WHAT DO YOU KNOW ??
In this world, people always seek the true success in his or her life. As a potential entrepreneur, we knew that the true success of us was not in employment but in doing business. This is because many entrepreneurs have proven that doing businesses is actually more profitable than getting employed into some company. For instance, Bill Gates, who also the man behind the Windows brand did not even graduate from college but he hit big in the field of entrepreneurship and became the world richest man.
This is why so many people want to challenge and seek opportunity to become an entrepreneur. Most of them started their business by venturing into entrepreneurship with partners. But, there was very few among them have the necessary traits and knowledge base and these was resulting them into a fail business life. Therefore, we need to study the important entrepreneur traits that can assist an entrepreneur in order to success in his or her business life.
Based on our study,we found nine important traits that help a person to become a successful entrepreneur. They are networked, open risk taker, observant, visionary, failure is an option, open culture, team oriented, proactive and outcome oriented. We also study the life of a successful entrepreneur, John D. Rockefeller and five traits that assists him in his venture.
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| PREPARATION TO BE AN ENTREPRENEUR
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ENTREPRENEUR TRAITS
1. NETWORKED
The networked trait involved something outside the individual: connections. Where an entrepreneur has the ability to link and interact between people to collect information and add value on it which maintain the give and take mutually beneficial relationship among the stakeholders. Through peer-to peer connections, an entrepreneur also has highly chance to collect ideas off other experts at their own level and build their organization with likeminded people. (Rick Rapier, 2015)
For instance, an internet entrepreneur, Mark Zuckerberg was one of the five co-founder of the social networking Facebook. He was also one of the successful entrepreneurs who showed the networked trait in his business life.Facebook’s empire was successful because of Mark Zuckerberg hired only good people. Who were these people? These people are the people who complement his skills; the people are who he would like to work with and the people who aligned with his vision and mission. He was not avoiding from mistakes. However, he will link the good people together build up a team and make Facebook getting better and better.
Apart from that, he also listened to feedback of the Facebook’s users, both qualitatively and quantitatively. This can help take in the future consideration. Besides, he can know that what they are providing was same with the Facebook’s users experienced. With that, he can link more closely to the users of Facebook.
Mark Zuckerberg said that, "having a company, where you have the same people thinking through the product challenges and the experience you’re trying to create, all the way down the stack to actually implementing it is a really critical thing." In conclusion, Facebook not only link people together, but also link the resources to make Facebook to success together.
2. OPEN RISK TAKER
Negative impact such as financial loss can be potentially faced by the entrepreneur. Therefore, innovation is needed to take risk. Risk taker is someone who knows that there are high potential to get loss but still not giving up in putting his effort because of the present opportunity for a rewarding outcome. In this case, we would like to take Bill Gates, the entrepreneur of the personal computer revolution as our example. He is the one who transform the era.
In 1975, Bill Gates dropped out from Harvard just before his senior year; he decided to make his own software which in that time would not be easy. Back then personal computer culture was populated by users who share new information and software; they were not interested in paying more for his software. They think that hardware must be paid and software is something to share. Is this sound fair? But in 1977, he won. So, no matter what your personal computer brand is, as long as your computer is using Microsoft Operating System and software, you have to pay licensing fees to Microsoft.
Bill Gates maintained a marathon lifestyle in order to keep improving in his software and marketing his products. In 1986, he took his company public and made himself a billionaire at the age of 31. Risks are everywhere, such as to take challenge from his competitor, IBM a very powerful company at that time. Ultimately, IBM OS 2 competed with Windows 3.0 and IBM OS 2 failed in the marketplace. Soon after, Bill Gates successfully became the largest player in the software industry of the world.
In conclusion, anything in the world cannot always maintain the same status quo, you must move forward, or you’ll fall behind. As a successful entrepreneur, we must understand that most of the opportunities always come from the risk. Being safe does not make us fortune; if we want to get the reward, we must accept and take the risk.
3. OBSERVANT
In the globalization era, an entrepreneur must be able at noticing things around them. They should have sharp-eyed which makes them success in their business. I would like to discuss about Jack Ma (as known as Ma Yun), the founder of the Alibaba Group. He was one of the successful entrepreneurs who showed the observant trait in his business life.
