THE wonderful thing about moving into the new millennium is                                                                                           
the symbolism of transformation. We conveniently cross over                                                                                           
into a new age, leaving behind an old century and believing                                                                                           
that we are changed as we seek new opportunities that the 21st                                                                                        
century can provide.                                                                                                                                  
                                                                                                                                                      
Metaphorically, we should be renewed to meet the new                                                                                                  
challenges of a new age. One transformation is for us to think                                                                                        
about working for ourselves as a desired option.                                                                                                      
                                                                                                                                                      
It is already a serious choice of many in the developed world.                                                                                        
Instead of working for a respectable organisation and hoping                                                                                          
to retire as its CEO with reasonable gratuity henceforth, many                                                                                        
individuals have already begun to create their new businesses                                                                                         
or to be retained by several organisations on a part-time                                                                                             
basis.                                                                                                                                                
                                                                                                                                                      
In other words, there is a resurgence of entrepreneurs,                                                                                               
particularly among the young. But starting out on one's own is                                                                                        
not the preserve of the young.                                                                                                                        
                                                                                                                                                      
In Malaysia, the last couple of years have witnessed a trauma                                                                                         
in the job market and the continuing anxiety with respect to                                                                                          
proposed mergers and consolidation in the financial sector.                                                                                           
                                                                                                                                                      
Job security is no longer guaranteed as economic fortunes                                                                                             
change.  Increasingly, we have to recognise that the new age                                                                                          
will be characterised not by lifelong employment, but by                                                                                              
contracts of service for specific periods.                                                                                                            
                                                                                                                                                      
For those of us in the employment market, we shall come to                                                                                            
terms that as we transit into the next century, retrenchment                                                                                          
is a real possibility as economic perturbation oscillate more                                                                                         
frequently and more dramatically.                                                                                                                     
                                                                                                                                                      
Accordingly, we should be prepared and take proactive actions                                                                                         
to manage such an eventuality. Perhaps the following steps                                                                                            
could be useful in preparing for the eventuality:                                                                                                     
                                                                                                                                                      
* Plan for retrenchment. The phobia of unemployment is the                                                                                            
past, but it's still easier to find a job when you have an                                                                                            
existing one. Learn as much about your organisation as                                                                                                
possible and its future growth potential. You may wish to                                                                                             
consider a career change that is wise.                                                                                                                
                                                                                                                                                      
* Be multi-skilled. Are you developing more than one skill and                                                                                        
staying current by learning about new competencies? If not,                                                                                           
it's time you started to re-learn your skills and learn new                                                                                           
ones.                                                                                                                                                 
                                                                                                                                                      
* Get feedback. You don't wish to be surprised. Get your boss'                                                                                        
appraisal and feedback on how he feels about your performance                                                                                         
and growth potential. Try to understand what value you can add                                                                                        
to your organisation.                                                                                                                                 
                                                                                                                                                      
* Market yourself. You need to ensure that your superiors know                                                                                        
about your talents and flexibility and then develop skills                                                                                            
which are rarely possessed by others but are much sought after                                                                                        
in your organisation.  Cultivating interpersonal relationships                                                                                        
with your allies in your organisation is also necessary.                                                                                              
                                                                                                                                                      
* Mind your cash. Plan for cash availability by setting aside                                                                                         
say at least 10% of your annual income. If you receive an                                                                                             
unexpected bonus, place it in a low-risk investment fund.                                                                                             
Also, avoid plastic if possible.  Credit card debt can be                                                                                             
painful during lean times. Try a home equity loan perhaps, if                                                                                         
you are really needy.                                                                                                                                 
                                                                                                                                                      
* Involve the family. Ensure that your spouse and children are                                                                                        
aware of your direction. They will help you pull through                                                                                              
psychologically and in practical terms.                                                                                                               
                                                                                                                                                      
* Do not panic. Even if your are given a 24-hour termination                                                                                          
notice, don't panic-it is not the end of the world. Who knows,                                                                                        
it may be the beginning of a new chapter in your life.                                                                                                
                                                                                                                                                      
Enter the 'entrepreneur'                                                                                                                              
                                                                                                                                                      
Some individuals may have been waiting for the "golden                                                                                           
handshake" for a long time. This is the opportune moment to go                                                                                   
into business. Pick up the phone to speak to an executive                                                                                             
search firm or place an advertisement through the Internet.                                                                                           
                                                                                                                                                      
Whatever it is, ideal solutions may not be within sight                                                                                               
overnight. Perhaps the time has come for you to consider                                                                                              
becoming an entrepreneur.                                                                                                                             
                                                                                                                                                      
Entrepreneurs do not know the meaning of resignation. They                                                                                            
lead lives that constantly reach for what other people think                                                                                          
is impossible.                                                                                                                                        
                                                                                                                                                      
One of the present obstacles to becoming an entrepreneur is                                                                                           
the comfort zone of many executives and managers and a                                                                                                
precipitating event like retrenchment is just the right                                                                                               
driving force towards becoming an entrepreneur.                                                                                                       
                                                                                                                                                      
The word entrepreneur comes from the French word entreprende                                                                                          
meaning "to undertake." One standard definition is "one who                                                                            
assumes the risk of gaining profits or incurring losses in the                                                                                        
undertaking of commercial transactions."                                                                                                         
                                                                                                                                                      
Successful entrepreneurs are those whom some classify assume                                                                                          
only calculated risks of gaining profits or losses in the                                                                                             
undertaking of commercial transactions within a market in                                                                                             
which they have developed a sense of their needs.                                                                                                     
                                                                                                                                                      
