INTRODUCTION

Entrepreneurship is the ability and willingness to develop, organize, and manage any risk of a business venture along, and make a profit. Venture valuable example is the starting point for new business. Entrepreneurs can start a small business, typically it provides an innovative start-up companies in the process of product, process or service. Entrepreneurs perceive opportunity and often choose to take advantage of the opportunity to show a bias.

Start a new joint venture company's mission is reflected in the entrepreneurial process, as it allows merchants assessment. Operators who habitually is a creative and innovative thing about the opportunity to determine the development of the deemed value. A good business plan must be developed so that you can take advantage of this chance to explain. This is often a very time consuming business process stage. Any entrepreneur who make it through the first stage typically begin drafting plans for a proposed business activity.

Entrepreneurs are innovative, willing to take risks and generate new ideas, to create a unique and potentially profitable solutions to modern problems. Entrepreneurship is not so much a skill as a spiritual habitual state. When the entrepreneur describes the activities of a company or large organization, it is called within the business or intrapreneurship, which may include corporate venturing, when large entities split the organization. Venture staff Schumpeter called creative destruction of the market and the industry winds instead of all or part inferior innovations. The damage while creating new products and new business models. Entrepreneurial activity can be incremental or damage. Incremental innovation is some transformation process, while small changes disruptive innovative new methods.

NETWORKED - JEFF BEZOS

Jeff Bezos, an entrepreneur and e-commerce pioneer was born on January 12, 1964, in Albuquerque, New Mexico. He had an early love in computers and studied computer science and electrical engineering at Princeton University. He worked on Wall Street after graduation and in became the youngest senior vice president at the investment firm D.E. Shaw in 1990. Four years later, he quit his lucrative job to open Amazon.com, one of the most popular and well-known e-commerce sites in the world. In 2013, he made headlines when he purchased The Washington Post in a $250 million deal.

Jeff Bezos showed his early interest in how things work since he was a child especially in the aspects of computer science. His family decided to move to Miami where he could develop his love for computers. Bezos pursued his interest in computers at Princeton University, where he graduated with a degree in electrical engineering and computer science. He then worked at several firms on Wall Street including Fitel, Bankers Trust, and the investment firm. He started his business networking in the very first job. While his career in finance was lucrative, Bezos chose to make a risky move into the unpredictable world of e-commerce. In 1994, he quit his job and moved to Seattle and targeted the the internet market by opening an online bookstore which is Amazon.com. Jeff Bezos came up with a business plan in 1994 after a bright idea he thought of on a cross-country trip from New York to Seattle.

Bezos expanded his business network by working together with a few employees at the early time and developing the software at the same time. They worked together in order to expand operations into a two-bedroom house, equipped with three Sun Micro stations, and developed a test site in the end. Bezos invited 300 friends to beta test the site and finally Bezos opened Amazon.com. with the helps from his friends on July 16, 1995. This showed that Bezos and his workers’ had been working together in the sense of business networking in achieving their business goals.

The success of his company was meteoric. This is because without press promotion, Amazon.com sold books in 45 foreign countries and across the United States within 30 days. In two months time, the book sales reached $20,000. In 1997, Amazon.com went public and many market analysts questioned that whether the Amazon.com could hold its own when traditional retailers also launched their own e-commerce sites later on. Two years later, the start-up not only kept up, but Amazon.com also outpaced the other competitors and becoming an e-commerce leader in the market of online bookstore.

Today, Amazon expand his business network with the other online retailers by not just selling books but also from books and movies to clothing and groceries. Bezoz was able to diverse Amazon’s offerings due to his cooperation with major retail partners. The Amazon company also getting into the media production game with Amazon Prime and Amazon Studios. But Amazon started out selling one thing only which is books. As book sales were Amazon’s proving ground, Bezos envisioned them as the very first step towards creating the "everything store". The strategy of starting with one specific product and building a strong e-commerce system and networking around it before diversifying had made Bezos slowly turn Amazon into an e-commerce giant in today’s online marketing. Amazon flourished with yearly sales that jumped drastically from $510,000 in 1995 to over $17 billion in 2011.