By Jack Ma’s first visit to America in 1995, he try the internet that was very slow which was very expensive in China. He started with a "beer" and he found out that there are no data about China. Therefore, he took the initiative to make a small and ugly looking page about China. He launched the page and having good responses from people because this is the first web page about China.
After that, he and his team started to develop a global e-commerce system and he took the opportunity prior than anyone provided a platform to small business not only in China but also in overseas. Thus, selling and buying globally is not a big issue to the consumers and sellers. He bet that in term of serve 10,000 new customers, Walmart have to build a new warehouse, this and that. For him, two servers were all he need. Steps by steps, he was succeed and becoming a billionaire who worth $21.9 billion in the world.
In conclusion, we must act like a successful entrepreneur to be observant enough to see luck on the horizon and be smart enough to take advantage of it. We should also keep our eyes open and don’t feel guilty for good things that coming to our way. We must always expected good fortune and capitalize on it. (Dev Tandon, 2015)
4. VISONARY
The visionary entrepreneur is able to see exactly what their business is going to look like in every detail when it is finished. They have a picture, a clear vision of how that business is going to work in every detail and the result it is going to produce. An entrepreneur sets up a series of systems for their business in order to be able to function at maximum efficiency while gives control to their businesses, employees and most importantly customers control. The visionary entrepreneur uses leverage to their full advantage. Leverage is simply the ability to do more with less. The internet and education is a great form of leverage, they are able to reach and serve millions of people very quickly and inexpensively on internet and entrepreneur constantly learning new things every day. This gives them great leverage over most of society that doesn't bother with continuous education. (Joe, 2015)
The example of visionary entrepreneur is Tony Fernandes. He was the founder of TuneAir Sdn Bhd and he successfully made AirAsia, a failing government-linked commercial airline into a highly successful budget airline public listed company with the slogan "Now everyone can FLY". He has since founded the Tune Group of companies with variety of services and products such as TuneTalk and Tune Hotels.As of February 2014, Forbes Asia valued Fernandes' net worth at $650 million, ranking him at number 28 on the Forbes list of Malaysia's Richest.
5. FAILURE IN OPTION
Entrepreneurs are risk taker, the greater the return in benefits, that means the greater the risk to fail it would be. Through failure entrepreneur could understand that everybody’s definition of success is different and will evolve over the course of their career.
Failure is an asset for entrepreneur. The failures during the process of managing their business provide them with the tools not only understand how to run business better, but also what to avoid. As long as they are learning, entrepreneurs enhance their value with every failure. Failure should not confused with quitting, failure is not an excuse to quit from the business as it provides experience and teaches us something new.
Donald Trump, the chairman and president of The Trump Organization and the founder of Trump entertainment Resorts was one of the successful entrepreneurs who showed this trait in his business life. He began his career at his father’s real estate company and grown his career into various industries with great value. Trump currently hold net worth value of $4.5billion which reported in Forbes October 2015. Despite in early 90’s until 2009, four of Trump’s business have declared bankruptcy due to over-leveraged hotel and casino businesses in Atlantic City, but he did not quit from the business and yet able to succeed in his career.
In conclusion, life is not always smooth sailing; On the contrary, we will often face with failures. Therefore, it is practically required of a person to fail, especially entrepreneurs. But, it’s not about how badly you fail, it’s about how you respond, recover, learn and success in the end.
https://en.wikipedia.org/wiki/Donald_Trump
https://en.wikipedia.org/wiki/Donald_Trump
6. OPEN CULTURE
An open culture is alive and transformational. Not only new ideas are welcomed, as well as new people. It gives chance to opening up new possibilities within an organization. The fundamental of open is breaking of barriers, physical or otherwise. In an open culture system, discussion is lively where everyone are free to contribute ideas on their perspective. Instead of enforcing set of rules, people are required to guide by boundaries which value human beings, respect the process and cultivate a productive community. Leaders play important roles to shape the environment by speaking the kind truth and serving the team. It helps to foster a healthy environment in the organization thus increase the productivity and effectiveness in the organization.(Freier, 2010)
Dane Atkinson said that "The closed-market system is way too easy of an outlet for evil to spread and, although we consider ourselves to be honorable, we didn't want to even have the potential for that to happen". He carried out an open culture in SumAll by disclosed the pay and ownership stakes of all its employees. He then put continuous effort to improve the open culture environment in his company.The company was unique in its emphasis on doing well and being transparent. Ten percent of everyone's ownership goes into a non-profit arm, and everyone knew each other's salaries and the company’s ownership structure. The pure transparency manifested a greater level of trust in the company.
