INTRODUCTION TO ENTREPRENEURSHIP

BY   :  KHAIRIL SHARIL BIN MUHAMMAD                        ( 236688 )
           NUR AZIANI BINTI MOHD. TARMIZI                         ( 236721 )
           NUR FAZIRA BINTI SAZALI                                         ( 236722 )
           NORAIN BINTI HASSAN                                               ( 236714 )
           NORDIEANA BINTI SUHAINIE                                    ( 236716 )
           NORINDAH PERMATASARI BINTI JAMALUDDIN  ( 236717 )

INTRODUCTION

According to economist Joseph Alois Schumpeter (1883-1950), entrepreneurs are not necessarily motivated by profit but regard it as a standard for measuring achievement or success.  Schumpeter discovered that they greatly value self-reliance, strive for distinction through excellence, are highly optimistic (otherwise nothing would be undertaken), and always favor challenges of medium risk (neither too easy, nor ruinous). Someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced.  An entrepreneur supplies risk capital as a risk taker, and monitors and controls the business activities.  The entrepreneur is usually a sole proprietor, a partner, or the one who owns the majority of shares in an incorporated venture.

You cannot expect to be effective and successful in business unless you truly believe in your business and in the goods and services that you sell. Far too many home business owners fail to take their own businesses seriously enough, getting easily sidetracked and not staying motivated and keeping their noses to the grindstone. They also fall prey to naysayers who don't take them seriously because they don't work from an office building, office park, storefront, or factory. Little do these skeptics, who rain on the home business owner's parade, know is that the number of people working from home, and making very good annual incomes, has grown by leaps and bounds in recent years.

Planning every aspect of your home business is not only a must, but also builds habits that every home business owner should develop, implement, and maintain. The act of business planning is so important because it requires you to analyze each business situation, research and compile data, and make conclusions based mainly on the facts as revealed through the research. A business plan also serves a second function, which is having your goals and how you will achieve them, on paper. You can use the plan that you create both as map to take you from point A to Z and as a yardstick to measure the success of each individual plan or segment within the plan.

1.0       EDWARD FLYNN

 ( A Nuclear Physicist at Los Alamos Labaratory )

1.1    Definition of Versality

Versality allows entrepreneur to adapt so many different situation with their different skills. Every entrepreneur cannot run from all the hardships, suffered and troubled. They must facing with versality, try to control and overcome all the aspects such as financial problems, management, marketing, production and their employee indeed. it is to ensure their successful and the effort can keep forward.

1.2     Versality In Entrepreneur

 Edward Flynn, saw a problem and knew his unique skill set could help conquer it. His wife was diagnosed with breast cancer and he pondered whether he could develop a better detection tool using nanoparticles and magnetic sensors. He created a technique in which a patient is injected with iron oxide nanoparticles coated with antibodies, which adhere to specific cancer cells present in a tumor. The patient is then subjected to a small magnetizing field that aligns the metal nanoparticles and when the field is discontinued, the nanoparticles emit a magnetic signal. This emitted signal is detected by superconducting quantum interference device (SQUID) sensors. The resulting signal measurement can show doctors “ how many metal particles, and therefore how many cancer cells, are present, and where in the breast they are located,” according to a recent article featuring Flynn by Shirley S. Wang in The Wall Street Journal.

Since Flynn’s innovation requires only a very small number of cancerous cells to be present, approximately 100,000, as opposed to several million cells needed for a mammogram, it allows tumors to be detected  much sooner. “The system can detect a breast cancer tumor with 100% accuracy up to three years earlier than a mammogram can,” he states. It also enables treatment to be monitored more closely, as the number of cells present can be measured to assist the doctor in the detection of metastasis. In conclusion, we can see that Flynn was the versality to overcome the problem with theit technique and different skills to detect the breast cancer and the signs of cancer cells as soon as possible.

2.0       MASIRAH ZINOL A’BIDIN

   ( Zinon Food Industry Sdn. Bhd )

2.1   Definition of Initiative

Every enterpreneur should have an initiative and responsible toward the things that there are give as. An initiative is an important act or statement that is intended to solve problem. This character showed that the entrepreneur have a spirit, effort and habit to do the responsible without byself without any command or forced to do it. Initiative also, always cared so much about their environment, aware  and alert with their surrounding for the world changed.

