ENTREPRENEURS TRAITS : OPEN RISK TAKER

OPEN RISK TAKER

In my opinion, open risk taker is an entrepreneurial traits that highly needed and applied to operate a business. It is because without these traits a person as risk taking is a characteristic of traditional version of an entrepreneur and the corporate entrepreneur. For example, Mark Zuckerberg, the founder of Facebook. The risk taken by Mark Zuckerberg is to maintain the privacy of user’s personal information from getting leaked.



Mark Zuckerberg is co-founder and CEO of the social-networking website Facebook, as well as one of the world's youngest billionaires. Zuckerberg and his friends created a site that allowed users to create their own profiles, upload photos, and communicate with other users. The group ran the site—first called The Facebook—out of a dorm room at Harvard until June 2004. After his sophomore year, Zuckerberg dropped out of college to devote himself to Facebook full time, moving the company to Palo Alto, California. By the end of 2004, Facebook had 1 million users.  

ENTREPRENEURS TRAITS : NETWORKED

NETWORKED

Network marketing is a type of business opportunity that is very popular with people looking for part-time, flexible businesses. Having enough human resources is a key factor for entrepreneurial achievements. Combined with leadership, the entrepreneurial network is an important kind of social network not only necessary to properly run the business or project, but also to differentiate the business from similar projects.

Some of the best-known companies in America is Mary Kay Cosmetics and Tupperware. Mary Kay sells cosmetic through a multi-level marketing model. Mary Kay distributors (called "beauty consultants") can make income by directly selling to people in their community, she receive a share of sales made by people they recruit into the distribution network. Mary Kay distributors must purchase a $100 starter kit in order to qualify.

As a private company, Mary Kay releases few details about the average income of its sellers. In 2005, Mary Kay reported that its wholesale worldwide sales exceeded US$2.2 billion. In 2010, worldwide wholesale figures was reported at US$2.5 billion. Neither of those both figure take into account product returns. 

ENTREPRENEURS TRAITS : VISIONARY

VISIONARY

Obstacles are seen as innovative and creative challenges, not barriers. All the reasons something can’t be done are replaced by better ways to get it done, quicker and at less cost. Nothing is immutable, even the culture of the organization or the business. Vision is pretty simple. It is a picture of your ideal life.  And anyone should be able to describe that picture.

Tony Fernandes can be a good example for his visionary skill. He have a creative mind which he has overcome people problem to fly with airplane. He who grab the chance has sell a low price ticket which have attract people more to his airplane business. “Now everyone can fly” have been a slogan which resemble his AirAsia. Everyone can see the problem but nobody except Sir Tony Fernandes can solve the problem.

ENTREPRENEUR TRAITS : FAILURE IS AN OPTION

FAILURE IS AN OPTION

Most entrepreneurs deal with failure in one of two extreme ways. The first, made popular by many tech companies, is “fail fast, fail often.” At the other extreme is the notion that “failure is not an option.” Instead of trying to avoid making mistakes and failing, they actively seek opportunities where they can face the limits of their skills and knowledge so that they can learn quickly. They understand that feeling afraid or unprepared is a sign of being in the space for optimal growth and is all the more reason to move ahead. When unsuccessful people feel unprepared or afraid, they thought that it is time to stop, readdress their plans, question their motives, or spend more time preparing and planning. Failing quickly in order to learn fast—or what Silicon Valley entrepreneurs commonly call failing forward—is at the heart of many innovative businesses.

Steve Jobs is a good example for an entrepreneur that have gone through major failure. he is known because of his highly innovations, but also because his tragic comeback from an almost irrecoverable failure. Jobs found success in his 20s when Apple became the best product which have been a well-known among people, unfortunately when he was 30, Apple's board of directors decided to fire him.

Without fearing by the failure, Jobs founded a new company, NeXT, which was eventually acquired by Apple. Once back to Apple, Jobs proved his skill for greatness by reinventing the company's image and taking the Apple brand to new height.

ENTREPRENEURS TRAITS : OPEN CULTURE

OPEN CULTURE

Open culture where knowledge is a concept that should be extended freely and growth must come from the developing world, change or enrich the work of the existing on the basis of partnership and cooperation, without being bound to the rules relating to the protection of intellectual property laws. In the context of globalization, the result is that all citizens should have equal access to information.

