This document provides an overview of entrepreneurship and entrepreneurial approaches. It discusses 7 common conceptions of entrepreneurship: as small business management, imagination/creativity, innovation, opportunity awareness, ability to adjust, charismatic leadership, and judgment. Judgment-based entrepreneurship, defined as decisive action under uncertainty, is argued to be the most fitting approach. The document also defines entrepreneurs as risk-takers who commercialize new ideas, and provides a case study analysis of a Malaysian travel company using a 7-approach model for successful micro-enterprises.
This document provides an overview of entrepreneurship and entrepreneurial approaches. It discusses 7 common conceptions of entrepreneurship: as small business management, imagination/creativity, innovation, opportunity awareness, ability to adjust, charismatic leadership, and judgment. Judgment-based entrepreneurship, defined as decisive action under uncertainty, is argued to be the most fitting approach. The document also defines entrepreneurs as risk-takers who commercialize new ideas, and provides a case study analysis of a Malaysian travel company using a 7-approach model for successful micro-enterprises.
This document provides an overview of entrepreneurship and entrepreneurial approaches. It discusses 7 common conceptions of entrepreneurship: as small business management, imagination/creativity, innovation, opportunity awareness, ability to adjust, charismatic leadership, and judgment. Judgment-based entrepreneurship, defined as decisive action under uncertainty, is argued to be the most fitting approach. The document also defines entrepreneurs as risk-takers who commercialize new ideas, and provides a case study analysis of a Malaysian travel company using a 7-approach model for successful micro-enterprises.
Content 1 1 Introduction 2 2 The background of the company 7 3 The 7-approach model for the creation of successful organization I. et out clear ob!ecti"e II. #ttract and please customers III. $eep the customers and make them stay I%. &anaging customers and business gro'th %. (utcompete ri"als and compete successfully %I. Conduct proper system and operations %II. )"aluation and taking correcti"e actions 1* 11 1+ 1, 1- 17 1. + /ecommendation 21 , Conclusion 23 - #ppendi0es 2+ ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 1 1.0 INTRODUCTION 1.1 What is an Entrepreneurship? )ntrepreneurship is the act and art of being an entrepreneur or on 'ho undertakes inno"ations or introducing ne' things1 finance and business acumen in an effort to transform inno"ations into economic goods. It is ranged in scale from solo pro!ects to ma!or undertakings creating more !ob opportunities. )ntrepreneurial acti"ities are substantially different depending on the type of organization and creati"ity in"ol"ed. Conceptually and in practice1 entrepreneurship is the professional application of kno'ledge1 skills and competencies and monetizing a ne' idea. #ccording to a study1 there are se"en different conceptions of entrepreneurship1 discussing each and ho' they connect entrepreneurship 'ith the firm. It concludes that a !udgment approach to entrepreneurship is the most fitting and sound approach to the sub!ect. The follo'ing is the summarized of the se"en approaches2 I. Entrepreneurship as !a""#Business Mana$e!ent In this approach1 entrepreneurship is strictly linked 'ith firms that 3ualify as small businesses. 4It deems 5entrepreneurial5 "irtually all aspects of small or ne' business management1 'hile e0cluding the identical tasks 'hen performed 'ithin a large or established business.4 This structural approach to entrepreneurship is one of the 'eakest yet still holds influence among colleges and uni"ersities today. II. Entrepreneurship as I!a$inati%n %r Creati&it' 6hen defined by personal1 psychological characteristics such as imagination and creati"ity1 entrepreneurship becomes 4a specialized acti"ity that some indi"iduals are particularly 'ell- e3uipped to perform.4 7sing this conception1 entrepreneurship has no obser"able connection to the theory of the firm. The ser"ices of imaginati"e or creati"e people could be purchased 'hen necessary by the firm. ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 2 III. Entrepreneurship as Inn%&ati%n In this conception1 entrepreneurship is only demonstrated 'ithin the firm 'hen it introduces ne' products1 processes1 or strategies. The regular day-to-day operation of the firm has nothing to do 'ith entrepreneurship. The firm5s nature and structure has no effect on the le"el of entrepreneurship. Thus the connection bet'een entrepreneur and firm is 'eak. I(. Entrepreneurship as A"ertness t% Opp%rtunities #ccording to the conception1 entrepreneurs only need to be a'are of profit opportunities. They do not need to o'n assets. ince they are merely e0ercising pri"ileged kno'ledge1 they are neither facing uncertainty nor necessarily bearing any risk. )ntrepreneurs either earn profits or break e"en1 but it is unclear ho' they suffer losses. In this conception1 entrepreneurs do not need a firm to be entrepreneurs. (. Entrepreneurship as the A)i"it' t% A*+ust This approach assumes that inno"ation is occurring in the economy and measures entrepreneurship by ho' people ad!ust to large changes in the economy. )ntrepreneurship is defined as 4the ability to reallocate one5s resources in response to changing circumstances.4 8y this conception1 it is not only implied but o"ertly asserted that entrepreneurship could simply be purchased by firm management. &anagement could purchase the ser"ices of entrepreneurs during times of great change. 8eyond that1 there is no real connection bet'een the entrepreneur and the firm. ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 3 (I. Entrepreneurship as Charis!ati, Lea*ership )ntrepreneurship is defined as 4the ability to articulate a plan1 a set of rules1 or a broader "ision1 and impose it on others.4 uccessful entrepreneurs must be e0cellent communicators and generate a follo'ing. (II. Entrepreneurship as -u*$!ent )ntrepreneurship is defined as 4!udgmental decision-making under conditions of uncertainty.4 9udgment is defined as 4decisi"e action about the deployment of economic resources 'hen outcomes cannot be predicted according to kno'n probabilities.4 In this conception1 the entrepreneur is an acti"e1 creati"e agent. :e is not passi"ely identifying opportunities that he is a'are of1 but rather creating ne' opportunities by his !udgment. ;ecision-making under uncertainty is the 3ualifying function of entrepreneurship 'hether it in"ol"es imagination1 creati"ity1 and leadership or not. 1.. Wh% is the Entrepreneur? #n entrepreneur is an indi"idual 'ho accepts some sort of risk usually financial in the pursuit of ne' "entures. The 'ord can apply to any person organizing a ne' pro!ect or opportunity1 though it is most often used in a business conte0t. # person in this role is often characterized as inno"ati"e1 independent1 optimistic1 creati"e1 and hard-'orking. ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 4 1.2.1 Creative Destruction In some circles1 entrepreneurs are described as 4creati"e destructionists4 of products and ser"ices. #lthough they may rein"igorate an e0isting industry by using ne' methods1 'hether of production1 organization1 or structure1 they also 'ork to tear do'n the e0isting companies and 'ays of doing business by de"eloping entirely ne' products or ser"ices that make older "ariations obsolete or irrele"ant. #n e0ample of this is the creation of the automobile1 'hich slo'ly made most parts of the horse-dra'n carriage industry obsolete. 