Preview

Entrepreneurs in Malaysia

Powerful Essays
Open Document
Open Document
1563 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Entrepreneurs in Malaysia
Entrepreneurs are innovators or developer who recognizes and seize opportunities; converts those opportunities into a workable/marketable idea; adds value through time, effort, money or skills; assumes the risk of the competitive marketplace to implement these ideas and realizes the rewards from these efforts (Kuratko, 2009). Based on this explanation, we can assume that entrepreneurs are people who take risks and efforts to venture into a new business. In order for them to take such risks, they need to have certain characteristics; entrepreneurship characteristics.

There are many characteristics that are attributed to entrepreneurs. There is not a set list of characteristics that an entrepreneur should have. According to Dr. Donald F. Kuratko’s definition of entrepreneurship characteristics, there are 17 attributes related to an entrepreneur. They are:- * Commitment, determination and perseverance * Drive to achieve * Opportunity orientation * Initiative and responsibility * Persistent problem-solving * Seeking feedback * Internal locus of control * Tolerance of ambiguity * Calculated risk taking * Integrity and reliability * Tolerance for failure * High energy level * Creativity and innovativeness * Vision * Self-confidence and optimism * Independence * Team building
(Kuratko, 2009)

According to Professor Jeffry A. Timmons, there are 20 attributes of characteristics that are related to an entrepreneur. They are:- * Total commitment, determination and perseverance. * Drive to achieve and grow. * Orientation to goals and opportunities. * Taking initiative and personal responsibility. * Persistence in problem-solving. * Verdical awareness and a sense of humour. * Seeking and using feedback. * Internal locus of control. * Tolerance of ambiguity, stress and uncertainty. * Calculated risk taking and risk sharing. * Low need for status and power, *


References: Donald F. Kuratko (2009) Introduction to Entrepreneurship. 8th ed. Asia: South-Western. C. Henry, F. Hill, C. Leitch (2003) Entrepreneurship Education and Training. Great Britain: Ashgate Publishing Limited. Anon. (2007) Tony Fernandess [Online]. Malaysia: AirAsia. Retrieved from: http://www.etawau.com/Who/T/TonyFernande.htm [Accessed 20th October 2010]. Jeff Chu (2007) The $3 Flight [Online]. Malaysia: Portfolio.com. Retrieved from: http://www.entrepreneur.com/growyourbusiness/portfoliocombusinessnewsandopinion/article185664.html [Accessed 20th October 2010]. Anon. (2007) Tony Fernandes [Online]. Malaysia: Wikipedia. Retrieved from: http://en.wikipedia.org/wiki/Tony_Fernandes [Accessed 20th October 2010].
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Roles and Behaviors of Entrepreneurs and Employees in an Organization
    • 281 Words
    • 1 Page

    Roles and Behaviors of Entrepreneurs and Employees in an Organization

    | The behaviors of the entrepreneur should be one of decisiveness, and good communication skills with a positive attitude. The behaviors and attitudes of the managers should be one of being personable without being personal with the employees. They should have a positive attitude and able to be empathic.The behaviors and the attitudes of the employees should be positive and willing to get the job done. They will go above and beyond if necessary.…

    • 281 Words
    • 1 Page
    Satisfactory Essays
    Read More
  • Good Essays

    Johnson Control Case Summary
    • 448 Words
    • 2 Pages

    Johnson Control Case Summary

    It was a pleasure to meet you yesterday. I am delighted to see that we share a similar vision for the leadership required to grow market share in a rapidly evolving federal market.…

    • 448 Words
    • 2 Pages
    Good Essays
    Read More
  • Good Essays

    INT 601 Business Venture
    • 654 Words
    • 2 Pages

    INT 601 Business Venture

    Operating a company is a stimulating, resourceful, and adaptable way to plan one's opportunity and come to be an entrepreneur. Apart from making a living, it is about building a new way of life. Becoming an entrepreneur takes foresight, determination, and courage. Some of the characteristics to have when becoming an entrepreneur are: Self-confidence, believing in your business venture, focus on your strengths, being a decision maker, and being a leader.…

    • 654 Words
    • 2 Pages
    Good Essays
    Read More
  • Good Essays

    Terracycle Interview
    • 1938 Words
    • 8 Pages

    Terracycle Interview

    Tom believes that the two most important characteristics an entrepreneur should have are, persistence and intuitiveness. These two characteristics undeniably assisted Tom in turning his idea into a reality. A persistent and intuitive…

    • 1938 Words
    • 8 Pages
    Good Essays
    Read More
  • Better Essays

    Traits and Skills Theory: A Doctoral Learner Comparison Approach in Understanding Leadership Traits and Skills Essay Example
    • 1307 Words
    • 6 Pages

    Traits and Skills Theory: A Doctoral Learner Comparison Approach in Understanding Leadership Traits and Skills Essay Example

    Connelly, et al (2000) argues that, “the nature of the leader capacities impact leader behavior and performance.” Baum and Locke (2004) study “contributes to the revival of interest in understanding the effects of entrepreneurs’ personal characteristics importance between relationship of traits and subsequent venture growth among entrepreneurs.”…

