated into an RGB value. The inks inside the pen are mixed to match that value, and the user can then draw in the color just scanned.
Last year we saw two innovations looking to tackle a much under-reported issue in poverty stricken areas. Namely: the severe shortage of backpacks for children to transport their books during their long walks to and from school. First we saw the ingenious Aarambhproject in India, which upcycled old cardboard boxes to create school bags that then transformed into desks to improve pupils’ comfort and posture as they worked — rather than have them write with their books on the floor. Also looking to tackle two problems at the same time, Repurpose backpacks are made from 100% recycled material from old plastic bags. Not content with driving recycling while providing backpacks however, Repurpose then attached a small solar panel to the top of each bag that’s capable of capturing the sun’s energy while students walk to school. When they arrive back home, the bag is capable of powering a small lamp for up to 12 hours so that they can complete their studies at night — without the need for harmful kerosene lamps.
Drones could truly become mainstream in 2015. We fully expect distributors to begin using them on a wide scale, and we equally expect legislation to be ramped up to ensure the safety of the skyways. One of the most interesting applications for the technology, however, could actually be for healthcare. San Francisco pharmacy QuiQui is already set to offer 24/7 delivery of pills and prescriptions via drone, and we also have hopes for the first ever ambulance drones this year. Alex Monton’s original working prototype has already garnered much interest, promising to deliver a drone equipped with a compact defibrillator, medication and CPR aids, as well as other essential supplies, in around one minute after assistance is requested via a companion app. Once it lands, the drone’s built in intercom enables paramedics to direct a member of the public in offering aid.
Here at Springwise we’ve lost count of the number of articles we’ve read recently telling us how time-poor the average consumer has become, as they’re bombarded with ever-increasing volumes of information. (The irony that we’re increasingly feeling bombarded by the number of articles on the subject, has not been lost on us). The truth of the matter remains however, which is why Spritz was so popular with our readers. The team behind the mobile app believes that humans can reach much, much faster reading speeds by using their system of ‘streaming’ text at up to 600 words per minute. Based on the theory that most readers are slowed down by the movements of the eye as it scans lines of text, Spritz squeezes entire novels into a small, 300 pixel-wide space and flashes each word for a brief fraction of a second. It’s remarkably effective, and we wouldn’t be surprised to see the tech applied in a wide range of applications over the next few years.There was another innovative technology — also designed to facilitate reading — that stood out for us this year. The FingerReader initiative from MIT provides visually impaired readers with a wearable ring that can scan written text and read it out loud. The innovation could open up the vast amount of literature still unavailable in Braille to blind and visually impaired readers.
The Internet of Things boom is only going to grow stronger than ever in 2015, and we’ve already seen plenty of truly remarkable intelligent and connected devices on our virtual pages. There’s the table that detects the food placed upon it and makes recipe suggestions, and the Roost smart battery which replaces standard 9V batteries in any smoke alarm to upgrade it with smart capabilities. The Roost demonstrates a trend we expect to see more of over the next few years: retrofitted smart device upgrades. Until the cost of smart devices comes down, products that promise to upgrade existing “dumb” devices should do well. With the rise of the Internet of Things will also come the need for intelligent interfaces for users to control all of their devices. We’ve seen the Homeysystem that uses voice recognition to enable users to simply speak orders to their home, but it was Jibo which stood above the rest. A cross between Pixar’s animated lamp and R2-D2, Jibo is a friendly robot that uses facial recognition and natural language processing to offer personal assistance in the home. Jibo learns what its owners’ faces look like, as well as their voices, so it knows who’s speaking to it and who it’s addressing in its Siri-like natural voice. It can sync with other smart appliances and learn homeowners’ preferences and daily habits.
What are regarded as entrepreneurial skills?
A wide range of competences are seen as entrepreneurial and useful to entrepreneurs, these include knowledge, skills and personal traits:
Many, if not all of these skills and traits are also useful to intrapreneurs, those who are entrepreneurial within an existing organisation (internal entrepreneurs). These skills and traits would also benefit all employees within a business and so are useful for graduates to have. Many of these skills, for example, communication skills and the ability to work as part of a team, are already promoted within existing degrees.