1.2.2 Risk /isk is perhaps the primary characteristic of entrepreneurship. This does not necessarily mean that the entrepreneur has an infinite tolerance for risk< instead1 it means that the successful entrepreneur is able to determine ho' much risk is appropriate for a particular endea"or. :e or she must accept enough risk to inno"ate and create1 but not so much that the business or acti"ity is not profitable. =inancial risk is the most common sort of risk entrepreneurs> face. They often ha"e to contribute their o'n money as 'ell as that of other parties to a particular pro!ect. =ailure may cost not only their o'n li"elihood and sa"ings1 but that of other in"estors too. If the "enture is successful1 ho'e"er1 the financial re'ards may be great. (ther types of risk e0ist as 'ell. )ntrepreneurs may face social risk if their inno"ations challenge societal norms1 or they may face psychological risk as their hard 'ork affects their or their families5 peace of mind. &any find that the independence1 notoriety1 and feeling of contributing something "aluable to society that often come 'ith being an entrepreneur out'eigh these dangers ? though these re'ards are seldom immediately apparent. ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 5 1./ Case tu*' ;ue to the increasing significance and "isible impact of entrepreneurship in employment generation and 'ealth-creation1 this study has been undertaken to study the path or tracks of the successful entrepreneurs specifically in &alaysia. 7- #pproach model for the creation of successful micro-enterprises is referred throughout this study. @isted belo' are the 7- approaches2 I. et out clear ob!ecti"es II. #ttract and please customers III. $eep the customer and make them stay I%. &anaging customers and make them stay %. (utcompete ri"als and compete successfully %I. Conduct proper system and operations %II. )"aluation and taking correcti"e actions ;arul &ubarak Tra"el and Tours had been chosen for the case study. The methodology adopted in preparing this report is based on inter"ie'ing and site-"isiting the selected entrepreneur. The entrepreneur is inter"ie'ed according to the guidelines pro"ided in completing this pro!ect. The pro!ect is then progresses by analyzing the entrepreneur accordingly 'ith the 7-#pproaches model in transforming into successful micro enterprise. #ll rele"ant references are collected from the entrepreneur to assist in completing this pro!ect. ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 6 ..0 BAC0GROUND The team selected ;arul &ubarak as the )ngineering1 )conomics and )ntrepreneurship pro!ect case study. ;arul &ubarak 'hich is also kno'n as ;arul &ubarak Tra"el and Tours dn. 8hd. is situated at Taman &a!u1 eri Iskandar1Aerak. This company is established on 1 st eptember 2**,. ;arul &ubarak then 'idened their branches in Ipoh BAerakC1 $a!angBelangorC and &arangBTerengganuC. ;arul &ubarak is an e0pert in managing and pro"iding tourism ser"ices. They are also professional in dealing 'ith business 'hich in"ol"e trips and "acations in the country as 'ell as abroad. ;arul &ubarak Tra"el and Tours dn. 8hd. is a company that registered under the Companies #ct 1D-, and obtained appro"al from the &inistry of Tourism &alaysia. (n the early stage of operation1 ;arul &ubarak ser"ed as 6asilah or instructor for &uslim citizens in performing 7mrah and :a!! 'orship in &ecca. Then1 they e0pand their business to'ards tra"el and tourism to all o"er the 'orld professionally and ethically. Their customers consist from all 'alks of life1 position1 profession as 'ell as international customers. 6ith a good track record and e0tensi"e business ties1 ;arul &ubarak>s focus and priority is to gi"e best ser"ices to their customers. They are guiding customers 'ho are less e0perience in tra"elling1 pro"ides opportunities for lo'-income groups to perform 7mrah and :a!! 'hich also includes courses for the pilgrims. ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 7 ;arul &ubarak>s "ision is to become the best tourism management agencies in &alaysia. Their mission is to pro"ide high le"el of the ser"ices in tra"elling 'ith an affordable price as 'ell as to facilitate for the customers satisfaction. They are also pro"ides preferential treatment to ease customers> :a!! or 7mrah or tra"el in comfort 'ithout thinking of tra"eling or accommodation problems. The success of the tra"el agency ;arul &ubarak is pro"ed by the performance of the company since it began the operations. =urthermore1 e"ery package they offer not only accompanied by the local people but also !oined by customers from outside the area and foreigners as 'ell. In addition1 ;arul &ubarak also has many partners and sales representati"es in and outside the country. ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 8 ..1 The Or$ani1ati%n Chart %2 Daru" Mu)ara3 Tra&e" an* T%urs *n Bh* ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 9 /.0 T4E 5 6 APPROAC4 MODEL 7OR T4E CREATION O7 UCCE7UL MICRO#ENTERPRIE 8MEs9 /.1 ettin$ %ut C"ear O)+e,ti&es :a"ing a clear "ision1 mission and ob!ecti"es is the most basic principle in organization or a company in order to make the business run smoothly and successfully. It is the life5s blood of the business plan and ser"es to aim the company to'ards the goals they are shooting for and hopefully let them attain them. 8usiness ob!ecti"es are like an arro' pointing to'ards a goal. In early stage of business1 ;arul &ubarak Tra"el and Tours dn 8hd focused more on &uslim package for 7mrah. ;uring that time1 they are helping the customer in all the things regarding 7mrah such as accommodation1 transportation and also "isa. #s their "ision for the company is to be the best tra"el and tours agency in &alaysia. 6hile their mission are to pro"ide the highest le"el of ser"ice in tra"el and &uslim tourism at a reasonable cost 'ith the aim to pro"ide con"enience and satisfaction to customers1 at the same time pro"ide opportunities for customers to conduct 'orship and tra"el 'ith confidence. =inancial based ob!ecti"es are the steps on ho' to make the company turn to'ard profitability. #ll companies target is to ma0imize profit 'hile keeping operation cost at lo'est as possible. ;arul &ubarak Tra"el and Tours dn 8hd also ha"e ob!ecti"e to achie"e positi"e cash flo' 'hile at the same time e0panding itself to compete 'ith bigger competitors. (n a marketing le"el1 ;arul &ubarak Tra"el and Tours dn 8hd aim to ha"e repeat business1 repeating customers to ensure increasing cash flo'. To further enhance profitability1 they aim to attract group of customers. Therefore1 they are able to sell tickets faster and achie"e profit faster. (n the other hand1 they manage to increase their ne' customers more than 27E e"ery year by targeting group of customers to tra"el 'ith them. Currently1 simply ;arul &ubarak Tra"el and Tours dn 8hd manage to penetrate )ast &alaysia market and looking for'ard to penetrate the neighboring countries market soon. ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 10 /.. Attra,t an* P"ease Cust%!ers #ttracting customers has al'ays been a challenge for e"ery business. )ach companies ha"e their o'n or similar tactics to attract customers. It is "ital to attract ne' customers and keep e0isting clients on a consistent basis or else they 'ill be out of business sooner than they e0pected. ;arul &ubarak Tra"el and Tours dn 8hd ha"e their o'n 'ay to attract ne' customers and keep e0isting clients. ;arul &ubarak Tra"el and Tours dn 8hd pro"ide a lot of package for tra"el and good ser"ices 'hich can be affordable for e"eryone. ;arul &ubarak Tra"el and Tours dn 8hd umrah package is the most 'ell kno'n because they pro"ide the best ser"ice such as 7 times of umrah1 free bag1 "isit the most important place at &ecca1 guided by 7staz all the time and etc. (ther than that1 ;arul &ubarak Tra"el and Tours dn 8hd also pro"ide a leisure packages1 such as go to Indonesia1 Cairo1 Turkey1 China1 and etc. #nother attempt to attract customers1 7mrah package that been pro"ided by ;arul &ubarak Tra"el and Tours dn bhd pro"ided is among the cheapest in the market1 they al'ays pro"ide competiti"e price and much cheaper than other companies. The price paid for 7mrah co"ers "isas1 nametag1 airline tickets1 hotel accommodation1 transportation and food in &ecca and &edina. ;arul &ubarak Tra"el and Tours dn 8hd started at Aerak in 2**, 'ith single branch and no' they already ha"e 3 branches1 located at Ipoh1Aerak1 $a!ang1elangor1 and another 1 located at $emaman1Terengganu. ;arul &ubarak Tra"el and Tours dn 8hd also gi"e promotion price that almost cut 7E from original price. This promotion is gi"en 3 times out of 1* for 7mrah packages. 