On August 5, 2013, Bezos made headlines worldwide when he purchased The Washington Post which owns the paper and other entities for $250 million cash. There is no map, and charting a path ahead will not be easy for Bezoz if he did not work well in his business networking. He made his effort in inventing, which means he did experiment on the customers. The touchstone would be the readers, understanding what they care about—government, local leaders, restaurant openings, scout troops, businesses, charities, governors, sports—and working backwards from there.

Now, Amazon is one of the world’s biggest retailers, and it has made online bookstore shopping a normal part of our daily lives. In fact, Bezos told Time that he had a warning from his first investors: "I think there is a 70 percent chance you are going to lose all of your money, so don’t invest unless you can afford to lose it." It was only by taking a huge financial and career risk that Bezos was able to get Amazon off the ground with the helps from his partners. Luckily for Amazon, and for anyone who shops online, while Bezos expected to fail, his mindset led to unprecedented success in his online retail business.

OPEN RISK TAKER - DONALD TRUMP

The entrepreneurial traits that must be needed and applied to operate the business by the entrepreneurs is open risk taker. An entrepreneur who is an open risk taker will take chances in an uncertain environment of future. Every future contents uncertainty and risk. An entrepreneur should have a characteristic to take the challenge of uncertainties. An individual or business who to do things in a particular way that can potentially cause financial loss or physical harm, but could also present an opportunity for a rewarding outcome. The most successful people are the ones who brave to take big risks, which often means spectacular flameouts. For example, Donald Trump is an entrepreneur who brave to take risk. Donald Trump called himself as a bold empire-builder, the kind of businessman who can force through big changes in Washington as president. Trump’s business includes casinos, restaurant, real estate, travel, university and television station.

Trump shows that risk-takers could win big as well as lose big. With his billion dollar fortune, his monster hit TV show “The Apprentice”, his sprawling business empire and one of the most valuable apartments in New York City Donald Trump appears to be on top of the world.  But it wasn’t always this way. Trump went bankrupt three or four times and keeps bouncing back. He was in the real estate business and so when the economy is up, he could be worth a lot, when the economic is down, he would go bankrupt. At his lowest point Trump was facing personal bankruptcy with personal debts of $900M, and his business was declared bankrupt with of $3.5 billion in debt.When he first started out in real estate, Mr. Trump was one of the biggest risk-takers. But he learned a painful lesson during the recession of the early 1990s, when he was unable to pay hundreds of millions of dollars worth of debt. He engineered a comeback but less appetite for such high risk.

He does something differently from this usual strategy with a few projects. The most important example is the Chicago tower. The tower broke ground in 2004 near the height of the housing boom and cost about $850 million to build. With easy credit available offer, Mr. Trump loaded the project up with a $640 million construction loan from the Deutsche BankAG and $130 million of junior debt originated by Fortress. Both firms later sold most of the loans to other investors. The project initially seem to be successful. Mr. Trump raised asking prices on the residential apartments over $1,000 a square foot from about $600 and started paying down loans. But after the a difficult time for the economy of a country, condo sales slowed, leaving Mr. Trump without enough money to pay the $334 million balance on his construction loan when it matured in late 2008. Mr. Trump and his lender, Deutsche Bank, traded lawsuits before the bank in 2009 agreed to extend the term of the loan—which currently has a balance of about $125 million—through July 2013. Mr. Trump paid $48 million earlier this month to buy out junior creditors led by Fortress Investment Group on the 92-story hotel and condominium tower, according to people familiar with the matter. The Fortress group's debt, which could become a big headache for Mr. Trump, had approximately $130 million. However, that still left the problem of the loan from the Fortress group, which is steadily growing as it accrued interest problem. Given the decline in sales and prices, it became increasingly clear that Mr. Trump would have a difficult time pay back the money when it came due in about three years. Failure to do so would have put the risk of foreclosure of the project.But this is not the end of his business career. Within four years he had almost emptied his personal debts, reduced the size of his business debt and consolidation of several of his business interests to become a public company, which itself is forced to seek bankruptcy protection. After his unremitting struggle and never give up, he finally established his own kingdom. At the same time, Donald Trump also became a well-known entrepreneur in the world.

Trump is the manager producer of the show “The Apprentice” as well as its star. He also played a cameo roles in the movie and his comedy roles. Trump attributed his success is willing to take risks.He was once quoted as saying, “I like to think big. I always have. If you’re going to think anyway, you might as well think big.” When you play for high stakes you stand to lose everything, but that doesn’t have to be the end of the game.  If you keep your wits, you can recover from even the biggest failure.  “What separates the winners from the losers is how a person reacts to each new twist of fate."said Trump.