In conclusion, entrepreneurs should pick the right team in business to make the changes happen. A team who invest effort in collective success is significant in making it work effectively. To implement open culture within organization, everyone should involved in the process so they are not only understand the problem but also contribute in giving ideas on how to solve problems. On other hands, entrepreneurs should manage its team in two way communication, they need to listen to employee’s opinions and give opportunities to employee to perform. When employees give feedback or ideas, entrepreneurs must show appreciation for their voice and make them felt that their viewpoints are valued.
7. PROACTIVE
In the business world, everything is going efficient and fast, if entrepreneurs do not want to be a person who out-of-date and stay on course, they must be proactive to ensure that they are keep learning new things, up-to-date and always seek-out business opportunities to improve their business. A person who has proactive characteristics, they will often have their own planning and set the particular goals for their future. In this case, I want to share out Sean Hammons, who is the creator of Clicky, who lives in Portland OR. Sean Hammons has adored many successful internet entrepreneurs such as Kevin Rose, Michael Arrington and Ryan Block.
Sean Hammons begun his business was due to he found out a business opportunity when Google Analytics was launched but does not offer a real time analysis at that time. Thus, he started to develop a premium analytics services that have offer a real time analytics. But he has never been satisfied even there already has thousands of analytics and statistical services. This was because in his point of view, there were out-to-date and bad.
Therefore, Sean Hammons and his partner, Noah Merritt always keep updating and planning to create new things to use on their own web sites. Besides that, they think that with explore the "Web 2.0" style analytics service; there will come up a new market for these specious analytics services. After a few years, Sean Hammons and his partner have successful been a great partnership and cooperation which namely "Performing and Freewebs". Moreover, more than 200,000 websites’ data are tracked by them at that time.
In conclusion, entrepreneurs who want to succeed should be proactive that he or she must be intensely motivated. We must tend to take action and persevere in challenge situations, particularly when we perceive opportunity. (Brett Steenbarger, 2014)
8. TEAM ORIENTED
Entrepreneurship must be done by a team-formed, no one man show is allowed, as an entrepreneur should know that the importance of team-oriented in a business. Thus, a successful entrepreneurs would not work alone to operate their business, they would join forces with other entrepreneurs and professional advisers to build a stronger business. When we want to talk about this team oriented, we must be linked to Larry Page, the CEO of Google Incorporation.
Larry Page was a team- oriented person, he always focused on allowing his employees to pay attention to their crazy ideas and cultivate the best of them. He gave freedom and space to his employees so that they can perform better ideas with their creativity. Larry also provided his employees with some motivation such as health insurance, free transportation, travel insurance, retirement benefits and many more. Employees at google were all equal and have the freedom, it made them feel empowered. He believed that treating employees well is more important than making profits. 
Furthermore, Larry Page believed that if his employees feel that the company was like a good team or even a family, productivity will get better too. He even increased the health care costs to make sure they stay in healthy. To employees, he was far more than just a CEO; he was a friend, a team leader and also a family member to the employees. He focused on making them feel happy, self-satisfied, self-accomplished and empowered. He did not force much on employees but Google was still more productive than other companies. He believed that the employees were capable by giving them freedom, while the employees repaid him by using the freedom to innovate based on their interests and talents.
Larry Page was a team oriented person and entrepreneur. In my opinion, I think he was one of the most successful and influential entrepreneur in the world.
9. OUTCOME ORIENTED
Outcome Orientation refers to how an individual interprets and reacts to tasks, resulting in different patterns of cognition, affect and behavior. For instance, I would like to discuss about an entrepreneur which is Irfan Khairi. Becoming a millionaire at a very young age is everyone’s dream and the success of Pierre Omidyar has encouraged Irfan Khairi to run his own business on the Internet.
Irfan Khairi wanted to earn his first million before 30 years old. So, he read many of motivation books, attended seminar, talks and so on to get motivation. He graduated in multimedia design in UK. He planned to set up an online business designing book covers and banners while working. At first year, it was a tough year for him as there was no customer and income. Fortunately, he insisted on becoming a millionaire, so he moved on. His business soon grew to 40 customers a month. According to him, there are no limits to online business. It only requires how to market the online business.