 2.2  Initiative In Intrepreneur

Produce HALAL food for all. To become Malaysia leading Muslims  who produce high quality HALAL products to the world. To fulfill demand and contribute the best taste for all. Giving superb services to user also customers. Getting professionals advice and services in order to enhancing quality of manufacturing and product. Creating and offering business connection links to customers. To increase and maximize export production with productivity ethics.Becoming the master of Muslim manufacturer in producing instant noodles, vermicelli, condiments and rice spice mix in order to fulfill demand of local and international market.

an economy chances also offering good job for locals. Apart from producing its own brand IMAN and HILAL, the company also do contract manufacturing for Federal Agriculture Marketing Authority of Malaysia (FAMA), under the name AGROMAS. In line with the government vision to make Malaysia as Halal Hub, the company has launced the export market program. Currently, products promotion activities have been successfully conducted in Saudi Arabia, Indonesia, China, Brunei, Philippines, Vietnam and Thailand. The company has major investment for new machineries in order to fulfill demands from local and foreign market. All product now available in major foreign hypermarket such as MYDIN, TESCO, GIANT and JAYA JUSCO also available in selected local supermarket, mini market and Muslims groceries throughout the country. Thus, it is now being sell in Saudi Arabia, Brunei, Singapore and Republic of Ireland also United Kingdom. In this case, Masirah Zinol A’bidin take an initiative to open the Halal product to fulfill the demand of locals and to make sure the muslim customers to get and find Halal food are guaranteed 100% . In overall, Puan Masirah was an entrepreneur who had an initiative to produce Halal food, offer the job for locals and creating an  new economics.

3.0     BILL GATES

  3.1  Definition of Integrity and reliability

What is the most important common characteristic of successful entrepreneurs mush have an integrity and reliability. Integrity is meaning personal authenticity and congruence and reliability meaning is the probability that an item will perform a required function without failure under stated conditions for stated period of time .Personal integrity is the measure of how a person is in action, how a person embodies their beliefs, how a person can hold and carry forth a vision and mission, but most importantly, it is what followers follow over the long-term. Follower will intellectually, emotionally and intuitively measure the integrity of their leader against their own values and their doctrines of fairness and will over time decide to what measure they place their fate in the hands of their leader.

3.2       Integrity and Reliability in Entrepreneur

Moreover, the integrity and reliability of an organization is a direct reflection of the integrity of its leadership and the market place will also measure the integrity of the organization’s brand, it’s product and services and its market presence. Hence, the long-term survival of an organization also depend upon the integrity of its leadership for example Bill Gates’s. Bill Gates very successful man and have very honesty and integrity. Bill Gates did not rest by just contracting MITS. He also had the integrity of character to deliver what he promised.

Intelligence or achievement without integrity can never have appositive effect on us overall achievement and even we level of achievement is directly proportional to the level of integrity that we have towards us work. Integrity alone plays a pivotal role in securing a degree of perfection and pushing he to deliver him best in any given circumstance or situation without any external source ofencouragement or impetus to perform par excellence. It is this quality of service power by self-motivation is often what gives you the edge between a mediocre product and a market winner

4.0  MOHD SHAH BIN DASIN

    (PINEAPPLE FARMER SDN. BHD)

4.1 Definition of Foresight

The definition of foresight is the ability or action of imagining or anticipating what might happen in the future. Knowledge or insight gained by or as by looking forward, a view of the future. For example, they must have the foresight and the imagination to see that all knowledge in some way, someday, will serve everyone.

 4.2     Foresight In Entrepreneur

In 1998, our country had an economic downturn that caused many people to lose their jobs and unemployed. This situation caused many teenagers from villagers who immigrate to Kuala Lumpur to feel that they were stressed by the need to survive. That time, life was a hardship and there was no new chances for employment. Therefore, many of them decided to return to their village. At that time, Mohd Shah Bin Dasin is one of them that went back to his village at Kampung Sungai Belang Kecil, Muar. At same time, he is 24 years old and he also make a decision went back at this village after 9 years emigrate. At the period, there are many types of work he do such as labour in Singapore, fisherman in Terengganu and make roti canai in Kuala Lumpur. His family life condition is poor and that situation cause him not have a change to further study but it not restrain him to success.