OBSERVANT - SCOTT DAVID COOK 

Scott David Cook ( born 1952, 63 years old ) is a founder of Intuit Inc., a director since March 1983 and currently he serves as the Chairman of the Executive Committee. Intuit Inc. is an American software corporation with almost 10,000 employees working together. Intuit develops financial and tax preparation software and related services for small businesses, accountants and individuals. Scott is a person that possessed the characteristics of  a successful entrepreneur mainly in the trait called observant in contributing to Intuit.

In his early life, Cook started his career at Procter & Gamble in Cincinnati, Ohio, where he learned new things about market researching, marketing and product development. He then took a job in strategic consulting at Bain and Company in Menlo Park, California. Having observance, Cook soon began using the insights he learnt there to look for an idea for his own company. That idea came to him when his wife was complaining about paying the bills one day. With personal computers just coming out at the time, Scott realized that there might be a better way to manage their household finances and automate the hassle of bill paying. He then thought of the possibility for a basic software market that would help people pay their bills to ease their daily chores. This shows that Scoot was good at noticing what is going on around him and planning to establish a financial software firm.

Inspired to start his own software company, Scott had to find a programmer and he ended up running into Standard University.  Tom Proulx turned out to be the partner of Scott and they created the first Quicken program ( check balancing program ), which he and Scott used to launch Intuit in 1983 with the goal of making it easy for individuals to balance their check books and for small businesses to pay their taxes.. Scott's idea for a check-balancing program was unique, but he was only one of many people trying to break into the burgeoning personal computer software market at that time. This could be concluded that it was his background, intellect, observance and enthusiasm that separated him from the rest of the pack.

During the next few years, Cook gained important experience related to banking and technology while his wife ( Signe Ostby ) learned something about marketing software. Meanwhile, Tom Proulx laboured in his dorm room creating the very first version of Quicken after polishing up the program they launched Intuit in 1983. Once, while visiting the office of a software association, Scott walked by a clerk entering data on one of his programs. He immediately stopped to interview her about the application and seek for her view and later incorporated one of her suggestions into a version of the program. This vividly shows that Scott was being observant in his field to ensure that his product would meet a real need in the market place.

In 1992, Scott  launches QuickBooks, a payroll-processing program for small businesses. The company's QuickBooks and TurboTax programs are widely used by more than 37 million small businesses and individuals around the world. In order to enhance and improve the company’s finance software, Scott continued to make strategic acquisitions. This is done by purchasing Nihon Micom Co. Ltd. In 1997 and Lacerte Software Corporation and Lacerte Educational Services Corporation in 1998.  Lacerte developed professional tax preparation software.

In 1999, Intuit introduced its QuickBooks Online Payroll service, which allowed all QuickBooks users to connect with banks and tax agencies to facilitate payroll processing. By the end of the year, more than 6,000 businesses had signed up for the advanced service. The company also offered WebTurboTax, which combined the TurboTax features with the electronic tax filing capabilities and allowed the users to complete their tax returns as well as file them online.

Later time, QuickBooks small business finance, Intuit's Quicken personal finance and TurboTax income tax filing offerings continued to lead their markets but the growth rate had seemed slowed. Scott was looking toward single-digit growth as it approached the mid-2000s. On the other hand, the QuickBooks Point-of Sale system for small retailers experienced strong growth. Revenue growth fell to 12 percent in the fiscal 2004, down from 26 percent the prior year. But with the return to its roots in 2005, the company had produced positive results and expected better than anticipated numbers.

In recent years, Scott gives lectures around the globe on entrepreneurship and what they can do to organize business so that ideas conceived by the employees are not lost to hierarchical business models in this context. In May 2015, Scott gave the commencement address at his alma mater which is Harvard Business School, urging graduates to seek more feedbacks and being observant in grabbing opportunities, get a mentor and savour the surprises of entrepreneurship.

VISIONARY - TAN SRI LIM GOH TONG 

According to the Cambridge dictionary visionary is a ​person who has the ​ability to ​imagine how a ​country, ​society, ​industry, will ​develop in the ​future and to ​plan in a ​suitable way. This may be help some entrepreneurs to improve their job become better than what they have planned. Let’s show a few of example below.

