Introduction IDEA OF Entrepreneurship Business Essay

Concept of entrepreneurship. Quite simply, entrepreneurship is the procedure that a person identify a new opportunities for setting up an business to make their dream become a reality. The amount 1 shows the idea of entrepreneurship. While a business owner is the main one willing to use the risk to start out up a business to make profit. There are plenty of people misunderstand that successful entrepreneur are born. In fact, is opposite, businessman can be trained to learn entrepreneurial knowledge and skills such as managerial skills, marketing skill and entrepreneurial attitude. Courage, tenacity, impressive, risk taker are a few of the characteristics for an effective entrepreneur. They are very important as they create more career, introducing new systems and increase efficiency by impressive and creative in creating their products and services as well as donate to economic growth. There are various real life successful entrepreneurs example such as Steve Careers, Expenses Gates, Li Ka Shing and so forth. Therefore, with those necessary skills, knowledge and characteristics everyone could be one of them in future!

Part I: Profile of the Past

STEP 1

Examine Your Personal Preferences.

Source of energy

The very first thing that could give me energy is have a good result in doing things. Getting a favourable result can provide me the sense of achievements and thus stimulate me and give me the power to work harder. It is a proof of how a lot of effort I needed placed on my review to motivate myself to move further. Secondly, taking a nap about 15 minute to 30 minute in the day would give me the power of your day. As many folks said "to rest is to get ready for a longer journey". This is because having enough slumber would help me in awareness and stimulating my mind. Thirdly, I would have some travel during trip for calming and sense of fun. This might help me release a stress or de-stress myself.

Source of energy (Leakage)

The very first thing that would eliminate my energy is high stress. An excessive amount of stress will makes me anxiousness and cannot get caught in sleep at night. This may cause me do not have enough rest and energy as well as have an impact on my daily works. Besides, cured unfairly by others will also demotivate me and eliminate of my energy to work harder or take up new problems. This is because it makes me depress and consider what am I really do and your time and effort put in are not worthwhile. Furthermore, hunger may cause me insufficient energy as well. It is because it de-energizes me and makes me cannot concentrate on doing something.

Rank

1 - Provides/Takes Energy the most

3 - Gives/Takes Energy the least

Gives Energy

Takes Energy

1- Have a good lead to exam

2- Going for a nap

3- Travel

1- Cured unfairly by others

2- Abnormal stress

3- Hunger

Idea Technology Guide

Business plan to start

The business i intend to get started on is an online bakery which will be offering breads, toasts, cakes, moon cakes and etc through a website. As people nowadays are not only highlight on the merchandise but also the services that can provided by the business. With online website, customers can place order more easily and convenient without step into the shop. Moreover, I would also like to begin an Internet Technology (IT) business which providing service of web site design or system and request development. The reason why I choose to start out this kind of business is more and more people or business are look for a less strenuous and reliable way to operate their company by using information system and application.

Business not plan to start

The business that I really do not intend to begin is cellular phone retail business as there are a great number of shops available for sale and it is too competitive. Low sale is always the big problem of this kind of business as customer has way too many choices and strong bargaining vitality. In addition, financial business is also out of my awareness as I have no idea about number and money although it can get rich very quickly. However, investing stock can be quite risky.

Attribute to provide energy

The traits which would energize me to start the business that we talk about in above are be my own boss, freedom, friend and family support, market and large income. To be my very own boss allows me to have more independence in working as I could make my very own decision and don't need to follow the normal working hour as well as I am going to have employees to work for me. Besides, having friend and family support can make me well informed to start the business enterprise and I'm also able to seek for help and idea from them. The main is that I could earn big money with my area of interest and use the knowledge and skills that I have. This will make me more excited in doing the business.