He set up his first company, Irfan Khairi SdnBhd which specialize internet business training. Irfan Khairi got the Young Achievers Innovation Award in the same year. He has also written a book, Secrets of Internet Millionaires Revealed, published early this year. His second book, Millionaires Notes, will be released soon, probably within the next two months.
He hopes more Malaysians will start their online business through his seminar and talks. Irfan Khairi still working full time at home by using the Internet as a source of income along with his wife and a pair of eyes. Successful entrepreneur is outcome oriented. So, there is no doubt that Irfan Khairi is a successful entrepreneur in Malaysia.
ALL ABOUT JOHN D. ROCKEFELLER
Biography
John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the world’s wealthiest men and a major philanthropist. John Davison Rockefeller was born on July 8, 1839, in Richford, New York, the second of six children. His father owned farm property and traded in many goods, including lumber and patent medicines. His mother, who was quite the opposite of his father's fun-loving ways, brought up her large family very strictly. After living in Oswego, New York, for several years, the family moved to Cleveland, Ohio, in 1853, when it was beginning to grow into a city, where Rockefeller attended high school then briefly studied bookkeeping.After graduation, he attended a commercial college for 3 months, after which he found his first job at the age sixteen as a produce clerk, sold and shipped grain, coal and other commodities.
In 1859, at age nineteen, he started his first company, Clark and Rockefeller, with a young Englishman. They grossed four hundred fifty thousand dollars in the first year of trading. Clark did the fieldwork while Rockefeller controlled office management, bookkeeping, and relationships with bankers. From the start Rockefeller showed a genius for organization and method. The firm prospered during the Civil War (1861–1865), when Confederate (Southern) forces clashed with those of the Union (North). In 1863, Rockefeller and several partners entered the booming new oil industry by investing in a Cleveland refinery. In 1864, Rockefeller married Laura Celestia "Cettie" Spelman (1839-1915), an Ohio native whose father was a prosperous merchant, politician and abolitionist active in the Underground Railroad. The Rockefellers went on to have four daughters and one son.
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| Standard Oil Refinery No.1 1897 |
In 1865, Rockefeller borrowed money to buy out some of his partners and take control of the refinery, which had become the largest in Cleveland. Over the next few years, he acquired new partners and expanded his business interests in the growing oil industry. In 1870, Rockefeller formed the Standard Oil Company of Ohio, along with his younger brother William (1841-1922), Henry Flagler (1830-1913), Harkness, and Andrews, had a worth of one million dollars and paid a profit of 40 percent a year later. By 1879 he was refining 90 percent of American oil, and Standard used its own tank car fleet, ships, docking facilities, barrel-making plants, depots, and warehouses. In order to exploit economies of scale, Standard Oil did everything from build its own oil barrels to employ scientists to figure out new uses for petroleum by-products. In the 1880 the nature of Rockefeller's business began to change. He moved beyond refining oil into producing crude oil itself and moved his wells westward with the new fields opening up. Standard also entered foreign markets in Europe, Asia, and Latin America. From the year of 1885, a committee system of management was developed to control Standard Oil's enormous empire.
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| Standard Oil Company signed by J. D. Rockefeller and H. M. Flager |
Rockefeller, from his first employment as a clerk, sought to give away one-tenth of his earnings to charity. His donations grew with his fortune, and he also gave time and energy to philanthropic causes. Among his activities, he funded the establishment of the University of Chicago and the Rockefeller Institute for Medical Research (now Rockefeller University) chartered in 1901. In 1902 he established the General Education Board. In 1911, the U.S. Supreme Court found Standard Oil in violation of anti-trust laws and ordered it to dissolve. During his life Rockefeller donated more than $500 million to various philanthropic causes.
"I believe that the power to make money is a gift from God."
(John D. Rockefeller, 1839-1937)
When you look into the modern history of the United States, you will found that there were many places inevitably mention about Rockefeller family name. Standard Oil Company, Rockefeller Foundation, Chase National Bank, Rockefeller Archaeological Museum, Rockefeller Center, University of Chicago, The Rockefeller University… his influence has penetrated into the American’s political, economic, educational, cultural and others.
