Economic entrepreneur have to deal with. Business financing requires

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

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

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

   

Recommendation

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

            The
other ways that Berjaya Group Berhad can improve for their productivity is by
upgrading technology in company. One of the responsibilities of an operation
manager in Berjaya is to analyze work functions and determine what technology
upgrades would improve productivity. Technology plays a vital role to every
organization especially nowadays in this technology world. Technology
can help to reduce the burden of an individual and can also help to increase
the efficiency of the company in doing their work. Example, by centrally
locating the performance appraisal information within a formal online
framework, managers can easily and effectively communicate business strategy
and create measurable goals for their employees that will support overall
company objectives.Every
people have the chance to become an entrepreneur. To be an entrepreneur is not
difficult matter, but to become a successful entrepreneur is difficult. A
successful entrepreneur will always take hard work and persistence to achieve a
desired achievement in their businesses. If an entrepreneur decides just to
stand at the current step, then they may be override by other competitors. So,
if want to be a successful entrepreneur, they have to challenge themselves. In
order to maintain the market position, entrepreneur has to meet a lot of
challenges and willing to take risks.            Entrepreneur must have the driven to
learn something new and adapt to new processes and technology that can make
their business stronger and more efficient. If they are passionate about what
they do, they will not feel that putting in long hours for their business will
feel like sacrifice their time. Each entrepreneur will have their own
criterion. Most of the criterions which can be found from majority of the
entrepreneurs  are creativity,
initiative, ability to learn from mistake, right attitude, perseverance,
passion and proactive. Every entrepreneur will have different entrepreneurial
features. Therefore, we should not simply do the comparison between those
successful entrepreneurs.                 The
entrepreneur that I choose is Vincent Tan. He has fulfill the entrepreneurial
traits such as versatility, time competence, power of conviction and foresight.
The family background of Tan Sri Vincent Tan stimulates him to fight for his
own future. He is an admirable person as he builds his own success by his own.
He fights off the challenges that he faced during his journey of development
his business successful. He never gives up and until today, he has become a
successful entrepreneur. His success has brings a lot of prosperity to his
family. Before that, he faced financial crisis when he was kid, but now he has
brings much of the assets to his family. So, now his generation will not face
the financial crisis that he met before and they can further their studies at
oversea. It also a way that can help to fulfill vision of Tan Sri Vincent Tan
that he cannot achieve when he was young before.            To be a successful
entrepreneur means that when they are making decision they have learned to
listen to their instinct and depends on their wisdom and knowledgeable. When
entrepreneur are believe in and trust themselves, it shows that they are
confidence. Majority of the people are more likely to follow and have faith in confident
leader as leader can lead them to overcome all the possible obstacles and gain
profit instead. When entrepreneur feel uncertain or facing problems, there’s
nothing wrong with asking help from people or find a mentor for advice, but
also have to learn to trust yourself and your own judgment without input from
others. Every entrepreneurs must learn to trust themselves as they are already
starting the journey of entrepreneurial success.             Last but not least, to
become an entrepreneur is not difficult but being a successful entrepreneur is difficult.
A successful entrepreneur should be open minded to consider all the factors
that will bring the advantage and disadvantage to their business. When
entrepreneurs are making the decisions they should take count on all the
consideration. A successful entrepreneur can overcome all the risks they
faced and take this obstacles as an opportunity to develop their business.
Normally  people take obstacles as a
barrier from success but actually obstacles can give us experience when we are
planning to run our business. So, entrepreneurs must accept the obstacles
openly and sincerely.