SECOND
SEMESTER SESSION 2014/2015
SADE 1013
INTRODUCTION TO ENTREPRENEURSHIP
GROUP A
GROUP ASSIGNMENT
PREPARED TO:
DR. Mathivannan Jaganathan
PREPARED BY:
PROSPERITY GROUP.
SARDOR
ANNAEV 231511
ORIPOV
MUKHRIDDIN 228636
YANG
QING CHI 231493
HE RUI
231264
WANG
YANFU 231493
SHAKHROM
JURABEKOV 223594
TABLE OF CONTENTS
1.0 InTRODUCTION
2.0 ENTREPRENEURIAL TRAITS
2.1 Integrity and reliability
2.2 Initiative
2.3
Versatility
2.4 Decisive
2.5 Time
competence
2.6 Perceptiveness
2.7 Ability
to Learn from Mistakes
2.8 Ethical
consciousness
2.9 Foresight
3.0
BIOGRAPHY OF Jack ma. founder of alibaba.com
3.1 ENTREPRENEURIAL TRAITS AND PERSONAL
QUALITIES OF JACK MA. FOUNDER OF ALIBABA.COM
Integrity and reliability
Ability to Learn from Mistakes.......................................................................20
Foresight
Versatility
Initiative
4.0 CONCLUSION
REFERENCES
APPENDIX 1 - Marking Scheme for group assignment
Introduction
Business
enterprise will be a pretended by or the task performed by the entrepreneur.
And it
is the tendency of an individual to arrange the business of his or her
own particular and to run it profitably, utilizing all the qualities of
initiative, decision making
and administrative capacity
and so forth.
On
the other hand, a business person is the inventor and developer of new pursuits
that not just satisfy his or her own particular dreams that bring him or her a
huge fortune additionally have a strong effect on the general public and
enhance the lives of the individuals. Business is likewise seen as a danger
bringing capacity coupled with decision making to accomplish a foreordained
business or mechanical target.
The focal assignment of the business person is
to take moderate hazard and contribute money to acquire benefits by abusing an
opportunity. For this he or she must have far-sightedness to see an opportunity
so he can exploit it well in time. In spite of the fact that a business person
needs to perform differing capacities yet he must show numerous qualities in
himself to be a good ambitious person. The qualities of a business person are
recognized in high vitality imaginative individuals, who are self-assured, have
high levels of
respect toward oneself and will be
modern in their
viewpoint as they look for
to relentlessly tackle issues, go for broke and gain from disappointments.
Successful entrepreneurs figure out how to control and order their blessing and
by joining this with a business instruction with a tirelessness and energy.
Other than that, as a successful business
visionary have to work
nearly with individuals
and it capable
to fabricate extraordinary
connections with the
group, clients, suppliers, shareholders, speculators, and others. It is
the brilliant open door and a follow up on business opportunities. Likewise,
the entrepreneurial expertise set would bear the cost of accomplishment in
numerous fields of human attempt. Notwithstanding, the
business visionary will be attracted
to the world
of business and
trade. An effective business person ought to build up their
interpersonal aptitudes furthermore fresh thoughts, at long last use good
decision about circumstances and potential tasks. More imperative than ability,
opportunities and assets, responsibility in long term and never give up on the
dream as well.
Integrity
and reliability
In the world of being in the business of you, Integrity and
reliability are two of the greatest qualities for success. Improve a culture of
integrity, both with yourself and with your client. No one advantages on the off chance that you deceive yourself
about the workload you are really ready to handle. Likewise, your little
business does not yet have the customer certainty that corporate giants have
with the public. Let this be preference. Build reliability with the customer by
demonstrating transparent integrity in every way possible. Business
people must have a high respect for integrity and reliability both on their end
and on the end of their suppliers and different inputs. With these two key
pieces the business will inevitably sink. In another endeavor a notoriety must
be established. This ought to be one of both integrity and reliability. This
will set the business up to start to construct a devoted taking after and a decent
name amongst buyers. Likewise these things are critical in a supplier. Without
a decent supplier a business can't work. The significance of integrity has
dependably been exhibit inside the business broadened group, and as of late it
appears to have missed the mark. The way that the Internet's commercial center
has extended so much, it has seen that the declaration of integrity, validity
and for sure reliability have all ended up more critical. As there are more
choices, more organizations to browse amongst the endless region of the
Internet – clients won't buy either a decent or an administration from anyone
who don't indicate no less than an acceptable level of reliability. Also,
indeed, most will run with the business they find have the exceptionally most
abnormal amount of integrity. After some time,
your reputation of practicing integrity and reliability in business will spread
and you will pick up customers who in like manner look to keep up such
qualities in their own particular separate fields. This will stand you well
while offering for government contracts. Your reputation will constantly go
before you and people will feel safe working with you. At the end of the day,
you will procure trust in the business circles. Whether you are utilizing a
couple of people or an expansive work power, you will appreciate better
representative execution when you maintain integrity and honesty in your
business. A moral work air sets the stage for superior. Integrity and honesty
are the characteristic of initiative in any field. These two columns are a
business' essential systems administration instrument and will take you from
dark spots to remain before lords.