At first, Mohd Shah only cultivate a pineapple garden thatwas 2 acres wide which belongs to his parents. However, he is a determined person and now he has 30 acres of land. When he arrive at his village, he only cultivate the pineapple just to spend his spare time and for fun because at that time he worked as a roti canai maker. Now, he feels that he is responsible for that farm and will take it as a serious thing and obtain the profit.When he opened that garden in 1998, he was the only worker there. His works include farming, cutting the small tree, spray the poison and fertilize it. He started at dawn and used all of his strength to plant pineapple tree and also give it hormone until he got the product.

To wait this product are not easy thing and needed a high patience because the product only can get after 15 month. However, this farm gave him revenue and he succeeded to sign an agreement with Tesco Supermarket to cater for fresh pineapple in 2 years. All if his pineapple is the type of Josapine that really suitable for fresh cater. Every month, that pineapple from his farm can reach until 10,000 and of course it will give him a profit because the Josapine pineapple price at a supermarket is RM 1.30 for grade A. After that, he can get a knowledge from LPNM. He went to Universiti Pertanian Malaysia (UPM) Serdang and also went to pineapple garden in Klang,Selangor and Terengganu. Eventhough he get big profit, Mohd Shah chooses to live in a medium life. He gives the opportunity for the villagers to work at the pineapple garden because he feels responsible for his own village.

He also has a spirit to make his pineapple garden bigger because the demand are very high. Now, he has 10 acres land that belong to himself. For now, he rent land that belong to villager that wide 20 acre for doing his pineapple farmer and now he also wants to add 14 acre land more. With his determined spirit, he has succeeded to bring his family out of a poor situation. He also help to open the economy opportunity in Kampung Balang Kecil. He does animal farming such as cow and farm the banana trees. Mohd Shah is a special teenager because of his creative and innovative mind who has transformed himself from a roti canai maker to a successful entrepreneur. In his young age, he was clever to take all the opportunities to create the pineapple garden although at first many of people not believe at him.

5.0  DATUK MAZNAH HAMID

    (SECURIFORCE SDN BHD)

     5.1  Definition of Decisive

The definition of decisive is having the ability to make decisions or something that determines what comes next. An example of decisive is a person who always make up her mind firmly and quickly. Second, of decisive is the information gained and quickly. Second, of decisive is the information gained from a student’s success in the classes which they take to determine their interest in their major field of study. Known as the Iron Lady of Malaysia, Datuk Maznah Hamid is a very well-known entrepreneur, business, woman as well as a famous motivational author and speaker. Upon the time, in a great era of far away, Datuk Maznah decided to buy an almost bankrupt, unknown security company and turned into a multimillion, respectable empire.

     5.2  Decisive in Entrepreneur

During the early days, she employed a few guards with herself being jack of all trades in small outfit. Clerk, secretary, manager and sometimes the guards herself. And in order to expend the business she and the husband sold their own house and moved to a new, smaller place that came without proper amenities. With only a few thousands capital of their own, her company has to compete with hundreds of other licensed security in Malaysia, with many of them were established with up to millions of capital. Then against all competition, the company survived and triumphed.

The company, Securiforce now is one of the biggest security companies in Malaysia, having more than 30 branches across Malaysia and employing more than 4000 employees. All of this is achieved without financial help or capital from financial institutions. Alongside with other prominent Malaysia business icon, Datuk Maznah became one of the entrepreneurs who build and grow companies and play important roles as a leader, strategist, while contributing to the overall growth and improvement of the society’s life in Malaysia.

6.0  FAIZA BAWUMI SAYED AHMAD

   ( SyarikatFaizaSdn. Bhd )

6.1   Definition of Ethical Consciousness

Ethics are moral beliefs and rules about right and wrong. In entepreneurship, ethic affects the process of decision making, implementation and contolling of behavior. Hisrich and Peters (2002) stated that ethics in entrepeneurship is the study of moral and behavior towards a given situation. It includes the list of a must and must not things and should or should not be done in a business.

