The two businessmen are Tatparanandam Ananda Krishnan and Vincent Tan.
Introduction
The famous Malaysian businessman Ananda Krishnan was born on April 1st, 1938, in Kuala Lumpur, Malaysia. A Malaysian conglomerate that incorporates telecommunications, media, oil and gas, power production, and entertainment and property investment is his creation. His net worth is estimated at $6.6 billion, according to Forbes.com. To complete his political science degree, Ananda was sent to study at Melbourne. In the future, he attended Harvard Business School and received an MBA. Maxis Berhad, Malaysia’s biggest mobile phone provider, was bought by Ananda Krishnan in 1993 for a majority interest. After receiving a license to conduct satellite transmission two years later, he founded Measat. Under the Astro brand, he operated several digital satellite television and radio stations. Usaha Tegas Group Holdings Bhd, the Chairman and CEO, is under his leadership.
Malaysian businessman and investor Vincent Tan Chee Yioun, born in 1952, has a bachelor’s degree in economics from the University of Malaya in Penang. he founded Berjaya Corporation Berhad, a Malaysian stock exchange-listed business. Tan also has investments in web enterprises, water utilities, media, retail, and telecoms outside the Berjaya Corporation family. Tan joined Berjaya in 1984 when the business bought 48 percent of Regis, a durable goods company. Tan was linked to Daim Zainuddin, who served as finance minister at Tan’s appointment. Tan acquired Sports Toto from the Malaysian government in 1985 for 51% of the company’s shares. From RM 5 million in 1985 to RM 36 million in April 1989, Sports Toto’s pre-tax earnings increased. To take control of Berjaya, he injected his Sports Toto shares into Berjaya. Raleigh Bhd, a loss-making firm affiliated with Daim, traded his Berjaya shares for Inter-Pacific, which was subsequently renamed Berjaya’s parent company. Berjaya’s pre-tax profit increased from RM 700,000 in 1984 to RM 70 million in 1989 while in charge of the company. Ascot Sports Sdn Bhd, Tan’s wholly owned company, got a gaming license in 2010. As of July 2018, the government said it has no intentions to renew the license, which was canceled in 2010. In a nutshell, Berjaya Corporation Berhad, a Malaysian enterprise listed on the stock market, was founded by him.
Quality characteristics of entrepreneurship
Creativity is one of the characters. Something new is born due to creative endeavors (Esling & Devis, 2020). Because innovation is impossible without the ability to think creatively. Entrepreneurs are known for their ability to jot down several ideas and then put them into action. Not all of your ideas may be a success. However, the knowledge gained is priceless. The ability to think outside the box and develop creative solutions to issues is aided by creativity. Entrepreneurs may also use it to create new goods for markets comparable to the ones in which they are already active.
Another trait is professionalism. Professionalism is an essential attribute for every successful business. With their workers and customers, entrepreneurs’ mannerisms and conduct go a long way in shaping its culture. Reliability and discipline go hand in hand with professionalism. Having a strong sense of self-discipline helps entrepreneurs accomplish their goals, stay on track, and inspire others. Because confidence in the entrepreneur breeds motivation, most businesses thrive when employees feel confident in the entrepreneur’s capacity to deliver on their promises. An entrepreneur’s ability to maintain a high level of professionalism is one of their most valuable assets.
Ethical consciousness is one of the characteristics of entrepreneurs. Ethical company owners will have an advantage in the marketplace and will serve their clients and workers with superior goods and services. A community or company’s cultural or ethical character determines whether or not something is good or terrible. Entrepreneurs may overlook the importance of ethics in their success. They’re just concerned with making a profit, regardless of the impact on the environment or their employees. Consumers may be persuaded that a company’s actions are both business-like and considerate of the lives of its customers if its owners have a strong sense of ethical responsibility inside them.
