Entrepreneurship is the process that brought the individual to identify new chances and trying to convert the chances given into marketable products and services. According to Vinod Khosla, entrepreneurship is about the person dare to dream and try hard to make the dream come true.
Part I :Profile of the past
Source of energy
The main source of energy is from both my parents, they work hard to grow me up, give me full support for my studies from kindergarden until now. Although my result is not good, they will keep support me. When I choose the course I want study, they did not force me to choose some specific course, they give full support to me and I appreciate it very much. They willing to let the hand go and let me explore and chase my own world. Although we are not in rich condition, both my parents are willing to spend money to buy me a car so that it is easy for me to go to my study place. They willing to pay the fees for study for me instead of get PTPTN loan, they do not want me to get any trouble when I go out to the society and work. When I face some problem, they will come and ask me and try resolved the problem together. They are the main source of energy to keep me on going with the challenging life. I will work harder to give them a better life when I grow bigger to repay them. Although I am 21 years old now, they will still come and care about me. I think for every parent, we are always children in their mind.
Besides that, the sources of energy are do some exercise or sport during weekend. Every Saturday morning, I will play futsal with all my dearest friends. It helped me to forget the stress and tiredness that I get from college. I feel fresh and energetic after I have done with that, it give me some boost to finish my homework. Besides that, I will also jogging with my friend to release the stress that I get.
Furthermore, the sources of energy I get are from my cousins. Most of my cousin also studied the same course that I took and I saw them have a successful career now. I also hope to be same as them. I am always looking forward to meet them. They willing to tell me everything that I not understand. They always asked me to study hard to get a better career than them. They will always advice me and guide me when I face some problem especially my assignment and homework. They will not straight provide me the answer.
Source of energy (Leakage)
The leakage sources of energy are the result of exam. When I first time failed my subjects, I feel helpless and disappointed about it. I lost all the confidents that I have and feel like want to give up on it. Luckily I build back my confidents at last and work hard to proceed to advance diploma now. My parents and friends keep motivate me to work hard and help me to get back the confidents.
Besides that, the timeframe of the assignments also one of the leakage sources of energy. The due date for all the assignment always fall on the same weeks, it make me feel stress and tired. It made my energy become low. It is always the difficult week for every student.
Rank for sources of energy 1)parents 2)sports 3)cousins
Rank for leakage sources of energy 1) result for exam 2) assignment’s timeframe
In 20-30 years, I would like to spend an ideal month to enjoy my life by go travel with my family. I would like to travel to the place all around the world without any stress and time limit. It is an ideal for me because I want to share my time with my family because we do not always travel together. For my desired lifestyle, I would like to have balanced work time, family time and private time. I would like to have enough time to accompany my family and my private time to do my own work. For the desired work style, I hope to have a flexible working time so that I have time to have my own time. I hope it will be 2 days off for my working time every week. The 2 days off is enough for me to accompany my family for outing or dinner to get the relationship closer. I will not hope that the working time will affect the relationship of my family and friends. For the desired income, I do not hope for too much for example rm30,000 per months, I would like to get the income that able for me to pay
the debt and the loan for example house and car loan. After I cleared all the debt and loan, I will save the money for future use and can borrow the money to others who have urgent needs. For desired friend, I hope that I can have friends that willing to lend me their hand when I face some problem and willing to be my listener when I face problem. I also hope that I can have friend that willing to coordinate with me when we having fun like what I having now. This is the ideal or desired from me, I hope I can get it in the future.
Idea Generation Guide
The first business I would like to enter is open a restaurant. This is because I like to eat. I hope to share what I like to eat with others. I hope the restaurant to be Japanese, Korean and Thailand cuisine because this is all my favourite food. I hope the customers will enjoy the food I provide to them. Since it is my own restaurant, I can always try to make some new and creative food to serve the customer. When customers like and enjoy the food, I will feel satisfy and happy. Of course, I have to make sure that the food that I provide is delicious so that more and more people will come and have a try. If the food is not delicious, the business will be fail and end up with negative profit. The price should also set to more affordable so that all the customers can come to my restaurant and enjoy it.
