ENTREPRENEURIAL TRAITS AMONG SUCCESSFUL ENTREPRENEURS

1)    INTRODUCTION

Martin Luther King said, ‘The ultimate measure of man is not where he stands in moment of convenience and comfort, but where he stands at times of challenge and controversy’ (Chavan, 2010). This quote nearly described characteristics of an entrepreneur. Entrepreneur played an important role in economic growth. Simple word that could described the meaning of entrepreneur is, a person with dream and ambitious whom acts as a leader and decides how an organization should run, whom coordinates all the operation and anticipation of demand and prices of products and services.

Every entrepreneur has their own entrepreneurial skills and personal qualities besides their success in life. Entrepreneur traits can be measured or revised in enhancing our knowledge about special value that concealed behind their success in their job. Some of entrepreneur traits are integrity and reliability, initiative, versatility, decisive, time competence, perceptiveness, ability to learn from mistakes, ethical consciousness and foresight. All traits listed were explained with different figure and story.

Then, Datuk Jimmy Choo is chosen as a successful entrepreneur to be described more into a simple but compact biography. We would describe his background, education, experiences, success and failure of his company, award gained, his wisdom and sources of inspiration. We also find entrepreneur traits that demonstrated by him, which is initiative, versatility, time competence, ability to learn from mistakes and decisive.

2)    OBJECTIVE OF THE STUDIES

The aim of our study is :

      I.          To describe the characteristics of entrepreneur.

    II.          To find out whether some of successful entrepreneur have the listed entrepreneur traits.

  III.          To describe entrepreneur traits in Malaysian famous entrepreneur, Datuk Jimmy Choo and how he survive in his career with all the traits.

3)    METHODOLOGY

Method used in completing this task is :

      I.          Books

    II.          Internet

  III.          Newspaper 

4)    ENTREPRENEURIAL TRAITS AMONG SUCCESFUL ENTREPRENEURS

When search about ‘entrepreneur traits’ on google, the search complete the query with the tales of Bill Gates or Steven Jobs among others. This seen that forces of nature that spring to mind for most of us when talking about entrepreneur-iconic figures whom seemed to burst from the womb with enterprise in their DNA (Robinson, 2014). As a correction for this assumption, entrepreneurs can be guided to success by harnessing crucial attributes. Most research done found that every entrepreneurs have different personality traits such as integrity and reliability, initiative, versatility, decisive, time competence, perceptiveness, ability to learn from mistakes, ethical consciousness and foresight.

4.1 Integrity and Reliability

Integrity is actually derived from the English term which means the integrity of the various aspects while in Malay, integrity leading to a person's character. According to DBP Bilingual Dictionary 1985, integrity is honesty, completeness and transparency (Mustafa, 2012). Based on Bilingual Dictionaries above, we can conclude that the integrity refers to the nature of a person which includes honesty, openness, honesty, trust, true, trustworthy, principled and not easily influenced. Reliability means the ability to be relied on or depend on as for accuracy, honesty or achievement.

The integrity and reliability of these figures are on the entrepreneur Tan Sri Azman Hashim. He is a chairman of the AmBank Group. He is a chartered accountant who trained and began working in 1955 at Messrs. OL Haines & Co. Australia. He is very experienced in the banking industry and began to engage in the banking sector since 1960 when returning from Australia as a chartered accountant. He started working at Bank Negara Malaysia. In 1994, Tan Sri Azman resigned because he wanted to start his own accounting firm, Azman, Wong, Salleh & Co. Two years later, he became Director of Malayan Banking Berhad (Maybank) and was appointed as an Executive Director from 1971 to 1980. Then, Tan Sri Azman was appointed Executive Chairman of Kwong Yik Bank, known as RHB Bank Berhad from 1980 to 1982. In In 1982, he bought Arab - Malaysian Merchant Bank of AmBank of entrepreneurs that Hussain Najdi Arabic. After the purchase, Tan Sri Azman was appointed as chairman of Kontiki.

