MPU3223_V2

BACHELOR OF HUMAN RESOURCE MANAGEMENT WITH HONOURS

JANUARY / 2022

ENTREPRENEURSHIP_2

MPU3223_V2

MATRICULATION NO : 740127105496001

IDENTITY CARD NO. : 740127105496

TELEPHONE NO. : 0133305822

E-MAIL : nahafainah@oum.edu.my

LEARNING CENTRE : SHAH ALAM

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Table of Contents

PART I.......................................................................................................................................1

INTRODUCTION......................................................................................................................1

SUCCESFUL ENTREPENEURS' BACKGROUNDS.............................................................2

SUCCESSFUL ENTREPRENEURS' CHARACTERISTICS..................................................3

Seven characteristics influenced by a successful entrepreneur..................................................5

Five of the most influential entrepreneurial characteristics.......................................................7

SUMMARY...............................................................................................................................9

PART II....................................................................................................................................10

ONLINCE FORUM DISCUSSION........................................................................................10

REFERENCES.........................................................................................................................12

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PART I

INTRODUCTION

Entrepreneurship has been a popular topic in literature as its influence on organizational

success is increasingly addressed.

Entrepreneurs are individuals who recognize opportunities where others see chaos or
confusion. They are aggressive catalysts for change within the marketplace. They have been
compared to Olympic athletes, long-distance runners or top-gun pilots. Whatever the passion,
because they all fit in some way, entrepreneurs are the heroes of today's marketplace.
(Kuratko & Hodgetts, 2001)

This assignment is designed to introduce the personal and professional profile of

entrepreneurs. Entrepreneurs are highly devoted individuals inspired by innovation and
continual development, capable of leading teams in the path they envisage within their
enterprises. This assignment will discuss the importance and influence of intrapreneurship
within firms..

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SUCCESFUL ENTREPENEURS' BACKGROUNDS

To build a business is not an easy thing. The fact is, if you do not want to try or dare to take
on the challenge, it is not certain that success will be achieved. Here are two successful
entrepreneurs who were selected to share inspirational stories and tips from local
entrepreneurs who should be used as an example of how to be a successful entrepreneur.

Jack Ma Yun

Jack Ma (Ma Yun) was born in Hangzhou, a city in China's south-eastern region. He has
twice failed the primary school test, failed three times while in secondary school and even
attempts to further his education to college only passed after three attempts. After four years
of struggling, Jack Ma successfully entered the Hangzhou Teachers Institute now known as
Hangzhou Normal University and graduated in 1988 with a Bachelor of Arts in English.

Jack Ma is the founder of one of China's biggest e-commerce companies, AliBaba, which he
started without any formal training or experience in the field of computers and software. His
company Alibaba operates in more than 200 countries and is the largest retail company in the
world and used by over a hundred million people every day. Ma is now the richest individual
in China and Asia and is ranked 20th as one of the richest people with a revenue value of $
42.3 billion.

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Tan Sri Tony Fernandes

Tony Fernandes is the founder of Tune Air Sdn Bhd, a low-cost airline that promotes
"everyone can fly" to Malaysians. Born in Kuala Lumpur, he is of Goa and Malacca
Portuguese descent. He rose to prominence by transforming Air Asia from a laggard to a
standout public corporation. From 1992 until 2001, he was Vice President of Warner Music
Southeast Asia.

Fernandes met Dr Mahathir in 2001 when Air Asia was in trouble due to excessive debt
obligations. The government advised Fernandes to buy an existing airline, rather than set up
his own. Fernandes rented his house and spent all his savings in a penny firm. After
September 11, 2001, many thought Fernandes was insane since no one feared to board a
plane. However after a year, Air Asia was able to pay off its entire debt, and no longer
incurred losses.

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SUCCESSFUL ENTREPRENEURS' CHARACTERISTICS

There are many factors that contribute to the success of an entrepreneur. These include how
competitive their market is, how reliable their supply chain is, and how much capital they can
get. There are also a number of traits that successful entrepreneurs have in common that help
them scale their business.

Initiative and Responsibility: Entrepreneurs seek and take initiative - they knowingly place
themselves in positions where they are personally liable for the operation's success.
Entrepreneurs take personal responsibility for the outcomes of their endeavors. They like
fixing issues when there is no leadership to fix them at the start.

