Versatility

The word versatility describes having many different skills or qualities. Versatility allows you to adapt many different situations. The noun versatility derives from the Latin word versatilis, meaning "turning, revolving, moving, and capable of turning to varied subjects or tasks." Companies seek employees who have versatility so they can adapt to different work situations. A soccer player with versatility can play forward, defender, and goal keeper exceptionally well. A master chef's versatility means she has extensive knowledge of French, American bistro, Italian, and Spanish cuisine.

Lee Kun-Hee is a South Korean business magnate and the chairman of Samsung Group. He had resigned in April 2008, owing to a Samsung slush funds scandal, but returned on March 24, 2010. He speaks Korean, English, and Japanese. In 1996, Lee became a member of the International Olympic Committee. He and his family ranked among the Forbes richest people in the world with an estimated net worth of $12.6 billion. Lee was named the world's 41st most powerful person by Forbes Magazine's List of The World's Most Powerful People in 2013, the second highest among Koreans after Ban Ki-moon. 

He joined the Samsung Group in 1968 and took over the chairmanship on December 1, 1987, just two weeks after the death of his father, Lee Byung-Chul, who founded Samsung. In the early 1990s, believing that Samsung Group was overly focused on producing massive quantities of low-quality goods and that it was not prepared to compete in quality, Lee famously said in 1993 "Change everything except your wife and kids" and true to his word attempted to reform the profoundly Korean culture that had pervaded Samsung until this point. Foreign employees were brought in and local employees were shipped out as Lee tried to foster a more international attitude to doing business.

Under Lee's guidance, the company has been transformed from a Korean budget name into a major international force and arguably the most prominent Asian brand worldwide. One of the group's subsidiaries, Samsung Electronics, is now one of the world's leading developers and producers of semiconductors, and was listed in Fortune magazine's list of the 100 largest corporations in the world in 2007. Today Samsung's revenues are now 39 times what they were in 1987, it generates around 20 percent of South Korea's GDP, and Lee is the country's richest man. 

On March 24, 2010, he announced his return to Samsung Electronics as its chairman. In an interview, Lee expressed pride in the fact that Samsung attracts the brightest minds in South Korea but added that his new goal is to attract talent from all over the world to ensure that Samsung will remain one of the top companies in the world for years. At that time, Samsung industrial subsidiaries include Samsung Electronics, Samsung Heavy Industries, Samsung Engineering and Samsung C&T, and Samsung Techwin. Besides, other notable subsidiaries include Samsung Life Insurance, Samsung Everland and Cheil Worldwide. These are under control by him and assisted by his employees so this can prove that he able to control every task and solve problems in every industrial and others subsidiaries.

Because of his personal traits, Samsung in 2006 produces around a fifth of South Korea's total exports and its revenues are larger than many countries' GDP, it would have been the world's 35th-largest economy. The company has a powerful influence on South Korea's economic development, politics, media and culture and has been a major driving force behind the "Miracle on the Han River".

(Logo of Samsung and Samsung's Chairman, Lee Kun-Hee)

Initiative

Initiative means a personal quality that shows a willingness to get things done and take responsibility. An initiative is the start of something, with the hope that it will continue. A person with initiative is motivated to do things. If you take the initiative, you're willing to get things done on your own. Taking initiative can be risky: If you do something on your own initiative, then there's nobody you can blame if it goes wrong.

Akio Toyoda is one of the successful entrepreneurs in the world to rescue Toyota when Toyota had coped remarkably well with the tsunami and that the recall crisis had served as a wake-up call for a company grown complacent. Akio, the grandson of the company’s founder was been a young president at the head of the company who was effectively born into the job and has little experience in crisis management. 

Although he knew that himself is just has little experience to control the whole company but he believe himself can do it by showing initiative to let him job done. 8 millions of Toyotas involved into the recall crisis in year 2009 until 2010. It is because there are the reports showed that Toyotas involved in horrific accidents cause by that ran out of the control and could not be brake to a stop. Besides, another problem occurs after the recall crisis. The tsunami damaged plants in the north of Japan, disrupting the supply of over 500 parts and Toyota could not find any replacement. 

By solving the problems, Akio assembled general managers of departments such as body engineering and powertrain in Japan and took the unusual step of instructing them to restore production and not waste time reporting upward. They sent two-man teams of engineers to visit each supplier plant and to identify and locate backup parts until the suppliers were running again. Lastly, Toyota solved the problems in half the time expected by the leading of Aiko but they suffered a lost 800,000 production units which equal to 10% of its annual output. 