An entrepreneur should take on some strategic roles. First,                                                                                           
there is a need to recognise that a business opportunity                                                                                              
exists in the market place. Many individuals just cannot see                                                                                          
it because they do not have the creative mind.                                                                                                        
                                                                                                                                                      
Then, the extent of the risk/ reward potential must be                                                                                                
calculated for organising an enterprise to respond to this                                                                                            
opportunity.                                                                                                                                          
                                                                                                                                                      
The key word is "calculated" and hence the entrepreneur can                                                                                 
size up the extent of maximum loss should the worst scenario                                                                                          
happens.                                                                                                                                              
                                                                                                                                                      
Second, an analysis must be done of the competitive situation                                                                                         
of the business in relation to the environment so as to                                                                                               
strategically position it for competitive advantage.                                                                                                  
                                                                                                                                                      
For example, how does the use of information technology impact                                                                                        
upon the competitiveness of his business process and cost of                                                                                          
production (or servicing)?                                                                                                                            
                                                                                                                                                      
When management guru Kenichi Ohmae was asked: "Since you wrote                                                                                   
The Corporate Strategy 24 years ago, has there been anything                                                                                          
new in the field of strategy?" He answered: "Not really, since                                                                              
what I wrote are fundamentals. If you can optimise your                                                                                               
approach to customers, relative to the competition, you win!"                                                                                    
                                                                                                                                                      
Third, an entrepreneur should know how to set up the                                                                                                  
enterprise structure, recruit its core project team, mobilise                                                                                         
and allocate the other key resources to carry out the business                                                                                        
venture.                                                                                                                                              
                                                                                                                                                      
He then tries to manage the business venture to offer the                                                                                             
product (or service) to satisfy the target customers' needs                                                                                           
and go beyond his expectation.                                                                                                                        
                                                                                                                                                      
Finally, he strives to make a profit from creating added value                                                                                        
for the customer. Towards this, he must believe that he is                                                                                            
creating value and has the passion to produce such value as                                                                                           
his singular purpose in life.                                                                                                                         
                                                                                                                                                      
Desired entrepreneurial traits                                                                                                                        
                                                                                                                                                      
To become a successful entrepreneur, you must be goal                                                                                                 
oriented.  The late Sam Walton, founder of Wal Mart, put it                                                                                           
simply: "Knowing where you want to go and being willing to do                                                                                    
what it takes to get there."                                                                                                                     
                                                                                                                                                      
Success is achieved through sheer determination of highly                                                                                             
desired goals and the subsequent setting of greater goals.                                                                                            
                                                                                                                                                      
For those who have reached great heights of success, profits                                                                                          
are secondary objectives. To these individuals, the real                                                                                              
objective for arriving at such goals is "personal                                                                                                
satisfaction." To achieve high growth, an individual must have                                                                                   
the following four fundamentals:                                                                                                                      
                                                                                                                                                      
* High purpose: picking the right customer or product (or                                                                                             
service) strategy and ensuring that the culture is connected                                                                                          
to that particular strategy.                                                                                                                          
                                                                                                                                                      
* Absolute focus on the customer and product (or service):                                                                                            
being a product expert and a customer expert simultaneously.                                                                                          
                                                                                                                                                      
* High speed innovation: constantly coming up with new,                                                                                               
creative ways to please customers (thereby encouraging repeat                                                                                         
purchase).                                                                                                                                            
                                                                                                                                                      
* Self-inspired behaviour enabling ordinary people to do                                                                                              
extraordinary things. If you like working with specific                                                                                               
skills, consider a trade or profession appropriate to your                                                                                            
environment.                                                                                                                                          
                                                                                                                                                      
Emerging opportunities                                                                                                                                
                                                                                                                                                      
In recent times, franchising seems to have caught on in the                                                                                           
Malaysian scene. Quite a lot of local interest has been shown                                                                                         
in this business approach. Elsewhere, franchise is booming                                                                                            
business today and looks promising in the 21st century and                                                                                            
beyond. Top franchises include Dunkin Donuts, McDonald's,                                                                                             
Kentucky Fried Chicken, Burger King, Shakey's Pizza, and                                                                                              
7-Eleven.                                                                                                                                             
                                                                                                                                                      
In the United States. franchise business accounts for about                                                                                           
US-$250bil annually. Success depends upon the extent of                                                                                               
investment and the risk capabilities.                                                                                                                 
                                                                                                                                                      
Key considerations that you should focus on are: determining                                                                                          
your target market, understanding your competition, and                                                                                               
finding the source of finance. The in-opportunity now is                                                                                              
e-commerce, which has enabled talented entrepreneurs to                                                                                               
exploit market opportunities with minimal resources.                                                                                                  
                                                                                                                                                      
The case of Amazon.com and America Online are well known, but                                                                                         
locally we have Jobstreet.com as an example of online                                                                                                 
recruitment of staff. If you are IT proficient and have a                                                                                             
passion for exploiting the technology, this may be the                                                                                                
opportunity for you.                                                                                                                                  
                                                                                                                                                      
However, before starting your own business, it may be useful                                                                                          
to ponder over the above issues so that you do not fall into                                                                                          
traps like having unrealistic business expectations, choosing                                                                                         
the wrong business, missing the target market, using a plan                                                                                           
that is not tailored to your specific needs, or even believing                                                                                        
that you will always have work in your lifetime!