6hile for leisure packages1 they cut almost DE from original price for certain date. The promotion does not stop there because if the customers are going 'ith large number of group1 they 'ill gi"e more discount until the customers is satisfied 'ith the price that pro"ided by them. ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 11 /...1 Satisfaction Company in tourism sector must be ready to face tough challenge to keep their customers loyal to their company. @ot of brainstorming needs to be done fre3uently on ho' to meet customer>s satisfaction. The o'ner of this company belie"es that1 certain things are inherently important 'hen it comes to keeping customers happy. &emorable e0perience 'hen customers tra"elling 'ith them and good customer ser"ice are thing that 'ill make their customers coming back to tra"el 'ith them again. )mployees are "ery significant in e"ery company. 6ithout employees1 there 'ill be no customers and no business. =or this company1 they also put their employees as at the first place. They 'ill ensure that the employees 'ork hard and 'ill gi"e a'ay any bonus or free tra"elling package for their e0tra effort. o1 this 'ill make sure the employees al'ays gi"e their best to treat the customers in the most comforting 'ays. /.... Method of Advertisement There are se"eral of 'ays ;arul &ubarak Tra"el and Tours dn 8hd promote their packages. uch as in ri Iskandar1 they use big banner to inform people to e"ery promotion they made. ;arul &ubarak Tra"el and Tours dn 8hd also ga"e brochures to e"ery houses near their branches. ;arul &ubarak Tra"el and Tour has taken fe' strategies for the preparation of going global. This is to ensure that they ha"e the competiti"e ad"antage against the other tra"el agency companies in &alaysia. (n top of that1 the strategy of going global is also being implemented to increase profits. They launched a 6ebsite and 8logspot in order to promote their packages to the community around &alaysia. 8esides1 they also ha"e set up an account in =acebook. In this 'ay1 they can inform customer about the latest promotion and also get the feedback from customer immediately. ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 12 Me*ia use*:# Pi,ture /...1 8We)pa$e: http:;;*!u)ara3.,%!;9 Pi,ture /.... 8B"%$: http:;;*aru"!u)ara3.)"%$sp%t.,%!;9 Pi,ture /.../ 87a,e)%%3: https:;;<<<.2a,e)%%3.,%!;Daru"Mu)ara3Tra&e"9 ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 13 /./ 0eep the Cust%!ers an* Ma3e The! ta' $eeping customers happy make good business sense but it is not al'ays easy. The ability to keep the customers is the most important indicator of customers> satisfaction. (ne of the 'ays to keep in touch and remind stakeholders of their commitment to customers> satisfaction are through promotional tag line or brand mantra on satisfaction for e0ample FGoing beyond e0pectationsH1 F6e deli"er consistently to your satisfactionH1 Fe0ceeding e0pectationsH and so on. Consistently pursuing and impro"ing on customers> satisfaction 'ill definitely keep them loyal and thus enhancing sustainability for the enterprise. It is "ery important for them to keep their customers satisfied 'ith their packages and ser"ices. These are the efforts to make the customers loyal to them. o for ;arul &ubarak Tra"el and Tours dn 8hd1 they al'ays brainstorm on ho' to make the packages more interesting and different from other companies to ensure the customers 'ill al'ays choose to tra"el 'ith them. (ther than that1 it is necessary for them to impro"e their ser"ices so that the customers 'ill not complaint about ser"ices been pro"ided. ;arul &ubarak Tra"el and Tours dn 8hd ha"e they o'n 'ay to keep their customers to stay 'ith them< they 'ill send a pri"ate message about e"ery promotion that they made through Ihort &essage er"ice> to customers hand phone. This 'ay may look like that they are interrupting customers> pri"acy. omeho'1 by this 'ays almost .