In addition to those more general skills listed above, other more specific or business related skills, will be of use to entrepreneurs, these may include:
- Management skills – the ability to manage time and people (both oneself and others) successfully
- Communication skills (e.g. the ability to sell ideas and persuade others)
- The ability to work both as part of a team and independently
- Able to plan, coordinate and organize effectively
- Financial literacy
- Able to research effectively (e.g. available markets, suppliers, customers and the competition)
- Self-motivated and disciplined
- Adaptable
- An Innovative and creative thinker
- The ability to multi-task
- Able to take responsibility and make decisions
- The ability to work under pressure
- Perseverance
- Competitiveness
- Willingness to take risks (or at least not risk averse)
- Ability to network and make contacts
Many, if not all of these skills and traits are also useful to intrapreneurs, those who are entrepreneurial within an existing organisation (internal entrepreneurs). These skills and traits would also benefit all employees within a business and so are useful for graduates to have. Many of these skills, for example, communication skills and the ability to work as part of a team, are already promoted within existing degrees.
In addition to those more general skills listed above, other more specific or business related skills, will be of use to entrepreneurs, these may include:
- being able to draw up a business plan for a new venture
- being able to market and sell a new product or idea
- financial skills, such as book-keeping and calculating tax
- awareness of intellectual property and possibly patent law
5 Business Model Components Every Entrepreneur Needs
1) Your Revenue Model
In a nutshell, this is your strategy to generate revenue. What you plan to sell, and what will convince people to buy. Value propositions, positioning, effective messaging, product/market fit.
2) Your Gross Margin Model
It is important for you to know how much of the pie you get to keep from each sale. Do you know your piece of the pie? For example, Walmart and Costco know they run low gross margins. Their value game is one of low pricing, so they can’t mark up their products by an exorbitant amount and still play the value card. However, let’s look at the legal service industry. It has, on average, a gross margin of 93.22 percent, according to Butler Consultants.3) Your Operating Model
If you’re Costco, it’s slash and burn the expenses. Which is why they operate out of huge bare warehouses with pallets stacked high of goods. No thrills, no frills, stack ‘em high, watch ‘em fly. However, if you’re in the legal service industry, it’s all about high style and lavish surroundings. Ever visited big law firm on the top floor of a downtown New York highrise where both the views and service is breathtaking? Both businesses operate and make decisions based on the knowledge of their operating model. Do you have a clear understanding of yours?4) Your Working Capital Model
Indeed, ‘cash is king’. Do you understand your cash flow requirements? As you may or may not know, cash flow is significantly different than ‘revenue’. For example, if you operate a bricks-n-mortar retail store on the main street in your town, you experience first hand the need for cash. You must spend cash to fill your store with product so it’s available when a customer walks in ready to buy.5) Your Financing (or Investment) Model
Number one roadblock I hear business owners complain about is lack of capital. Yes, it sometimes does take money to make money. But not always. So to understand the difference is key. For example, say you want to build a better hotel chain than Marriott or Hilton. Well, I can tell you this you are going to need some serious upfront financing to even stand a chance to pull it off.One Successful Entrepreneur with 5 Entrepreneurial Traits
Tan Sri Robert Kuok Hock Nien was born on October 6, 1923 in Johor Bahru. He is a Malaysian Foochow entrepreneur who made his fortune in sugar, palm oil, shipping and real estate. According to Forbes his net worth is about $ 11 billion on March 2015. He was the youngest son among three brothers. Tan Sri Robert Kuok educated at the English College in Johor Baru and graduated from Raffles Institution, Singapore. After graduated, he worked with Mitsubishi Shoji Kaisha, which a company traded salt, sugar and rice.
After his father’s death, he and his elder brother, Philip took over Tong Seng & CO in 1948. In 1949, he founded Kuok Brothers Sdn Bhd with his 2 brothers and a cousin. In 1949, he established Malayan Sugar Manufacturing with Mitsui Bussan Kaisha Limited and the Nissan Sugar Refinery. Tan Sri Robert Kuok invested in the hotel and real estate. In 1971, he built the first Shangri-La Hotel in Singapore. In 1973, he owns the Singapore-based Pacific Carriers Ltd. After that, in 1977, he foray into Hong Kong property and built his second hotel, Kowloon Shangri-La. In 1985, he partnered with China’s Ministry of Foreign Trade invested US$ 480 million to build the China World Trade Centre in Beijing. (Gambe, 1999) In 1993, he acquired a 35% stake in South China Morning Post Holdings through Kerry Group. On 1 April 1993, Tan Sri Robert Kuok has retired from Kerry Group.
