Five Traits of Vincent Tan

Our chosen entrepreneur, Tan Sri Vincent Tan is having five entrepreneurial traits which highlighted in the Part A. The five entrepreneurial traits are as stated below:

1.   Ability to learn from mistakes

Ability to learn from mistakes can make a successful entrepreneur and capable of being the best of the best. Any errors of self or environment can make an entrepreneur, will have a competitive advantage or shift the determination to do business and be successful not only in Malaysia but in the world.

From the point of success of Tan Sri Vincent Tan, his ability to learn from mistakes has been taken into account when he was young. Historical family background of Tan Sri Vincent Tan is in a state of uneasy and his family has trouble and affect Tan Sri got less education. Hence, this incident has raises the spirit of Tan Sri Vincent Tan for work and then venture into enterprising and successful at the same time, not only in Malaysia but in the world. All things were made by him is on how to fix any problem from his family. Tan Sri also gives pleasure to his family. He became success on nowadays because he know what it is like not to have a lot of things that the average person days will take for granted. It can be show that Tan Sri Vincent Tan learns from mistakes has taken him from banker to become a billionaire in world.

2. Versatility

Versatility is one of the criteria in becoming a successful entrepreneur. This criterion can be more daring entrepreneurs to develop their ideas and thoughts to a better level and is able to achieve the desired success by an entrepreneur. It means entrepreneurs who have the capabilities and versatility of being able to manage the business from failure and have good management in terms of operational, financial, control and so on. Versatile also can provide opportunities for entrepreneurs to think outside the box and coupled with innovation and new ideas. It will create a unique idea and can be marketed and traded in the market.

           

Tan Sri Vincent Tan has features that can follow high. This can be seen from the development of his business. Starting with just ordinary workers, and from it he ventured to buy Macdonald's franchise in 1982, and in 1985 he bought Sports Toto when the lottery agency was privatized by the government and subsequently Tan Sri became the owner of 7-Eleven Franchise in Malaysia, Crispy Crème Franchise holder, Burger King and UMobile Malaysian Franchise operator in Malaysia. Tan Sri acquired a controlling stake in major Berjaya Corporation Berhad into 1984. 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 industries.

3. Foresight

Entrepreneurs who have the foresight will experience a lot of advantages. As foresight can lead to success and high profitability in any business and it seeks to develop a business that is operated by larger entrepreneurs in the current market and the world. Entrepreneurs who have the foresight to set a vision that can be achieved and the mission has the best strategy to achieve the vision and goals. Tan Sri Vincent Tan became successful nowadays because he know what it is like not to have a lot of things that the average person days will take for granted, because he had the foresight to achieve success and wealth that desired by him. Tan Sri is not satisfied with the previous success and he desires to achieve more. Due to just having a Macdonald's franchise he could develop into successful limited company and now Tan Sri has a football team in the process to achieve success in the world.

4. Ethical consciousness

Ethical consciousness is one of the characteristics of entrepreneurs. With the consciousness of ethical entrepreneurs will be more competitive in the business and will provide the best services or products to customers and employees. Cultural or ethical nature is adopted by a community or business to believe that something is good or bad. Sometimes entrepreneurs do not think of ethics in their business success. They only think about profit but not the effect of which would be accepted by their environment or their own workers. With their ethical consciousness in themselves, entrepreneurs can help to convince customers that they do business and also think about the lives of their customers.

Tan Sri Vincent Tan has a good consciousness of ethics. This can be proved when Tan Sri was creating a Berjaya University College of Hospitality in 2008. Tan Sri also owns the SUN newspapers since 1993; the third national daily in Bahasa Inggeris and Malaysia's first and SUN newspapers is the only free national newspaper. SUN newspapers is given free is to help citizens learn and improve their English at all levels of age. In addition, Tan Sri founded the Better Malaysia Foundation (formerly known as VTCY Foundation) in 1997, which provide aid and relief for medical and charitable purposes. In addition, Tan Sri also sponsors the Sathya Sai Medical and Dental Clinic at Jalan Klang Lama, Kuala Lumpur, which offers free medical services to the underprivileged community and a feeding program which provides for the poor and needy in the Klang Valley. On the other hand, Tan Sri is sponsoring a clinic in Jalan Klang Lama known as OKRs Acupuncture Centre that offers acupuncture treatment for free.

5. Time competence:

Time competence is an expertise that should be nurtured in the life of an entrepreneur and also everyone. Time is the main enemy in life, it can kill and developing businesses in the blink of an eye. Time competence is needed by entrepreneurs to start, develop and provide stability to the business. Incompetence time is very harmful because entrepreneurs will miss the opportunity to create something new. With the competencies of time, it can help entrepreneurs to overcome their competition with the strategy or the production of a new product that will help entrepreneurs have an advantage in the market.

Tan Sri Vincent Tan has a good time competencies in clever way of entrepreneurs franchise to his football team. Time changes to be fully utilized by him to reach a better level. With time competencies, he could develop himself into the world and create a good name.