As an entrepreneur must have applicable skills to make up their interest and vision for a total. For instance, if he wanted to create a new business –Computer Accessories Shop, he should have the prior knowledge in computer hardware, the information of computer technology, business marketing or business management skill. Furthermore, they must have the entrepreneurial alertness that able to recognize competitive imperfections in markets. They are required to have good social network skill to have the active search for opportunities.
An entrepreneur who cannot invest in their business cannot expect others to do so and cannot expect it to succeed. An entrepreneur must invest something less tangible, such as the time, skills or reputation. Entrepreneur normally do invest to an opportunity which a new product or service or process that can be sold at greater than its cost of production.
Many Different types of organisational arrangements exist for the exploitation of entrepreneurial opportunities. For example: new independent start-ups, corporate ventures, franchises, joint ventures, business acquisitions. Entrepreneurship can take place in very diverse environments and there are many ways to become an entrepreneur. Successful entrepreneurship is quick and stable growth , this means entrepreneur need hired other related field people get into their business and help them manage or work. If Entrepreneur want their companies to succeed, they must learn hire the right person for the right position and let them do their tasks with minimal interference from management,
Risk and Rewards
Risk comes with entrepreneurial. Entrepreneurs have to know the measurement the risk of a new business, so that it won’t waste the amount of time and money that invested into the business. If revolutionary is wrong, they can lose everything. Rewards always come after the risk, if you can manage the risk well and you able to get a big fruit after it. Besides that, Entrepreneurs must know how to operate in an environment, because it plays a critical role in entrepreneurship. Important dimension of the environment may include: the community at the micro-level and the society at the macro-level.
Either work or leisure, there are four sources that give me tons of positive energy to fulfil my personal satisfaction and sense of enjoyment. The four sources are good interpersonal relationships, money, love and dream. These four sources are related to each other. In different kind of situation, a good interpersonal relationship will always assist you to the successful or better ending even you get in the trouble. It is the most important among these four sources because it will take the based role for other sources. Furthermore, it does create many opportunities and let you complete the task smoothly when you need help from others. Money, it’s a powerful tool that attracts me since I was in secondary school. In another word to exposition money is power, power creates fame. In this reality world, you will get suffer when you have not enough money. Money not only can prove our social level and ability, it can lead us to a better lifestyle. Besides that, we can use money serve our family and friends better. Love, It’s a feeling even you spent a huge amount of money that you can’t buy. I love people who around me that sharing love to each other, it creates peaceful harmony feeling to me. A man without a dream is a man without a future. The meaning of the dream to me is aim of my life. I always think of my dream when I reach a bottleneck. Dream can helps to overpass the feeling of stress.
Things come with 2 faces. When something gives you energy, then will have another takes away your energy. I feel negative mind when I feel do not concentrate, self-abased, stress and lazy. First of all, do not concentrate when doing things is the main failure of my precious life. When I can’t concentrate on doing my daily task, it takes more time to complete it. This is not just wasting my time and it does interfere my positive energy. Secondly is the self-abased, this is another point that kills your positive energy. The reason is when I feel self-abased and I will think I’m get abandon by the world and people. Moreover, self-abased always comes when I try to speak English with others. Thirdly is the generally negative energy – stress. Everyone have their own stress problem, me either. I feel stress when I can’t find a solution for the problem. Critical stress can make me insomnia whole night, hair fall problem, no appetite and sick. Lastly is the lazy, a lack of desire to expend more effort on action. Sometimes lazy drag me to failure and brings along with the negative energy.
How I spend an ideal month in 20 to 30 years
In 20 to 30 years, I hope can spend my rest of my lifetime travel to all around the world with my beloved wife. Example like: Seven Wonders of The Ancient World, Antarctic Arctic and romantic places. On the other hand, I would like to donate my money to the old folk’s homes and Orphanage just because I feel they are pitiful. I want to work in an environment without formal dress code, and the office design just like a café house. I hope that my working place will held some teambuilding event every month such as war game, sports, hiking and etcetera. I wanted become a successful entrepreneur, so that my money will auto generate and I will hired someone who I trusted to manage my cash flow. I’m sure I will keep in contact with my friends often. In a nutshell, the quote of myself: "Try positive action, not only positive mind set" – this makes my ideal future exist. The only way that repels my ideal future is negative mind set.
Due to the rises of the technology, nowadays much youngest love to play online games, mobile games and etc. My very first idea to create a gaming environment combines with the virtual reality. Virtual Reality is computer-generated simulation of a 3D image or environment that can be interacted with in a seemingly real. My idea is to let people able to get the feeling of the character when they are gaming, for example: hitting the monster, hurt by the monster, the feel of stepping on the grass, the food taste and many more. Not just being a gamer in the game, they also can make friends with each other. For those people who love to imagine place, I could create some scene similar with the movie "AVATAR" or "GAMER", example: the floating island, the night forest and dragons. Furthermore, handicapped person can get back the feeling of their body part in my ideal virtual game environment.