Integrity and reliability traits are the key to be a bind successful personal and business relationship and make them endure. This is the one of the secrets for Tan Sri Robert Kuok Hock Nien as a key success in his business. The driving force behind the growth of the Group is a quick family, whose vision and commitment to hard work and excellence for more than two generations have made Kuok Group market leader in many areas. From the beginning of its operations, the Group has set forth the basic values of integrity, reliability, loyalty and discipline too. From a trading post established in Malaysia and Singapore, the Group has expanded its operations in the 1950’s and 1960’s to Thailand and Indonesia. It focuses on the activities of ancillary and related to growth and also pursues new business and trade opportunities, particularly in commodities, resulting in a trading relationship with companies in Hamburg, Paris, London and New York. He had learned that the success of a company must depend on the unity of all its employees. He said that we must be relentless endeavor to maintain and practice the values of integrity and reliability. Integrity and reliability on himself were built and sustain trust and confidence in his business. Tan Sri Robert Kuok Hock Nien always find these two characteristic crucial to become successful in his business life.
Tan Sri Robert Kuok as an initiative entrepreneur. He embarked on a new venture or business that has not been taken up by another entrepreneur in Malaysia. Tan Sri Robert Kuok was known for his initiative where he was the first people that engaged in the sugar business in Malaysia. It was courageous for his to started sugar business since no one has been engaged in this industry before. He said that he took on the initiative in starting his trading business in the sugar business because of granulated sugar was very important in the food sector. He also said that sugar business was a simple business which with the cheapest raw sugar, a man can get rich. (Robert Kuok Interview (with English subtitle, 2013).Tan Sri Robert Kuok established Malaysian Sugar Manufacturing in collaboration with Mitsui Bussan Kaisha Limited and the Nissan Sugar Refinery in 1959. In 1968, he expanded his sugar trading business into sugar production. He commenced cane plantation and started a joint venture with the government. Then, he established Perlis Plantation Berhad (PPB) with the Perlis state government to clear 5,800 hectares of FELDA-owned land for cultivation of sugarcane. In the early 1970s, he established a second sugar mill, Kilang Kuala Perlis Felda Sdn Bhd with FELDA near the plantation. Tan Sri Robert Kuok continue to make every effort to expand his sugar business international. In the late 1960s, he expanded his business in Indonesia. Tan Sri Robert Kuok together with big sugar producer and refiner, Liem Sioe Liong operated and expanded sugar plantations with mill and refineries in southern Sumatra. (Gambe, 1999) Eventually, he had control 80% of the Malaysia sugar market (production of 1.5 million tons sugar) which equivalent to 10% of the world sugar trade. In short, his great initiative to venture sugar business gave him a chance built a business empire, and thus dubbed as “Sugar King of Asia”.
Tan Sri Robert Kuok is as a foresight entrepreneur who shows remarkable ability to plan or predict for the long term. His presence as an entrepreneur is impressive. Tan Sri Robert Kuok displayed foresight and prescience to developed China as a prosperous travel industry. During 1980s, when he first went to China, he had the foresight that China will become the most prosperous travel country in the future due to its historical relics and sites. (Hooi, 2011) Then, he first forays into the hotel industry in mainland China. He built Shangri-La Hotel here to help China’s travel industry to grow and popularize China as a tourist destination. In 1984, Tan Sri Robert Kuok opened its first hotel, Shangri-La in Hangzhou, China as Hangzhou renowned for its historic relics and natural beauty like West Lake, Leifeng Pagoda and Hangzhou City Gate. In 1989, Shangri-La launched a second hotel in Beijing. (Shangri-La Asia Ltd., 2015) In May 1996, there were 12 new hotels, Tan Sri Robert Kuok is built in China. At present, there are 34 Shangri-La Hotel built in China while 28 hotels under construction. (Robert Kuok Interview (with English subtitle), 2013)
Figure 1: Shangri-La Hotel, Hangzhou, China.
All in all, today’s China became a large tourist country with boast numerous attraction from historical sites, cultural sites to scenic sites. His prediction about the China as a large and prosperous travel and a tourism country has proved strikingly prescient. His foresight and prescience had turned China into a large tourism country and successfully formed the biggest, most profitable chains of luxury lodgings in the Asia region, and thus make him also dubbed as “Hotel King”.
