No 1

One of the mistakes that Bill make in terms of the new venture is attempt to do everything
all alone without any seeking anyone’s help. Although Bills have good comprehension and
knowledge of microcomputer components but in other hand, he is new to produce and form
the microcomputer components. Although he involves in research but doesn’t mean that he
can layout the microcomputer components without any error. Besides, in the early of starting
a business, it is common for Bill to think that no one can do better than him as he is very
familiar about the microcomputer but he have to understand that research is different from
designing microcomputer components as the components is gone use by consumer for longer
time and for longer usage. Although Bill knows well about the computer components but the
over confidence that Bill has and attempt of designing by own has make Bill to face problem
after he deliver out the components to government

Second mistake that Bill make is doesn’t allocate sufficient time to test the product. Bill
just focus on creating the microcomputer components but he forgets about the quality. He
should test the components at least for few months before he delivers to government. When
producing the computer parts, it’s vital for Bill to set his thinking to customer first concept.
Maybe Bill is too happy that he is successfully get the contact based on the proposal that he
submit and he starts to think about making money without considering the importance of
satisfaction and quality of microcomputer components. The satisfaction and quality of
products is important to pull loyal consumers in business. Bill doesn’t understand well about
the business, cause seems like Bill thinks that he only selling computer components. In
business, selling products is not only the role, there are many roles that need to play by Bill as
well. Furthermore, testing can help Bill to recognize the mistake that Bill do when creating
computer component

Third mistake that Bill make is market before Bill knows that his components work well
by contracting with private firm. Bill doesn’t know for 100 percent that his microcomputer
components can operate well or not with his own perception without waiting for
government’s feedback, he starts to market and have deal with private firms. Market can play
important role to make a business success because market is any place where supplier,
manufacturer, distributors or retailers sell and consumers buy. Hence, Bill has made wrong
decision where it can lead to business failure. Without having any proof that his components
work well, he started to sign contract with private firm but at last when government inform
him that his components got quality defect at same time the private firms knows that his
components that send to government have quality defect. So, this can be affect his business.

Finally, Billy does not do feasibility study before introduce the microcomputer components.
As an entrepreneur, their ideas should go through feasibility study. This is because its helps
to identify any failure or flaws that might exist. The first step of the study that Bill should
conduct is Technical feasibility. This technical study helps to conclude the specifications of
the components.
No 2

One of the ways that can be taken to prevent the problem is Bill and his colleagues should
consult or partnership with good manufacturing company to manufacture their product
according to their plan or design. A good manufacturer can help to produce the design that
Bill make. They can play an important role in producing better microcomputer component as
they have more experience and equipment in producing it. Besides, Bill can show his
blueprint to the manufacturer and make sure the manufacturer understand what Bill want as
final product. As Bill knowledge and manufacturer experience join together, they can
produce a better-quality microcomputer component. Thus, by choosing good manufacturer
can prevent the problem.

Secondly, the important thing that Bill and his colleagues should done is either waited or
request review from government for the product that Bill deliver before he engages with
the private firm. This is because Bill shouldn’t be over confident with his products. One of
important element for a business to be success is to listen customer’s complaint and feedback.
If it is negative should find solution to solve it. Thus, in this case Bill done the mistake by not
waiting for the feedback from government regarding the products. Since Bill is new and he
has no experience nor has a good review from consumer of using the components for longer
period. Thus, Bill should wait for the feedback from government and make sure the
components operate well for long term before he expands his business to others. If he has
done that way, he wouldn’t face the problems with private firms now. Private firms who are
interested with his products but due to not waiting for first customer feedback can causes Bill
to face big problems which can lead him to lose customers. Customers always want a product
which can sustain longer so Bill should wait for the government to try his components for
longer period. We won’t know how the products can sustain until the consumer use it through
its paces. Thus, by allowing consumer to use the products for longer time can help to identify
any defects in the design and workmanship. As in Bill case, if only Bill waited for the
feedback, he would know the defect in his design and can be solve before he signs contact
with private firm.
Finally, this problem could have been prevented had Bill undertaken a full length Feasibility
Study for her new venture. The feasibility study covers the following. Through this
technical feasibility study Bill can identify if it’s a technically workable or not. Market
analysis identify issues like whether the microcomputer components can be sell at affordable
prices or check either there’s a marketplace for it or not. Financial analysis identify either
through this business, Bill can earn enough profit or not. Organizational analysis to identify
the capabilities of the organizational and competitive analysis to identify competitors. If Bill
has conduct this study maybe he can recognise the problem in his components in his
prototype stage.
3

The lesson that provide to an entrepreneur is although you are specialist or confident with
product or service but still it is important to carry out feasibility study. Feasibility study
is important to conduct because that analysis will consider in all related factor such as
economic, technical, legal and scheduling consideration into the account. As a entrepreneur,
they should use feasibility studies to identify the advantage and disadvantages of undertaking
a project before they invest and expand the business. This study can avoid entering into risky
business.