Initiative 
Initiative can be characterized as a powerful urge for success of any
objective through diligent work and determination. The great achievers of our
time have all had it. People with this quality attribute emerge as individuals
who continually drive towards their objectives and dreams individuals with this
quality are not the kind of individual to stagnate sit still. They have an
inward clock that is continually ticking and meaning that they must be doing
something to get up and go. The distinction with initiative entrepreneurs is
that they won't lounge around and hold up or hope to attain to these
objectives. They get up and follow them! These days, the business universe of
today is moving at a quick speed. A business visionary ought to be able to take
initiative by creating new things, new systems for showcasing the items and
administrations. The business opportunity, imaginative creative ability is
viewed as inestimable resource in the business world. Numerous individuals feel
that just security powers to be initiative, which isn't right. Business is such
a field in which businessperson must have this qualities keeping in mind the
end goal to get himself up to the top. For instance, to prosper the business,
entrepreneurs must take initiative to begin managing the obliged organizations
before another person exploits that opportunity.
Versatility
An entrepreneur who is
versatile opens ways to different open doors than the individuals who aren't.
Versatility can likewise be considered as far as finding out about societies
and its dialects to speak with clients as it can assemble an in number business
connection with customers. Furthermore getting data all the time acquiring data
about the business to be more aggressive than different organizations is an
essential trademark. It's awesome to be excited or actually unwavering about
what you do. At any rate being versatility about client or market needs will
prompt disappointment. Remember, an entrepreneurial try is not just about doing
what you acknowledge is extraordinary, moreover making viable business out of
it. Market needs are component: changes are a repeating sensation. Viable
agents welcome all proposition for progression or customization that enhances
their offering and satisfies client and market needs. A thing you make for
yourself alone may qualify as a diversion, however a thing for the business
should satisfy market needs. One sign of business people is their capacity to
adjust to the changing requests of their clients and their organizations. In
this quickly changing world economy, versatility regularly prompts
disappointment. The capacity to react in an adaptability way to steady change
obliges a high level of innovativeness. The physical and mechanical sciences
are yielding new items and more productive routines for creation. A decent
agent ought to have the inclination for exploration and versatility to apply
exploratory discoveries to contend and stay in business. Since in today's
reality, rivalry is most unsafe thing, which can truly immaculate one's head
under the table. So the agent must stay up with the latest and must can change
with the time. Case in point, Nokia changing themselves with the progression of
time put them on top of the various handset-fabricating organizations.
Decisive
The
ability to make decisions and solve problems is a key to the success of every
enterprise. An entrepreneur must be able to analyze and interpret a problem
situation, consider a number of solution options, reflect upon their viability,
and make a decision regarding a course of action Entrepreneurs ought to be
decisive in their decision as in they ought not be extremely inflexible in the
decision making procedure. In the event that
the circumstance requests a change in the
decision that will be gainful to the endeavor, then in the wake of examining
the upsides and downsides of the decision, the business person ought to
reconsider or adjust or change the decision. A
decisive person demonstrates the capacity to settle on decisions rapidly however
viably. An Entrepreneur needs to be decisive to be a decent pioneer.
Vulnerability in any association is an executioner. At the point when an
Entrepreneur takes too long to make a decision – either because of absence of
learning or apprehension of making the wrong one, it makes a time of
nervousness in the representatives. It is frequently better to figure out how
to say "yes" or "no" more regularly than
"perhaps." Your representatives will regard you for settling on snappy
decision despite the fact that you may not be right in some cases. Being
decisive does not mean being imprudent or building decisions with respect to
your gut feel. You have to consider all relevant actualities in landing at the
decision, but don't over-analyze and delay pointlessly. Business people need to
show others how it’s done. Being decisive themselves will impart the same level
of fast reaction in whatever remains of the organization.
Entrepreneurs
call all the necessary shots. While their creativity makes them men of ideas,
it’s their ability to make decisions that will make them men of action. The
decisions that entrepreneurs make will determine the fate of the company, and
its only through decision making skills will have his company caught in a state
of inactivity and degradation, good decision making skills, on the other hand,
will ensure that the best possible measures in putting up the business will be
enforced.
Time
competence
In this competitive world, time-competence plays an essential
role in entrepreneurs. They must know how to manage their time in the business.