Risk-taking is another essential characteristic. Entrepreneurs must have a willingness to take risks to succeed. To find anything new, one must be willing to go out of their comfort zone (Darmanto & Yuliari, 2018). And this singularity may be the deciding factor. Risk-taking necessitates a slew of considerations. Investment in concepts that no one else is convinced of is a risk. When it comes to taking risks, entrepreneurs take a unique approach. Good business people are always willing to put their money and effort into their ventures. In any case, they are well-prepared for any eventuality.
Another characteristic is planning. This may be the most crucial phase in running a show. Everything would be a tangled mess if nothing were planned ahead of time. Planning is formulating a strategy for the whole game in advance. It’s essentially a list of all the resources you have at your disposal and a framework for thinking about how to get there. The next stage is to determine how to best use these assets to create a successful fabric. When confronted with a complex scenario or crisis, having a strategy in place is always preferable. It offers rules that do the least harm to a company as possible. An entrepreneur’s ability to plan is one of their most valuable assets.
Knowledge also describes a good entrepreneur. To be successful, you need to have a solid foundation of knowledge. Expertise is a must for each successful business owner. Adversity or adversity can only be conquered through knowledge. Because of this, he can keep up with the ever-changing needs of his customers. An entrepreneur must keep up with the latest market trends, technical breakthroughs, and even new advertising to be successful. When it comes to defeating the competition, knowledge is king. New information may be just as valuable as a new solution to a problem. For the company’s sake, he should be aware of his strengths and weaknesses. An entrepreneur that succeeds is constantly gaining knowledge and honing his skills. An entrepreneur must first get familiar with their surroundings to have a good time.
Entrepreneurship advocates for open-mindedness towards learning, people, and even failure. Acceptance is a businessman’s duty. Acknowledging when an opportunity presents itself is essential. To recognize these possibilities, one must have a wide-open mind. As a self-motivated businessman, he should handle both success and failure with poise. If you’re a savvy entrepreneur, you won’t grieve the loss. Perseverance is the key to success. A move or method that doesn’t go as anticipated is called a failure. An entrepreneur who has achieved success does not let a setback deter him from pursuing his next goal with the same vigor. This is what happens when you learn in a way that you are comfortable with. Entrepreneurs may learn from any situations and people. The information obtained may be used for planning purposes.
Empathy perhaps is the last characteristic. Empathy, or at least the capacity to interpret people’s emotions, maybe one of today’s most underestimated qualities. Empathy is the capacity to understand another’s emotions (Pedersen, 2021). This knowledge is excellent. To be successful, entrepreneurs must be aware of their workers’ good and bad traits. Dissatisfied employees are less motivated; thus, it’s up to you as a boss to create a happy workplace.
A pleasant work environment is essential. A company owner can’t connect with their workforce and succeed without empathy. Empathize with your customers and workers.
Characteristics possessed by business people Tatparanandam Ananda Krishnan and Vincent Tan.
Both the entrepreneurs are decisive and foresighted. Tan Sri Ananda Krishnan is a hard-working entrepreneur who never misses an opportunity to make a profit. Late twentieth-century telecommunications proliferated. He’s making his way quickly into the ears of those who pay attention. In 1996, Malaysia became the first country to have its own telecommunications satellite. One of the country’s largest corporations, Maxis Communications, is controlled by billionaire Ananda Krishnan and has a market share of over 50%.
Tatparanandam Ananda Krishnan and Vincent Tan are initiatives- An entrepreneur takes the initiative, actively seeks opportunities, and develops ideas into marketable products (Ara & Das, 2021). Ananda Krishnan swapped an £86m capital investment for a 20% share in Johnston Press in 2008. Johnston Press is a 250-year-old regional newspaper organization. But the internet’s influence on conventional media hurt the corporation. To start an emergency savings drive.
Consequently, Usaha Tegas paid £80 million for a 20% ownership in Johnston Press. Krishnan’s objective was to enhance Johnston Press’ online presence and attract more local readers. The conventional media will be modernized, and new media possibilities will be created.