In addition, the nature of reliability in self Tan Sri Azman also be seen when he also controls several other companies such as AMMB Holdings Berhad (AHB), Arab - Malaysian Finance Berhad which AmFinance, Redifussion Berhad, Arab - Malaysian Development Berhad, South Peninsular Industries Berhad, Hotel Equatorial with 30% interest and a subsidiary of Johnson & Johnson in Malaysia with 30% interest. After the economic crisis in 1997 and 1998, Tan Sri Azman managed to maintain its position in the Banking Group Meier and successful in mastering the banking industry with a merger with a subsidiary of MBF Finance Banking AmBank Group of Arab - Malaysian Finance Berhad. Furthermore, Tan Sri Azman also a Board Member of Malaysian Airline System Berhad (MAS), Chairman of the Association of Merchant Banks and Chairman of the Malaysian Institute of Microelectronic Systems Berhad (MIMOS).

4.2 Initiative

Initiative is the ability to assess and initiate things independently by using the power or opportunity to act or take charge before others do. Initiative also can be defined as a program or plan that is intended to solve a problem or a desire and energy that is needs to do something better. Richard Branson is exactly right as an example of initiative entrepreneurs. Branson was born in Blackheath, London. Although Branson had a poor academic performance when he is a student and has dyslexia, he showed his initiative aspect when he owned a great business that encounter the world.

In 1984, he established Virgin Atlantic Airways, formed Virgin Mobile in 1991, Virgin Trains in 1993, overplay Euro Belgian Airlines that renamed it Virgin Express in 1996, developed Virgin Cola and Virgin Vodka, launched tourism company, Virgin Galactic Virgin Fuels, Virgin Mobile and Virgin Comic. He achieve 3 billion USD and got ninth in Sunday Times Rich List in 2006 ranking. He also an entertainer as he had become an actor in movies such as famous serial, Friends and James Bond serials, Casino Royale.

His initiative side is shown from his eagerness to make something better, as a proof in his speech, ‘my interest comes from setting myself huge, apparently unachievable challenges and trying to rise above them. I felt that i had to attempt it’ (Dearlove, 2007). As recognition to his achievement, Branson is awarded an honorary degree of Doctor of Technology from Loughborough University. In 1999, Queen Elizabeth II confer the Knight Bachelor on him for his role as ’services to entrepreneurship’.

4.3 Versatility

Versatility means a person that speacialize in different things. Versatility allows you to adapt to many different situations. The noun versatility derives from the Latin words, versatilis that refer to turning, revolving, moving and capable of turning varied subjects or tasks. This attitude held by many successful entrepreneurs in the world because of his versatility which contribute to the progress and success of an entrepreneur. One of the entrepreneurs who have the versatile nature of this is Bawumi Faiza Syed Ahmad.

Faiza Bawumi Syed Ahmad was a founder of the brand rice “Rice Faiza” for Faiza’s Company Private Limited. Dabbling in business since childhood, she was a cashier at the store owned by his father. As a result of these experience have led her to be seriously involved in the business. Therefore, she started taking sewing embroidery with a capital of only RM4 and also selling variety of groceries. She also bought a yard of fabric and make dresses for children and subsequent neighbour pillowcase set. Results sew a pillowcase was very nice and she sold it to his friends.

Through a small business, she raised money in savings to start the business for the next one. Then, she was keen to produce curry powder. Therefore, she bought various spices such as coriander, cumin, fenugreek, dried chillies, cloves and so on for mixing the ingredients to produce the curry fish and meat under the brand Bunga Raya. All processes produce curry is done by herself at home which include the process of washing, drying and frying the spices. Then, she sent them to the store for ingredients blended and distributed. Over the years, Mrs. Faiza finally able to buy a grinder and open a retail store using the capital of the curry spice is sold.

From there, she found that most of the rice supplied by wholesalers from other races, and she began to learn to recognize different types of rice. Taking advantage of the opportunities that exist, she started on a small scale rice. She did not hesitate to go from one shop to another to get feedback on whether they want to buy rice if she sold it. Looking at the positive feedback, she pleaded lessen wholesalers and sell various types of rice including fragrant rice, basmati and rice Siam. Next, she told wrap the rice using the brand Bunga Raya and distribute it to stores in Johor. Within nine years, the business rice products Faiza established in 1982 gaining. The business network is expended around Johor, Malacca and Kuala Lumpur. Looking at customer acceptance, the Company Faiza officially turned into a corporation with the name of the Company Faiza Sdn Bhd (FSB) in 1992.