Being on time and being in a right place can lead entrepreneurs to success. Business
individuals have the capacity to make a timetable and record all thoughts,
discussions and exercises for a week. This will help business people see the
amount they can done during the course of a day and where their valuable
minutes are going. With doing this practice, business people will perceive the
amount of time is really spent creating results and the amount of time is
wasted on ineffective thoughts, discussions and activities. As I said, being on
time and being right place is a key to achievement. And additionally,
Entrepreneurs need to aside time for basic thinking and arranging new thoughts
for your business. In any case discovering the right adjust of arranging and
making a move can be a real test. Here are simple rules for conceptualizing
that will likewise spare business people valuable time. The right time –
Brainstorm at business people's most innovative time, however not during crest
work hours that others are depending on you for operational backing and choice
making. The right place – If business visionaries do all their work in one
office or room, attempt to physically change areas for innovative conceptualizing.
Business visionaries will get more beneficial conceptualizing out their
restricted time and an abundantly required break.
Perceptiveness
One critical nature of business enterprise is the
individual's perceptive quality. Just extremely perceptive entrepreneurs can
recognize thoughts that are well on the way to succeed, the nature of
advancements that would give the arrangement that the business sector is
holding up for to lap up and the individuals who can convey the obliged
inventive solutions for the business market and the association. Such
perceptive quality is by and large extremely individual. The best business
visionaries are tuned in to their reality. They have created rich mental models
of the business sectors in which they work and have, accordingly, improved
their capacity to see all the more 'opportune spot perfect time' opportunities.
They perceive business movement and know how to modify productively. You must
perceive what your customers need and need to make the right moves. Attempt to
stay in contact with your business area. Where your things or organizations
address the issues of the world, in that lies your most unmistakable
accomplishment.
Jeffry Timmons, a standout amongst the most regarded
reporters on the point of business, has characterized the term in his book The
Entrepreneurial Concept as "the capacity to make and make something from
for all intents and purposes nothing." His definition takes the soul of
the word, the feeling that ambitious people are similar to conjurers, making
flourishing associations out of smart thoughts and a ton of sweat. Timmons'
words insight at the myths inalienable in the basic comprehension of business.
And also I could include some point is that a keen business visionary knows how
to guide a little business by watching political and financial improvements.
Eventually, learning is the best strategy to point of confinement danger and
along these lines build the possibility of achievement.
There is a decent sample about perceptiveness that
Entrepreneurs don't avoid issues. Rather, when confronted with issues, they
invite them as circumstances or difficulties. During the mid-1980s, Canadian
soft-drink maker Cott Corporation had a problem. How would it be able to plan
to contend with Coca-Cola and Pepsi, the two giants in the soft-drink business?
Gerald Pencer, Cott's entrepreneurial CEO, was extremely perceptive.
Exploration demonstrated that soft drinks were one of the greatest selling
things in stores. Pencer chose to create Cott as a private-name bottler. Cott
contracted with grocery stores and other retail locations to give a mixture of
soft drinks that could be packaged under the retailer's image, for example,
President's Choice at Loblaws or Master Choice at A&P. Cott's item tested Coca-Cola
and Pepsi by adding to an entire new technique for circulation — one that
permitted retailers to make more benefits by offering customers a much less
expensive soda pop. Today, Cott is the world's biggest retailer brand/private
name soft-drink supplier.
Ability to Learn from Mistakes 
Mistakes and failures,
contrary to their negative connotation, serve as important elements in
entrepreneurial skill development. The interviewed entrepreneurs report
different accounts of failures and mistakes in their mistakes in their business
experiences. The entrepreneurs also describe how they were able to use these
situations to their advantage. Success depends on the ability to deal with mistakes a
number of factors: the ability to accept mistakes, and the ability to reflect to
advance the development of the ability to reveal the causes of mistakes and
mistakes skills, the ability to prevent the use of available resources. The
mistakes experiences become learning situations when the entrepreneurs adopt a
positive attitude toward the mistakes. Instead of being discouraged and
focusing on negative results, the entrepreneurs who successfully deal with
mistakes
adopt a practical attitude of learning from
negative experience. When entrepreneurs acknowledge their mistakes, they also
accept a responsibility for their mistakes. This positive and
constructive attitude toward failures experiences allows entrepreneurs to
analyze the causes of their mistakes and find a viable solution. Investigation of mistakes has been altogether
encouraged by instructing peer group discourses and the imparting of mistakes
and failures encounters among associate business visionaries. A few ambitious
people mirrored that guiding has served to recognize and understandable their
mistakes. The gathering dialog of the mistake encounters have served as a
discussion for investigation of the ambitious people own mistakes and in
addition for finding out about mistakes of associate business visionaries. The
last experience is esteemed as a huge instructive resource. The business people
feel more great and confident dealing their failures and mistakes when they
have extra resource with which to address their mistakes, for example,
individual instructing and gathering backing. Various business visionaries
escape from the round of big business because of the trepidation of submitting
mistakes. They see mistakes as awful because mistakes often cost money and pain;
so they avoid it like an infection. However effective business visionaries see
mistakes as a learning instrument; they see it as an opportunity to find some
new data. Successful businessmen commit mistakes in business yet they don't
stop. They know mistakes are a bit of the strategy of business, so they pick up
quickly from these mistakes and continue forward.