My second idea is to create a mobile application related with sleep problems. I hope my application can assist those people who always get insomnia in the midnight. On this overwhelming force environment, many office workers are stress with their job even they are off from the job. By creating this application, people are more spirit likely look, more focus while doing their job. If got time zone problem when you come from other countries, this also will be the best mobile application that assist you fall in sleep.
There are some attributes would turn off the energy or energise me on a business plan. Those plans with blue sea strategy surely will take my attention and energise because there are less competitor which joining the same field. Other the other side, if the field come which already have a lot of competitor will turn off my energy because I need to spend more time and strategy transcend my competitor.
If the plan is not potential or earning money, i will not take energy to invest on it. This is because if invest on a plan doesn’t return money, this is wasting the precious time.
Before I continue study advance diploma in TAR College, I had done few job that increase my financial. As a freelancer, I willing accept any job that I’m interested, example: event security job, bartender, inbound telemarketing and promoter.
My hobbies are related to sport games, for example: basketball, swimming, futsal and jogging. These can improve my mental thinking, and how to manage team play with friends or strangers. I got another hobby which is read inspirational book and financial book. By reading these books, I had learned a lot knowledge which is never get by tutor in college.
I had participated one event that held by the Microsoft. Those experience and knowledge gain from the event is priceless. I involved in each of the activities because of my personal interested. The consequence of the action is the main factor will influence my decisions on each of the activities. Normally I will take some times to make a decision.
Between the year of 2008 to 2013, i had do sampling job in supermarket, promoter for website, security guard for Korean artist group, cashier job in certain event which held in sepang circuit.
In the year of 2012 after I studied diploma, I had applied a telemarketing job in a company. It’s outsourcing company of Astro. Basically, I serve customer on the telephone, and help them solve their decoder or channel problem. Besides that, I do make calls to upsell our company channels package. My responsibility is to make sure their decoder is install on the time, so I always make call to follow up with the customers. When I met customer’s complaint, I have to use lot patience because some customer will gave words that out of your expectation. On the side, I also got use some simple promoting skills to pursuit them to buy our company product. I involved in each of the employment situation because I think as a part of the company, I think a person should take their own responsibility and treat the customer like their loyalty customer but not just a common customer. We must give full service to serve our customer right. I always make sure that my decision doesn’t affect our company name and fame. Sometimes, my team leader will guide me to make the best decision when problem happened.
I learned how to be a keep promises, discipline, and good time management person. About employment, we have to employ those who are ready to work hard together as a team and willing to improve themselves. About managing people, we must make fair treatment to the entire employee, must give extra reward for those who pay hard work and punish those who make badly. About making money, we must use the blue ocean strategies to create more product or services and attract more customers. The more customers we get, the more money we can earn.
I participated many types of sport when I was in secondary school. I do play basketball, volleyball, marathon, futsal, swimming, gym workout when I got extra time. I love sport instead of staying at home play computer games. Even now I will play one kind of sport on every weekend.
If I get fired from the job that’s mean I’m not good enough to handle the position of the job or I did something badly. If I quit the job that’s mean the job can’t let me learn more or other factors like salary problem, relationship problem and etc.
My favourite part of the small business is fewer employees to manage, doesn’t require higher knowledge of human management. Secondly is less trouble to be happen, when the business is mall it means that task are lesser and less trouble to be happen. Thirdly, it doesn’t require big model to start a new product or business when u got a new plan. Lastly is requiring lesser time to work on the small business, if big business had to put a lot of time and money into it.
For my personal view, the negative side for the small business is the profit is lesser. This is because small business means do it in small way, it’s difficult to earn big money. In small business, I have to involve myself to every part of the business, so that I can understand every process that my business required. If I changed jobs or relocated, this change occurs when I’m not satisfied with the job task. I have to accept the entire job task that i not willing to do. I have to change a lot of job instead of accept the task I dislike.
My Business Role Model
When you mention about "Uncle Lim" in Malaysia, most of the people know who he is. Tan Sri Lim Goh Tong, one of the Malaysian billionaire tycoon. The best known of him is turn a hill outcrop 58km distance far from Kuala Lumpur into one of the world’s most profitable casino resorts – Genting Highlands. His business involved in different kind of field like property, power generation, plantations, paper manufacturing and information technology.
Tan Sri Lim Goh Tong, who early come from China's Fujian province and solidly established in Malaysia after 1937. After his father died, that time he was only age of 16, he was forced to leave school and began selling vegetable to support his family financial. When Japanese Occupation in Malaysia ended, Tan Sri Lim had captured the opportunity and occupied in second hand machinery trading due the demand request for heavy machinery for resumed operation in and rubber plantations. He made his first fortune through this business.
In the early of his entrepreneurship, he dabbled in a host of businesses ranging from selling machinery to building and tin mining. In 1963, Lim Goh Tong was having a dinner in the Cameron Highlands and the idea of building a hilltop resort was suddenly pop up. After doing research, he found the Gunung Ulu Kali is the most suitable venue to build the hill top resort. He formed an expedition and explored the place. He sold all his assets and money to invested during the Genting project.