Versatility is another character portrayed by the business people- Ananda Krishnan is a multi-tasker. He tries a lot of things before discovering some that work. His first business venture, MAI Holdings Sdn Bhd, was in Malaysia. Exile Trading was created to purchase oil drilling concessions worldwide. Then he traveled to Malaysia to gamble. In mid-1980, he co-organized the Live Aid event with Bob Geldof. His early 1990s multimedia empire comprises two telecoms enterprises. The three businesses were Maxis, MEASAT, and SES World Skies. Satellites were the globe-circumnavigating communication tree’s limbs. The following year, he paid $1,180 million for a 46% ownership in Maxis Communications from British Telecom, AT&T, Orange, Belgacom, Royal KPN, and America Mobil.
Another trait is Philanthropy. This is giving back to the community (Shapiro, 2018). Using Usaha Tegas, Ananda Krishnan promotes Malaysian education, the arts, sports, and humanitarian causes. Founded in 2003 by Usaha Texas, the Harapan Nusantara education fund helps students in Indonesia. A total of 100 students have received financial assistance each year since the fund’s inception in 2004 to participate in collaborative programs with foreign schools. It also got a $6.6 million donation from the Yu Cai Education Foundation in the same year. His Better Malaysia Foundation provides interest-free loans and scholarships to students in need. Forbes Asia’s Philanthropy Heroes recognized him for his promise to give away half of his fortune to charity in 2011. RM500,000 went to Mercy Malaysia, and RM7.6 million went to Tzu Chi Malaysia in 2017.
Ethical consciousness is another trait shown by Vincent Tan and Ananda Krishnan. Tan Sri Vincent Tan’s strong moral compass is evident. Tan Sri created the Berjaya University College of Hospitality in 2008 as proof of this. Malaysia’s only free national daily, the SUN, has been owned by Tan Sri Tan since 1993. The free distribution of SUN newspapers is meant to help inhabitants of all ages learn and improve their English skills. Better Malaysia Foundation (VTCY) was established in 1997 by the former Malaysian Prime Minister to support those in need of medical or humanitarian aid. Additionally, the Sathya Sai Medical and Dental Clinic in Jalan Klang Lama provides free medical and dental treatment to the city’s less fortunate citizens, as well as a feeding program throughout the Klang Valley. At Jalan Klang Lama, Tan Sri’s OKRs Acupuncture Centre offers acupuncture treatment for free.
Time competence also plays a significant role. Entrepreneurs, like everyone else, should strive to improve their time management skills. When it comes to business, time is the greatest adversary since it can kill and grow a company in the blink of an eye (Sharma, 2021). Entrepreneurs who want to establish, grow, and maintain a company will need strong time management skills. Entrepreneurs will lose the chance to come up with anything fresh if they are incompetent for an extended period. Entrepreneurs can get an edge over their rivals in the market by using a strategy or developing a new product that can be sold at a profit. Tan Sri Vincent Tan and Ananda Krishnan have a great deal of expertise in the art of cleverly franchising their work to other businesses. For him, time shifts so that he may achieve a higher level. He might make a name for himself in the world if he had strong time management skills.
People in business can learn from mistakes. Entrepreneurs that can learn from their failures may get to the top of their field. To be successful in business, an entrepreneur has to have a strong sense of self-awareness and adapt to changes in the environment.
The characteristics that contribute significantly to the success of Vincent Tan
Versatility has contributed significantly to his success. An entrepreneur’s ability to adapt to various situations is a critical factor in their success. For entrepreneurs, these criteria might help them develop their ideas and concepts, allowing them to reach their desired success. Tan Sri Vincent Tan has qualities that make him an excellent leader. This can be observed from the growth of his firm (Wach et al.,2020). At first, Tan Sri just employed regular laborers, and then he went on to purchase McDonald’s franchise in 1982, then Sports Toto (Malaysia’s lottery agency) in 1985, and then the 7-Eleven franchise. Tan Sri Vincent Tan purchased Cardiff City Football Club in May 2010. Tan Sri’s every business venture demonstrates his versatility as a business chameleon since he can operate across a wide range of sectors.