6.2       Ethical Consciouness in Entrepreneur

The founder of the company was born in Egypt, migrated to this country in 1964 with her late husband after their first child is born. Speaking of her success, she stated that she earns her position now through 43 years of hardship. Started with only a small grocery shop in her house, she builts the largest wholesale trading empire, Syarikat FaizaSdn. Bhd. in BatuPahat, Johor.

‘I want to be the biggest alms payer in this country’, and so she did. As we all know, Syarikat FaizaSdn. Bhd. is the main sponsor for TV3 programme called ‘Bersamamu’ since 8 years ago to fulfill their social responsibility.

She said, wealth is not her top priorities, the main reason for her to enlarge and develop her business business is to be the most alms payer to help many other poor and unfortunate people. Besides that, she is also kind to her workers as she treats them like her own children. She even take disciplines action to her employees herself for their wrong doing.

7.0  JERRY YANG

( Co-created Internet website Yahoo! INC )

 7.1  Definition ( Time competence in entrepreneur )

The ability to do something successfully or efficiently. A cluster of related abilities, commitments, knowledge, and skills that enable a person (or an organization) to act effectively in a job or situation. Competence indicates sufficiency of knowledge and skills that enable someone to act in a wide       variety of situations. Because each level of responsibility has its own requirements,     competence can occur in any period of a person's life or at any stage of his or her career. Law: The capacity of a person to understand a situation and to act reasonably. Disputes regarding the competence of an individual are settled by a judge and not by a professional (such as a doctor or a psychiatrist) although the judge may seek expert opinion before delivering at a judgment. Also called legal capacity.

 7.2   Time competence in entrepreneur

Yang was born in Taipei, Taiwan on November 6, 1968, and moved to San Jose,California at the age of ten with his mother and younger brother.  He claimed that despite his mother being an English teacher, he only knew one English word          (shoe) on his arrival. Becoming fluent in the language in three years, he was then placed into an Advanced Placement English class. Yang founded Yahoo! in 1994, served as CEO from 2007 to 2009, and left Yahoo! in 2012. He founded a venture capital firm called AME Cloud Ventures and as of 2015, serves on several corporate boards. Yang was "a great founder, evangelist, strategist and mentor,While studying at Stanford in 1994, Yang and David Filo co-created an Internet website called "Jerry and David's Guide to the World Wide Web," which consisted of a directory of other websites. As it grew in popularity they renamed it "Yahoo! Inc." and dropped out of Stanford. t went public in April 1996 with 49 employees. In 1999, Yang was named to the MIT Technology Review TR100 as one of the top 100 innovators in the world under the age of 35.

8.0       Datuk Yusuf Taiyoob, the Entrepreneur of Date Fruit

   8.1      The Definition of the Ability to Learn From Mistakes

The ability to learn from mistakes define as a great conquer of failing from mistakes. Mistake is an error in action, calculation, opinion or judgement caused by poor reasoning carelessness and insufficient knowledge. Ability is power or capacity to do or act physically, mentally, legally, morally and financially. In this context, ability is a competence in an activity or occupation because of one’s skill, training or other qualification. It is a talents that is a special skills or aptitudes. Every entrepreneur need the ability to learn from mistakes to achieve their goal. Entrepreneur will learn from the mistake they did. Mistakes doesn’t mean fail but it means that they were in learning process. When the customers giving their opinion, the entrepreneur will not giving up with the opinion but will take it as a challenge and face it professionally. The opinion or comment from the customers will produce new idea in make a new product that will attract the customers. With the customer’s opinion, entrepreneur will produce a good quality of the product. Besides that, entrepreneur must be strong and tough in mentally and physically in facing any mistakes, beside, every entrepreneur must be creative in producing new idea and good quality of product.

   8.2  Biography of the Entrepreneur

The entrepreneur that has the ability to learn from mistakes is Datuk Yusuf Taiyoob, the owner of Yusuf Taiyoob SDN.BHD. Before Datuk Yusuf Taiyoob success like today, he faced many challenges in order to build his legacy around the world. The main principle of Datuk Yusuf Taiyoob is he didn’t like to work with others, he more prefer in being boss even he faced many difficult and bitter experience. He faced many difficult in his first business that it selling perfume. In that time he was 21 years old and there’s community who didn’t want to see him but he was lucky having a supportive family.

