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Introduction to Business
Transcript of Introduction to Business
• Took the risk to invest heavily to turn a wilderness into a tourist resort
Introduction to Business
What spurs me to become a future business entrepreneur?
Tan Sri Lim Goh Tong
- He acts as a role model and inspiration to many that the difficulties one may face should not be the barrier in to achieving one's goal and success.
Although he received many negative comments from his relatives and friends into venturing into this project, he was still determined in conducting this project.
"Once the goals have been clearly defined, with the greatest amount of determination and hard work, one can conclusively realise one's goals."
- Tan Sri Lim Goh Tong, Founder
His determination that he had shown is clearly admirable especially to the younger generation to be a future business entrepreneur, that when we put our mind to it, we can achieve anything.
Never give up & hardworking -
He is a fine example of the results of what a `Can Do` and `Never Give Up` attitude can do.
"He is a model of success, starting from scratch, and his achievements came through hard work" said Tan Sri William Cheng, who controls Malaysia's diversified Lion Group of companies.
Through him, we had learned that success will not come to you and that the only way to achieve success is through you, adding on hard work and spirit of not giving up.
His endless effort and hard work spurs me to be an entrepreneur.
He provide reassurance and the confidence we all need that everyone can achieve success in business if we do not give up.
He was persistent despite having to face so much difficulties before achieving such great success.
His persistency in chasing his dreams was the stepping-stone in achieving goals and target.
Generosity and selfless
- He is never stingy when it comes to money and in donating.
This little act of his made an impact to many that a future business entrepreneur has to mindful that money is not everything.
Lim Goh Tong had set up a foundation called the ‘Yayasan Lim', which donates regularly to educational and medical institutions and other charitable organization.
Apart from his success in business he still gives back to the society through his foundation, the Yayasan Lim.
His acts changed my perception in a business that as a future business entrepreneur, one has to focus on contributing to the country and not for our own benefit.
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- He portrayed a humble attitude despite his success and status as a ‘Tan Sri' and had won applause and was admired among his peers.
This taught me that when one had gained achievement in the future, we should be mindful to never take pride of my achievement and not forget my roots.
Tan Sri Lim Gait Tong, president of the Federation of Chinese Associations of Malaysia paid tribute and said in Lim's farewell word, “He had undergone more difficulties and challenges than any other entrepreneur, before he became successful in his business. However, he remained a friendly, sporting and humble person who was actively involved in charitable activities.”
Tan Sri Lim Goh Tong
History of Tan Sri Lim
Characteristics of Tan Sri LIM that brings positive influence to us.
- During the early Japanese occupation, he earned a living as a vegetable farmer. After that he worked on a hydro-electric power project at the popular hil resort.
- He set up a private company called Genting Highlands Berhad on the 1965s, and successfully obtained approval of the alienation of 12,000 acres and 2,800 acres of land from Pahang and Selangor State Government.
Don’t make enemies
Language is not important
Be polite, humble and respectful to others.
Have a habit to be punctual
Jot down anything coming to mind.
Prepare for personality makeover
- The Genting group involves various businesses, including leisure & hospitality, power generation, oil palm plantation, property development, biotechnology & gas.
- He is 204th richest person in the billionaire list campiled by Forbes & estimated that he has US4.3 billion fortune.
Tun Dr Mahathir once said,
'If there were more entrepreneurs like him, Malaysia would achieved more in its economic development.'
• well known as a risk taker
He had faced bankruptcy before but then he found his way and became a millionaire
Deal with uncertainty
a risk taker
• Many were skeptical of his idea, but he still went firmly with his plan
• Lim also had to administer another major project in Kelantan
Lim Goh Tong in view, there is no shortcut to success, to get break through on the life and career, we should be bold and cautious.
Spotted the target, made a bold decision, it has hard work, determination and perseverance holding refuse to give up until all hope is gone, things to do successfully.
And opportunist, cheaters to cut corner is not successful.
As we all know, Lim Goh Tong came from a poor family.
He did not have any resources when he came to Malaysia.
He started his first job in Malaysia as a carpenter and slowly he went on to trade in used machinery and equipment.
With the money he earned he decided to invest in small plantation business and mining ventures. Eventually with his dedication and hard work he decided to be A class a contractor which soon became reality after completing many public infrastructer projects
The 'IMPOSSIBLE' Dream
While the great Lim Goh Tong was working in Cameron Highland , he was inspired to build a highland resort so that everyone could enjoy the cool mountain air while having a vacation.