"Indeed a mistake may
end up being the one thing important to an advantageous accomplishment." -
Henry Ford
Ethical – Consciousness
The
ethical standard of business is that there should not be cheating, fraud and
commercial bribery in business. An entrepreneur who uses unethical practices
will soon find himself without customers. A good businessmen has the social,
moral, and religious responsibility to follow the ethical standard of business
to earn legitimate profit and stay long in the market. Ethics is one of the
most essential things in business, if a businessmen’s weak on his ethics side,
there would be no chance for his survival in business. In other word, moral issues are common in entrepreneurial situations in which different
behavioral norms and interest conflict owing resources, high uncertainty and
risk, ill-defined roles and constant competitive pressures. Most commonly,
entrepreneurs encounter moral issues when choosing between pursuing
self-interest and maintaining normative business ethics.Yet as recent corporate
scandals show, some entrepreneurs perform extremely poorly when faced with such
ethical challenges. Moreover, some do not even perceive the moral issues that
arise in these situations. In that sense, they are morally unaware. Lacking
such awareness has significant implications, for if a person is morally
unaware, then he or she is most unlikely to consider moral issues in
deliberation and decision making. From a normative perspective, lack of moral
awareness thus increases the risk of immoral behavior and unethical decision
making. Moral awareness is therefore foundational to moral reasoning and
ethical decision making. We can take an example of our local markets,
one can always see number of good shops in the market, but no rush on it, that
is because of their ethical standard which they lose, once ethical standards
are lost, regaining it is almost impossible.
Foresight
A
good businessmen has an eye on the past performance of his business, its
capacity to produce for the future demand of his products. If he has the
necessary foresight to its operations for a period ahead, the business will be
a success and the businessmen earns profit. Foresight also means one kind of
planning things for the future, a businessmen should keep an eye on its past
records and mistakes in each and every step in order to make his future bright.
Being foresight leads entrepreneurs to be successful in many fields. As well
as, the entrepreneurs have a decent foresight to think about future business
environment. In another word, they well imagine the probable changes to occur
in business, buyer disposition and taste, mechanical advancements, and so on
and take fundamental and convenient activities as needs be. Foresight is an
activity situated deliberate procedure that ought to incorporate a wide range
of foresight (research, innovation, competitive, shoppers' foresight) at a
corporate level. This procedure is not just about the investigation of the past
or current plans and future predictions inside an organization. These are the
main related courses of action that can help to coordinate vital business forms
through back to back efficient activities in distinctive ranges. Yet these
efficient endeavors must make anticipative knowledge and utilitarian systems
that will empower an organization to profit from what's to come.
Method of foresight will give a sound
theoretical and practical establishment for the effective practice of foresight
in numerous fields. The expert system will essentially speak to those
individuals who are as of now high achievers part-route through a vocation way
and wish to create proactive ways to their work, or maybe alter course. Being
foresight gives entrepreneurs the important establishing in future studies and
foresight function and in addition a scope of connected usage alternatives. For
example, Nokia, working on the basic formula of satisfying customers, and they
started to improve their handsets according to the consumer wants, so, through this
they had a foresight of ruling markets which they did.
Biography
of Jack Ma. Founder of Alibaba.com
The economy of China is
among the world driving economy and the economy of the People's Republic of
China is the third biggest on the planet, after the USA and Japan in 2008 with an ostensible GDP of US $4.91
trillion in 2009. As a result of this there are heaps of business opportunity
in the nation for business visionary from China and everywhere throughout the
world. All things considered, there are numerous noticeable Chinese business
visionaries who has investigated business opportunities here and made their
dream get to be genuine and get to be effective. This entire article will tell
about the life of the extraordinary & famous ambitious person Jack Ma or Ma
Yun, “The Godfather of Chinese Internet" for his prosperity components.
Jack
Ma was conceived on September 10, 1964 in the little and excellent city of
Hangzhou, Zhejiang Region, China. Jack Ma was not conceived into rich family,
he have a place with a typical lower center Chinese family, with no budgetary
family foundation to begin his business in his encouraging start of business.