*E of ;arul &ubarak Tra"el and Tours dn 8hd customers still keep in touch 'ith them and using their packages to tra"el. ales acti"ities also play an important role for e"ery company not only to earn profit but also to attract and keep the customers1 make them stay loyal to the company. ;arul &ubarak dn gi"es re'arding royalty by gi"ing discount to their fre3uent customers 'hene"er they purchased the package from them. This is one of the 'ays ho' ;arul &ubarak dn 8hd attracts the customers and at the same time maintains the customers> loyalty to them. #bo"e all1 keeping customers happy should mean that actions speak louder than 'ords. # proof rather than promised commitment 'ill put the company ahead of the competition. ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 14 /.= Mana$in$ Cust%!ers an* Business Gr%<th Customers are the backbones in determining 'hether the business is successful or not. It is "ery important for a company to ha"e strategies in managing their customer. In business1 customers are the lifeline of a business. (nce a customer base is established1 the ne0t mo"e is to e0pand from single item transactions to bulk order type business to ensure ma0imum profit. ;arul &ubarak Tra"el and Tours dn 8hd do not stand alone in this business1 because to ensure the flight that been booking 'ill not be canceled due to lack or little in number of customer1 they came out to be partner 'ith #ndalusia Tra"el and Tours. In this 'ay1 no matter if the package did not gain too many responses1 they still manage to go on 'ithout cancelling the date that customers 'ant. The customer priority al'ays had been their first priority1 'ithout making the customers do'n. 8usiness is a t'o 'ay street. (ne must buy 'hile the other must sell. ometimes a business deals 'hereby a 3uid pro-3uo situation 'ould occur. =or e0ample1 ;arul &ubarak Tra"el and Tours dn 8hd 'ould help #ndalusia Tra"el and Tours to fill the number of customers that needed by them1 in return #ndalusia Tra"el and Tours help them back by helping to fill the number of customers needed by them. 8oth 'ould gain ad"antages from business deal. 7ltimately they 'ould form a friendly business partnership and 'ould further enhance both companies> business. Gro'th in business is one of the 'ays to measure success in entrepreneurship. It re3uires high determination to maintain the pace to achie"e success. The gro'th of a business is closely related 'ith capital a"ailability and in order to maintain the a"ailability of the capital1 ;arul &ubarak Tra"el and Tours dn 8hd do not depend on single business only. They also sell an important item that 'ill be useful to be used by customers 'hen they choose to take 7mrah package 'ith them. )ntrepreneur should grab any open opportunities and be bra"e to take any challenge. ;arul &ubarak Tra"el and Tours dn 8hd manage to e0pand their business in "ariety packages !ust to ensure the customers al'ays choose to tra"el 'ith them. They 'ill not stop in gro'ing their business until they achie"e the "ision and mission of the company. ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 15 /.> Out,%!pete Ri&a"s an* C%!pete u,,ess2u""' In today>s 'orld1 competition is al'ays good for a gro'ing business. It lets a company benchmarks itself in the market en"ironment. The marketing concept of building an organization around the profitable satisfaction of customer needs has helps ;arul &ubarak Tra"el J Tours to achie"e high gro'th and moderately competiti"e market. Their competitions in local area are other tra"el agencies including go"ernment agency such as Tabung :a!i. ;arul &ubarak Tra"el J Tours had been introducing a fe' packages on tra"elling around the 'orld especially in Islamic country. 8eing a pri"ate ser"ice company1 ;arul &ubarak Tra"el J Tours could not compete on price due to the subsidies that Tabung :a!i and other go"ernment agency get1 but they try to persuade promotion strategy by promoting their ser"ices by using blogs1 =acebook1 flyers and also online ad"ertisement. ;arul &ubarak Tra"el J Tours dn 8hd pro"ides "ariety of packages and places to tra"el than most of tra"el agencies here locally. 