Another lesson is should design a product or service correctly because faulty design can
give impact towards company future orders. Over confidence of Bill has led to fault in
design and effect his orders. If Bill have tested the components properly Bill wouldn’t face
the problem. It is vital to get an outside feedback about new product. Let’s say if Bill have
waited for the government feedback, he can identify the fault in design. He also would have
chance to improve his design better. Once consumer knows about the value of a product, the
demand will automatically increase. Thus, testing the product is very vital to develop the
business. After the product come to the final stage, stop from jumping directly into its
marketing. Before jumping into marketing, they should test the product or service before
introduce.

Market evaluation are the most important element that need to consider as an entrepreneur.
During market evaluation, the product idea should experience extensive evaluation and
research to identify its potential for meeting both customers’ needs and the company’s
financial objectives. Behind every successful goods or service present in the market today,
there is a story of generous market evaluation on customers. It is the first and the most vital
step in the improvement of any marketing plan. Market evaluation is one of the important
components to help business with all the essential information and making wise business
decisions.

Another lesson from the case is high risk that new technology or product or way of
creating implement in a new venture. A new technology risk can deficient the products. If
the technology is bad, product cannot be deliver as per promise. Thus, there are many risk
when implement or use new technology or product or way of producing in business.
Entrepreneur should be careful and always be ready with solution to avoid these kinds of risk.
1. a.

One of contributions of entrepreneur to society is developing new markets. Market

development is a broadening strategy that indicate and enhance new market segments for
exist products. Developing new market is targeted towards non-buying customers in currently
target segment. Besides, new market also can target new customer in new segment. It is also
another solution to improve the sales through new customers for the product. When
communicate with customers and hear feedback that “I have never consider this”, “There’s
nothing else like what you are offering”, and this is means that a new happen. In new market,
it’s hard to find competitors or substitute product. Whenever there is changes in customer
requirement, sure entrepreneur will take this opportunity to develop new market and satisfy
their customers and society. Besides new market can help set and fulfil customer
expectations. Necessity is the important element of developing new market. Most of
entrepreneur enter a market effectively because of their innovative methodology: regardless
of whether that is different in the good/service they offer, or in the manner by which they
convey it. Entrepreneur take an opportunity to develop new market when a problem happens,
they take this chance by finding the solution to solve the problem. For example, last time
some people feel lazy to bring out the laptop, thus here Steve Job take this opportunity to
solve their problem to invent IPad as a solution. Steve Job has successfully enter new market
and create new product at same time satisfy his customer and contribute to society.
Another contribution of entrepreneurs to society is creating employement. New business
need workers to run their business. Entrepreneur needs employee’s skills and hard work
where this can create job opportunity to the society. When job opportunity is created and
people in society have a better job, this will automatically help people in society to live a
quality lifestyle and also enhance economic benefit. When the workers earn better, they will
spend on local goods and service. This will lead to good and healthy society. Entrepreneur
can increase the job opportunity through two ways. One of the way is when entrepreneur
starts a business no matter what type of business they open, they need staff to run the
business successful. Without sufficient workers, a business cannot be run successful because
lack of workers can slow down their daily operation of any business. Another way of increase
job opportunity is when entrepreneur leave their current job and start up their own business,
there is already vacancy created and sure the company will somehow hired a new worker.
Furthermore, this way can increase job opportunity because the company might need more
than one people who the fill empty seat, it’s all depend on the job duties and value.
1.b

Tony Fernandes and Datuk Jimmy Choo are one of the entrepreneurs from Malaysia who
successful in their perceptive career. Tony Fernandes real name is Dato ’Anthony Francis
Fernandes who is the founder of AirAsia. It is the first budget airline company in Malaysia.
Datuk Jimmy Choo is fashion designer and he is well known for the quality and style of his
handmade women's shoes.

One of the characteristics of both of entrepreneur have contribute to his success in

entrepreneurship is risk taker. He was so brave and take risk by buying Air Asia with RM 1
and with nearly RM 40 million debt in 2001. Before he enter into this industry, he doesn’t
know anything about airline industry but he take risk and buy Air Asia. Although after the
911 terror attacks happen, he doesn’t give much importance to uncertainty risk to enter the
airline industry. Tony knows that risk is dangerous but it neglect it and he think as an
opportunity to improve and grow his talents, interest, abilities and dreams by taking risk. He
was ready to take the risk and meet the obstacles and after two years he was successfully
turned Air Asia into a profitable airlines. Hence, all the risk that he took works and he make
affordable airline for everyone. After Datuk Jimmy Choo become famous, the accessories
editor of Vogue magazine hired him. Here Datuk Jimmy Choo shows his risk taker trait.
Although he knows that his operation is small and he able to make small quantity of
handmade pairs of shoes only but yet he was brave to face the challenge to cover the quantity
of the customer demand.