Datuk Yusuf Taiyoob still look young when he reach 50 years old at that time. After his first business that is selling perfume failed, he was looking for new business include supply saffron flower, cashew nut, dry food and spices. After that, he looking for new business even realise he will facing hardship until he thought in being a date fruit supplier in this county.

He realise that building a new business will create competitiveness in date fruit business at 1990. He believe that if he has a new customers beside affordable price with the guarantee of the quality product. The most important is according to Datuk Yusuf Taiyoob, someone should know their ability in competitive and the hardship even sometimes there is a competitor to destroy their competitor. Besides that, we should thankful to every what we have and what we got and don’t ever to lost yourself.

9.0  SALMAH AJIS

   ( Nurul Foods Industries Enterprise )

    9.1  Ability to learn from mistakes

In managing their business, an entrepreneur can be considered as a warrior in a battle field who cannot run from hardship and difficulties especially in decision making.  For them, every issues and problems will only take them higher and beyond.

    9.2   Ability to Learn from Mistake in Entrepreneur

It all started in her own house to all that she has earns today, though she only reached SPM in her schooling years. Moreover, without any experience in entrepeneurships. The mother of three children attempt to accept all the challenges in order to defend and develop their family business.

In recent interview, she did share some of her experience within the years she got involve with entrepeneurships. ‘An entrepreneur must have certain traits; boldness to take risks, open-minded and also innovative’,she said. She also stated that an entrepreneur should be able to learn from mistakes .‘ Not giving up is the key to my success’, she added.

Behind her success, she went through varities of hardship. One of them is when she once been cheated by her own supplier that cost her approximately RM 25,000. One big amount for her that time. But instead of giving up, she managed to rose upon the mistakes and successfully coped with the lost and let it be her motivation to keep going forward until now.

b)  A Biography of one successful Entrepreneur

SYED MOKHTAR AL-BUKHARY

Background of Syed Mokhtar Al-Bukhary

Syed Mokhtar Al-Bukhary was born in Alor Setar, Kedah in 1951 at middle class family. His family hailed from Hadhramaut, Yemen. This business leader has seven siblings and he is the third child. Shortage of money led his family to send him to live with his uncle, Syed Omar in Johor Bahru and continued his studies there until form two, before returning to Kedah to study up to form five at Saint Micheal’s School. After school, Syed Mohkhtar would help his father take care of livestock at a quarantine centre close to the railway station in Alor Setar. He never attended university but he was also smart to use the experience he had gained from helping his father, as reference in his own business. Aside from his father’s business, Syed Mokhtar also helped his mother cultivate vegetables to be sold at a market on Jalan Telok Wan Jah. In fact, this seventh wealthiest man in Malaysia had even sold roti canai in the same market.

The five traits that highlighted in Entrepreneur :

1.      ABILITY TO LEARN FROM MISTAKES

There are same mistakes that leaders make. Syed Mokhtar Al-Bukhary always said that mistake is one of the ways to learn. This mistake that always been made by the leader are failing to define goal, it mean when the follower do not have the clear goal in the organization, they will not become productive. So, as the leader him must to clearly define him organization’s goal to the followers and make the understand their duty and tasks appropriately. He do not trust people to do him job. So, him stressed because of the workload burden. He should have trust towards him employees and monitor their task whether it is rightly performed or not.

2.      VERSATILITY

Tan Sri Mokhtar very versatility in many field of carriers. Although his highest education was only until form five, and he never went to university, but that doesn't mean he's lacked of knowledge. A whole lot of his knowledge and experience was gained through his own entrepreneurship experience during his youth time. Syed Mokhtar helped his mother planting and selling vegetables in the market and also selling roti canai. His numeric knowledge was used to help his father in doing daily book keeping.

He helped his father in breeding cow business, selling meats. His business is really good and it give it more confident to him. From that he start to make new changes to his entrepreneurship until he success. One project that enhanced his stature in the international arena is the Museum of Islamic Art, Kuala Lumpur, whereby the idea was conceptualized by Dato' Seri Dr. Mahathir himself. Tan Sri Syed Mokhtar was responsible for luring the famous shopping mall in London, i.e. Harrods, to invest in Malaysia through his company, Amtek Holdings Sdn.Bhd.