John D. Rockefeller’s success stems from his unique perception of life and wisdom. His life can be said as full of legendary. He was the first man in the America who worth more than a billion dollars, controlling 90% of all oil in the United States at his peak and also one of the most controversial figures in the history of modern business; He advocated industrious and thrift in his life, and he was also a devout Christian who show great faithfulness in believing of his God.
Rockefeller started from a bookkeeper, who only took $5 per week to grow into the world’s top richest man; he has succeeded in creating a unique era in the American’s history, and known as the people who get "a glimpse of God’s secret".
Therefore, we were here to study and seek about the five entrepreneurial traits that assisted Rockefeller in his path to the glory. Based on our study, we found that open risk taker, visionary, failure is an option, team oriented and proactive were the five traits that most important for us to consider as we pursue success.
SUCCESSFUL TRICK --- John D. Rockefeller
1. OPEN RISK TAKER
"I hate those who view the market as a gamble place, but I won’t refuse the spirit of risk taker, because I understand a rule: The greater the risk, the greater the reward." (John D. Rockefeller, 1839-1937)
John D. Rockefeller’s life journey was a rich and wonderful adventure trip. If we want to find out which one was the most decisive adventure from his life, we should look into the moments he chose to enter the oil industry.
Rockefeller was doing well in his agricultural commodity consignment before he moved himself into the oil industry. If he continues that business, he was expected to become one of the big brokers in that business area. However, everything has changed after he met Andrew Carnegie (1835-1919). Andrew told him that a big opportunity will grow in the oil industry, if Rockefeller let the opportunity lose, he will not only lose the money, but also weaken his strength in the lucrative area.
Even though the oil industry has created a lot of millionaires, but also made more people to become the poor wretch. Rockefeller, without considered much on the failure, bravely took the risk and invested about $4,000 in the oil industry. Within one year, the profits earned from oil industry were far more than agriculture products, and it has become his company’s first largest commercial business. At that moment, Rockefeller realized that it was courage and risk taking spirit that helped him to open up a new way to build glory in his business.
Anything in the world cannot always maintain the same status quo, you must move forward, or you’ll fall behind. As a successful entrepreneur, we must understand that most of the opportunities always come from the risk. Being safe doesn’t make us fortune; if we want to get the reward, we must accept and take the risk.
2. VISIONARY
"I always tried to turn every disaster into an opportunity." (John D. Rockefeller, 1839-1937)
John D. Rockefeller, as a visionary entrepreneur, he was always able to find opportunities in every disaster. Before he started his conquest in the oil industry, the entire oil industry was in a form of confusion, and the situation was deteriorating, there was 90% of the Cleveland’s refiners were nearly crushed by the increasing competitors. If they did not sell out their factories, they can only hopelessly watching themselves moves into demise. But in the Rockefeller’s view, this was the best time to acquire those factories in order to control the whole oil industry.
Based on Rockefeller’s strategic considerations, he has started his first target on the Clark, Payne & Co. This company was famous in the Cleveland and it attempted to take over Rockefeller’s company too. Therefore, Rockefeller knew that he should make the preemptive move before his opponents took any action. He met up with his old secondary school friend, Payne, who was also one of Clark, Payne & Co.’s largest shareholders. He told Payne that it was about the time to end up the confusing situation in the oil industry in order to save more people who were fully depended on this business. Then, he offered Payne to join forces; he listened and agreed with Clark to sell their company with about $400,000 to Rockefeller.
Even though Rockefeller knew that the Clark, Payne & Co. was not worth that price but he still accepted the offer. This was because he visionary knew that if he taken over Clark, Payne & Co., it will also give the meaning that he will soon dominate the whole oil industry.As Rockefeller expected, there was about 22 competitors joined forces under his Standard Oil Company in less than two months. After three years, he successively conquered the oil industry in Philadelphia, Pittsburgh and Baltimore and made him became the largest oil industry owner in the United States.
3. FAILURE IS AN OPTION
"Don’t be afraid to give up the good to go for the great."
(John D. Rockefeller, 1839-1937)
Life isn’t always smooth sailing; On the contrary, we will often face with failures. Perhaps it was because there were too many frustrating failures in this world, so it has made the pursuit of excellence became so attractive, people even wanted to achieve it within the cost of life.