4.4  Decisive

Decisive can be defined as bring or come to a resolution in the mind as a result of consideration and able to make choices quickly and confidently. Decisive entrepreneurs can determine what the result of something will be very obviously clear and causing something to end successfully in a particular way. From our sight, the late Tan Sri Yahaya Ahmad is one of a decisive person. He was born in Dungun, Terengganu in 1947. He got an education in Malay College Kuala Kangsar (MCKK) before furthering his study in Loughborough College, England in automotive engineering.

He became the President of HICOM when his company DRB overplay HICOM in the year 1995 to 1997. He has about 200 companies related in transportation and automotive under his mother company DRB-HICOM, including purchase of Lotus Group International Britain from its owner Romano Artioli with cost of RM204 million in 1996. He used his entire knowledge in automotive engineering to make the best decision in dominating supervise and manufacturing variety of light and heavy vehicle. He also involve in the formation of air transportation company, Air Asia. That why, his name synonym in national automobile industry and called as ‘King of Automobile’ or ‘Car Czar’. Unfortunately, he died during his golden age in helicopter crash while going back to visit his ailing mother in 4 March 1997.

4.5 Time Competence

Brandon Paton, co-faunder and CEO of Localize told that entrepreneur must know how to handle time of by showing excessive effort and make personal sacrifices to complete a job. Running a start up, there are a million opportunities to meet with people, customers, advisors and investors (Entis, 2015). Successful entrepreneurs can attract customer confidence through his attitude which always punctual on time. They need to avoid the habit of delay, although the target they want to achieve is still far away. Entrepreneur’s role that expert in time competence is Pathman Senathirajah. He is currently a Managing Director who succeeded.

With skill development, management, marketing and training staff through a seamless platform, Pathman started climbing the ladder of success under the guidance of a mentor, Datuk Vijay Eswaran. Whenever faced with fierce resistance on the battlefield, he not only changed the views of people around but himself. Since a few years ago, Pathman also approached the group of children with typical development training. Across global, culture and language, table talk is always packed with adventure for eight consecutive months of the year.

After expanding into India, Canada and the Philippines, Pathman today has nearly 90 employees underneath. The new two year tenure as Managing Director Pathman already listed on a mission to put the company at the highest level in order to be used as reference benchmark for other companies. The Cyberview Lodge Resort, he met the participants from Central Asia and the Middle East to share success tips and professional module which inject confidence and motivation needed. Subsequently, in November, Pathman will fly to Uganda. Recently, Pathman plans to write a book and publish a feature film titled Teluk Intan.

4.6 Perceptiveness

An entrepreneur, as defined by Bygrave and Hofer is someone who ‘perceives an opportunity and creates an organization to pursue it’ (Roggenkamp and White, 1998). Entrepreneurs are able to learn from real-world experiences and transfer that knowledge to new situations. Entrepreneurial perceptive is characteristics of an entrepreneur which are fostered in an individual and therefore shapes their way of thinking.

One of the best examples of characteristic of perspective is Bill Gates. He’s the first billionaire in the world in the field of ICT business. He is a famous pioneer in exploring the computer field and spreading his Windows software all over the world (1996). According to him, computer can change the traditional ways of learning method that required teachers to give a hands-on method approach and using curiosity that exist in children (1999). He is a far-sighted person and wise to seize the opportunity in the field of computer. When other people do not have a clue what to do with a computer, he has already developed much need software that can be used all over the world. Since a young age, he was known as an expert in computing and highly skilled in entrepreneurship. He used the knowledge of ICT that he has and converted it as a tool for all mankind.

4.7 Ability to Learn from Mistakes

The entrepreneurial trait of ability to learn from mistake is one challenges who somebody have their own problem before they success. It is never easy to admit when someone made a mistake, but it's a crucial step in learning, growing, and improving themselves. Most common kinds of mistakes can be solve with how to recognize them, and how, in turn, to learn from them. You can only learn from a mistake after you admit you've made it.