Ethical consciousness, as discussed above, is one of the characteristics of entrepreneurs. Ethical company owners will have an advantage in the marketplace and will serve their clients and workers with superior goods and services. Tan Sri Vincent Tan has a strong moral compass. This was shown in 2008 when Tan Sri established the Berjaya University College of Hospitality. Tan Sri is also the owner of Malaysia’s first and only free national newspaper, the SUN, which he has owned since 1993. The free distribution of SUN newspapers is intended to assist residents of all ages learning and improving their English.
Entrepreneurs, like everyone else, should strive to improve their time management skills. When it comes to business, time is the greatest adversary since it can kill and grow a company in the blink of an eye. Entrepreneurs who want to establish, grow, and maintain a company will need strong time management skills. Tan Sri Vincent Tan has an excellent grasp of cleverly franchise his football club to businesspeople. For him, time shifts so that he may achieve a higher level. A good reputation and advancement in the world might be his proper use of time abilities.
Strong and foresight character of Vincent Tan. If you can see the future, you’ll reap the benefits. To achieve success and high profitability in any company, it aims to establish an enterprise that can be run by more prominent entrepreneurs in the present market and throughout the globe. When entrepreneurs have the vision and insight to establish realistic objectives, they have the highest chance of succeeding. Tan Sri Vincent Tan’s success today is because he had the vision to attain the success and fortune that he sought since he knows what it is like not to have many things that the typical person today would take for granted. Tan Sri isn’t content with his current success and wants to see it grow. Tan Sri built a profitable limited business with only a Macdonald’s franchise, and now he has a football club on the verge of international success.
Summary
Creativity, professionalism, sensitivity to ethical issues, knowledge, openness, risk-taking, and empathy are essential characteristics that entrepreneurs require to be successful in business. Tatparanandam Ananda Krishnan and Vincent Tan are decisive and foresighted, versatile, ethically conscious, and are time competent. This has enabled them to be very successful business people in Malaysia. For example, in 2008, Ananda Krishnan traded an £86 million capital investment for a 20 percent ownership in Johnston Press, a media company based in the United Kingdom. Johnston Press is a regional newspaper organization with a long history dating back to the 1640s. However, the internet’s influence on conventional media harmed the organization. As a result, an emergency fund-raising campaign will be launched. Consequently, Usaha Tegas paid £80 million for a 20% interest in Johnston Press, making it the most significant single shareholder.
References
Esling, P., & Devis, N. (2020). Creativity in the era of artificial intelligence. arXiv preprint arXiv:2008.05959.
Darmanto, S., & Yuliari, G. (2018). Mediating role of entrepreneurial self-efficacy in developing entrepreneurial behavior of entrepreneur students. Academy of Entrepreneurship Journal, 24(1), 1-14.
Pedersen, C. L. (2021). Empathy‐based marketing. Psychology & Marketing, 38(3), 470-480.
Ara, A., & Das, K. K. (2021). Insights About Human Resource Practices, Knowledge Management Practices, and Innovation. In The Innovation Shift in Higher Education (pp. 11-40). Palgrave Macmillan, Singapore.
Shapiro, R. A. (2018). Asian Philanthropy explained. In Pragmatic Philanthropy (pp. 1-15). Palgrave Macmillan, Singapore.
Sharma, P. (2021). Soft Skills 3rd Edition: Personality Development for Life Success (English Edition). BPB publications.
Wach, D., Stephan, U., Gorgievski, M., & Wegge, J. (2020). Entrepreneurs’ achieved success: developing a multi-faceted measure. International Entrepreneurship and Management Journal, 16(3), 1123-1151.
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