The second business that I wish to do is coffee bar or coffee shop. This is because I am also a coffee lover. Nowadays, the peoples is rushing here and there, they do not have a time or place to rest themselves and gain back some energy to continue with their busy life. I hope I can provide a place for them to take a rest, choose the coffee they like, sit down and enjoy it. I also hope to have the chance to learn how to make a tasty and smell good coffee. I hope that I can gain more knowledge about coffee because I want to know more about it. I will also provide some dessert or snack so that customers will have more choice.
The last business that I wish to do is open a software development company. I hope I can develop some good software with all the workers so that it can widely use all around the world. I can exchange the knowledge of the programming language with the workers and gain new knowledge through it.
I would like to start my own business someday because I willing to take the risk to start my own business. Of course, I will calculate the risk carefully before I decide to start my own business. Furthermore, I have the confidents that I able to start my own business. I will start my own business based on what I interest because there is no point to start the business you do not interest with. I will ensure that the business that I do will provide convenience, satisfaction and joyful products and services to the customers. If I gain a lot of profit, I am willing to share it with all of my workers.
For the best ideal location of my working place, I hope that there are only 2-3 shops that do the same business with me. If the place consists of more than 5 shops that have the same business with me, I will not open at the area because I cannot get more customers. I hope the place have more people that is interest with the products and services that I provide. I hope the distance from my house to the shop is less than 15 minutes so that I can check the condition of my shop frequently. Furthermore, I can back to my home by taking shorter time and have enough time to accompany my family. In case anything happen in my house, I can immediately rush back.
To obtain a better work style and lifestyle, I hope that my size of business is less than 1 million and have less than 20 employees. This is because I do not think I need 20 employees, 6-10 employees is enough for me. I would like that my business hour is less than 40 hours because I want to have time to accompany my family and friends. I hope the rate of growth is moderate because I scare I am not able to handle high rate of growth area.
For the standard of living, I hope that it will be average and limited capitals gain so that I am able to handle it.
To achieve a better personal development, I hope that I can contribute some of my profit to the society if I gain a lot of profit. I will donate some of my profit to the people who in need. I will take the opportunity when there are. It helped me to grow my business up. Utilisation skill is important for me to run my business, I have to keep improve in order to gain profit and gain more customers.
For the capital, I hope I can get more capital to start my business. I will use most of my saving to start the business and some from my family to run the business. When the profit is there, I will divide equally and return to them.
Share of $1,000
Lifestyle and Work Style
Standard of Living
Status and Prestige
Impact on Ecology and Environment
Other Considerations (Please state)
Examine Your Personal History
After I finished my SPM papers and wait for the result, I have applied a part time job at 1 Utama Shopping Centre and work as a sales assistant so that I can earn some pocket money and gain new experiences. During the working time, I have to check the stock for all the products, arrange the products and sometime I have to be cashier. I also have to call to other outlets when the product that customers wanted is out of stock in my working place and to find out whether other outlets have the products or not and give customers a satisfy answer. If the other outlets have the product, we will either ask the customers to go to the other outlets or ask the outlet to send the product to our outlet. It required good communication skill to avoid any mistakes and satisfy the customers’ needs.
After working for few months, I find out that communication skill is important and I am still a beginner for communicate with peoples. You have to deal with different customers and with different communication skill. For example, it is impossible you use mandarin to serve a malay customer which they do not know what are you talking about. The more language you learned and knew, the easier it is to deal with customers. Besides that, I also learned that we have to be patient with whatever situation. You cannot angry if you serve the customers for long time but do not buy anything for you. You have to be patient on every customer. For the area who provided services, always remember that customer is always right, don’t try to argue with them. Furthermore, I have learned to be a responsible person. I have the responsible to turn off all the light, print out the report of the day from the computer and put the earning money into coffer. Although the money is not for me, I know I have the responsibility to keep it safe. I also is a systematic person. I always start work and end work on time. I will reach to the workplace 15-20 minutes earlier before the working time.
I have participated in many sports such as football, badminton and basketball. Football and basketball is a team sport that required team work in order to score a point. Although you have very good skill in basketball or football, you have to work well with your teammate. For badminton, it is an individual sport which mostly depended on your own skill and technique to score point.
To be a successfully entrepreneur, I can apply the skills and experiences that I gained during my working. I have to be a responsible person so that the peoples will trust me. It will help me to gain reputation. Besides that, I also have to plan well before I am an entrepreneur. I will calculate the risk before I start my own business. Furthermore, I have to be confident to make decision. If we lack of confident, you will put your own business into high risk business.