Attribute for taking energy

The features which would de-energize me to start the business which i speak about in above are insufficient money and experience. To start a business will require the start-up cost, therefore it could be an feature that convert me off if I could not find a person as my partner or invest on my business. Besides, I really do not have any experience to work on the related business field and so have no idea how likely the business enterprise move and operate. In real case, there are numerous businesses close down and bankrupt just because of lack of experience, poor management and financial control. Each one of these attribute would be my thought and they stop me to start out up a business.

I would like to start my own business someday because I could be my very own boss, have liberty in doing thing, earn more money and have better standard of living.

Rank of entrepreneurial journey

I wish to rank the positioning is the best as customers want the product and service to be deliver in a short time frame and near to where they live. Therefore, I'd commit more on the location which i chosen. It is because it is very important for me to build up the ways of target the customer that I'd like. The next highest will be capital required. This is because to start an enterprise definitely we need capital to buy all the machines, substances and so on in order to run the business. Lastly, I will make investments on my own development as it's important for me personally to develop so that I will not be outdated by the market. Because the environment change so swiftly and therefore I have to keep myself up to date.

Item

Share of $1, 000

Rank

Location

300

1

Lifestyle and Work Style

80

5

Standard of Living

70

6

Personal Development

150

3

Status and Prestige

100

4

Impact on Ecology and Environment

30

7

Capital required

200

2

Other Concerns (Please status)

20

8

(The facts of ranking can make reference to Attachment 1)

STEP 2

Examine YOUR INDIVIDUAL History

Since I am still learning and therefore I have no opportunity and experience to benefit a full time job. I've no any part time job or regular job that provided me financial support in the past. However, I help my mother or father for home business during holiday to lessen their burden. During that time, I discovered how to deal with customers, communication skill and billing when i was aiding my parent to reselling things in market. For self enhancement, I joined up with the workshop such as C# and Home window 8 workshop which organise by the college to learn new techniques and improve my skills. Furthermore, I am going to go for going with my parent or guardian during leisure time to increase my knowledge and broaden my perspective to observe how other's culture and life style.

The activity that we had done on my own is to make a product for the "Koperasi of SMK Bagan Jaya" and help it update to "Empat Mutiara Koperasi". In such a activity, I reuse the empty contact lens bottle by filled in color chalk powder to make different structure such as love shape and wave. From then on, cover the bottle with decoration paper and dried out petal to make it scented as well as tangled up with a ribbon. The container will then tie up up with a key engagement ring to make it as an integral string. This key string will only sell in the "Koperasi of SMK Bagan Jaya". Therefore, the element that would effect my decision is the price of creating the product. I have to keep the price tag on the merchandise low so that even sell it to students in an inexpensive price but I still can be profitable. Throughout this activity I had developed learned how to be creative and brainstorming in building a product and how to distribute the jobs to the right people through the production. Moreover, I had developed learned in placing the satisfactory price for a product but earning money and strengthen 3R understanding to the public.

In addition compared to that, I will carry out some outdoor athletics such as walking and cycling with friends to boost the size of my sociable network and also have a healthier life-style. All these activities make me alert to the important of cooperative, communication, romantic relationship and helping one another. I also signed up with the Penang Bridge Marathon which arranged by the federal government every year. Operating individual until the terminal point make me know that never giving up on doing something so that I can achieve my very own goal and focus on. Besides, I discovered to become more courageous to adopt the new obstacle. Each one of these activities that I mentioned previously help me in planning myself to be an entrepreneur and start my very own business.

If I ever before started an enterprise, the most I like is the freedom and flexibility. Being my own boss, I can work or suspend the business enterprise at anytime that I really do not have to check out a long set of regulations. Furthermore, I've the entire decision-making power and control of the business. However, the least I like is to carry the debt and losses. It is not easy to keep the sale of the business enterprise increase and making profits on a regular basis and therefore there's a possibility of damage.