8esides1 they also hold the principle that to be successful1 they must al'ays consider their competitors as 'ell as its actual and potential customers. In the same time1 they carefully analyze and gather the information on competitor>s strategy and programs. The o'ner of ;arul &ubarak Tra"el J Tours al'ays has uni3ue techni3ue and 'ays to attract customers on choosing their ser"ices such as open booth at any festi"al. &oreo"er1 most of tra"el agencies ha"e to face the toughest competition e"er. To 'in the marketplace1 the agency must become an e0pert not !ust in managing ser"ices but also managing customer>s relationships in the face determined competition. Thus1 ;arul &ubarak Tra"el J Tours ha"e identified and assessed their competitors and did the competiti"e marketing strategy 'here the company strongly positions itself against competitors and finds their o'n 'ay to be the greatest as possible. Ko'1 they are pro"iding their ser"ices to the local population for their con"inience that 'ould be the competiti"e edge ;arul &ubarak Tra"el J Tours dn 8hd. Good customer ser"ice and al'ays accomodating to the customer>s needs. ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 16 In times of tough competition1 ;arul &ubarak Tra"el J Tours 'ould not lo'er the prices of packages because they are confident that the customers 'ould not regret in choosing their ser"ices. ("erall1 their ser"ices pro"ided can make them outcompete their ri"als and they are not afraid for a little competition. /.? C%n*u,t Pr%per 'ste! An* Operati%ns &r. &uhammad Ismi1 the o'ner of ;arul &ubarak Tra"el J Tours has systematically outlined the procedure in running the business. tarting from ne' idea to promote and attract the customers1 suggesting a suitable package to customers and then gi"e a satisfactory treatment. )ach procedure has been carefully and systematically outlined so that the commercialization of their ser"ices going 'ell and smooth. (ther than that1 such an outlined must be follo'ed because it is a guide to a"oid any mistakes and also dissatisfaction for customer. It>s operation started by recei"ing the date from the customer. #s company>s principle1 FCustomers =irstH1 they 'ill suggest a suitable package and also describe the ser"ices that they pro"ided to the customer. #t the same time1 they 'ill offer the promotion price and also e0plain all the benefits that the customers 'ill get if they choose their ser"ices. =rom that1 all 3uestions and en3uiries 'ill be clear. Then1 customer needs to pay /&,** as a deposit. =ull payment only can be done at the time of tra"el and after that any update 'ill be sent directly to customer through the short messaging ser"ices. This 'ill facilitate customer efficiently. # manager of a company must possess strong leadership skills so that he or she can organize meeting1 planning and also must be able to handle their staff and customers. &r. &uhammad Ismi has taken an approach to handle problems and benefactions of his 'orkers. (nce in a 'eek1 &r. &uhammad Ismi 'ill ha"e a 'eekly meeting 'ith his 'orkers and agents in the company. :e 'ill ask each of the 'orkers 'hether they ha"e any problems or issued that need to be discussed. #s an o'ner1 he takes into consideration of all the problems and comments from his 'orkers. Kot only that1 the feedback from the customers also must be taken into consideration because the feedback from employees and customers usually 'ill help to impro"ise the systems and operations of the company1 leading to a success business and a strong influence of the company in the tra"el agency industry. ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 17 /.5 E&a"uati%n an* C%rre,ti&e A,ti%ns ince there are many other agencies 'ith the same business background1 ;arul &ubarak Tra"el J Tours dn 8hd has an efficient 'ay to ensure consistent performance. They realize that it is al'ays a challenge to gain customer>s trust in order to e0pend their market. 