In conclude, Akio solved the recall crisis and tsunami problems by his good entrepreneur traits which is initiative.

(Logo of Toyota and Akio Toyota)

Integrity and reliability

Having integrity means doing the right thing in a reliable way. It's a personality trait that we admire, since it means a person has a moral compass that doesn't waver. Reliability can be defined as the quality of being dependable or reliable. Integrity and reliability are the entrepreneurial traits that highly needed and applied to operate the business by the entrepreneurs. It give the meaning as the quality of honesty, fair dealing and reliability in terms of doing what one has promised to do. These are the crucial factors to success because it establishes good personal and business relationships among investors, partners, customers and creditors.

Lawrence “Larry” Page was born in East Lansing, Michigan, United States on March 26, 1973, is an American computer scientist and internet entrepreneur who cofounded Google Inc. with Sergey Brin, and is the corporation’s current CEO. Page is the inventor of PageRank, Google’s most well-known search ranking algorithm. As of November 2014, Page leads a global organization that consists of 55,600 employees operating in more than 40 countries.

During the founding stage, they soliciting funds from faculty members, family and friends, Brin and Page scraped together enough to buy some servers and rent that famous garage in Menlo Park. After that, Sun Micro systems co-founder Andy Bechtolsheim wrote a $100,000 check to “Google, Inc.” The only problem was, “Google, Inc.” did not yet exist. For two weeks, as they handled the paperwork, the young men had nowhere to deposit the money." During the early management style, Page manages to gain the result of faster Google’s search engine due to his management style. He fretted over milliseconds and pushes his engineers, from those who develop algorithms to those who built data centers, which is to think about lag times. He also pushed for keeping Google’s home page famously spare in its design because it would help the search results load faster. During the changes in management and expansion (2001-2011), there are two most prominent investors, Kleiner Perkins Caufield & Byers and Sequoia Capital, agreed to invest a combined total of $25 million into Google. Page also did his best to contribute to the benefit of his entire employee, which is Page promise and had provided a very conducive and comfortable environment to his employee to work. 

Conclude all of what had Page do, we can understand that Page is an entrepreneur which consist of the entrepreneurial traits like integrity and reliability. This is due to Page had built up the quality of honesty, fair dealing and reliability in terms of doing what he has promised to do, and everyone is confident with Page. For instances, can be said that most of the customer of Page are satisfied with the use of the Google search engine, and it is been used popularity. Page’s integrity and reliability had attracted and built up the confidence for the investor to make investment like Kleiner Perkins Caufield. Moreover, Page never forgot to carry out what he had promised, like provide a comfortable and conducive environment for his employee to work. This is the reason why I think Lawrence “Larry” Page consist of the entrepreneurial traits like integrity and reliability, which bring him to success.

(Google logo and the CEO of Google, Lawrence “Larry” Page)

Introduction

This assignment we are presenting about the relevant entrepreneurial traits and analyses through application on successful entrepreneurs. 

According to Wikipedia, Entrepreneurship means that the process of starting a business or other organization and the entrepreneur refers to a person who has a business idea, and who is willing to take a risk to implement that idea. Entrepreneur is also taking the role as a leader of the company or organization and assuming full responsibility for its execution, success, or failure. Entrepreneur is a risk taker, but the risk that he takes is calculated. Entrepreneur is a person who will be more creative and innovative than others and they need to be more work hard and responsible person.

Entrepreneur is an important person for a business or in a company. Being a successful entrepreneur in the world is not an easy job. They need to be thinking out of the box. So, a successful entrepreneur, they highly needed to apply entrepreneurial traits, which is Integrity and reliability, initiative, versatility, decisive, time competence, perceptiveness, ability to learn from mistakes, ethical consciousness and last is foresight. These nine entrepreneurial traits are very important and all successful entrepreneurs will apply all this traits. The example for the successful entrepreneurs are Howard Schultz, who is the current CEO for Starbucks; Jack Ma, who is the current CEO for e-commerce company Alibaba and others successful entrepreneurs. They will success because they apply the entrepreneurial traits. These show that important of the entrepreneurial traits for the Entrepreneur to operate their company or businesses.