Another characteristic is optimism. Tony is a person who see the potential and find a way to
get there. He always alerts about business situation and he will quickly take decision with the
opportunity and treat exist. He had made his dream come true by running airline, owning
English football club and Formula one racing team. He always takes his failure as a way to
reach the success. He doesn’t end the business and give up when the AirAsia flight in
Indonesia crashed. He manages to gain back the confidence of AirAsia customer. His
optimism characters that had led him to open “Low Cost Airlines”. Jimmy Choo is a also
optomism and innovation person. He has extraordinary quality and his inspiring designs were
obtain from nature and the environment. Although he faces many challenges before but his
character of enthusiasm and keenness helped him to came across the challenges in order to
achieve his ambition to lead the brand of Jimmy Choo up until now.

Another characteristics of the both entrepreneur is leadership. Tony Fernandes destroy the
traditional parents and children relationship in his company. He has brought up an open plan
workspace where nobody has rooms. This allow him and his employee to contact anyone at
any time, AirAsia practise meritocracy, they have no problem in age, creed and gender. Open
culture in AirAsia cause the layers of bureaucracy is reduced, besides it also reduces the time,
cost and increase the efficient of company. This leadership skills make Tony Fernandes easily
in choosing the right team to improve his company. Jimmy Choo shows his leadership skill
during his age of 11 when he made shoes by himself. Besides that, he has the skills to
influence the society to buy his shoes. Jimmy Choo had partnership with Tamara Mellon, a
vogue editor, this shows that Jimmy Choo has the ability to work as a team. Working as team
is another character of being good leader. He also influence people to work with him to
achieve the goals. Jimmy Choo leadership skills help him to influence many people. One of
people that he influence was Prince Diana who was impress with his design shoes.

Networked is another characteristic that contribute to their success. Networked is one of an

entrepreneurial characteristic that allow the definition of an interconnected system of people
or things. Networked business is a socioeconomic business that carried out by entrepreneur
and allows them to construct a new business relationship and create business opportunities.
For Tony Fernandes his parents is his network. When his mother passed away in Malaysia,
Tony was at United Kingdom. He couldn’t come back to Malaysia due to financial problem.
At that time, he complains and feel that how easily if airlines provide cheaper fares. This has
encouraged Tony to lead him and own an airlines company. Another network is when Tony
watch television in London and he came across ads of low-cost airlines. That also cause Tony
to have idea to set up airlines. He like the business concept and plan to bring up in Malaysia
and keep the dream to improve the concept in the Asian region. Tony Fernandes has utilise
the internet and social networks such as Facebook and Twitter. The perfect marketing plan
through internet also develop Air Asia because according to research about 70% up to 80% of
purchases in the internet for the Malaysian market was the purchase of a plane ticket Air
Asia. By just using Facebook, Air Asia can show any promotion that was conducted.
Dato’ Jimmy Choo has shown good networked character as a successful entrepreneur. During
London Fashion Week around 1988, he was showing his design shoes. That time, Jimmy
Choo was not famous and no one knows him but luck was hit him and Vogue’s Kate Phelan
saw his design shoes and impress. So she wanted to put in Vogue magazine and after it
happen, it was good start for him until he pull Princess Diana attention towards his design
shoes. Then Vogue has lift up Jimmy Choo brand and attract attention of accessories editor at
Vogue named Tamara Mellon. Finally, they both become partnership in business and at one
point they collaboration stopped. In 2004, Datuk Jimmy Choo expand his network by
working with Tourism Malaysia. All this network has make his successful in business.
2.
Entrepreneurship is the demonstration of producing a business or organizations while
building and scaling it to produce a profit. Besides, nowadays entrepreneur changing the
world by solving big issues. As changes happen in society, entrepreneur using the
opportunity to innovate the product and introducing another extraordinary changing solution.
Hence, before start a new business, there are some strategies that need to follow. First is
entrepreneurship activity planning. Planning process every vital for entrepreneur before
they start to run the business. This is because planning can guide the entrepreneur to identify
what needs that to be accomplished to build the business, resources that needed to develop
the plan. The forecast profit and loss statement also can give an entrepreneur the estimation
of actual result. Planning is important as it help to predict either their business can sustain
longer in the field or not. They have to collect information related to their target market such
as size of market, competitors and obstacles that they can face. In conclusion, through
entrepreneurship activity planning, they can alert about strength and threats in business.