The first prime minister of Malaysia - Tunku Abdul Rahman grant the only casino licence in Malaysia to the him after he visited Genting Highlands. He commended Tan Sri Lim which contributing to Malaysia’s tourism industry without the help of government.
Most of people said that Tan Sri Lim is crazy and selfish because the plan of hilltop resort was very risky. He had invested heavily in money and time to develop Genting. At the end, Tan Sri Lim brushed off all these negativities and proved his plan with efforts and time.
"The Genting project fitted my idea of an ideal business," he wrote.
"No one was interested in it, which meant no competition."
"He is a model of success, starting from scratch, and his achievements came through hard work" said Tan Sri William Cheng, who controls Malaysia's diversified Lion Group of companies.
Strengths and Weaknesses
My entrepreneurial strengths are: good in social interaction, always find opportunity instead of waiting, willing to learn. I love to social interaction, the reason I love to social interaction because I can get knowledge that I never know and also information among my friend. I’m also an active teenager which doesn’t like to stand at same place and waiting for miracle happen, I prefer go outside and search for the opportunity. Somehow, I know I have to be preparing well before I look for the opportunity. Lastly, is about my desperate of learning. I am willing to learn many things example like language, culture, design, financial and investment ideas and others. The more I learn, the happier I get.
My entrepreneurial weakness is: unable to make confirm decision, poor self-management, not confident, seldom think out of the box, unable to focus. At above I did mention about I willing to learn new things but the problem is I unable to focus, that the reason why I always give up easily through the middle of learning. Besides that, I got a big weakness that can make my life getting worst is the poor of self-management. For example, I didn’t do any time-management for my daily and college life. I always do my assignment or tutorial on the last minute. It’s one of the reasons why I failed some subject in my previous exam. Entrepreneurial mind must always think out the box but I always get trap inside the box when I making decision. Furthermore, I always unable to make confirm decision when something happened.
Putting All Together
Area of Strength and Weakness
They say I’m a talkative person and have a lot of special idea. They love to get some ideas from me when they are in bottleneck. They can see I’m a hardworking person during college time. They also very admire my communication skills with strangers and the good attitude used to treat others.
Parents say I’m irresponsibility person because I always do my jobs/tasks in halfway and run away. My friends mention I’m less confident person because I always show the timid in front of them.
Assess of Entrepreneurial Strategy
Be an entrepreneur must have confident enough and got the ability to take risk. For me are still not prepare well to access into entrepreneurial. This is because of my personal characterise problem which is not confident and afraid to failure. I’m trying to change my weakness into strength for my future. If I meet failure, I will feel afraid if I meet the same situation again. I’m a workaholic so I think this is the only advantage if I get involve into entrepreneurial. I had done a lot of preparation for my ideal entrepreneurial in the coming future. When the opportunity comes, I will grab it and hold it tight. Or else I will create the opportunity for myself. I hope I can gain more real experience from the real book but not just been gain from the book or notes.
I hope I can find a entrepreneurial partner which can team with me and guide me because I’m not leadership person.
Goals to be accomplished by 70 years old
My main goal when I’m 70 is to have stable financial stable and got freedom time to accompany my family members. I will pass my own business to my children when I passed away if they will to accept the family business. I will donate money to the organization which needed help in Malaysia and build school in village area.
Goals to be accomplished Over the next Seven Years
In the next coming 7 years, I hope I am expert in developing mobile application and networking. Additionally, I want to have own income stable job and outsourcing income which total approximately 200k per year. I also want to have my own house, family, transport vehicle and a husky dog. Lastly, I hope before 30years old can earn first fortune.
Goals Would Like to Accomplish if Only Have Exactly One Year from Today to Live
I will start up a regular size e-business on internet. I will spend all my effort to work on it and let it become stable before I pass away. I will pass to my family to let them have an extra income. Thus, I will publish a book about teach people never give up. I will spend rest of my time with my parents who bring up me.
Real goals and goals I would like to accomplish over my lifetime
Goals I would like to accomplish over my lifetime is I can have a own business which can contribute to society and earn profit from society. I want to let myself earn money in different field like artwork, trading, food and beverage and others. Most important is travel all around the world with my wife.
Real Goals I would like to accomplish over my lifetime is I can get a job which I interested in. I can educate my son and grandchild to be overall thinking person. I can own a small business which can earn some profit and pass to my children.
By doing the assessment of entrepreneurial strategy, I realise I need to prepare a lot if I want to an entrepreneur. Not just improving my knowledge, and also my English grammar, speaking because I want my small business can be globalization. Other than be globalization, I also can get something from overseas which Malaysia current doesn’t access and it’s not popular yet. If I got enough funds, I surely will create a business for myself and my future. Of course I have to start saving and earn more money to start my entrepreneurial dream.
In a nutshell, I want to say thank you to my college who provide this subject into my course. I had learn a lot from this assignment. I should start my time management start from this moment. I appreciate my friend who willing to help comment about me and my tutor who give me many information about entrepreneurial.