Tan Sri Robert Kuok was possessed by time-competence trait in built up his empire. He had the ability to seize opportunities and thus good timing. Opportunities can be hard to spot, but everyone can find them if we use a thoughtful and deliberate approach. (Identifying Career Opportunities: Career Development from mind tools, 1996-2005) The richest man in Malaysia, Tan Sri Robert Kuok was able to spot and seize an opportunity when they appear. His first foray into the sugar trade immediately when he knew that there is no established Chinese network in this sector, while it was controlled by a British trading house, Guthrie. Consequently, he seeks out the opportunities from home and abroad to grow its sugar business. In 1957, Tan Sri Robert Kuok took a chance and thus imported cheaper sugar India as well as Cuba. Hence, he overtook and replaced Guthrie as the main importer and distributor of sugar in Malaya.
Opportunities are all around you, all of the time. In 1963, Tan Sri Robert Kuok anticipated the sugar market price will rise and kept 200 thousand tons of sugar in preparation for the future market. Unfortunately, the prices of sugar not even remain, but also went down. However, at the end of August 1963, a huge typhoon hit Cuba, which was a major sugar production in the world. It caused tremendous damage to the sugarcane plantations and granulated sugar output in Cuba. Opportunity knocks at the strangest time. The timing of typhoon hit on Cuba was rather unexpected. The typhoon in Cuba had an influence on the production of sugar and the international sugar prices kept rising. He seizes the opportunity and sold out the sugar that he had stored before. Hence, he earned a lot of money. (Robert Kuok Interview (with English subtitle), 2013)
As Syrus stated, “A good opportunity is seldom presented, and is easily lost”. (Quotes and Proverbs about Opportunity, 2012-2014) To become a successful entrepreneur, you need to keep your eyes, ready for a good opportunity and, thus seize it at a right time. In short, Tan Sri Robert Kuok seeks out and seizes all opportunity appeared in his sugar business and thus earned a nickname “Sugar King of Asia”.
Tan Sri Robert Kuok is a versatility entrepreneur. No one would perhaps have had as many businesses as him, all of them so big. Robert Kuok, 91, had tried his hand in sugar-cane, oil, mining, flour, hotels, publishing and animal feed businesses, striking a huge success in whatever he touched. Moreover, Kuok’s story is one of those inspiring rags-to-riches saga. His up-hill climb started as an office-boy, after which he became the clerk of a rice trading department in Singapore.
Robert Kuok, however, was a quick learner. Three years in the rice trading department helped him learn the trading business. He later began back the same in his hometown of Johor along with his brothers and a cousin. Shortly after that, he founded the Malayan sugar manufacturing Co, which quickly gained popularity. It went on to become a monopoly in sugar production space of Malaysia producing 80% of Malaysia’s sugar and 10% of the world’s sugar. That’s precisely how Kuok got his nickname, ‘Sugar King of Asia’. Establishing monopoly was not easy. “Have you ever seen Michael Jordan play when he’s on a rhythm run? It was exactly like that” Kuok says modestly.
Naturally, this ambitious and immensely clever businessman did not just stop at that. He started a chain of hotels, the famous ‘Shangri-la’ which is now spread out over the world and is all set to open its 71st hotel. The 91-year-old now has a lot of investments in huge businesses in nearly all of the Asian countries, Indonesia, Australia, Malaysia, and Singapore, Philippines, Indonesia and lots of other non-Asian countries. With so many businesses in so many countries, this incredible businessman believes that he is the “little string that ties the rings together”.
Experts would often say that his speed and cleverness led to that near-impossible success. Also, the man, they say, has been never afraid to collaborate with the rest of the world unlike the eastern businessmen of the early 20th century and that was one more thing that led to him being one of the most successful businessmen of the east. Kuok, who is now retired, will always be revered as one of the foremost eastern businessmen who gave birth to multinational business ventures for Malaysia and the world. His talent in business is unparalleled and his story continues to awe and inspire a lot of businessmen throughout the globe.
Sunday 29 March 2015
Entrepreneurial Traits with an Example of Entrepreneur for Each Trait
1.1 Integrity and reliability (Pua Khein-Seng)
The Integrity word came from the Latin adjective. Integrity is the fundamental values that employers seek in the employees that they wanted to hire. A person who has integrity lives his or her values in relationships with workers, customers, stakeholders. Trust and honesty are central to integrity. Those people who are acting with honour and truthfulness are also a basic principle in a person with integrity. Reliability is the ability of a person or system to perform and maintain its functions in routine circumstances, as well as hostile or unexpected circumstances.