Jack Ma in the starting got failed the selection test twice however that never
turned into an explanation behind stopping to get on the way of achievement. At
the age twelve Jack Ma chose to enhance his English dialect aptitudes by
managing the remote visitors. This brilliant and intriguing learning open door
gave him motivation to deliver new thought by conversing with the western
tourists, this thing turned into a critical point of interest in his life as
the English language turned into an exceptionally fundamental component in
beginning his fantasy business. Jack Ma had gone to Hangzhou Teachers College
and graduated in the year 1988 with a Four year education in liberal arts. At
that point after, he functioned as English educator in the University. In 1995
he got a chance to go United State of America for a Chinese government's
expressway extend as an English interpreter. During this visit to USA when he
was in Seattle he got an opportunity to utilize the web for the first time and
then he perceived the opportunity. "I know this will change the
world." said Jack Ma in meeting with BBC columnist Carrie Grace. Jack Ma
with the assistance of companions in the US first begun building sites for
Chinese organizations. In the wake of returning to China from US visit Jack Ma
welcomed 24 of his companions to his home and told his thought of building site
to his companions, then again, 23 of his companions let him know that he didn't
know anything about the web, and additionally, he didn't know anything about
PCs, above all he did not have any cash, how might he be able to begin a web
business. However, one of his companions let him know: On the off chance that
you need to do it, simply attempt it. In this manner in 1995, he attempted to
endeavor his thought by making a web site named as china Pages, yet around then
individuals were not mindful of web, so it was an enormous issue in persuading
individuals about the utilization of the site. The vast majority of the
individuals accept that web will never turn into a reason in the change they
could call their own business. Despite the fact that, it was extremely hard to
fire up the business toward the starting, Jack Ma had never considered
surrendering. Along with the fast development of the Chinese economy, the PC
got to be more valuable in the day by day business.
Jack
Ma with his business to business, web access of Alibaba.com has given the
Chinese business numerous chances to exceed expectations in the business, to
have offered chance to his self to attain to greater in life. In 1999 he began
to assemble his own Internet B2B web stage in the word, which has 36 Million
enlisted clients in the 240 nations on the planet; this likewise incorporates
very nearly 7 million enlisted clients outside of China. Alibaba.com has
produced 2.2 billion RMB (220 million Pound) incomes worldwide in initial nine
months of 2008, is 43 every penny development of 2007. Since 2007 Alibaba.com
has additionally assumed control over the Yahoo China. Until 2008 Alibaba.com
has turned into the fifth biggest web organization on the planet. The
children's story of Jack Ma with his endeavor Alibaba.com which made him one of
the wealthiest man in the world, however his inspiration is not cash, in the
meeting with BBC correspondent Carrie Gracie, Jack Ma said: I think my happiest
time when I was still an English educator, I just had 10 Dollars a month,
around then I thought on the off chance that I labor for two month I will get a
bike, and I had never thought to be a rich man. According to the estimation of
business enterprise, that cash is regularly simply verification of achievement
of the ambitious person, it is not an end of itself. Jack Ma preferred
difficulties, he supposes this is one of his inspirations, however inspiration
alone can't make business. As per the plan of action given by Timmons, the
business visionary needs to adjust opportunity, Asset and Team. It is
exceptionally essential for a business visionary to continue eye for
circumstance, as in 1995 a not very many individuals in china could perceive
that the web would turned into the a standout amongst the most essential
instrument for the future, however Jack Ma redesigned as well as get this
opportunity and he exploited it as he trusted in himself and had the capacity
confront each challenge that came his way. Moreover, he had a breathtaking
group as he said in the meeting.
Another
the most vital thing for an ambitious person is Resource, and individuals are
the most critical Asset for Jack Ma and as Jack groups the quality and capacity
to lead from the front. During his understudy life when he was mulled over in
University he was accountable for his understudy union. From that point on his
profession he turned into the head of the understudy union for the whole
college in the Hangzhou city. From 1997- 1999 he has likewise worked for the
legislature at the bureau of Ecommerce. Furthermore, he lead 16 web engineers,
who every one of them not just tailed him when he cleared out and set up his
own particular site Alibaba.com, additionally pooled the greater part of their
cash (add up to 500000 RMB, 50000 Pound) to establish Alibaba.com. Until know none
of these specialists have left Alibaba.com. Moreover, the other crucial
component is Jack Ma's family, in light of his wife's backing to him and taking
care of the family extremely well. Jack Ma was pressure free from his family
undertakings because of this he can focus on his business. As Timmons notice,
Team is additionally vital for business enterprise in 2006. Jack Ma had a
tremendous group working for him, which he specified in the in the meeting. He
specifies that he will let architect make everything and he will test it. It
implies that he trust his group, this is the strengthening of the group, one of
administration's capacity (Grint 1997). It is likewise extremely sensible that
Jack Ma said, if any organization has a numerous insightful and fit representatives,
by and by the vast majority of them will battling for their own particular
thought and need to be the best of the colleague, on account of this, everyone
work for their own. It is constantly extremely troublesome and hard for an
organization to force each bodies head in the same bearing. Then again in Jack
Ma organization the representatives were not additional customary, individuals
work for him yet this individuals are join together and moving together into
the same heading as a group or family, however the workers in Alibaba.com are
working for the same objective, the objective will be come to quicker,
regardless of the possibility that Alibaba.com does not have exceptionally
canny workers.