For me, the thing I like the most is that there are less people in a small company. It allowed me to manage the workers well. Besides that, I can get promote easily because there are only few workers. The thing I like the least in a small company is that I am not able to gain new knowledge and experiences since there are only limited workers.
For me, the things I like the most is that I can gain extra or new knowledge from the works since there are many workers inside a big company. Furthermore, the working environment will be nicer compare to small company. The things I like the least is that I cannot get promotion easily because there are many workers in big company. Furthermore, the human relationship inside a big company are very complicated, it is very hard to deal with all the workers.
My own abilities are systematic and responsible. I will not late for working. I will reach 15-20 minutes earlier for any events or work. I will not let people to wait me. Furthermore, I will handle my work well and avoid making any mistake. Being a responsible person will gain reputation from others. People will choose to trust to compare to others. Besides that, I will also calculate the risk before start anything to ensure it is safe. Since I am able to calculate the risk, so it is easy for me to make own decision.
I think my weaker side is communication skills. I am not able to communicate well with the person that I do not know. Sometimes I do not know whether what I speak to them will hurt or affect their mood or not. I have to improve my communication skill in order to be a successful entrepreneur. Besides that, I will try to push myself as hard as possible when I want to complete the tasks. I will burn midnight oil to complete the task until it affected my health. This is not a good example for others.
The business hero that I admired is Tan Sri Dato Seri Lim Goh Tong who was a rich and famous businessman. He was born in 1918 in Anxi. He was the fifth child in his big family. In his life, he won a lot of award with Genting Highland Group. He won Malaysian Entrepreneurs Award on 1985, Manager of the Year Award on 1986, Business Achiever of the Year Award 1994 and many other awards..
The genting highland idea of building hilltop resort was then taken by Lim Goh Tong when he having dinner in Cameron Highland. He has an idea that since Cameron Highland is too far from the main city, why not he build a hilltop resort nearby main city. The whole huge Genting project was completed in January 1971. In 1993, the cable car system was developed. Genting casino is the only casino that granted a license to run their business nowadays. Lim Goh Tong also able to grab a pioneer status for Genting Highland and tax incentives when their resort is not qualified for it. The place for build the cable car system is named as GohTong Jaya. Genting is the most successful Casino resort in the world and is involve in many others areas such as power generation.
There are many positive straits that I can learn from him for example confident, self-encouragement, optimistic. He show us that he have the power to make own decision and at last make the correct decision and make himself a famous entrepreneur and well-known people. He is also confident on what he do is the right things.
I admired Tan Sri Dato Seri Lim Goh Tong because he is a successful businessman. He able to calculate the risk of the business before build the hilltop resort. He also do some clear and deep research before invest into the area he wish to invest. Although he died on 2007, he was still the people that will remembered by most of us. His will power to start his own business is also convinced by most of us.
Part II :Profile of the present
What in my mind is that every human have their own personality, characteristics and ability. Different person will have different attitude as well. But what is the most important is that each of them knew about themselves well by knowing their own weaker side and stronger side, it will help the person well in the future when they come out to the society and work or be the boss of a business.
From my point of view, I think I am the person that quite decisiveness. Once I made the decision, it is very hard for other people trying to change the decision I made. Although the decision that I made is wrong at last, I will still going with what I already decided. If want me to change my decision, it require a lot of advice and the fact until I agree with the advice. I am the person that unlike to listen to people’s advice. I think this is the weaker side of me. Furthermore, I do not have the knowledge of customer’s need. I will need helps from my partners or workers to help me to identify what customer actually want from the market, I know I have to improve it in order to be a successful entrepreneur. Besides that, I do not have a good tolerance of stress and conflict. When I face some problems, I will fell stress and cannot think out the solution to solve it and start to give up on it. Furthermore, I do not have the ability to adapt to a particular situation. When I come to a very new environment, I need to take longer time to try to adapt myself into the environment.
For my stronger side, I think I am the person that willing to sacrifice especially when I want to get the things that I want, I will try very hard to get it and sacrifice myself to achieve the things I want. Furthermore, I think that I am a market driven person. I will always check out what are the latest products and services that appear in the market and willing to use sometime to explore it because I think it is important to get the up-to-date information and technology so that I am not out-of-date. Before I start a new business, I will think carefully, do some research and survey to come out with a benefit and risk report so that I will know the risk that will appear for me to start a business. Besides that, I am the person that aware of my weakness. When I face the problem that I am not able to handle, I will tell to my teammate so that they can help me. I know my ability myself whether can complete the task given or not. I think I am a patient individual, I am willing to deal with the person although they are not interest on my products or services. I will not lose my patience with other person.