If I ever before worked for a sizable company, the most I love is to obtain a well pay and benefits from the company. Employed in big company, I can get my salary every month no matter the business is damage or make profit. Big company could afford to provide much better benefits such as medical health insurance, pension, motivation and etc. Besides, I can have much more training and development opportunities to find out about new skills such as management skill, management skill and employing skill as big company are definitely more willing to get and worried on staff development. However, the least I love is the issue between departments or co-workers as more people work in a big company will likely to have significantly more discord compare to smaller businesses.

Your "Business Hero"

There is one businessperson or business hero I have admire him for a very long time known as Kuok He Nian, Robert Kuok while many people called him "Sugar King". He was created on 6 October 1923 in Johor Bahru, Malaysia. He began as an office young man. After he graduated from Raffles University he worked well at Mitsubishi for 3 year and later he began a business named Kuok Brothers Sdn Bhd with his two brothers in 1949. In 1961, he bought large amount of sugar with suprisingly low price from India before the price shot up and later he invests intensely in glucose refineries. Due to the business grow very well, he manages to regulate 80% of the sugar market in Malaysia and 10% of world production as well as he triumphed in the name of "Sugar King of Asia". After that, he build Shangri-La Hotel in Singapore and constantly develop his business to the neighbour country such as China, Thailand, Indonesia, Fiji and Australia and his business scope is range from sugar refineries, finance, hotels, mining, trading, engine oil and so on. Now, he was the richest man in Malaysia. (The rank of richest man in Malaysia can make reference to Attachment 2. )

(Anon. , n. d. )

The positive characteristic and characteristic of Rebert Kuok is morality as he was firmly affect by his mom and Confusion. His mother advised him to take care of people with sincerely and become ethical in conducting business. Besides, He is an honest, rather, brave, intelligent, action fast, hard working and a nurturing person. "Take care of the eye of others" is his pet phrase to remind himself always take care the advantages of his shareholders and employees. He was ever commented within an interview that he prefers his business to generate profits so that he pays big extra and special incentives to his employees by the end of every season.

I admire Robert Kuok the most is his determination to be moral and moral in conducting business as there are increasingly more business people nowadays uses the illegitimate way or unethical solution to reach their purpose. However, he still can adhere to his morality and make an effort to compete with those competition who reach their success through unethical manner. I admire him not only his dedication but also his intelligent and fearless enough in doing business. For example, he was able to see and identify the probable of the sweets business and fearless enough to consider the risk to put all his money into it which no person was in sugars business in those days in Malaysia.

From Robert Kuok, I discovered to repay back again to community, help the poor and not to be greedy about money after I am success. Robert Kuok got donated 50, 000, 000 CNY to China Junior Fund and donates 900 CNY per each individual to help the children who has difficulties to complete their studies. He's a job model to remind me to be a good person and don't choose the wicked even after success. Besides, He influences me to be brave enough to grab opportunity, hard working, nurturing and cared for people genuinely.

Part II: Account of the Present:

STEP 1

Examine Your "Entrepreneurial Brain"

Entrepreneurial strengths

The entrepreneurial advantages that we posses are decisiveness, tenacity, self-control and total immersion. After I decide to do something, I will put in my work and do something onto it. Besides, I will not give up easily in half way even I face difficulties as I believe that commitment and determination is the key of make things success. I also try to be independent to resolve the problem without any help first before seeking help from my family or friends and I always manage my timely prudently in completing my works on time. Furthermore, I having a high inner locus of control when i assume that all the consequences or results are derive from our own action. Therefore, anything I really do I will carry the consequences no subject bad or good. For example, getting a poor cause exam I would not blame others but would blame myself for lack of preparedness and take it as an experience to stimulate myself to work harder.

Entrepreneurial weaknesses

However, I am lack of creativity and development to exploit or develop new ideas or new things. These will limit me to remain ahead of competition as I may not continuously to come out services or services to satisfy my customer need and create new income streams. Other than that, I have an unhealthy sense of humour and cannot communicate with other using English proficiently. This weakness pretty much affects me in building relationship and increasing the size of my sociable network as I do not get the jokes of others and they may feel boring when they make joke with me at night.

