"" Welcome to my thoughts: April 2010

Monday, April 19, 2010

Definition of entrepreneur

Entrepreneur is an individual who is able to think innovatively than conventional way of doing things, by challenging status quo with the aim of creating a business opportunities, be fearless to failure and take risks of investing resources, and understand the market where the business is conducting to generate wealth for an individual and give benefits to general public.

Furthermore, an entrepreneur should have ability to foresee and think in many different perspectives to explore ways to create business opportunities. Instead of waiting for luck to strike, prospective entrepreneur must be a firm believer that final outcome always depends on diligent hard work and concrete judgment, therefore an entrepreneur should be proactive and should have the capacity to maneuver and direct the outcome to achieve mission and vision of the business venture.

Being an optimist, an entrepreneur should be willing to address changes that may take place from time to time boldly and swiftly in order to meet the needs of customers. Staying ahead of competitors is vital for an entrepreneur to have most accurate information, customers taste, and market changes. Therefore entrepreneur should be master of proficiency. In addition, determination of entrepreneur always enhances ability to learn from mistakes and fight against every peculiar that may face. For instance, George Quek, the managing director of BreadTalk is a fine example of successful entrepreneur. He is also an executive director of Topwin.

He started his business in Taiwan with no prior experience on the field however his determination and passion drove him towards a successful businessman. Although his first attempt in business - Taiwan’s number one Dragon beard candy which he himself designed was a great success with over S$ 240,000 per month as sales, nonetheless his second attempt of introducing of mince pork noodles to Taiwan was unsuccessful. To create business venture he showed his courage and willingness by spending three months in Singapore to develop his noodles making skills.

However, he took his failure positively as learning experience and went on exploring ways making him successful in his third idea leaving him a very successful 21 outlets around the Taiwan. Since he is willing to take calculated risk and able to foresee the needs of community, his entrepreneurial spirit sparked after returning to Singapore making him opening of BreadTalk. With his immense knowledge and experience in food industry, over the years BreadTalk has grown Island-wide with many outlets. Successful entrepreneur should be able to move around and explore for new ideas, so he got the idea of creating BreadTalk from his exploration of Japanese and Taiwanese quality fine bread which does not exists in Singapore. Potential entrepreneur should understands importance of managing resources wisely, and making quick decision, Quek always believes that the wealth that he get must be shared among employees and help needy people in the society.