Many regarded this vision as an impossible dream, especially at a time when he could afford to retire comfortably. “The Genting project fitted my idea of an ideal business: Nobody else was interested in it,” Lim wrote in his autobiography.
Intuition to start
something from nothing.
He identified and decided that Gunung Ulu Kali, a 1800 metre mountain was the perfect place to begin his dream resort.
Lim Goh Tong invested all his money and savings into turning what his peers would say 'impossible' and making his dream resort into a reality
•He took the risk and spent all he had to build Genting Highland and achieve what he wants
Hard work pays off
It's always important to know whether the business will be a good investment.
Like the late Lim Goh Tong, he knew that Malaysia plantation and mining was going to have a very bright future therefore being a smart investor, he had decided to invest in it. We need to think of the consequences and possibilities before investing.
He devoted all his time, money and resources and even risking his life several times to complete his access road within 3 years, instead of the original 6 years plan
One thing that we can learn from the late Lim Goh Tong is that hardwork is definitely one of the key points to be succesfull.
What the Chinese called 'DAN DA XIN XI',
be bold but cautious.
Planner, plan beyond
All businesses will face their times of turbulence as nothing good comes easy or free but planning is the key to minimizing the risk of failure.
The late Tan Sri Lim always make sure of his plans, set goals, develope strategy, outline schedules to achieve his targeted goal.
He brings positive influence to us that now we had set in mind that planning ahead is an important phase that should not be overlook.
The late Tan Sri Lim dream big. He is also keen on his own decisions and have strong beliefs towards his own visions.
He is also independent in a way that he does not rely on others to succeed. As an entrepreneur, he succeeded in building up a business that affected a big part of the economy of our country
Never ending hard work
When Tan Sri Lim was heading the Genting Project, he is also overseeing other business as he does not want his current business to be neglected. Hence, he work almos seven days a week and the endless traveling has take a toll on him
No one see Tan Sri Lim's Genting project as a success, he held on firmly onto his idea and carry on with his project. He even sold off his plantation to raise RM2.5 billion for it. Eventually the results have shown to everyone who has doubt him that building a resort on a hiltop can actually be done with a huge success.
One of his famous quote was,
'No one was interested in it, which meant no competition.'
This told us that nothing is impossible. We must dare to dream, only we can achieve something we want. It also encourages us try out something new which others never done.
Question 1 : Choose a(n) entrepreneur or business icon. Why do you think this individual inspires or spurs you to be a future business entrepreneur? Discuss the characteristics/factors that are a positive influence on you.
THANK YOU !
"He is also a well-known philanthropist," Abdullah said.
"I believe his death is a loss not only to the nation, but also to the business and entrepreneurial community in the country."
Reference List :
Agence- France Presse, 2007, Lim Goh Tong, 90, Casino Founder in Malaysia, Dies, retrieved on 30 October 2013, <http://www.nytimes.com/2007/10/27/business/27lim1.html?_r=0>.
NA, 2007, Life Beyond Wealth, retrieved on 2 November 2013, <http://www.mysinchew.com/node/2321>.
NA, nd, Successful Malaysian Innovators and Entrepreneurs, retrieved on 1 Novemeber 2013, <www.ukessays.com/essays/skills/successful-malaysian-innovators-and-entrepreneurs.php>.
NA, nd, Lim Goh Tong, retrieved on 3 November 2013, <http://www.ukessays.co.uk/essays/culture/lim-goh-tong.php>.
NA, nd, Genting History, retrieved on 29 October 2013. <http://www.genting.com/history/index.html>.
Thefastlaneforum.com. 2009 SUCCESS STORY, retrieved on 29 October 2013. <http://www.thefastlaneforum.com/showthread.php/20270-SUCCESS-STORY-Lim-goh-tong>
When the business started, the area hit by worst rain storm
It was taking risk that made him what he, from the first risk he took, he started changing his own life.
As an entrepreneur
he was there to deal with any of the uncertainty and also involved himself in every single step of his journey to build his success
An entreprenuer biggest enemy is risk and one has to face it in order to succeed. He instilled a positive influence in us that we need to be brave and not to be afraid of any kind of risk that we are bound to face.