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
* Self-confidence and optimism
* Team building
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,
* Integrity and reliability.
* Urgency and patience.
* Dealing with failure.
* Team builder and hero maker.
* High energy, health and emotional stability.
* Creativity and innovativeness.
* High intelligence.
(Henry et al., 2003)
By comparing both of these lists, we can see that most of the attributes are nearly the same.
The two entrepreneurs that I have chosen for this assignment are Mr APM Kamarun Jamal, the managing director of Nasi Kandar Zamruud Sdn Bhd and Mr Tony Fernandes, CEO of AirAsia.
Kamarun Jamal started a ‘nasi kandar’ restaurant in the year 2000 and since then, has expanded his business to six restaurants in Penang. They are located in Juru, Bukit Minyak, Raja Uda, Bayan Baru, Bagan Jermal and Bukit Jambul. In his early years, he worked at a number of ‘nasi kandar’ restaurants in Penang before starting his own restaurant. With not much money in hand, he started the restaurant with help from his brother. Tony Fernandes founded Tune Air Sdn Bhd in 2001, with a vision to make air travel more affordable to Malaysians. With that in mind, Tony and his three partners bought over AirAsia from its owner DRB-Hicom. Tune Air's initial project was to remodel AirAsia into a low fare no frills carrier after successful low fare airlines such as U.S.-based Southwest Airlines and Dublin-based Ryanair and create a new aviation product in Malaysia.
Under Tony's leadership, the fledging airline with a RM40 million debt became a blooming, thriving business. In less than 3 years, AirAsia grew from 2 modest Boeing 737-300 to 21 and is now operating over 100 domestic and international daily flights from hubs in KLIA, Johor Bharu, Bangkok and Jakarta. Today, AirAsia is a leading low fare, no frills airline in Southeast Asia, which has flourished into a household name in Malaysia, Thailand and Indonesia. The award –winning airline is the recipient of the Asia Pacific Low Cost Airline of the Year 2004 by...
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].
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