As a conclusion, all human will not be 100% perfect, every human born with both strengths and weakness. To be a successful entrepreneur, I will try my best to resolve my weakness, turn my weakness into my strengths so that I will be able to run my own business smoothly and gain profit.
Part IV : Putting It All Together
After I explore more on myself, I understand more about myself, my strengths and weaknesses. I think that I am quite suitable to be an entrepreneur in certain part because it is a very long journey if I wish to be an entrepreneur. I have to think about the future value, goals and objectives of my business in order to gain a place in the market. Furthermore, we are not able to void sacrifices, total immersion, heavy workload and long term commitment on the road to be an entrepreneur. I have to sacrifice most of my time to run or develop my very own business rather than use the time to have fun outside. Sometimes, I also have to sacrifice the family time to run the business. In order to become a successful entrepreneur, there is always the need to be sacrifice anytime. Furthermore, I have to be total immersion into my business. Of course, all my workers should have the same total immersion so that we can work together and make our business bigger and bigger. Even if the business is dropping, we have to work together and fight until the end so that we will not feel regret of it. At least we have tried our best to protect our business. Besides that, be the owner of a business, you cannot escape from the heavy workload. It is your own business, what happen inside your business, you are the one who have to handle it and solve all problem that you facing. On the other hands, I think I have to run the business that fit your own aim, value and motivations.
I will try to find out those successful entrepreneurs and compare my entrepreneurship mind with them so that I can roughly know whether I am suitable to be an entrepreneur. I can learn from their experiences, achievement and their journey so that u can know what are in their minds and improve myself so that I can be an entrepreneur. If what in my mind is totally different with them, I might have to give up to be an entrepreneur because I do not have the correct entrepreneur mind in the market.
Before we run our own business, we have to know our competitor well. We have to know about their strategy, target of customer and planning. For example, McDonald came out with the McValue Lunch and Dinner with lower price to gain the number of customers. Although it might gain less profit, if there are many customers to buy it, they can earn back the money. By using this strategy, restaurant like Burger King and Carle’s Junior is not their competitor anymore.
After I had gone through this assessment, I understand more about myself and know whether I am suitable to be an entrepreneur in the future. From this assessment, I know what exactly entrepreneurship about and how to be a successful entrepreneur. I also realize that I have to improve from some aspects in order to be an entrepreneur. I will continue my venture opportunity to become an entrepreneur after I done with my improvement. Although I do not know the result of it, at least I have the chance to try out and to gain some experiences through it.
Part V : Thinking Ahead
If I have the chance to survive until 70 years old, I hope I can have a big family with many grandsons. I also hope I can travel all around the world with all my family members because for me, family is the best awards from the God. Furthermore, I will also hope my family members can inherit my business so that what I have done when I young is still maintain there.
In the next 4 years, I will focus on my study, seminar and final year project so that I can get very good result and get a good career for myself so that I can give my family a better life and to repay what my parents did for me.
I will spend the extra one year by throw everything away, use all money that I have and share it with my family.
The only goal in my mind is to bring or provide my family with a better life because they deserve it. Both my parents work hard to grow me up, I want them to have a better life. Of course, I have to study harder, get a good career and earn more money to do so. My family always has the highest priority in my mind forever. Although I still not able to give them right now, I will work harder to achieve it. I will take care my family no matter what happen. For my career part, I hope I can get a good career, good boss that willing to teach me new knowledge so that I can help the company to improve their products or services. It is not necessary my career can reach until manager level. What I hope for is that my salary is able to help me to clear all the debt and loan and able to allow me to give money to both my parents.
After I finish this individual assignment, it help me to identify who am I actually is. It also helped me to know more about entrepreneurship. It also helped me to identify my own weaknesses and strengths. Furthermore, It also allowed us to identify whether ourselves are able to be an entrepreneur or not. From what I have research, I know more about my business hero, the efforts, the risks take to build up their own business. It also helped me to know more about what am I studying about. It is not a matter of failure or successful, it is about the experiences that you can take in the process. It will help you a lot in the future.