High Degree of Commitment: Entrepreneurs who want to start a business need to be

completely committed to it. This commitment helps business owners avoid mistakes and
obstacles that could hurt their business. Entrepreneurs who believe in their ideas and
businesses are more likely to make them successful than those who don't.

Opportunity Orientation: Entrepreneurs have a distinct sense of opportunity seeking.

Entrepreneurs look for fresh business prospects by observing the same events as others, but
differently. Start with opportunities and let them lead other essential concerns such as
customer service, finance, marketing, advertising and so on.

Moderate Risk-taker: An entrepreneur is not a person who takes risks without thinking
about them. They are people who take calculated risks. Entrepreneurs always think very
carefully before they get involved in any project. They don't like to take risks that they don't
need to.

Confident and Optimistic: Entrepreneurs often have high self-esteem and self-belief. They
are typically realistic in their optimism about their possibilities of achievement. For example,
some of the most successful entrepreneurs failed in company several times before ultimately
succeeding.

Creative and Innovative: Entrepreneurs need to be creative and innovative in order to

succeed. A person doesn't have to be born with creativity; they can learn how to do that.
Entrepreneurs use their creative minds and imaginations to come up with unique goods and
services for their customers.

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Seeking Feedback: It's important for entrepreneurs to know how they're doing and to keep
looking for positive things to say about them. They are always looking for ways to improve
themselves and their businesses. A business owner can learn from their mistakes when they
get feedback.

Drive to Achieve: One of the most common myths about entrepreneurs is that they are only
interested in making money. Entrepreneurs see money as a sign of success, not the main
reason for working hard. Self-starter: Entrepreneurs are self-starter who have a strong desire
to compete, excel and pursue, and achieve difficult goals.

Ability to Set Vision: Entrepreneurs have goals. They have a vision for their company. Not
all business owners have defined goals. This vision often evolves over time as the
entrepreneur realises what the business is and can become.

Skilled at Organising: Entrepreneurs know how to put together the right people to do a job
well. This is how they make money. Building a business from scratch is not easy, but it's
worth it if you have the wherewithal to start and grow a successful business.

Internal Locus of Control: Entrepreneurs believe that if their business succeeds or fails,
they have to work hard to make it happen. Each person is in charge of his or her own success
or failure.

Tolerance of Failure: Entrepreneurs don't get angry, discouraged, or depressed when their
business doesn't work out. They use failure as a way to learn and still look for chances. Most
entrepreneurs think that they learn more from their mistakes rather than from their mistakes.

High Level of Energy: An entrepreneur needs to have a lot of energy so that he or she can
deal with the huge amount of work and the stressful demands that come with being an
entrepreneur. That energy could be very important, given how much work it takes to start a
business.

Team Building: The majority of successful business owners have teams of individuals that
are well-qualified and driven to assist them in growing and developing their company.

Independent: Entrepreneurs are self-sufficient individuals. They like to go about their

business in their own manner. This does not imply that business owners must make all of the
choices. They desire to be in a position of authority to make significant judgments.

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Flexibility: Entrepreneurs are not set in their ways, and can change to meet the needs of their
customers and businesses. In a world where things change quickly, rigidity can lead to
failure. Entrepreneurs are flexible and can be successful in a fast-changing world.

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SEVEN CHARACTERISTICS INFLUENCED BY A SUCCESSFUL

ENTREPRENEUR

There isn't a single personality type that describes every successful entrepreneur. However,
there are some traits that are important when starting and running a business. Below are five
examples of characteristics that were identified that contributed to the selected successful
entrepreneurs.

There is a lot to learn from Jack Ma, who has been Chairman of Alibaba for almost 20 years.
He has made mistakes, but he has also been very successful.

i. Ability to Set Vision: Jack Ma has a strong vision of what he wants to do in the
business world. People around the world are becoming more and more globalized, and
Jack Ma sees opportunities to run an online business that has a very wide market and
fits in with these changes. Alibaba's success is because it has a culture that is focused
on the long-term success of the company.
ii. Moderate Risk-taker: Jack Ma entered Alibaba into the New York Stock Exchange
with more than $ 20 billion of shares for sale. In these high-risk projects and
agreements, getting six major underwriters, 160 banks, over 300 institutional
salespeople, and thousands of working brokers is a huge undertaking.
iii. Team Building: He believes it is important to build a strong team and allow people to
make bold decisions for the good of the business. Plus, how important it is to have the
patience to keep going even when there are small obstacles or failures.
iv. Tolerance of Failure: Jack Ma is an excellent example of someone who has never
been deterred by failure. He failed his final school exams three times, was turned
down for 30 jobs, founded two firms that failed, and then founded Alibaba, which
made him one of the world's richest individuals.
v. Confident and Optimistic: Jack Ma was able to show that the Internet could be used
to make a lot of money. His company, Alibaba, is an e-commerce business that is
based in Hangzhou, China. It is an online marketplace where all merchants can sell
their goods and customers can also buy goods from the site.
vi. Skilled at Organising: Jack Ma was once asked what makes a leader different from
his workers. He said he looks for people who have a good idea of how to carry out his
vision. Jack Ma pays attention to the skills of the people who work for him, especially
technical skills.

