Lim Goh Tong free essay sample

A change of mindset can be the pre-requisite step for building and existing entrepreneurs to stay in the business because it having a positive mindset and to step up efforts to deal with constant changes and challenges in a highly competities market place. c) What are the key factors to be considered in the exercise? The key factors to be considered in the exercise are entrepreneur must be smart and resilient in mobilizing all its resources, including HR to move towards common goals and to deal with challenges that affect the business. It requires the creation the creation of a more robust and knowledge business culture with people that deeply understand the business environment. d) What are the key factors to be considered in the exercise? The key factors to be considered in the exercise are considering knowledge as a factor that can make a distint difference and identifying emerging key and new method of conducting business and making it more competitive. We will write a custom essay sample on Lim Goh Tong or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page e) What the factors to achieve entrepreneurial success to sharpen a company’s competitive adge? The factors to achieve entrepreneurial success to sharpen a company’s competitive adge depends on the ability to attract, retain and develop competent people continuously. f) Why is having leadership ability is important? Having leadership ability is important because it stand in good stead for the entrepreneur to help worker in problem-solving as well as to provide guidance on the right work ethics and maximize the employee’ performance. g) How to be a successful entrepreneur? To be a successful entrepreneur , one should have the ability to plan, arrange and control the business in every aspect. . Based on your understanding, give one example of successful entrepreneur in Malaysia. That constributes a lot in Malaysia economy. Give the strength of his (her) product/service. Lim Goh Tong is classic story of a rag-to-riches story. He migrated from China mainland in his youth. And as fate would have it, the two later became friends when he was on his way to build Genting. From the day he was born until his death, Lim Goh Tong did not speak English, he only communicated in Chinese and Malay language. But his language barrier did not prevent him from negotiating one of the largest contracts around. STRENGTH IN BUILDING UP HIS BUSINESS UMPIRE 1. Financial. His strength could be seen from his early age involved in petty trade. He always keeps some of his revenue for future used and increases his capital. 2. Intellectual . Lim Goh Tong always did a survey and made a feasibility study whether to project to be taken really produce profit or loss. He will not close the deals unless money back guaranteed. 3. Location . Choice of location is gave him ahead of others. Genting Resort was built to encourage local people to enjoy breezy environment near Kuala Lumpur. 4. Diversification on Product Offered. Genting Group has diversified from its initial hotel and resort activities to plantations, properties, paper manufacturing, power generation, oil and gas, electronic commerce and information technology development under Genting Group. 5. Government Rule and Regulation. Genting was extremely advantage after government announced in October 2002 to restrict development of highlands. It will create no competition for Genting Group on their resort business. 6. Product Diversification . Lim Goh Tong knows to play his card. He is not dependent on his Casino business. He has Conglomerate Company dealing in Star Cruise, Property Development, Education, Construction, Oil and Gas, Investment, Plantation, Independent Power Industry and Hospitality. He has well diversified revenue and will not worry on economic trend if collapse in certain industry. 6. Favorable access to distribution net works. Lim Goh Tong relationship with all the Prime Minister of Malaysia make his job easy. He received a pioneer status from Tun Abdul Razak on his Genting business. In 1976 the status was extended another year by Tun Hussin Onn through Tan Sri Mohd Noah who is in-law to Razak and Hussin Onn. 7. Market Trend. Lim Goh Tong always follow the trend from his early involvement in construction industry. After WW2 he bought all unused heavy machinery and reconditioned it before it was sold to tin miner and rubber Estate Company for their rehabilitation work.