In the early time, when it was the first time John D. Rockefeller stepped into his business life, he pray to the God just like others did in order to protect his new build company to survive in the market. However, a disastrous storm has come so suddenly and destroyed half of his beans. The beans were prepared to meet an order from his customers. But this sudden happen disaster has destroyed this business to be done.
Rockefeller knew that his business was going to fail, but he understand that this is not the end. He then borrowed some money from his father although he reluctantly to do that, but he knew that he can’t give up so easily. Besides that, he also told his business partner, Clark about that they need to make promotion in order to let their potential customers knew that their company can provide substantial advances and early supply of large number of agricultural products. In the end of that year, they were survived from the "beans case" and even gain a reliable profit.
Failure is the ladder to success. As Rockefeller said that he was a "smart loser", where he learned things from failures, and absorbed his failure’s experiences to become his successful factors.
4. TEAM ORIENTED
"A friendship founded on business is better than a business founded on friendship." (John D. Rockefeller, 1839-1937)
Rockefeller has been able to beat his competitors because he was good at taking shortcuts, which was to be team oriented. He always knew that at any time, any place, as long as there was a competition, there was nobody can fight alone, unless he or she did not want to survive. Smart people will build up team with others, even including their competitors, and use the power of others to make they survive or become stronger.
Rockefeller will never refuse to become friend with his partnership’s members. For instance, Rockefeller founded Standard Oil as an Ohio partnership with his brother William, along with Henry Flagler, Jabez A. Bostwick, chemist Samuel Andrews and a silent partner Stephen V. Harkness. Rockefeller. From most of his partners, Henry Flagler was the one most meaningful to him. Henry was not only his great helper but also his meaningful friend. To be team with him, Rockefeller was not only gained support from the investment but also the support from Henry’s wisdom. They worked together from morning to night and passed through many difficulties in their business life. After ten years passed, they were still having strong bonding in teamwork and Rockefeller said that the relationship between him and Henry was priceless.
Money, of course can buy you a professional worker or partner, but remember it cannot buy you their true loyalty. Therefore, we must understand the important of teamwork; we should be true with our word and always build trust and respect for our team partners. Together, we can solve any problems in our business life.
5. PROTIVE
In the business world, everything is going efficient and fast, if entrepreneurs do not want to be a person who out-of-date and stay on course, they must be proactive to ensure that they are keep learning new things, up-to-date and always seek-out business opportunities to improve their business. A person who has proactive characteristics, they will often have their own planning and set the particular goals for their future.
https://en.wikipedia.org/wiki/John_D._Rockefeller
http://brainprick.com/success-story-of-john-d-rockefeller-the-richest-entrepreneur-in-human-history/
"If you want to succeed you should strike out on new paths, rather than travel the worn paths of accepted success." (John D. Rockefeller, 1839-1937)
In the business world, everything is going efficient and fast, if entrepreneurs do not want to be a person who out-of-date and stay on course, they must be proactive to ensure that they are keep learning new things, up-to-date and always seek-out business opportunities to improve their business. A person who has proactive characteristics, they will often have their own planning and set the particular goals for their future.
John D. Rockefeller always believed that a person will be getting closer from the success as long as he or she was willing to actively take actions. Many people recognized that knowledge without wisdom is useless, but if a person only makes plan but takes no action, he or she will not reach their goals even though he or she has the knowledge or wisdom. For instance, Rockefeller was a proactive person since his childhood life; he became a produce clerk on age of sixteen in order to seek business opportunities and earned some funds to help his family; in his midlife, he took many proactive moves which lead him into big success, especially the time he started to move himself from agriculture business into oil industry and the time he borrowed money to buy out some of his partners and take control of the refinery. All these proactive actions lead his Standard Oil Company to become the largest in Cleveland and results him to become one of the richest men in the world.
In conclusion, life is a great adventure. To victory, we must action, action and keep action! We must keep action and be determination in order to become a proactive entrepreneur that always courage to take action, but not take the action only when the opportunity was gone.
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| J. D. Rockefeller FAMILY |
http://brainprick.com/success-story-of-john-d-rockefeller-the-richest-entrepreneur-in-human-history/
Thank you for sharing information.
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