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vii. Seeking Feedback: Jack Ma runs an e-commerce business, and he has been very
successful because he is not a "Tech Guy." Instead, he looks at his products through
the eyes of the people who buy them. This helps his business to give the best service
possible.

Among the seven characteristics that Tan Sri Tony Fernandes has used to develop AirAsia
are:

i. Tolerance of Failure: Tony Fernandes has adopted the right traits and not chosen
failure as an option but instead chosen to avoid such failure. He instructed each of his
subsidiaries to inspect all aircraft before departure. There is no denying that he
suffered enormous losses but this is a lesson for others to learn from.
ii. Moderate Risk-taker: Tan Sri Anthony Francis Fernandes has taken a risk by buying
AirAsia for one ringgit. The airline has debts in the region of RM 40 million and only
two used Boeing 737-300 planes. Fernandes achieved fame when he revived AirAsia
from a backward airline to an outstanding public company.
iii. Confident and Optimistic: Fernandes had dreamed of the idea of cheap flights
across Asia while he was studying at boarding school in England. He rarely returned
home due to the high cost of flights. Since childhood, he dreamed of three things,
namely running an airline, owning a football club and having a team of Formula One
racers.
iv. Team Building: According to Tan Sri Tony Fernandes, Air Asia's employees are
referred to as "Allstars" since the role played by their employees is the most important
aspect that contributes to the growth and success of the company.
v. Creative and Innovative: Datuk Tony Fernandes came up with a flight that anyone
could take, which are called low-cost flights. It's possible that other people didn't
think of this, but with his experience and observation, he has been very successful to
this day.
vi. Opportunity Orientation: Fernandas is credited with transforming AirAsia from an
underdeveloped airline to one of the world's most successful private carriers.
vii. Drive to Achieve: Tan Sri Tony Fernandes also runs other businesses operating under
the Tune Group, namely Tune Hotels, Tune Money, Tune Talk, Tune Sports, Tune
Studio and Kuala Lumpur Education City (KLEC). Apart from that, he also made
investments in MU, referees, Formula 1, LA Rangers and others.

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FIVE OF THE MOST INFLUENTIAL ENTREPRENEURIAL CHARACTERISTICS

Successful business owners share several characteristics that contribute to their success.
Below are the five influence characteristics that contribute to your growth as an entrepreneur.

Here are 5 secrets of Jack Ma's success that we can emulate

i. Get used to failure, criticism, and rejection: It would be even worse if his
application to Harvard University was turned down 10 times. All the success and
wealth he has now is because he is willing to accept any criticism or rejection.
ii. Must have dreams and hopes: He says if we work hard, our dreams will come true.
He has a dream of beating Walmart, which is the largest wholesaler in the world. To
be a success, you should always have high hopes and aim high.
iii. Vision and Mission are the most valuable values: Alibaba co-founder Jack Ma
founded the company as a platform to help and facilitate the public, not for profit
alone. He often stressed to each of his employees that the establishment of Alibaba
was as much about helping and facilitating the public as it was about profit.
iv. Ignore Public Response: It's important to try to make each of your ideas come true if
you think they are good. He was often told that his idea would not work, but Jack Ma
kept up with the project and made it happen.
v. Deep interest: When we're interested in something, we don't get tired while we work.
That is how Jack Ma often treats his employees. When a worker is very interested in
the work he does, many things happen.