Why
has Alibaba.com gotten to be so effective, is it simply a run of great lucky
qualities for Jack Ma, or the majority of his manifestations?
As
per the Opportunity Business Model, this incorporates the Market Analysis and
Industry Analysis to comprehend the achievement of Alibaba.com. As we
investigate the measurement in the business investigation, there are
fundamentally four primary Dimensions such as, proposition, individuals, and
benefit. As we have talked about Process and individuals have been specified
presently we will concentrate on the Timmons Model. To begin with, the
Proposition, as Jack Ma said in the meeting, that he needs to help the little
and medium size ventures. He knows the key plan of action is to give little and
medium size organizations with simple access to purchasers or suppliers all
around the globe. Taking after the fast development in the Chinese economy, the
web have developed at a speedier part and has assumed his part in the
accomplishment of the nearby business, data trade needs to be speedier around
the world.
Taking after the take off
the Chinese economy, the web clients have developed every year quickly, particularly
business utilization, the data trade needs to be quicker around the world. This
is the opportunity which Jack Ma has found. He knows his statement of purpose
and he realizes that is quality for the potential client, and it can continue
pulling in the client. Second, the Profit, Alibaba.com has produced 2.2 billion
RMB in the initial nine months of the 2008. It is much the same as a cash
generator machine. Thusly, how the Alibaba.com produced the income? As
indicated by the meeting of Jack Ma, when the client joint the participation
they will consequently get three years free administrations keeping in mind the
end goal to draw in More individuals, than there is a 500 USD yearly
participation charge and for residential exchange the charge will be just 300
USD. This is the way that Alibaba.com makes their benefit. Taking a gander at
the business sector Analysis, we can see that Jack Ma has focused on the
business client with little furthermore, medium endeavor, who need to discover
the purchaser or supplier in the overall business stage. This purpose for this
target business sector is that little and medium organizations on the grounds
that vast multinational organizations have their own particular source and are
extremely troublesome for them to roll out an improvement. In the other side,
we see the Industry Analysis that there are not any industry rivals. Jack Ma
takes advantage in First Mover Dominance of Lock in Strategy (Johnson 2008),
because of the web being new in the center of the 90's the point at which he
began up the business. Until the web got to be more prominent, the financial
matters of size of Alibabao.com has gotten to be inaccessible, if there any new
firms section to the market, the new enterprise won't ready to contend the
Alibaba.com.
Among
the time period from 2002 to 2003 the web business has dropped to its
record-breaking most minimal in the web history. Alibaba.com does not profit
nowadays. However the internet gaming segment is exceptionally productive. Jack
Ma had seen this opportunity, as he saw he possess child playing these
diversions throughout the day long. In spite of the fact that, Jack Ma knew
this was a colossal potential business, he understood that internet gaming
don't convey any advantage to the individuals; indeed is a medication it can
destroy individuals' life. Thusly, He told his representative; "we will
pass on for yearning, disregard the on line gamming.” Jack Ma's choice
difficulties a few hypotheses of addressing about business person and moral
issue. Hanna-fey (2003) recommends "Ambitious person may not
satisfactorily the moral outcomes they could call their own choices also, their
firm exercises." Although, the web gaming could make great benefit that
can help Alibaba.com out of a trench, by considering the moral issue and
Corporation Social Responsibility Jack Ma has given up the open door. Informal
communication players a vital part for business, as there is no confirmation
that the informal communication assumed any part in the life of him. The reason
could be that there may be no reason for him as the business he is in may be of
high innovation. Moreover, a few components that in the Opportunity Business
Model and in the Timmons Model may not have said, those are at the opportune
time, in the perfect spot (Wagner 2006) and settle on the right choice, which
those components are being superposition coincidently in the same time and
can't control by business person himself. In the event that Jack Ma does not
get the time of the Internet blast, in the event that he had no contention with
his E Commerce of the government and he didn't leave his employment or he
didn't settle on the right choice in setting up his own business. Considerably
more, in the event that he was not conceived and lived in China he would not get
the web blasting in China. In some cases, a fruitful ambitious person is
additionally produced using a serial of the incidental components, along these
lines those components may be consider in the Opportunity Business Model as
indicated in the obviously, it is in light of the own willing of that business
visionary, for example, whether he continues searching for another open door
what's more, brings the danger with an incredible group.
Chinese
Entrepreneurs have done a considerable measure for the Chinese economy and they
have been a significant constrain in putting the Chinese economy more right
than wrong. As above we broke down his experience and his Entrepreneurial and
Innovation Process. Moreover, by looking at and investigating his business exercises
with the speculations of the Timmons Business Model (Timmons and Spinelli 2006)
and the Opportunity Business Model we discovered a few likenesses. There are a
few components that these models may not ready to unmistakably clarify, which
may fundamentally influence the entrepreneurial exercises. These components,
for example, being in the opportune time, in the perfect spot to settle on a
right choice. In any case, by dissecting the achievement of Jack Ma we can
genuinely comprehend that a run of great lucky qualities can't make a win
business person.
