Tan and he will not take it for granted

Tan Sri Vincent Tan has the ability to make
himself become a successful businessman nowadays and develop his business
well-known by everyone. Entrepreneur who have the foresight will experience a
lot of advantages and let them made up mind in quick decision at perfect
timing. Foresight entrepreneur will lead their business in high profitability and
have the chance to expand their business. To achieve the goal they must have a
clear vision and mission. Clearly vision and mission will lead them to have the
best strategy to work hard towards the goal and try to achieve it as well. Tan
Sri Vincent Tan become successful nowadays because he know that if he want to
have a lot of things then he must try his great effort to obtain it and he will
not take it for granted if without his own effort. Tan Sri Vincent Tan desires
to achieve more as he was unsatisfied with his previous success. Due to just
having a McDonald’s franchise and now he has a football team in the process to
achieve success in the world.

            Time
competence should be foster in the life of an entrepreneur and also everyone
when they was kid. Time is the main enemy in life, it can kill and develop a
business in a blink of an eyes. Time competency play a vital role for an
entrepreneur to start and develop their business. Incompetence time is very
harmful for every entrepreneurs as they will miss the perfect timing or
opportunity to create something new that meet the demand of consumers. Tan Sri
Vincent Tan has a good time competencies in clever way of bringing McDonald’s
franchise business into Malaysia in 1980s. Although previously his application
was rejected but he never gave up and persistent until one day he stand a
chance of opening McDonald in Kuala Lumpur. Nowadays, McDonald is very famous
in Malaysia and prefer by many people.

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            Tan
Sri Vincent Tan was a person believe in power of conviction. When he made up a
decision, believe it was the right one, he will go ahead on it. Of course, when
we made up a crazy decision, everyone may laugh us. But, if we know that there
was an opportunity to let us success, we must go ahead with it, no matter what
you are up against. Believe in yourself. As an entrepreneur, nobody would like
to see their businesses being undervalued by people. So, they will try their
great effort to achieve excellent result for their businesses. A smart
businessman would always privatize an undervalued company when there is an
opportunity to do so. Example, when Tan Sri Vincent Tan started DiGi, one of
his banker friend sarcastic and laugh him of do something that is ridiculous as
Tan Sri Vincent Tan at that moment do not have much of the knowledge about the
telecom. He so brave to borrow RM500 million on personal guarantee and so
confidence by saying he will not let the business fail.    

 

            Versatility
also the criteria in becoming a successful entrepreneur. This criterion can be
more courageous entrepreneur to develop their ideas and thought to achieve the
desired success. It means that entrepreneur who have this capabilities are
being able to manage the business from failure and have a good planning
management in operation and financial. For example, Tan Sri Vincent Tan has
characteristic of versatility. This can be seen from the development of his
business. Previously, he started work with just a clerk, and after that he took
challenge to buy McDonald’s franchise in 1982.  He acquired a controlling stake in major
Berjaya Corporation Berhad in 1984. In 1985, when the lottery agency was
privatised by the government he bought Sports Toto. In May 2010, Tan Sri
Vincent Tan became the owner of Cardiff City Football Club. Every business endeavour
by Tan Sri shows that he is a very versatile because he can diversify his
business in various types of industries.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Challenge
faced by Entrepreneur        

            Economic
issue in Malaysia is one of the challenges faced by Tan Sri Vincent Tan. Implementation
of Goods & Service Tax (GST) in 1 April 2014 not only increase the burden
of the consumers, also increase the burden of businessman. There might have
inflation effect since the GST is applied to all the goods and services. When
the inflation occurs, demand of consumers in the market will decrease due to
higher living cost. Decrease in demand will affect the profit of an
entrepreneur  as it limited purchasing
power of consumer. Implementation of GST also force consumers to spend less and
more concern when they want to buy things. Hence they will think twice whether
the stuff is necessary or important for them. Besides that, economic recession
will cause unemployment occur. Some company will cut costs by reducing the
number of workers in the company. It will affect workers to lose their jobs.

            Launching
a business involves certain amount of risk. Financial challenge is one of the
challenges that every entrepreneur have to deal with. Business financing
requires a large amount of liquidity on the part of business, and it is often a
challenge for entrepreneur to maintain sustainable amount of liquidity on the
business in the long term. When company do not have enough amount of liquidity
in their business, they will miss their chance to have a good business
development. And later on, company will lose their clients and ultimately close
down of the company will occur for those owners who fail to overcome the
challenge. Besides that, an entrepreneur must smart in running business by
making wise decision in right time. Knowledge in variety field of investment is
a must for them. They must acquire knowledge about when to make investments and
how to make the investment perfectly to gain profit from that investment. If an
entrepreneur without expert experience and forward thinking, it will difficult
for them to play their role in the business to make them success moving
forward. When Tan Sri Vincent Tan face financial challenges, he will try to do
his best to overcome it by work with the bankers. He has to show good track
record with his bankers so they can give supportive to him.

            Competitors
also one of the challenges that faced by many of the entrepreneur. In order to
make your products or services stand out in the market, company need to know
who their competitor are, and what they are offering. Entrepreneur can use the
strategy of SWOT to help them identify the strategy that used by competitor. SWOT Analysis is an useful technique
for understanding our company’s Strengths, and Weaknesses, and for identifying
both the opportunities open to us and the Threats we will be face. Entrepreneur
can take advantage on competitor’s weakness and try to improve it in their
business performance. Competitor play an important role in business market as
they will make everyone alert about themselves. Existing competitor will become
a threat to a company that is standing at current step. The company will then
try to work hard and smart in producing and improving the products or services
that are compete with competitors. Competitor of Berjaya Group Berhad are CCL
Industries Inc, Sime Darby Berhad and New World Developement Company Limited.
Sime Darby Berhad involved in plantations, property, industrial, motors and
logistics. While CCL Industries Inc is a specialty packaging company that provides
packaging products to the Home Care, Food & Beverage, Healthcare, Apparel and
Specialty markets worldwide. These two
company are the principal competitor that faced by Berjaya. So, Tan Sri Vincent
Tan need to be more cautious when he wants to make decision as if make wrong
decision, Berjaya maybe will take over by the other company.

   

Recommendation

            Tan Sri Vincent Tan can
improve productivity in company by evaluating prices with other competitors.
Berjaya Group Berhad has a lot of compete company such as CCL Industries Inc,
Sime Darby Berhad and New World Developement Company Limited. Berjaya Group
Berhad need to think cautiously and think twice when they want to set the
price. They also need to check out what their competitor doing and make sure
the prices setting are not too high or low. If the setting price are too high,
the customers will switch to other compete company. This will make loss for
their company.

            The
other ways that Berjaya Group Berhad can improve for their productivity is by
upgrading technology in company. One of the responsibilities of an operation
manager in Berjaya is to analyze work functions and determine what technology
upgrades would improve productivity. Technology plays a vital role to every
organization especially nowadays in this technology world. Technology can help to reduce the burden of an individual and can also help to
increase the efficiency of the company in doing their work. Example, by centrally locating the
performance appraisal information within a formal online framework, managers
can easily and effectively communicate business strategy and create measurable
goals for their employees that will support overall company objectives

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