Integrity and reliability are the glue and fiber that bind successful personal and business relationships and make them endure. Investors, partners, customers and creditors alike value these attributes highly. Integrity and reliability help build and sustain trust and confidence. Small-business entrepreneur, in particular, find these two characteristic crucial to success.
Example of entrepreneur, who showed this trait is Pua Khein-Seng, is arguably one of the inventors of USB flash drive. In an interview with The Star, the CEO of Phison Electronics Corp based in Taiwan claims to have corporate the world’s first single chip USB flash drive. He is even regarded as “father of pendrive” in Malaysia. When Pua is dealing with huge obstacles, his passion has helped him overcome the hurdles and also his staff, shareholders, and partners always give him a lot of support. Pua proved his integrity and reliability value by saying that “You need a team as it is not a one-man show. You need to have your core technology and values to stay competitive.” To him, it is a simple principle: “Don’t treat others the way you wouldn’t want others to treat you. Your staff will like you more if you treat them like your friends. They will not like to work for you if you treat them as part of a money-making machine.”
1.2 Initiative (Tan Sri Lim Goh Tong)
(Initiative- Dictionary Definition: Vocabulary.com, 2015) defines that initiative is all about taking charge. An initiative is the first in a series of actions. Initiative can also mean a personal quality that shows a willingness to get things done and take responsibility. An entrepreneur with initiative has a tendency to view, analyze a situation and take action proactively before something happens. They usually take chances attempt to do something, in spite of the possibility of failure. They strive continuously and do not give up on anything that will be explored in the fields have not been explored by other entrepreneurs.The late Tan Sri Lim Goh Tong was an entrepreneur who showed the trait of initiative. Tan Sri Lim Goh Tong was the founder of Genting Group.He was a simple man, already in his 45s, eventually took on the initiative of executing his dream project in 1964. The idea of building a mountain resort was first conceived when Tan Sri Lim Goh Tong was having a dinner in Cameron Highlands. When he was enjoying the soothing cool breeze of the Cameron Highlands, an idea to build a mountain resort for everyone to enjoy the cool mountain air hit him. He was the first person to build a mountain resort nearer to the capital country Kuala Lumpur. Many regarded his idea as an impossible dream, but Tan Sri Lim Goh Tong held on firmly onto his idea and carry on with his project. He said, “The Genting project fitted my idea of an ideal business: Nobody else was interested in it, which meant no competition.” After doing some research, Tan Sri Lim Goh Tong found Gunung Ulu Kali at a place called Genting Sempah to be an ideal location for his plan. During the Genting project, he devoted all his time, money and resources. On the other hand, he was risking his life several times to complete this project. He was functioning as project manager, engineer, financial controller, laborer and troubleshooter during the construction of Genting Highlands. The foundation stone for the First Hotel was laid on 31 March 1969. The whole Genting project was completed in January 1971.
In conclusion, Tan Sri Lim Goh Tong displayed great initiative to turning his dream resort into reality. His dream to build a mountain resort was done with a huge success. His great initiative had developed popular hill resort of Genting Highlands.
1.3 Versatility (Tan Sri Dato’ Seri Dr Jeffrey Cheah Fook Ling)
(Versatility- Dictionary Definition: Vocabulary.com, 2015) states that the word versatility describes having many different skills or qualities. Versatility allows someone to adapt to many different situations. The noun versatility derives from the Latin word versatile, meaning "turning, revolving, moving, capable of turning to varied subjects or tasks." For example, an entrepreneur who has a versatility can adapt to different work situations and complete his/her tasks. A versatile entrepreneur is turning easily or readily from one subject, skill or occupation to another.Tan Sri Dato’ Seri Dr Jeffrey Cheah Fook Ling was an entrepreneur who showed the trait of versatility. Tan Sri Jeffrey Cheah was founder f the Sunway Group. He began his career as an accountant at a motor assembly plant in Malaysia. He founded and started the Sunway Group in the year 1974. This showed that Tan Sri Jeffrey Cheah was a versatile person because he turned easily from one occupation to another, which from an accountant to an entrepreneur. On the other hand, he showed his versatilility in expanded and diversified Sunway Group from its initial tin-mining company to a conglomerate with core businesses in property and construction. With the efforts of Tan Sri Jeffrey Cheah, Sunway Group now has grown into a conglomerate encompassing 12 business divisions such as property, construction, hospitality, retail, leisure, commercial, trading and manufacturing, building materials, quarry, healthcare, education and real estate investment trust (REIT) (Matayun, 2014).