Tony Fernandes has a lot to teach us about motivation. Here are five:

i. Take Good Care of Your Employees: Every employee is a good thing for the
company. The most important thing you can do for your business is to take good care
of your employees. In the company, each one of them is a mover and shaker. It
doesn't matter where they work or what they do.
ii. Open-Minded: People from every division and level of the company can come up
with ideas and suggestions for Tony. Employees who come up with good ideas and
make good arguments will be paid attention to.
iii. Investing In Technology: He is a big fan of putting money into the business world to
use technology. When he thinks about it, digital technology should be in business

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because it should make everything easier for him. Most of his money comes from
AirAsia.com, which is where he makes most of his money in the aviation business.
iv. Feel the Real Work Experience: In this way, he will be able to understand and see
problems in the work that the company does.
v. Don't be afraid of complaining: AirAsia appreciates every email that comes to
them. It was Tan Sri Tony Fernandes who used this complaint to keep improving
AirAsia's service.

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SUMMARY

In this assignment, some of the key characteristics required by an entrepreneur will be

discussed. Entrepreneurs who have unique characteristics and are capable of performing
entrepreneurial functions effectively will continue to thrive. Using visionary-oriented
strategies, failing is a choice, and having an open and team-oriented culture are among them.

i. Visionary: Entrepreneurs are people who contribute a lot to the country's economic
growth. Insight is the ability to see what others cannot and to imagine how something
will develop. It is possible to have a picture in the mind of an entrepreneur that is
exactly the outcome that the entrepreneur intends to produce.
ii. Failure is an option: An entrepreneur needs to have a positive attitude in themselves
and learn from past mistakes. Entrepreneurs need to be smart and not easily give up
on past failures to continue to grow their business. Most successful entrepreneurs
certainly have their own history of failure that is used as a learning process to enable
them to achieve success.
iii. Open Culture: An entrepreneur must be sensitive and open-minded to the outside
world. This means someone who can accept other cultures and deal with a lot of
cultural issues. It is important to market goods to other countries so that there are no
problems with customs or culture in the countries where the goods are sold.
iv. Team Oriented: Entrepreneurs have to work hard to build a strong relationship
between everyone in their business. Teams are more effective and efficient than doing
work on your own. People in business will be involved in business activities like
coming up with ideas and putting them into action, either directly or indirectly.

An entrepreneur is a person who has special traits that make them stand out from other
people. Every person has the chance to be as successful as other entrepreneurs because the
entrepreneurial traits they have aren't born, but learned through hard work. People and
organizations that want to be successful in the field of entrepreneurship need to learn more
and have the traits that have been mentioned.

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PART II

ONLINCE FORUM DISCUSSION

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REFERENCES

i. Kuratko, D. F. (2004, January). Entrepreneurship education in the 21st century: From

legitimization to leadership. In USASBE National Conference (Vol. 16).
ii. Morrison, A. (2001). Entrepreneurs transcend time: a biographical analysis.
Management Decision
iii. Kuratko, D. F. (2005). The emergence of entrepreneurship education: Development,
trends, and challenges. Entrepreneurship theory and practice, 29(5), 577-597.
iv. Mohedano-Suanes, A., & Benítez, D. G. (2018). Intrapreneurs: Characteristics and
behavior. In Inside the Mind of the Entrepreneur (pp. 109-119). Springer, Cham.
v. Hameed, I., & Irfan, Z. (2019). Entrepreneurship education: a review of challenges,
characteristics and opportunities. Entrepreneurship Education, 2(3), 135-148.
vi. Tyas, E. H., & Naibaho, L. (2019, November). The urgency of entrepreneurship
learning in the industrial age of 4.0. In Journal of Physics: Conference Series (Vol.
1387, No. 1, p. 012032). IOP Publishing.
vii. Sorin-George, T. O. M. A. (2019). Successful entrepreneurship in China: The case of
Jack Ma. Network Intelligence Studies, 7(14), 121-126.
viii. Setia, S. (2018). Personality profile of successful entrepreneurs. Journal of
Economics, Business & Accountancy Ventura, 21(1), 13-23.
ix. Fickry, A., Kee, D. M. H., Sallehuddin, M., Nabila, N., & Nuraishah, S. (2020).
Leadership and organizational success: A study of AirAsia. Advances in Global
Economics and Business Journal, 1(1), 12-25.
x. Mohammad, K. A. (2021). Air Asia: From Regional to Global. International Journal
of Business and Management Research, 9(1), 1-5.
xi. Fernandes, T. (2018). Now Everyone Knows Him. In POWER TALK: Insights from
Asia’s Leading Entrepreneurs (pp. 175-184).
xii. Rahman, M. S. L. Looking Through the Eye of an Entrepreneur. JALALABAD
PAPERS, 138.

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