(The detail rank can make reference to Attachment 3. )

STEP 2

Examine Entrepreneurial Role Requirements

Among all the entrepreneurial role requirements, I'd rate myself the most powerful are ethics and integrity. It is because I always cured people truthfully and maintain moral principles in all the way as my role model Robert Kuok. I am clear on what am I doing, what must i do and what should not do. However, I'd rate myself the cheapest is stress. A little bit of stress is acceptable but increased stress would make me insomnia during the night and influence my sleeping quality. To manage my stress, I always have some lovely desserts or perform some outdoor activities or get a travel.

(The detail standing can make reference to Attachment 4. )

STEP 3

Examine Your Management Competencies.

I would rate myself the best is supervision. I am major on Information System (IS) and Internet Technology (IT). Therefore, I may use the latest technology and my skills to build up an information system that assist in administration. Besides, one of the areas of my review is project management. Thus, I may use my knowledge for planning, decision making and organize the resources to be able to achieve a specific goal. Furthermore, I'd also rate myself modest in operation or production when i had performed in Koperasi of SMK Bagan Jaya for 4 years. Throughout that time, I have to replenish the stock and placed the price for all the stationeries and treats. I also mixed up in production procedure for the key string and thus I put the knowledge on the creation scheduling and flow.

However, I would rate myself the weakest in fund and law. It is because I've no idea in calculating Profits on return (ROI), payback period, cash flow and etc. Simple computation of balance and money collected would not be a problem for me, but I have no understanding of accounting and funding. Since my review field is related about information system and for that reason I only know some patents and proprietary protection under the law to safeguard my idea and code never to be stolen by others but apart from these such as agreement, tax and personal bankruptcy I have no idea in any way. Therefore, I can almost say that I've no understanding of law.

(The detail standing can refer to Attachment 5. )

Part III: Putting It All Together

At this aspect, I'd conclude that we still can't be qualified as a business owner yet as I've not started a business and taking threat of achieving profit. Besides, I still don't have the necessary characteristics and fulfil certain requirements of business owner.

An entrepreneur must in a position to sacrifice something such as money and time to place total immersion and have long term dedication to make his/her business success. Besides, he/she must energetic and have strong mental power to manage the workload and work for long hour. Even though some of the requirements are do fit with my own seeks, value and inspiration, however I have to give attention to my study in this minute and therefore I cannot sacrifice any time to run and operate a company. Moreover, I really do not have any set up cost to get started on a company as I do not work for just about any part time of regular job to get any more income.

I still have a very long journey to visit compare to those business people who has achieved success in their business. They are all those people who have accumulated a whole lot of experience, fixing a whole lot of problems in their business, having strong management competencies and meet most of the business owner role requirements. You may still find a lot of things that I must learn from them in term of skills, techniques, strategies, good behaviour and etc.

If I'd to release or get a higher potential project in future 5 to 10 years, to begin with I will make an effort to apply job on big company to see the way of how other in working their business and gain as much experience as I can to prepare me better for my own business. At exactly the same time, I will do research on the kind of the business endeavor that I am going to set you back analyse all the actual risk, do research on the marketplace, estimate the price and advantage to see whether it's feasible for me to adopt the risk and commence the business. If it's feasible for me to start the business, i quickly will to find reliable companions to join me.

This assessment of my entrepreneurial strategy helps me to know myself better in term of way to obtain energy, advantages, weaknesses, skills possess and etc. In addition, it i want to is aware of that where should I improve myself to be able to prepare me to become a successful entrepreneur in future.

