3.1 TASK 1 – Section A: Entrepreneurial Traits
3.1.1 Networked
Definition of networked means
someone has communicated with others and built relationship with them. This
entrepreneurial trait found on Reid Garrett Hoffman. He is an American Internet
entrepreneur, who is the co-founder of the largest professional networking
sites in the world, which is Linkedln, a business-oriented social network which
he wants to give a large scale of influence in the world. He is successfully to
open up his network. Dave Goldberg who is the former CEO of Survey Monkey had
proved this by his words, “when you are start your business, Hoffman is the one
you want to talk to.” He had built his image effectively and given influences
in entrepreneur’s network. Linkedln was launched by Hoffman and his partner who
is Simon Rothman. Simon Rothman helps Hoffman to build market-transforming
companies, one of the examples is Greylock, current Greylock portfolio includes
Linkedin, Facebook, Dropbox and Pandora. He business partners also includes
Mark Zukerberg and Mark Pincus. Hoffman is called as the King of Connection in
the business environment by other entrepreneurs, “he knows who can help you
although he can’t give help.” he introduced his business partner Mark
Zukerberg to his friend Peter Thiel and led an investment $500,000 in Facebook.
Everyone wants a piece of him, Hoffman said, “you can solve a very big problem
when you build a compact work with the right way.” His entrepreneurial trait
networked had increase the effectiveness association in business. He is able to
generate his own business environment by the help from others to start an
organization in addiction given a big impact into business.
3.1.2 Open Risk Taker
Risk taker means a person who takes
risks and willing to try the new things. Mark Elliot Zuckerberg is
an American computer
programmer and Internet entrepreneur who known as an open risk taker. He is best
known as one of five co-founders of the social networking website Facebook and he is the chairman and chief executive of Facebook.
He is always developing some new computer
programs, especially the area on communication tools and games. For example a program, since his
father's dental practice was operated at their home, he built a software
program called "ZuckNet" that allowed all the computers which between
his house and dental office to communicate with each other (Editors). In addition, Zuckerberg
built a music player called the Synapse Media Player which used machine
learning to learn the user's listening habits.
When his sophomore
year at Harvard, he wrote a program he called “Course Match”, which allowed
users to make class selection decisions based on the choices of students and
also to help them form study groups. In the short period, he created a
different program called “Facemash” that let students select the best looking person from
a choice of photos but many students complained about their photos were being
used without permission from them. The following semester, Zuckerberg began writing
code for a new website. Zuckerberg launched "The facebook", originally
located at thefacebook.com.
After he found “The facebook”
have unlimited business opportunities, he drop out from Harvard to dedicate
himself full time to “The facebook”. He is a person who willing to take risk as
he may failure and get nothing and also didn’t graduate from university. But fortunately,
facebook become a huge success and he became a successful entrepreneur nowadays.
3.1.3 Observant
Bill Gates has always acted as an observant.
Observant means quick to notice things. William
Henry "Bill" Gates III is
an American business magnate, charitable person, investor, computer programmer,
and inventor. In 1975, Gates
co-founded Microsoft, which became the world's
largest PC software company, with Paul Allen (Editors). During his career at Microsoft, Gates
staying at the positions of chairman, CEO and chief software architect.
Gates believes the computer will be a valuable
tool, every office and home must need computer. They began developing software
for personal computers under this concept. Gates prescient for the computer
field is the key to the success of Microsoft and the software industry. Microsoft introduced Microsoft Office which includes
office productivity applications such as Microsoft Word and Excel into one
system that was compossible with all Microsoft products (Editors).
Under Gates' leadership, Microsoft continues to
pursue the development and improvement of computer software technology, then
making it easier to operate, more cost-effective and more convenient to people
to use the computer.
3.1.4 Visionary
The visionary leadership style was a
leadership types which are documented. The leader is inspiring in vision, and
helps others to see how they can contribute on this; allowing the leader and
followers to move together towards a shared view of the future (Goleman). Tan Sri SM Nasimuddin SM Ami was the founder of of
Naza Group, he was also the chairman and chief executive officer of this
company. We can describe that Tan Sri SM Nasimuddin SM Ami was an visionary
entrepreneur, he started his business was in 1974, at the time he was only 19
years old. He used up all his deposit in his bank account to develop an
automobile business with an allocation of Approved Permits (APs). He stayed in
Japan three months to manage import foreign cars, within this time he
purchasing 20 units of used Japanese cars. We call Tan Sri SM Nasimuddin SM Ami
is a visionary entrepreneur because at that time most of the Malaysian is lack
of awareness about foreign cars, but the result was he successfully sold all
the used cars to his customers in three months. He also takes the advantage of
New Economic Policy, Approved Permitsto collaborate with foreign companies to
produce the local cars under his brand. He put his vision on different vehicles
company like Kia from South Korea, Peugeot from France, and so on. Tan Sri SM
Nasimuddin SM Ami not only passion and faith in the business, he also had a
clear ideas about what is the flow in the future drove him to success."He
proved that the NEP was capable of producing successful bumiputras if they
seized the available opportunities well. If all had the same opportunities and
did what he had done, we may have achieved more than the NEP objectives,"
Dr. Mahathir told. (Bernama, 2008)
3.1.5 Failure is an option
Failure is an option means you should always realize that it’s possible to fail, and
that you can be prepared to deal with potentially business-killing scenarios
and never give up (Asselmeier).
Colonel Harland Sanders was the founder of Kentucky Fried Chicken, and he was
also the best example of this entrepreneurial trait. Kentucky Fried Chicken is
a fast food chicken restaurant chain not only in American but in 118 countries
and 18,875 outlets and as the world’s second largest restaurant chain.In
Sanders early life, he held many different kinds of jobs such as insurance
salesman, farmer, fireman, steam engine stoker and etc. He lived a life full of
failures (Dodd, 2015).
Sanders has seen plenty of failure in his early life career, but he never give
up until his began to serve chicken dishes in North Corbin. He had established
a company manufacturing acetylene lamps and also be a salesman for Michelin
Tire Company.He failed after electric lamp introduced and he lost his job in
1924.By chance, he met the general manager of Standard Oil of Kentucky to start
his later career. Those failure make a difference phrase in his life, he used
to learn from the past and dealing with the failure. All the knowledge he
learned make him easier to handle the franchised of Kentucky Fried Chicken and
open up his fast food restaurant chain to approach highly successful.