As a conclusion, Tan Sri Jeffrey Cheah was a versatile entrepreneur who had the versaility to the diversified Sunway Group from a tin-mining company to the top property developers in Malaysia. Today, Sunway Group is well-known as a formidable multinational conglomerate under the category of property construction, with a multitude of established businesses in more than 40 locations worldwide.
1.4 Decisive (Larry Page)
Decisiveness is defined as being “characterized by firmness and decision.” It means that being decisive where we are capable to decide. However, the leadership is to encourage people to able to make a key decision effectively under every circumstance. As a simple word, decisiveness is both a skill that can be cultivated evens an internal state that we can summon when it needed.
Basically, decisiveness does not mean being stubborn, arrogant or hasty because it is only the ability to decide with speed and clarity. In any situation, the ability to make decision is crucial for instance the situation of doctor an emergency room or the high school graduate debating. So without any clear decisions, there can be no action and no results (Young, 2009).
One of the examples of decisive entrepreneur is Larry Page who is the founder and chief executive officer of Google. After the Doer (venture capital firm) invested $12.5 million capital fund for Google as the purpose of expansion and they suggested that hired an outside person to replace Page as CEO due to the inexperience reason. But the obvious decision of Page was proposed himself as the CEO of Google, however the final decision is not like the desired result of Larry where the new CEO had been hired which was Eric Schmidt. After 10 years went by, although Google under Schmidt had successfully grown into the third-largest technology company in the world and the revenues grew from less than $100 million to almost $30 billion, but Larry had made the decision quickly and clearly that where he would take the post for the following year. The reasons due to Larry believed that he could handle it well and nobody can understand better than him where the Google’s ambitions, its ethics, and its worldview. So under his leadership, the company will be even harder to predict (Levy, 2011).
Basically, decisiveness does not mean being stubborn, arrogant or hasty because it is only the ability to decide with speed and clarity. In any situation, the ability to make decision is crucial for instance the situation of doctor an emergency room or the high school graduate debating. So without any clear decisions, there can be no action and no results (Young, 2009).
One of the examples of decisive entrepreneur is Larry Page who is the founder and chief executive officer of Google. After the Doer (venture capital firm) invested $12.5 million capital fund for Google as the purpose of expansion and they suggested that hired an outside person to replace Page as CEO due to the inexperience reason. But the obvious decision of Page was proposed himself as the CEO of Google, however the final decision is not like the desired result of Larry where the new CEO had been hired which was Eric Schmidt. After 10 years went by, although Google under Schmidt had successfully grown into the third-largest technology company in the world and the revenues grew from less than $100 million to almost $30 billion, but Larry had made the decision quickly and clearly that where he would take the post for the following year. The reasons due to Larry believed that he could handle it well and nobody can understand better than him where the Google’s ambitions, its ethics, and its worldview. So under his leadership, the company will be even harder to predict (Levy, 2011).
1.5 Perceptiveness (Bill Gates)
A perceptive entrepreneur knows how to guide a small business by keeping an eye on political and economic developments (Destiny, 2013). Perceptive entrepreneurs can distinguish between ideas that are most likely to succeed, the nature of innovations that would provide the solution that the market is waiting for lap up and the people who can deliver the required innovative solutions for the market and the organization. Jeffry Timmons, one of the most respected commentators on the topic of entrepreneurship, has defined the term in his book The Entrepreneurial Mind as “the ability to create and build something from practically nothing.”
For example, Bill Gates is the co-founder of Microsoft, the world’s largest PC software company, with Paul Allen. Today he is consistently ranked in the Forbes list of the world’s wealthiest people. Gates is one of the best-known entrepreneurs of the personal computer revolution. At 13, Gates took an interest in programming the General Electric (GE) system in basic, and was excused from math classes to pursue his interest. He is perceptive enough, in the interest of the users can play games against the computer; he wrote his first computer program on the machine. He implemented a game called tic-tac-toe. Gates was fascinated by the machine and how it would always execute software code perfectly. When he reflected back on that moment, he said, “There was just something neat about the machine.” Gates did not have a definite study plan while a student at Harvard and spend a lot of time using the school’s computers. Gates and Allen saw the release of MITS Altair 8800 based on the Intel 8080 CPU, which was an opportunity to start their own computer. He dropped out of Harvard and talked decision over with his parents, who were supportive of him to start a company.
