The 10 Myths of Entrepreneurship

Myths 1: Entrepreneurs are doers, not thinkers
- In reality, although entrepreneurs are action oriented but they are also thinkers.
- They always have alternative plans & actions towards if his/ her original plan fails.

- They make their moves carefully and think deeply when making decision.

Myths 2: Entrepreneurs are born, not made

- This myths mean that characteristics of entrepreneurs cannot be taught or learned.

- In reality, entrepreneurship has models, processes and case studies that allow traits to be acquired through learning.

- Research has proven that entrepreneurs can be produced and taught. It is not limited to certain family, race or individuals.

Myths 3:  Entrepreneurs are always inventors

- Many successful entrepreneurs are not inventors, but they use creative ideas in doing something.

- They will modify & innovate ideas to suit the market demand.

Myths 4: Entrepreneurs are academic & social misfits

- It is result from people who have started successful enterprise after dropping out of school or quitting a job.

- In reality, entrepreneurs are viewed as heroes. They excel socially, economically and academically. They must have excellent communication skills and strives in economic development of community.

Myths 5: Entrepreneurs must fit the "profit"

- It is not necessary for individuals to have ALL the characteristics to become a successful entrepreneur.

Myths 6: All entrepreneurs need is money

- Every business venture need capital to survive. But in reality, money does not guarantee success.

- Entrepreneurs have to deal with other problem such as managerial incompetence, lack of financial understanding, poor investment, poor planning and others. So, for entrepreneurs, money is only a resource but not the ultimate objective. 

Myths 7: All entrepreneurs need is luck

- Being in the right place at the right time is always an advantage. But "luck" happens when preparation meets opportunity.

Myths 8: Ignorance is bliss for an entrepreneur

- In the competition world of business which demanded detailed planning and preparation, entrepreneur should be equipped with solid knowledge and strategies, which would be key to success.

Myths 9: Entrepreneurs seek success but experience high failure rates
- It is not true that many entrepreneurs suffer failure before they are successful.
- But failure can teach many lesson to those who are willing to learn and failure often leads to future success.

Myths 10: Entrepreneurs are extreme risk takers (gamblers)
- The concept of risk is a major element in the entrepreneurship process.
- most successful entrepreneurs work hard through planning and preparation to minimize the risk involved.

Secret Recipe adds 10 more Beyond Veggie cafes

Berita Harian , 03 January 2013

Vegetarian Restaurant Receives Positive Response from Public

Secret Recipe Cakes and Cafes Sdn Bhd (Secret Recipe) and franchise owner of Secret Recipe Café plans to open 10 vegetarian restaurant branches known as Beyond Veggie by Secret Recipe in 2013.

Chief Executive, Datuk Steven Sim said, according to early planning, 10 branches will fully be handled by its core company, Secret Recipe.

Opening next year

He said, “Klang Valley will be the main location where all the new branches of Beyond Veggie by Secret Recipe will be opened next year.”

“Beyond Veggie by Secret Recipe is part of the company’s expansion and we expect it to have positive contributions,” he told Berita Harian recently.

At this moment, two branches of Beyond Veggie by Secret Recipe have opened in Tropicana City Mall, Petaling Jaya, and Publika, Kuala Lumpur.

Steven said, Beyond Veggie by Secret Recipe expansion plans are also based on the positive responses at these two branches.

“Even though Beyond Veggie by Secret Recipe is managed by us, the company will explore a franchise operation in the future,” he said.

International operation 

He said, “The trend of healthy eating can be seen in several countries and we plan to expand this operation internationally.”

“By the end of 2013 or in beginning of 2014, we are planning to open Secret Recipe’s Beyond Veggie branches in Singapore, Indonesia and China”, he continued.

Different menus

Steven mentioned that menu that is offered in this restaurant is different from the menu at Secret Recipe outlets because it does not contain any meat or any elements of animals.

“The menu here is suitable for all age groups as the main ingredient is vegetables and other ingredients are fresh and natural.”

Numerical Fact

95 choices of food are being offered in the Beyond Veggie Secret Recipe restaurant.


Retrieved from: http://www.tropicanacitymall.com/media/bh_030113.html

Secret Recipe secures master franchisees in India, Cambodia

Secret Recipe Cakes and Café Sdn Bhd has secured master franchisees in Southern India and Cambodia during an international franchise signing ceremony yesterday, as part of the company’s regional expansion plan.

Its chief executive officer Datuk Steven Sim (picture) said this is in line with its mission of launching Secret Recipe into profitable markets with longterm sustainability and expansion growth in the food and beverage (F&B) industry.

“I am positive on the success of two ventures in India and Cambodia. The two countries are both ext raordinary markets where demands for such modern cafés are increasingly popular due to the emerging population landscape and lifestyles,” he said in a speech before the signing ceremony in Kuala Lumpur yesterday.

A statement by the company said Faba Global Group Co Ltd Cambodia and Secret Recipe South India Pvt Ltd were both granted the master franchise for operating Secret Recipe in their respective countries and districts under the Secret Recipe Master Franchise Agreement.

“Secret Recipe’s new ventures in Cambodia and India under the master franchise are anticipated to contribute to the company’s growth,” it said.

For its Indian operation, Sim said together with Secret Recipe Restaurants India Pte Ltd, it expects to open the first outlet in Bangalore in the third-quarter of 2012.

“We are confident in achieving a target of ten outlets by the end of 2013,” he said.

