1Malaysia Entrepreneur

The Malaysian Government launched 1Malaysia Entrepreneur, or 1MET, in 2013. It is an initiative by the Government of Malaysia to enable entrepreneurs from all segments of society to successfully start and grow their own business by leveraging public & private sector resources.

However, there is a high failure rate amongst start-up businesses. Research shows that a majority of entrepreneurs lack any form of training in entrepreneurship. Amongst the common reasons cited for failure are: Intense competition, lack of customers, and lack of knowledge and skills. A majority of the start-ups offer me-too products and services and must compete in the red ocean, further reducing their chances of success as they compete against stronger incumbents.

Entrepreneurship is fabled to be a black box – a random act resulting from some combination of genius, luck, or trial and error. But, what if entrepreneurship could be cultivated through creative education, and failure minimized through the use of proven methodologies and frameworks? How can we create a more systematic way to help entrepreneurs succeed by using blue ocean strategy tools and frameworks.

The 5 Types of Entrepreneurs

1. The skeptical entrepreneur
This entrepreneur sees the success of others and immediately starts to question it. They examine that person's business and looks for the “lucky” breaks, or inheritance they think that successful entrepreneur received.

2. The copycat entrepreneur
This entrepreneur sees the success of others and tries to copy them exactly. Their website is the same, their business cards are the same, and the way they present themself is the carbon copy of a leader in their industry. Take Pat Flynn of the popular blog Smart Passive Income. Since Pat became popular, there has been a whole wave of people that copy him line-for-line.

3. The research entrepreneur
This entrepreneur loves to learn. They research every possible scenario and outcome for strategies to start or grow a business. There is nothing wrong with learning, but when that’s all you do, it becomes a problem. The research ends up becoming an excuse for not taking action.

4. The determined entrepreneur
This entrepreneur hasn’t “made it” but they will, no matter what. They see the value in entrepreneurship, they see that success is possible without copying, and they do everything they can to start or grow their business.

5. The accomplished entrepreneur
This entrepreneur has gone through all the stages of entrepreneurship and building a business, and has reached success. They are now focused on scaling their business and leaving a legacy that extends beyond their lifetime.

Top Entrepreneur Talk

The 5 best advice to become a successful entrepreneur.

Build A Business Competition: Mark Cuban Talks Shark Tank & Entrepreneurship

How the entrepreneurial mindset can change you: Henrik Scheel at TEDxSacramento

Top 5 business ideas & opportunities for 2015

1. 16 million color pen can match its ink to the shade of any real world object

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.

2. In South Africa, solar school backpacks provide light for evening study

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.

3. Dutch ambulance Drone is a flying first aid kit that could save lives

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.

4. Read a 300-page book in 90 minutes with ‘text streaming’

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.

5. Jibo is a social robot for the home

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:

• 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.