4) Risk Taker
[1]Risk
taker is an individual or business that tends to behave in a way that can
potentially cause physical harm or financial loss, but might also present an opportunity
for a rewarding outcome. Most business types that thrive on innovation will
encourage a risk taker mentality among management to help support the creative
process in other staff members . In the same meaning, someone who risked openly
is sovereign, when he is willing to lose money or things that impact upon.
In my opinion, an entrepreneur need to be an
open risk taker to become a successful in every business that they are involved.
If an entrepreneur is not willing to take risk openly, he will not last long in
the business because it is not easy to build a strong business. They have to
start from the bottom. A business is definitely an impending bankruptcy,
financial problems, etc.
It is often said that good things come to
those who take big risks. There are many of entrepreneur that are an open risk
taker, and one of them are Jack Ma. His real name was change when he became pen
pals with one of these foreigners when he give her tour guide for free in order
to practice and improve his English . She was give him the name, Jack because
his real name in Chinese was difficult for her to pronounce it .
Jack Ma is willing to take the
risk of entering into the university although he had failed the university
entrance exam for three times. Even so, he never served as a deterrent to his
success, he then attended Hangzhou Teacher's Institute that was currently known
as Hangzhou Normal University. In 1988, he become success and graduated with Bachelor’s
Degree in English. Then he was offered became a English lecturer and
International Trade at the Hangzhou Dianzi Univeristy . After that , he further
his study in Graduate School of Business at Beijing that was founded by Hong
Kong billionaire, Li Ka-Shing in 2002 and graduate in 2006 .
In 1995 , his career began
when the first time he was introduced to the internet by his friend when he
went to Seattle as an interpreter for a trade delegation . He tried to search the
word “beer” and founded information about the word in many countries but none
from China .He also searched an information about China, but it still the same
resulted . He then came out an idea to create the website about China then
after five hour , he received emails from some Chinese that want to know about
him . Then he know that the internet is a great thing to be offered . He began
his internet company by collecting twenty dollars with the help of his wife and
a friend . The purpose they built their company is to create website for
companies . He then give “China Yellow Pages” as their company name
In 1999, Jack Ma resigned from the company’s
information technology that was established by China International Electronic
Commerce Center, a department of the Ministry of Foreign Trade and Economic
Cooperation after a year he worked there . Again , Jack Ma take risk by gather
with his 17 team and set up Alibaba as their company’s name with an initial
capital of 50,000 Yuan . Later, Alibaba became one of the most valuable tech
companies in the world after raising $25 billion, the largest initial public
offering in US financial history . He dared to challenge the status quo,
supported by many years of conventional wisdom about business and competition
in the digital age . Alibaba effectively dominates the Chinese e-market , by
controlling the retail platform , Tmall, the online setting , tabao and
disallowing indexing the tabao . Status quo is the situation remains as it is
now or previous situation . But , Jack Ma defied the expert’s advice . There
was many critics question toward him whether his strategy with open-door
philosophy of the world’s largest e-retailers can succeed over the long haul .
Indeed , he rather to take risk by sticking to its strategy and the end , he
has managed to make its business as a large market share .
5) Networked
According
to the Oxford Learner’s Dictionaries (www.oxfordlearnersdictionaries.com),
the word ‘network’ means a closely connected group of people, companies, etc.
that exchange information, etc. Small Business Encyclopedia provided the
definition of networking as developing and using contacts made in business for
purposes beyond the reason for the initial contact. For example, a sales
representative may ask a customer for names of others who may be interested in
his product. So, the word ‘networked’ here means a trait which an entrepreneur
needs to have in order to become a successful entrepreneur (www.entrepreneur.com/encyclopedia/networking).
The ability to network is one of the
most crucial skills any entrepreneur can have. How else will you meet the
clients and contacts necessary to grow your business? But many people are put
off by the idea of networking, thinking it requires a phony, glad-handing
personality that oozes insincerity. Nothing could be farther from the truth. Think
a moment. What does a good networker do? How does he or she act? What is his or
her basic attitude? You'll probably be surprised at how much you instinctively
know about the subject. You may decide, for example, that a good networker
should be outgoing, sincere, friendly, and supportive, a good listener or
someone who follows up and stays in touch. To determine other skills an
effective networker needs, simply ask yourself "How do I like to be
treated? What kinds of people do I trust and consider good friends?"
If you own a small business,
networking can be an inexpensive way to promote your business. Through
networking, you can discover new opportunities, build your customer base and
find new suppliers and staff. You may also find investors and business
partners. Networking is particularly important if you're running a home
business because it can connect you with peers and help you overcome potential
issues associated with being isolated. Learn more about networking ideas for
home-based businesses.
Networking
options are broad and continually changing. You may need to research networking
trends to work out which ones best suit your business.
Once
you begin networking, it's likely you'll start to receive invitations to more
events from people you meet. Before you know it, your networking group will be
growing (www.inc.com/john-boitnott/the-most-successful-entrepreneurs-have-these-5-traits-in-common.html)
One
of the most successful entrepreneurs which have networked trait is Richard
Branson. He is a good example of an entrepreneur who begins his business in
music industry. By 1969, Branson was living in a London commune, surrounded by
the British music and drug scene. It was during this time that Branson had the
idea to begin a mail-order record company called Virgin to help fund his
magazine efforts. The company performed modestly, but made Branson enough that
he was able to expand his business venture, adding a record shop in Oxford
Street, London. With the success of the record shop, the high school drop-out
was able to build a recording studio in 1972 in Oxfordshire, England..
His
first artist on the Virgin Records label, Mike Oldfield, recorded his single
"Tubular Bells" in 1973 with the help of Branson's team. The song was
an instant smash, staying on the UK charts for 247 weeks. Using the momentum of
Oldfield's success, Branson then signed other aspiring musical groups to label,
including the Sex Pistols. Artists such as the Culture Club, the Rolling
Stones, and Genesis would follow, helping to make Virgin Music one of the top
six record companies in the world. So, it is clear that the networking between
Branson and the artists enable him to widen and expose his recording company as
one of the most successful business in the world (www.biography.com/people/richard-branson-9224520#early-life).
6) OBSERVANT
Observant
is an adjective word which can be defined as good at noticing things around
you. In other word, observant can be said as sharp-eyed (www.oxfordlearnersdictionaries.com).
You have to stay sharp, and that requires that you are constantly learning.
Industries constantly change and evolve and only those that are also growing
through constant learning will stay ahead. You will always have competitors
breathing down your neck trying to surpass you. There will always be someone
claiming to be the next greatest thing. If entrepreneurs had the ability to see
what was hiding around each turn it would make it much easier but unfortunately
that is not the case. There can be surprises around every corner, even with a
well thought out plan and strategy. Having observant traits as an entrepreneur
will gives you the ability to respond quickly in any situation. This allows you
to make decisions that will navigate you out of trouble and allow you to thrive
in environments that would sink those that aren’t adaptable.
We
can take Tony Fernandes as an example of entrepreneur who possessed this
characteristic. Although he did not have any knowledge or experience in the
aviation industry, he got his interest to get involved in this field. He
managed to become an entrepreneur that admired by many people in this country.
The success of his now are the result of the inspirations he got from his
observation from the advertisement of budget airline Easyjet while he was in
London. From there, he had the idea to set up an airline business. Other than
that, it can be seen clearly that Tony Fernandes is an observant entrepreneur
when he can anticipate situations that may arise. He bought Air Asia in
December 2011 from the owner of the DRB-Hicom and taking RM 40 million of the
airline debt. He set the vision of Air Asia is to become the largest low cost
airline in Asia.
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