Part V: Pondering Ahead

The goal which I wish to accomplish by the time I am 70 is debts free. I hope I can own my own businesses and a villa by the seaside without mortgages and debt. It is because I really do not hope to be an idler by enough time I am 70. Besides, I would like to wrote and submit a book to inform my life experiences and share my very own activities with others so that at least I leave something to another generation in the almost end of my life no matter I am successful or are unsuccessful. I also desire that I experienced travelled and stopped at the wonders of the world as I really like travelling very much.

The goal that i wish to accomplish over another four years is to get my degree in Information System Executive and graduated with a variation result. Though it is a difficult task but I am going to try my best in reaching it by placing all my effort and time. Furthermore, I wish I can find a good job with a good supervisor and friendly acquaintances. I also trust i am able to utilize my knowledge and skills to help the company in making profit as well as able to get identification from my employers. Moreover, I would like to reach the very best of Support Kinabalu. Support Kinabalu is the tallest mountains in South-East Asia which located in Sabah. I am hoping that I experienced accomplished this task by enough time of 25 season old.

If I just have exactly twelve months from today to live a life, I am hoping that I can help the people who are enduring and in need as much as possible. I'd like to be a volunteer to bring happiness and help the orphans and the senior citizens in nursing house. This is the only thing that I can do to provide back to modern culture before end of my entire life. Besides, I'll spend my time with my children members. It is because I am abroad due to further my study and for that reason there is merely short amount of time or only semester rest I can stick with them. Furthermore, I would like to try things that I never try before and dare never to check it out so that I will not feel regret in the end of my entire life.

The goal that I'd like accomplish over my life time is keep a healthy body including mental and physical health so that I could live longer and also have plenty of time and energy to accomplish all my goals. Besides, I would like to begin my business and earn a million money in my life time. Only aiming however, not shooting the prospective won't make me success. Therefore, I'd like to take the challenge of being my own boss at least one time. Other than that, I would like to help the people in must improve and improve their lives. As this isn't only the public responsibility of an business but also the tasks of all folks. I would rate the best priority of the target is to keep a sound body followed by earn a million us dollars and improve other lives. With a sound body, I only can have sufficient energy to go ahead toward my target and help as more people as I can.

To keep my own body health insurance and well function, I must well enough to control myself in eating junk food although they are so appealing to me and delightful. To begin with, I must have balanced diet to make sure I am eating the right food in the right proportions. Next, I must exercise and also have body check regularly in case any sickness I can notice and treat it before. Besides, I have to also manage my stress to keep both mental and physical health. In order to get started on up a company, I would face inadequate of money, experience and knowledge. Therefore, to begin with I would need to complete my degree and move forward diploma in TAR University to learn the theoretically knowledge and useful skills. Secondly, I'll try to improve different companies to develop my job opportunity and gain experiences as well as observe how other in doing their business. Last but not least, I would like to discover a few reliable and sensible partners to become listed on me and make investments on the business enterprise so that I can have enough resources to get started on up the business. In order to help other in increasing their lives, I'll involve myself in a few charity institution, to be always a volunteer and do some donation predicated on my capability.

There are a few of measurements to make certain I am attaining toward the goals. Level of cholesterol, blood pressure, blood sugar, body weight and everything your body check results will be the measurements of whether I am exercise regularly and well balance diet. Besides, evaluation final result and CGPA will be the measurements of how a lot of knowledge and skills I discovered in college. Next, acknowledgement of employers, advertising and salary would be the dimension of the how much experience I gain. Each one of these of measurements will help me to check on whether I am on the right course or on the path to achieve my very own goals.

Conclusion

Throughout this examination, I would like to conclude that I'd need to boost myself in stress management as an effective entrepreneur must be able to take care of their stress and turn it as a power of desire. Besides, I am lack of experience and therefore I need to gain more experience through working or reading the biography of these successful business man in order to discover how they being successful in their life, functioning their business and even the way they solve their road blocks intelligently. Furthermore, I'd need to improve the knowledge about financing and legislation so that I could take care of my business capitals more smartly, be legal and honest in conducting business as well as learn how to protect myself and my assets.

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