1.6 Ability to learn from mistakes (Michael Dell)
Successful entrepreneur are not afraid to make mistakes and face failure. In fact, they understand that it’s all a part of the game, and they use each and every failure and very mistake that they make as a learning experience. The cold, hard truth is that every entrepreneur will end up making mistakes, some small and some big, and will fail numerous times. But each of these incidents will be a learning experience for a successful entrepreneur, and each of these instances will be an opportunity for him/her to emerge better and stronger (Kinley, 2013).
Example of entrepreneur who showed this trait is Michael Dell. He is founder and CEO of Dell Inc., one of the world’s leading sellers of personal computers (PCs). He quotes that: “Recognize that there will be failures, and acknowledge that there will be obstacles. But you will learn from your mistakes and the mistakes of others, since there is very little learning in success.”
Dell defied conventional wisdom that consumers would not purchase computer equipment over the telephone and built a billion-dollar company doing just that. Through his direct method of offering low-cost, custom-configured personal computers directly to customers. Dell changed the competitive dynamic in the computer industry. Notable for a natural business talent coupled with a willingness to share power, Dell carried the company through growth and economic difficulties. He innovated operating processes, took risks, learned through his mistakes, and built Dell Inc. from a college dormitory operation to a global corporation (Tradii, 2005).
1.7 Foresight (Tan Sri Dr Anthony Francis Fernandes)
Example of entrepreneur who showed the traits of foresight was Tan Sri Dr Antony Francis Fernandes, the Group Chief Executive Officer of Air Asia and founder of Tune Group. Tan Sri Dr Tony Francis Fernandes was known for his foresight where he bought the then loss-making Air Asia and then transformed it from a small and struggling airline to become one if the fastest-growing and most successful low fare airlines in the world. Tan Sri Dr Antony Francis Fernandes had the certain intuition and judgmental powers. He can anticipate situations that may arise. He purchased Air Asia in December 2011 from its Malaysia owner DRB-Hicom for a token or RM1 and took up the airline's RM40 million debts. He set Air Asia Group's vision as "To be the largest low-cost airline in Asia and serving the 3 billion people who are currently underserved with poor connectivity and high fares." In order to achieve he vision, he introduced a low fares and non-frills airline, Air Asia to Malaysians with the tagline "Now everyone can fly", which is aimed at making flying affordable so everyone can fly. He can predict that the lowest fares of Air Asia airline will make it become a profitable airline. This proven by Air Asia repaid that debt in less than two years with the driven by Fernandes and the help of his partners. The Air Asia airline quickly reached profitability within two years because of its cheap fares, high-quality service, and quick turn arounds. Air Asia now has been voted as the worlds best low-cost airline and unprecedented six years in a row, from year 2009 to 2014.
In a word, Tan Sri Dr Antony Francis Fernandes was an entrepreneur with foresight. His foresight and vision have turned Air Asia to become the budget airline pioneer in Asia and the largest low-cost airline in the world.
Saturday 21 March 2015
Quotes About Entrepreneur
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Jarod Kintz, This Book Title is Invisible
"Instead of a Lemonade Stand, I should open up a "You know what I can't stand?" Stand. I'll sell rants in small, medium, and large."
Peter F.Drucker, Innovation and Entrepreneurship: Practice and Principles
Lorii Myers, Targeting Success, Develop the Right Business Attitude to be Successful in the Workplace
"A good golfer's metier is his or her golfing skill. A great golfer's metier is his or her golfing skill, coupled with the mastery of good sportsmanship, rendering him or her an ambassador for the sport."
What is Entrepreneurship???
Entrepreneurship is the process of starting a business or other organization. The entrepreneur develops a business model, acquires the human and other requires resources, and is fully responsible for its success or failure.
Some experts think of entrepreneurs as people who are willing to take risks that other people are not. Others define them as people who start and build successful businesses.
Thinking about the first of these definitions, entrepreneurship doesn’t necessarily involve staring your own business. Many people who don’t work for themselves are recognized as entrepreneurs within their organizations.
Regardless of how you define an “entrepreneur”, one thing is certain: becoming a successful entrepreneur isn’t easy. What we do know is that successful entrepreneurs seem to have certain traits in common.
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