Among the entrepreneurs who practice these qualities is of Datuk Jimmy Choo. Datuk Jimmy Choo is the top managers in the company. He was responsible for making decisions about the direction of his company, Jimmy Choo Ltd.

As designer shoes and handbags, he also has to choose the most effective communication channels to market new designs.

Therefore, Datuk Jimmy Choo act as informants to monitor its internal affairs. He also became the disseminator and spokesman for all its products. He will issue a memo about the latest release of the store, make promotions, offer discounts, special servicing and so on to attract Customers.This is one of the evidence on which we can see how the cultural traits of successful entrepreneurs adopt open in sharing information about his product without expects its employees. As a spokesman Furthermore, Datuk Jimmy Choo will issue its own statement in the media whether the mass media, print media, electronic media nor the output of goods.

If there is any dispute regarding its products as well, which takes care of his own and held a media conference to resolve the conflict. For example, Datuk Jimmy Choo OBE awarded the "Order of the British Empire" from the Queen of England, Queen Elizabeth II. In an interview, Datuk Jimmy tells him to read a message from Queen Elizabeth to receive the award while shaking his hand jitter. However, the result of his determination that had been set up to make his company the confidence to accept the award.

ENTREPRENEURS TRAITS : OUTCOME ORIENTED

OUTCOME ORIENTED

No matter what the obstacle they keep going and in most cases it is because they have extraordinary clarity on the outcome. They took the time to clearly define what it is that they wanted to do. They stopped and thought about their life, and what it was that they wanted to accomplish and this gave them the drive to see the task all the way to its outcome.

The Ramly Burger, also known as the Burger Ramly, is a Malaysian street burger founded by Dato' Haji Ramly Bin Mokni through Pemasaran Ramly Mokni Sdn Bhd in Malaysia. Though the term "Ramly Burger" may refer to any of the burgers sold in a Ramly Burger stall, it most commonly refers to the Ramly Burger Special. At first, he was about to make a loan with a bank and unfortunately his loan was rejected because the banker said the business is not a profitable job. Although people says, that selling burgers in Malaysia is a ridiculous job but for Dato Ramly, he saw an opportunity in this job and have achieved what he wants. In this situation, we can learn that eventhough Dato Ramly have difficulty in making a loan to do this business he still not give up on his burger selling business.

ENTREPRENEURS TRAITS : TEAM ORIENTED

TEAM ORIENTED

Most successful entrepreneurs recognize that they can't run their business alone. Delegating responsibilities to teams of employees or even outside consultants will not only allow the company to focus on its main skill but also will improve the efficiency of its operations.By starting a firm in a team, more issues will be reviewed. Each person has his or her own skill and therefore they are able to point out each other’s outcome. The entrepreneur could overlook information which could be crucial for success. In other words,the entrepreneur loses himself in his “own world” and possible overconfident. By starting in a team, many more issues can be reviewed, allowing the other team members to point out important issues which are overlooked by the initiator of the idea. Because a team combines more competences, it should lead to a more successful entrepreneurial firm.

As entrepreneurial teams combine skills and experience of the individual members, they are less depending upon others unlike solo entrepreneurs that may require skills from others that they lack themselves

Entrepreneurs build teams to help them expand their business. They realize that it's not easy to build a firm alone and that they have to surround themselves with talented, like-minded people to closer the gaps. And they also realize that you can get your best ideas from team members.

Peggy Swartchild and Carol Levy, are highly successful 
entrepreneurs, both independently and together. Jointly, Carol Levy are also behind the Larry and Carol Levy Institute for Entrepreneurial Practice at the Kellogg School of Management as well as Kellogg’s Social Entrepreneurship Lab.

Carol studied at Smith College in Northampton, Massachusetts until she moved to and ultimately graduated from Northwestern University. After a successful career in commercial real estate, Carol decided to put her business instincts for creative use sharpened by her experience. In 1983, she became Co-Owner of Material Possessions with Peggy Swartchild. With her creative combination of entrepreneurial spirit and imaginative thinking, Carol had made the store to expand to a downtown Chicago location.

In 1983, Peggy partnered with Carol Levy, to open a second location in Chicago within the high-end department store, Stanley Korshak. Thirty seven years later after they had made a move to their second department store, Peggy and Carol have their dream store steps away from Chicago's Magnificent Mile in the heart of Chicago's Gold Coast neighborhood. Peggy's creativity have resulted in stores full with high quality stuff, timeless pieces that not only look gorgeous, but also serve a function