Second is identifying the market. In order to build and maintain a profitable brand in a
business, it is important to choose the right market. Although entrepreneur selling the best
product but they are in wrong market, it means that they can never be success. If they don’t
know who are their customers then how they gone satisfy that customer’s need. On of main
factor of successful is fulfil the customer’s need and wants. Thus, in order to success they
have to identify who is their customers, what they need and want and where they live and
what they can afford. The reason for identifying the market is so that entrepreneur can know
who will be their main customer. The market should be measurable, big and easily reachable.
Third is price setting strategy. Price covers the actual sum the end user will pay for a
product. The price and sales of product are connected with each another. They both are
connected because if a product is selling for higher or lower price than its perceived value
then it will not sell. Thus, it is important to understand customer how they see and feel on
what you are selling. This is why it is important to understand how customer sees what you
are selling. If there is a positive customer value then a product can successfully set priced
higher than its objective monetary value. Conversely, if a product has little value in the eyes
of the consumer, then it might need to set under-priced to sell.
Fourth is marketing strategy which means that a plan for reaching the consumers and the
turn the consumer into customer of the products. This market strategy is to communicate,
deliver, and exchange offerings that have value for customers. Market strategy consists of
how the product is presented, identify the suitable marketing location, place of manufacture
and identify distribution channel. Through marketing strategy, it helps a business to edge
over its competitors.
Fifth is developing skilled manpower. Skilled manpower can make the business the achieve
profit. As entrepreneur hired skilled workers, they can avoid errors and problems. Skilled
manpower can able to work efficiently and effectively. This is important for entrepreneur to
develop through training, appreciating, provide increment and others. When entrepreneur
develop manpower, at same time it can increase the productivity of the business.
Finally is total project cost. Entrepreneur have to find financial resources to bear the total
project cost. There many ways to find financial resources. Entrepreneur can look at their asset
that they own. This is because they can use that as fund to start up the business. Entrepreneur
can use their fixed property that they have in their hand. They can mortgage or sell that
property and get the cash to use as capital. Besides they can use own savings or get help from
friends and family. Even entrepreneur can try get loan for financial institutions. If they want
take loan then entrepreneur should be aware of the terms and condition, payment method and
payment duration before accept it.

3.a
According to Kreitner’s definition, ‘Management is a problem-solving process of effectively
achieving organizational objectives through the efficient use of scarce resources in a
changing environment.’ Management is perceived in entrepreneurship as it organise life and
important to run all types of management. Good management is one of element to a business
success. Management is a continuous process which consists of planning, organising,
directing and controlling resources so that the resources are utilise effectively and efficiently
in the business. The concept of management perceived in entrepreneurship because it help to
create an environment where individuals work together as a team. Besides it also help to
achieve the aim and goal of business. In addition, effective management can guide and
conduct the employee to the right way and path towards effective and productive work.

3.b
One of functional area is production. Production department focus on manufacturing the
products where raw material is process and convert into finish output through few production
process. In this production, planning play major role where we need to analyse purchasing
where the manager need to purchase essential material needed by the company in the right
amount and quality. Staffing plays an important part where staff contribute equally in the
production process in producing output. In planning stage, managers have to plan the number
of staff needed from where the staff will be recruited and staff welfare management.

Another functional area is marketing. A good marketing and promotional activities is

important as it will provide long term success, profit and growth. Besides, promotional
activities and advertisement are the best option to communicate and convey about the product
or services to the targeted customer. In marketing, manager should plan wisely for
advertising the product, conducting marketing research and sales management of the product.
In marketing area also, staff is needed to promote the products or service of the company to
the public through advertising, doing sales and marketing.

Finance and accounting is another functional area. Cash flow is like blood of business. It is
crucial to manage the business cash outflows and inflows. Thus, planning also major role in
this area. Manager have to deal financial resources systematically to avoid loss to the
business. Furthermore, staff is also considered in finance & accounting. For example, an
accountant is needed for a company to maintain the cash flow and financial resources.

Personnel which deal with management of human resource. Human resources is essential
asset in the business because without employee day to day operation cannot be done. Thus in
this area also planning need to be cover. Manager have to plan the recruitment and selection
of the staff, training & development for them, wage & salary administration and way to
maintain good industrial relations. Moreover, manager also need to make plan on staff
personnel. Staff salary and wage need to be analysed and determined. Manager also need to
plan training & development to produce quality staff.