A successful business visionary is the person
who has a dream of chance, who has confidence in his thought and has the
willing to take the challenge, who has an extraordinary group and a family to
bolster him, and who can join all the components of the Business Models to
process his thought to wind up workable. So as an identity Jack Ma is an
illustration for other, who had a dream and who had faith in his capacity and these
thing made him a successful business person.
Integrity and Reliability of Jack Ma
In
competitive world, everyone wants to be successful in their business and life.
Jack Ma has a different types of characteristics which they lead Jack Ma to be
successful in his career. One of the most characteristics of Jack Ma is
integrity and reliability. This type of character leads Jack Ma to communicate
and save their consumers. Because every consumer wants to take their products
from company in setting of reliability and integrity. Jack Ma respects the
level of trust shown by his follower. People trust him and he also trust its
employees. He always supported them and increase their morale. Jack Ma was
responsive in nature. He never disappointed anyone. It is the quality that
shows the leader is interested in behavior of the subordinates. They are being
measured and each of their activity is being measured by their leader. Jack Ma
always go among the people asking their problems and providing them solution
about it. If
Alibaba.com could contribute something to the Chinese society, we hope it can
bring Chinese society onto a new stage where people integrity contracts,
integrity the efficiency in resource distribution, and integrity the
inspiration of innovation. We are working towards this end. Build reliability with the customer by demonstrating
transparent integrity in every way possible. Business people must have a
high respect for integrity and reliability both on their end and on the end of
their suppliers and different inputs. That’s why Jack Ma believes that making
integrity on both consumers and employees brings to work collaboratively to
each other.
Ability to learn from mistakes of Jack
Ma
Success
depends on the ability to deal with mistakes a number of factors: the ability
to accept mistakes, and the ability to reflect to advance the development of
the ability to reveal the causes of mistakes and mistakes skills, the ability
to prevent the use of available resources. That’s why a leader always accepts
the mistakes and failures so that its followers do not hand over their faults
to others. According to Jack Ma, “giving up is the greatest failure.” If you go
out, try your best and fail to achieve your goal but see it through to the end
you are a success. Like all great leaders, Ma recognizes that a person is
able to learn the most from obstacles and hardships. They key to success is
persevering and learning from your mistakes. Jack Ma always took the fair of
share on his shoulder and accepted it. Then he worked with full enthusiasm and
got the success. Initially he was English teacher in a university. Teacher best
know why it is necessary to accept our faults and that’s what he applied to the
organization which worked successfully. Moreover, He has ability to keep his
eye on other’s mistakes. For instance, at present,
Alibaba.com makes much higher profits than eBay or Amazon combined! The reason?
Jack Ma avoided the existing pitfalls in China, studied closely the mistakes
done by other US companies and created a better business model offering more
advantages over the existing ones. For example: Where eBay charges money from sellers and
has policy of compulsory pre-payment, Taobao.com gives it for free, allows
payment on receipt and earns from advertising and additional services.
Jack Ma knows mistakes are a bit of the strategy of business, so he pick up
quickly from these mistakes and continue forward.
Foresight capacity of Jack Ma
Jack
Ma believes that a good leader should have foresight. He should try to stay one
step ahead of the competition and anticipate how decisions will play out ahead
of other people. Taking time to develop creative thinking skills and following
informed intuition is a hallmark of any great business leader. Foresight
ability means one kind of planning things for the future, a businessmen should
keep an eye on its past records and mistakes in each and every step in order to
make his future bright. That’s why, Jack Ma had foreseeing capacity which
helped him future analysis of the company and strategies in accordance with
could be made. Future plan needs understanding the problem thoroughly and then
discussing. To determine the course of action, vision must be proper for a
leader. Jack Ma is the man with such vision who used his vision to find out
ultimate strategies for Ali-baba Group. He always shared this vision with the
other employees and helped them to feel the future aspects of the company and
how they can make efforts for growth of organization. One example of Jack Ma’s
quote relates to the foresight is that “Remember that your past successes may
lead to your future failure. However, if you learn a lesson from every failure,
then you may ultimately succeed.”
Versatility of Jack Ma and Ali-baba
There
are likewise different organizations seeking piece of the overall industry in
Chinese and the most well-known one is eBay. Following 10 years, in 2011,
Ali-baba had 90% piece of the overall industry however eBay China had just 3%.
What was the deal? Jack issued us his reply, every organization needs to
converse with the administration particularly neighborhood government to make
them comprehend what is the organization's doing. What's more, they must regard
Chinese market and the nearby convention. Jack must take in a great deal about
the guidelines when he participated with China Telecomm back his years in China
Page, the first organization he attempted. It is the organization's destination
to meet the objective of fulfilling both clients and government and it is the
nearby government, which is reacting generally quickly.