Through the entrepreneurial trait of ability to learn from mistake the nature of this industry, it can be associated with a well-known figure in the world names Starbucks.  Starbucks is the largest coffee shop chain in the world, reaching billions of dollars in sales each year. According to the Starbucks story, Starbucks has entered the Australian market in July 2000 with the first store in the business district in Sydney. Although less acceptance from the public and the existence of various types of competitors, Starbucks is expanding rapidly with the opening of stores in major cities in Australia. This was done without adjustment product, process, or the promotion strategy. Experts feel that Starbucks failed in the Australian market, which was largely due to the inability to understand guide Australia and cultures.

This situation has led to his decision to close all branches of Starbucks stores in Australia shortly after the company posted a net loss of relatively high in 2008. However, Schultz is not easily surrender. He who has learned from the mistakes that his people do not understand the cultural life of Australia before expanding Starbucks there, and he decide to continue operations in the European market and the other international.  Then, his successful in the company depends on a clear vision. Schultz was able to unite behind the efforts of his team, to understand the emotions and inspire employees.

4.8 Ethical Consciousness

Ethics is a moral philosophy or philosophical thinking about morality, moral problems and moral considerations. Ethics also is the science that explains the good and the bad, explain what should be done by humans and stated purpose in their actions. Similarly, ethics is action research, thought and consideration about the good and the bad.

From this entrepreneurial trait, the closest example were the person whom opening the biggest tourist centre of Genting Highlands Resort, Tan Sri Lim Goh Tong who never reveal some tips inspiration itself so successfully make the Genting Highlands Resort as an entertainment centre and a world-leading vacation. As Malaysians, we should be proud and make it as inspiration to forge ahead in business. First, feelings of inferiority and no arrogance with which owned luxury will make a person more alert with the work done. Practice humility also will make many people like communicating and like to make friends with us. While we have become famous among entrepreneurs, to respect the other person do not forget since it reflects the overall attitude. Moreover, Tan Sri also adopted a timely that has been made.

Next, he always advised that no foul play in the business. Do not take shortcuts if you want your business to survive long run can be passed to the next generation. He always reminds Chinese people and all those who want to plunge into the world of business in order not to make the trick since there is no shortcut to success than with our own efforts. Interest will be the driving force and inspiration in the work performed. Enthusiasm is the most effective drugs for developing businesses. Traders should always be conscious and believe in friends around and also believe in God and bless them. Want to start a business is not an easy thing, if have any enemies, later the business was not able to survive due to stab an enemy from behind. In short, do good to all people is the key.

4.9 Foresight

Mc Clelland described entrepreneurs as a people who do things in a better way and makes decisions in times of uncertainty (buku pengantar pengurusan). The dream to achieve big things overpowers monetary or other external incentives. Entrepreneurs also need to think outside the box. Entrepreneurs also need to see the people new lifestyle. Not only that, entrepreneur should think and take serious about risk before begin a business. So, entrepreneur should think a step ahead and be more flexible to handle all problems because they don’t know the risk like wandering beside them.

The figure whose has foresight attitude is Datuk Lee Boon Siew which know as “Mr Honda” in Malaysia and Singapore since he was the first sole distributor of Honda motorcycles in Malaysia. Since childhood he worked collecting animal’s excreta as fertilizer in agriculture and fishing to be sold as a supplement family income. At 12 years old, his father took him to Penang to migrate and work as a mechanic and to earn more income, on the night he washed the bus and pay 10 cents for each bus. He was compelled to run their own business at the age of 18 and often talked about how to get the chance to do it. He save the income that given, he then bought some mechanical equipment worth RM 10.00 and 8 buses worth RM200.00 for repair and used buses. He got RM1.20 to RM1.40 daily.

The profit is used as a capital. In the past of 7 years he has 40 buses. He also opened stores and spare parts of the vehicle battery. In 1960, his foresight brought him to approach Honda Japan to look into setting up a subsidiary. Boon Siew Honda’s company was born after he was appointed as the sole distributor for Malaysia. From that, Boon Siew Honda would grow and develop and became one of the leading companies in Malaysia and once become a market leader in the automotive industry of Malaysia.