    • 1307 Words
    • 6 Pages
    Better Essays
    Read More
  • Powerful Essays

    Introduction to Enterprise-Oprah Winfrey
    • 2447 Words
    • 10 Pages

    Introduction to Enterprise-Oprah Winfrey

    There are 2 elements that are mentioned time and again by successful entrepreneurs as being crucial for success, to be precise the motivation and determination to succeed in your business venture and to make things happen. Successful entrepreneurs also have a healthy dose of self-confidence and an optimistic outlook on life. Entrepreneurs vary greatly, so there can be no one combination that defines an entrepreneur. However, research does suggest that a need for achievement, autonomy and an internal locus of control and a moderate tendency to take risks are key characteristics.…

    • 2447 Words
    • 10 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Small Business
    • 2023 Words
    • 7 Pages

    Small Business

    2. Do you recognize any of the entrepreneurial personality characteristics in yourselves? Which ones? Do you think it’s possible for a person to develop the characteristics that he or she lacks? Why or why not?…

    • 2023 Words
    • 7 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Personal Attributes
    • 3203 Words
    • 13 Pages

    Personal Attributes

    In this report I have discussed what is meant by each of the personal attributes valued by employers and also given examples for each of the personal attributes. I’ve listed the thirteen personal attributes.…

    • 3203 Words
    • 13 Pages
    Powerful Essays
    Read More
  • Satisfactory Essays

    Entrepreneurial
    • 708 Words
    • 3 Pages

    Entrepreneurial

    Commitment, determination, and perseverance are the only characteristics one needs to become a successful entrepreneur.…

    • 708 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Best Essays

    Discuss and Critically Evaluate the Most Commonly Cited Characteristics Found in Successful Entrepreneur?
    • 2185 Words
    • 9 Pages

    Discuss and Critically Evaluate the Most Commonly Cited Characteristics Found in Successful Entrepreneur?

    There has been extensive research conducted on the characteristics that successful entrepreneurs possess. These attributes vary widely across literature, however there are common key traits that are required to achieve any form of success. Frederick et al (2013) suggest entrepreneurs are risk takers, optimistic, have sound judgement and an ability to manage. While a review of literature relating to the psychology of an entrepreneur reveals a large variety of characteristics in a successful entrepreneur, these can be consolidated to a a few into only a few traits that are essential for a successful entrepreneur. Whilst taking into consideration Frederick et al (2013) point of view of key characteristic, other research suggests that there are further primary attributes that a successful entrepreneur necessitates.…

    • 2185 Words
    • 9 Pages
    Best Essays
    Read More
  • Satisfactory Essays

    The Things a Startup Should Have to Succeed

    • 567 Words
    • 2 Pages

    The Things a Startup Should Have to Succeed

    3. One of their qualities that they have which make them promising entrepreneurs are that they are very aspirational and confident that the business will be a success as well as that they are putting almost everything they have into the business which makes them work even harder and more likely to succeed. Also they have good knowledge of business as they have banking careers and are well informed which is shown by the fact that they have what most starter business would have which is preparation, they have a detailed business plan; profit and loss account; strategy; cash flow forecast and they have a good logical mind-set that allows them to make critical decisions which all successful business have.…

    • 567 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Characteristics of Social Entrepreneurship
    • 818 Words
    • 4 Pages

    Characteristics of Social Entrepreneurship

    Entrepreneurial Characteristics per Chapter 1 of Enterprise Non-profits, analyze you in light of 2-3 of the following characteristics:According to our text Enterprising Nonprofits by J. Gregory Dees, Jed Emerson and Peter Economy they have outlined Entrepreneurs as possessing the following attributes. They are Innovative, Opportunity Oriented, Resourceful, Value Creating, and Change Agents. In accordance to our assignment I have decided to analyze myself by comparison towards the below entrepreneurial characteristics listed below:…

    • 818 Words
    • 4 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Men of Honor
    • 1505 Words
    • 7 Pages

    Men of Honor

    An entrepreneur is a person who organizes, operates, and assumes the risk for a business venture (www.dictionary.com). Even though this is the definition of an entrepreneur, there are also many other attributes that are missing. As an entrepreneur you must have a wide variety of traits which can not only help you in creating ideas but improve them as well. Risk taking and leadership are only a few of the many characteristics you should possess. However, the one trait that is a necessity in anything you do is passion. Without it not only will you become bored with your work, but you will have less of a chance of becoming successful. One film that shows this passion and dedication is "Men of Honor" starring Cuba Gooding Jr. and Robert Dinero. Although these men never engaged in any traditional business transactions, these men still do posses many key traits of a successful entrepreneur.…

    • 1505 Words
    • 7 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    TMA BE322/4
    • 658 Words
    • 3 Pages

    TMA BE322/4

    Entrepreneurs is the definition of success and to be successful you should have some characteristics.…

    • 658 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Community Organizer
    • 1588 Words
    • 7 Pages

    Community Organizer

    An organizer, while at the community, plays various roles, depending on what the situation calls for. Below are the four basic roles they portray, at one time or another:…

    • 1588 Words
    • 7 Pages
    Good Essays
    Read More

Related Topics