For example, Tan Sri Lim Goh Tong is the good example of this visionary characteristic. He was the founder of the Genting Group, and he has did some frightful decision when he was having dinner and enjoying the cool atmosphere at the Cameron Highlands in 1964 and he gets an idea.He thinks that people will like to travel or enjoy the place which is at the hilltop away from the busy city town. This idea led him to become the first person to build a resort on the hilltop. As nobody believe that the project will success, but Mr Lim held on firmly onto his idea and continue his project.He even sold his plantation to raise RM2.5billion for his project.Tan Sri Lim was then working on a hydro-electric power project at the popular hill resort,as many people argue to get the protection from the hot temperature, he tried to achieve his mission when he foresaw a prosperous Malaysia of the future desiring a cool mountain holiday resort within the reach of all Malaysians.

In 1969, Mr Tan Sri Lim was granted the first gaming license in Malaysia bythe YTM Tunku Abdul Rahman, Malaysia’s first Prime Minister.This gaming licence was suggested to help his project develop of this remote area.Finally in 1971,the first hotel was completed and opened.Since then,more developments were lining up and soon it expended into a resort with five hotels, two apartments at the hilltop and Awana Genting Highlands Golf and Country Resort.

Another example is Tan Sri Anthony Francis(Tony Fernandes) he is a CEO or founder of Air Asia airline.He is also a man who has characteristic of visionary.When he was six years old, he announced that he would start an airline, and his father, a doctor, quipped, "If you put past the Hilton hotel doorman, I'll be happy." Well, he did make Hilton past gatekeepers, and then did not stop there. He said that marketing is in his blood as his mother ran a successful direct sales Tupperware business in Malaysia. He tried to apply for a low-cost subsidiary Air Malaysia bleeding from the Malaysian government. . In 2001, AirAsia launched. Airlines turn into profit and 2 years.

Malaysian tourists are actually waiting for someone exactly like Tony Fernandes to provide flight experience for them. When Tony started his airline, millions of fellow travelers took his Malaysia Airlines enthusiastically. By launching a low-cost airline in Malaysia, Tony only set a fuse to air travel in his homeland, but pent-up demand in Asia. Soon, the outbreak of the Asian air travel market -millions spectacular across the world's most populous continent found that they also have the ability to fly. Today, Asia is the world's fastest growing air travel market in the region by 2025 is expected to deal with passenger airline at least three times, once in 2005 because they amount today, AirAsia's flag flies high in Asia, its regional hub in Thailand and Indonesia. Fernandes is keen in other countries in the region, such as the Philippines and Vietnam to open an additional hub, has a positive strategy to capture the market, such as Japan, China, Korea, India and Australia countries.

FAILURE IS AN OPTION - 

COLONEL SANDERS

The entrepreneurial traits that highly needed and applied to operate the business by the entrepreneurs is failure is an option but fear is not. There are some principles that should applied by every entrepreneurs in their business. Firstly, every entrepreneurs should make room for failure. Nobody wants to fail, but failing is inevitable on your way to success. George Bernad Saw said a life spent making mistakes is not only more honourable, but more useful than a life spent doing nothing. So if an entrepreneur never fail then it probably means that he or she do nothing. Failing shows that an entrepreneur actually do something instead of just sitting in comfort zone.

Secondly, learn from each failure is another principle that should applied by every entrepreneurs. Though an entrepreneur need to make room for failure, but shouldn’t just fail. An entrepreneur should need to fail intelligently. That means each failure should teach us something. Don’t just fail and get nothing out of it. Learn something from each failure that make entrepreneurs better and better over time.

Thirdly, the principle that should applied by every entrepreneur is fail fast. Time is precious, so if an entrepreneur failed then he or she better fail fast because it will make us learn and improve faster. It will make us ready for the prime time sooner.