Tan Sri Syed Mokhtar played a major role in the family-owned Al-Bukhary Foundation, whereby he is the Executive Chairman. Through Al-Bukhary Foundation, he has made several contributions towards the social sector, particularly the Islamic social and welfare activities. The foundation is also responsible in constructing the Al-Bukhary Mosque Complex, which is the latest landmark in Kedah.

In appreciation of his enormous services and contributions, he was bestowed with several awards, which among others, include the Panglima Setia Mahkota (P.S.M.) by His Majesty Seri Paduka Baginda Yang di-Pertuan Agong, which carries the title Tan Sri and the Dato' Setia Mahkota Kedah (D.S.D.K.) by HRH The Sultan Kedah, which carries the title Dato'.

He also hoped that entrepreneurs are confident with themself and what is being sought. More Bumiputera entrepreneurs can not succeed not because their ideas are not good, but because they are unsure of themselves. He has been expanding his business empire with interests in multinational companies in Malaysia such as MMC Corporation Berhad, Port of Tanjung Pelepas, Bernas, Gardenia, DRB-Hicom, Bank Muamalat, Pernas, Malakoff Berhad, Johor Port Berhad and more.

3.      PERCEPTIVENESS

He built his business at Kuala Lumpur to grab the opportunity to get the job from the government and he success to start commodity business such as sugar and rice. He is always looking for other business opportunities that can help others develop youth themselves and not just for himself alone. He is very happy to help others people. Tan Sri Syed Mokhtar Shah bin Syed Al-Bukhary started his business as an entrepreneur meat in 1970.

He is also the owner of Yayasan Al-Bukhary and is involved with the business based on farming, construction, engineering, infrastructure and ports. But in the 80s he wisely the money by switching to a transport plane that had brought him success and made it the richest Bumiputera corporate figure in Malaysia. He wisely took a chance and use the opportunity to forge greater success. This is because, not everyone will see it as an opportunity.

4.      FORESIGHT

After establishing Syarikat Shah, he created Syarikat Bukhary, which is involved the the rice and sugar business. The company then expended into Bukhary (KL) Sdn. Bhd. In 1977, the company won many government contracts which were offered to bumiputera entrepreneurs at the time, and based its operations in a four-stored shop lot on Jalan Pahang. He then created Susu Mas Sdn.Bhd (Susu Mas)in 1979 to facilitate his business of supplying to the government. Like Bukhary, Susu Mas was also a joint-vebture company. This time, with New Zealand Milk Product. He held 51 percent share in the company. The Susu Mas product brand was marketed under brand Fernleaf. However, following the economy crisis which hit he country at the end of 1980’s he decided to sell is business interest in that company.

5.      ETHICAL CONSCIOUNESS

Ethical consciouness is defined as the set of key values, assumptions, understanding and norm taht is share by members of the organization and taught to new members as correct. Ethical consciousness gives Syed Mokhtar Al-Bukhary a sense of organization identity and generates commitment to particular values and ways of doing things. For example, if there is any work given by the management that need to be settled or submitted on the certain date given, employees will try to manage and finished it early or on time.

CONCLUSION

In conclusion, the lifeblood of any business enterprise is cash flow.  Entrepreneur need it to buy inventory, pay for services, promote and market their business, repair and replace tools and equipment.  Therefore, all home business owners must become wise money managers to ensure that the cash keeps flowing and the bills get paid.  There are two aspects to wise money management.  The money entrepreneur receive from clients in exchange for their goods and services their provide (income).  The money their spend on inventory, supplies, wages and other items required to keep their business operating. (expenses)

Constant contact, follow-up, and follow-through with customers, prospects, and business alliances should be the mantra of every home business owner, new or established. Constant and consistent follow-up enables you to turn prospects into customers, increase the value of each sale and buying frequency from existing customers, and build stronger business relationships with suppliers and your core business team. Follow-up is especially important with your existing customer base, as the real work begins after the sale. It's easy to sell one product or service, but it takes work to retain customers and keep them coming back.

Lastly, no one person can build a successful business alone. It's a task that requires a team that is as committed as you to the business and its success. Your business team may include family members, friends, suppliers, business alliances, employees, sub-contractors, industry and business associations, local government and the community. Of course the most important team members will be your customers or clients. Any or all may have a say in how your business will function and a stake in your business future.