So
Ali-baba settle on his most insightful choice to versatile to the circumstance.
Converse with governors and change the way the organization worked. He
additionally touched the most touchy money related part business and he
survived. Since he knows the tenets, which other universal giants need invest
decades to learn. Jack Ma said that one sign of business people is their capacity to
versatile to the changing requests of their clients and their organizations.
Jack showed flexibility in his work. He easily moderates the issues arising in
any circumstances in the organization. He always procured new ideas and
procedures.
Initiative of Jack Ma
The most important
character of entrepreneur is initiative which it leads entrepreneurs to be
successful in their business. He has initiative to think about his employees
and country. Jack Ma has a great initiative to inspire his companions to do
business. Because when Jack Ma arrived to Chine from US, he immediately want to
set online market place in China. In this time, Jack Ma initiate his colleagues
to do business in online market place. According to Jack Ma, “I am not
optimistic, I would never survive for 15 years doing internet in China.” One of
the quotes of Jack Ma is that "Life is like a box of chocolate, you
never know what you're going to get, but you have to be realistic."
Conclusion
As a
conclusion, entrepreneurs play an important role in creating job opportunities.
They tend to be careful when starting by creating a small number of jobs but
they tend to increase or create more jobs. This will also help to improve
employment situation of the country. Entrepreneurs do play a role in
strengthening the economic growth of a country as well as speeds up
modernization by doing research and development. Creates wealth
to entrepreneurs but it is also very important to give back to the
society by doing CSR projects which in return would bring benefit to the less
fortunate. As we know, every aspects of entrepreneurship give country to be
more powerful and financial strengthen in hyper-competitive world.
Entrepreneurs focus on achieving his own plans and objections, give full
attention to market demand and changes in technology.
References
Brenkert. (2009). Innovation,Rule Breaking and the
ethics of entrepreneurship. Business Venturing, 448-464.
David C. McClelland. (30 may.1986). Characteristics
of Successful Entrepreneurs. Creative Behaviour, 219-233.
Debra Schepp and Brad Schepp. (2010). The
official Alibaba.com Success guide. Canada: Hoboken, New Jersey.
Donald, F. (2009-2007). Entrepreneurship
Theory/Process/Practice. USA: South-Cengage Mason.
Liu Shiying and
Martha Avery. (2009). Alibaba. New York: HarperCollins.
Scott Shane Andrew. (2000). A general theory of
entrepreneurship. Edward Elgar Publishing.
Thomas W. Zimmerer and Norman M.Scarborough. (1996).
Entrepreneurship and New Venture Formation. Prentice Hall,INC.
Appendix II: Group Members
No.
|
Name
|
Email
id (Valid)
|
Mobile
number
|
Signature
|
1
|
Sardor Annaev
(Group
Leader)
|
231511
|
01131549269
|
|
2
|
Yang
Qing Chi
|
231493
|
0164301403
|
|
3
|
Oripov
Mukhriddin
|
228636
|
01114567170
|
|
4
|
Wang
Yanfu
|
231485
|
0165402049
|
|
5
|
Shakhrom
Jurabekov
|
223594
|
0175128438
|
|
6
|
He
Rui
|
231264
|
0165471708
|
|
7
|
Appendix
III: Meeting
Meeting No:
|
||||||
Date 24.03.2015
|
Meeting Time: 16:00
|
Called By: Sardor
Annaev
|
||||
Meeting Title sdsdTTitlecalled by
|
Collecting information
|
|||||
Facilitator
|
Sardor Annaev
|
|||||
Note taker (Attache
|
Yang Qing Chi
|
|||||
Attendees
|
Name
|
Signature
|
Remarks
|
|||
Sardor Annaev
|
||||||
Yang Qing Chi
|
||||||
Oripov Mukhriddin
|
||||||
He Rui
|
||||||
Shakhrom Jurabekov
|
||||||
Absent
|
Name
|
Reason
|
||||
Wang Yanfu
|
Did not attend any meetings
|
|||||
Agenda:
|
||||||
Discussion
|
We divided our topic to each other. Then We
were searching our parts from books, journals, magazines and internet. And We
shared our knowledge to each other about entrepreneurship. We gave questions
to each other. What is entrepreneurship? Who is Entrepreneur? What kind of
characteristics need to successful Entrepreneur?
|
|||||
Conclusions
|
In conclusion, We collected our topic parts
in one paper then read all of the sentences and characteristics of
Entrepreneurs. We concluded our topic with a variety of sharing knowledge
about entrepreneurship. We understood all of the aspects of entrepreneurship
in the end of our meeting.
|
|||||
Action Items
|
Person Responsible
|
Deadline
|
||||
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