For Cambodia, Sim said Secret Recipe is set to make its mark in the F&B café scene, targeting the city of Phnom Penh.

“The location in the city will be perfect for business growth, positioning itself in the centre of a large and growing regional market,” he said.

“Secret Recipe would like to tap into this vast economic potential with foreseeable business success. Together with Faba Global Group, the inaugural outlet in Cambodia is targeted to be operational by April 2012. We are confident of achieving six outlets by end-2013,” he said.

By Farah Adilla
Monday, 19 December 2011
Retrieved from: http://themalaysianreserve.com/main/news/corporate-malaysia/1130-secret-recipe-secures-master-franchisees-in-india-cambodia

Up Close & Personal with Datuk Steven Sim

THERE was a time when Datuk Steven Sim probably did not think that it was possible to have his cake and eat it too. When he set up the first Secret Recipe outlet in SS2, Petaling Jaya, 14 years ago, he was not thinking about building an international lifestyle cafe chain. “Initially, we thought we would be very happy if we could succeed in growing a network of outlets in Malaysia alone,” he recalls.

He must be ecstatic these days. There are now 270 Secret Recipe restaurants, with more than 3,500 employees in eight countries, namely Malaysia, Singapore, Indonesia, Thailand, the Philippines, China, Brunei and Australia. Operating on a casual dining cafe concept, Secret Recipe serves appetisers, pasta, fusion food, cakes, baked desserts, ice cream and beverages. According to Sim, the annual revenue for the chain is over RM400mil.

In Malaysia, the company owns 50 outlets, with another 140 being operated by franchisees. “Last year, total revenue from the 50 outlets and a central kitchen we own in Malaysia was about RM150mil. Net profit was more than RM20mil,” says the 51-year-old Sim.

He left his job as a marketing director at a multinational company, where he was earning a five-figure monthly income, after spotting a gap in the food and beverage (F&B) industry. “At that time, there was a distinct lack of casual dining cafes in Malaysia,” he explains. He set up the business together with three nephews, who are trained bakers, and a start-up capital of RM150,000. “It was self-funded. Until today, we have not borrowed from the banks.”

By Thomas Huong
Saturday June4, 2011
Retrieved from: http://www.thestar.com.my/Story.aspx?file=%2F2011%2F6%2F4%2Fbusiness%2F8829997

Entrepreneur Concept

Definition of Entrepreneur:

• Entrepreneur is individual who develop a enterprise and can be defined as a person who operates a business that is successful with a profit motive in addition to adopting a strategic practices to succeed.
  
• Kuratko and Hodgetts (2001)
  - One who undertakes to organize, manage and assume the risks of a business
  
• Bygrave in Bygrave & Zacharakis (2004)
  - A person who perceived an opportunity and creates an organization to pursue it
  
• Zimmerer & Scarborough (2005)
  - One who creates a new business in the face of risks and uncertainly for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capatalize on them

Datuk Maznah Hamid

Datuk Maznah Hamid 

 Datuk Maznah Hamid is the Securiforce Group Executive Chairman. She was born in Air Hitam, Kedah Darul Aman. She is known as the Iron Lady of Malaysia. She is not only a well known entrepreneur and business woman but she also is a famous motivational author and speaker.

She has started the business venture when she decided to buy an almost bankrupt, unknown security company and now turn it into a multi-million empire. From an unknown entity, Securiforce now has become the largest security provider in Malaysia. When an almost bankrupt company was offered to her, Datuk Maznah and her husband, who were eager to change their ordinary life had took the plunge and sacrificed RM5,000 of their saving as the capital to start the business. Datuk Maznah not only managing the operation during the early days when business just start up, she also to be a clerk, secretary, manager and receptionist. They even sold their own house and moved into a slum that came without electricity for expand their business.

 The company was established without any loan from financial institutions. This because Dato’ Maznah believe that “the main capital in business is yourself”. In order to success the business, she always carries the principle of “we should produce a workload more than what we paid for, as in the end, we will be rewarded much more than what we have done”.

Datuk Maznah has also established Maznah Motivational Centre, MMC, which conducts seminar on business and human development. She has published a book entitled "Motivasi Memburu Kejayaan" has become the source of guidance to the aspiring entrepreneurs who can learn from her own experience, principles and practices to achieve success and excellence.

Datuk Maznah as a successful entrepreneur not only build and grow her companies but also contributing to the growth and improvement of the economic and the society’s life in Malaysia.

Datuk Steven Sim

Datuk Steven Sim

Datuk Steven Sim, a modern entrepreneur who has established Secret Recipe cafe and turned it into a successful homegrown franchise business. He has created one of the most recognized Malaysian brands. He started the business in 1997 with 3 of his nephew who were bakers. The company has grown and today has more than 300 staff nationwide and still growing. Currently, Secret Recipe has presence in countries like Philippines, China, Thailand and Singapore.

Datuk Steven has worked with international companies in the field marketing and brand--specific oversees a network of offices in Asia Pacific countries. He has learned a lot especially when he has the opportunity to visit different countries throughout his career. He started the first premise of Secret Recipe at SS2 Petaling Jaya. When he first started the chain in 1997, he had a selection of 12 to 25 cakes. Besides, at those days, because lack of capital for promote on the first shop of Secret Recipe, Datuk Steven did his own marketing by offering free coffee. It happened a positive situation that customers trying to enjoy free coffee with the cakes sold there. Five years ago in 2001, when he went into fusion meals, he had only four on the menu. Today, he has a variety of 50 cakes and 60 fusion meals and drinks.