The success story of Colonel Sanders, the founder of Kentucky Fried Chicken aka KFC displays a level of persistence and the belief in the power of “ Yes I can’ that few can match. Sanders was born in 1980 in Henryville, Indiana. His father passed away when he was just five and his mother worked in a tomato canning factory. In 1902, Sanders dropped out of school, his mother got married to a second husband and he was beaten by his stepfather, this was when Sanders left home to live with his uncle in Albany, Indiana. At the age of 15, Colonel Sanders enlisted in the army; he completed service as a mule handler in Cuba and then, used his remaining early years to work a variety of jobs including an insurance salesman, boat pilot and farmer. When he was 18, he got marred but his wife left him as a “no-good fellow who can’t hold a job”. Colonel Sanders was 65 years old when he received his first social security cheque of $99. He was broke, and owned a small house and a beat up car. He made a decision that he has got to change. The only idea he had was a chicken recipe, which his friends liked. With that idea in mind, he took massive action. He left his home in Kentucky and travelled to many states in the US to sell his idea. He told the restaurant owners that he had a chicken recipe that people liked and he was giving it to them for free. What he wanted in return was for the restaurant owners to pay him a small percentage on the pieces of chicken sold. He got rejections after rejections, but did not give up. In fact, he got over 1000 rejections. He got 1009 no’s before he got his first yes. With that one success Colonel Hartland Sanders changed eating habits of the whole world with Kentucky Fried Chicken, popularly known as KFC. Today, Kentucky Fried Chicken is a well known restaurant in the world. It is rated at number 60 as the world’s most well known brand by Business Week. Sanders proved that age is no barrier to success, and so is capital. What is needed is an idea put into action and belief in’ Yes I can’, followed with proper planning and persistency.

From this story, it makes you learn that it’s Ok to fail. Entrepreneurs usually are afraid of saying yes because they are scared of what will happen if something goes wrong. They ponder: What if I say yes to start a multi-cuisine restaurant and the foods ends up tasting not up to the mark? What if I say yes to new responsibilities at work and I don’t do well? What if I say yes to a new partnership and it does not work out? Constantly having these thoughts can be toxic. It will pollute your mind with the fear of failure. As an entrepreneur, we need to learn that you are trying the best to be successful, and everything will be ok. Even if you fail, you will have learned a lesson and can move on. It’s better to rather try and fail than fail to try.

OPEN CULTURE - JACK MA

Businesses need to change the old ideas and old model has been unable to follow the current trends. From instant, many businessman have their own style to manage their company that is quite difficult to follow each other. People cannot adapt to this pattern in a short time. However, many people nowadays are ability of accepting or adapting to new things that is against conventional wisdom.So the concept of open culture been popularized and give them feel confident in business by the successful entrepreneurs.They try to break the habit and changes visible. So one of them that has been practiced the open culture in his business is Jack ma.

Jack Ma, who defied conventional wisdom and longstanding corporate governance practices to clear a new path for creative, innovative entrepreneurs. He was competing in Chinese e-commerce market,and effectively controls this market by controlling the retail platform.This brought motivation to other to take a big step to make investment. This is because if want to change the model of corporate governance status quo have for more than one hundred years   is difficult and it will challenge by aggressive competition and governmental interference. For example, Ma was believed and confidences in his concept of investment which make him dare to challenge the conventional wisdom and longstanding corporate governance practices.

Jack Ma aware and think that the most important thing is made trust with other people in e-commerce.This is because system of corporate governance long characterized by secrecy, greed, and a lack of transparency. When Jack Ma built Alibaba, everything has done and trying to build trust in China or in the world.People not to trust each other how can you do on the Internet. No bank wanted to help this is because they think that online trade would never work in China. So Jack Ma believe that building trust is essential and often underestimated by other entrepreneur but recent events have proved that Alibaba was successfully changing of the traditional sales to network sales ,trusted by the public and indispensable platform.

Ma realized that to change the world cannot just rely on a person, your employees need to be invited to shape the future of the business, rather than manipulated to meet the needs of management. In the role of an open culture, management is to create a culture where every person to be the best that they can then focus on removing barriers. Jack Ma believes that on feelings and trust among employees. Employees like our family member. We want to treat your family a way to treat them.

Once Jack Ma face financial problem and cannot to pay the salary of the staff. Ma did not hide the case, he bluntly told the plight of the company's employees. Ma sincere attitude has won the understanding of employees. Then Jack Ma treats former employees has different from the practice of other enterprises. When his staff was feel failure and find out not suitable for them. They can back to Alibaba and Jack Ma will gladly accept them come back.