6hat differs bet'een each company is that ho' they sustain the customers interested in their ser"ices. 8asically1 customer>s interest keeps changing1 so1 in order to sustain customer>s trust1 ;arul &ubarak Tra"el J Tours has created an e"aluation. =rom that1 they 'ill take a fe' correcti"e actions. I. The ,ust%!er Evaluation2 ;arul &ubarak Tra"el J Tour 'ill get feedback from customer on their ser"ices. They 'ill e"aluate on 'hat actually need and e0pect from their ser"ices. They 'ill try to get information on the interest of the customer1 the ad"antages and disad"antages of their ser"ices1 and the 'eakness of their ser"ices compared to other agencies. Corrective action2 They 'ill pro"ide 'hat customers actually need from their ser"ices. 6ith that1 ;arul &ubarak Tra"el J Tour 'ill tackle the problem1 thus build interest and trust from their customer. =or e0ample1 some customer has their o'n ideas for the lodging on their tra"el>s place1 thus ;arul &ubarak Tra"el J Tours 'ill sustain the customer>s decision but the price is according to the standard "alue. II. The Mar3et Evaluation2 &arket le"el of tra"el and tour industry can change. ;arul &ubarak Tra"el J Tours 'ill al'ays monitor the market to prepare for any changes. =or e0ample1 during :a! season1 the demand of the tra"el 'ill increase especially &ecca. Corrective Action2 ;arul &ubarak Tra"el J Tours 'ill pro"ide1 increase and decrease their ser"ice on certain part1 based on the market demand. =or e0ample1 if the demand on tra"el to &ecca is higher during :a! season1 they 'ill focus on the ser"ice at that place by increasing ma0imum number of people to go there1 but in the same time1 decrease the number of sit to go other places. ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 18 III. er&i,es Pri,es Evaluation2 Aro"iding the right price is one of the factors to attract customers. 8y increasing the price e"en for a little1 it can cause the customer to stop choosing the ser"ices. #ctually1 the price of the ser"ices1 mainly accommodation and meal e0penses1 are determined by the market1 and not under ;arul &ubarak Tra"el J Tours>s control. The price does not change gradually because it 'ill affect the customer. Corrective Action2 ;arul &ubarak Tra"el J Tours 'ill cooperate 'ith more than one hotel and catering company. =rom that1 they can compare all of them and choose the best hotel that can pro"ide the lo'est price range 'ith good 3ualities1 'hile the catering supply meals that they can offer cheaper compare to others. I(. The <%r3ers Evaluation2 To sustain the perfect and efficient ser"ices1 'orkers are the important parameter because all ;arul &ubarak ser"ices are depending on hand-'ork. :o' they 'ork and their idea are taken into account in communicate and maintain the relationship to customers. This can be the main thing to attract more customers> interest. o1 ;arul &ubarak Tra"el J Tours 'ill al'ays take care and e"aluate their 'orkers based on customer feedbacks1 the creati"ity and their discipline 'hen 'orking. Corrective Action2 ;arul &ubarak Tra"el J Tour 'ill gi"e bonus to their 'orker if the 'orker sho's good performances and can attract more customers. If the 'orker sho's lo' performance1 the manager of ;arul &ubarak Tra"el J Tours 'ill arrange a meeting 'ith the 'orker and gi"e ad"ice and try to sol"e 'hat e0actly affect the performance of the 'orker. Therefore1 by combining both e"aluation and correction action1 ;arul &ubarak can sol"e the problem regarding their company either internal or e0ternal problem. 8y doing this1 they 'ill impro"e their management and attract more customers1 thus increase the profitability of the company. ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 19 =.0 RECOMMENDATION =.1 Enhan,e the Pr%!%ti%n an* A*&ertise!ents ;arul &ubarak should use the ad"antage of promotion to attract more customers. =rom our obser"ation1 'e could only find fe' banners around Taman &a!u. The agency needs to promote their agency by ad"ertising more banners around Aerak Tengah for e0ample Taman &a!u1 8ota and Aarit. &oreo"er1 ;arul &ubarak should participate in tra"el e0hibitions for e0ample the &atta =air. This 'ay1 the agency 'ill be more kno'n to people. 8esides that1 the agency 'ill be competing 'ith other famous tra"el agencies and e"entually 'ill impro"e their management and promotion. =.. A** M%re P"a,es t% Tra&e" Currently1 the packages that the agency pro"ides are mostly around #sia and &iddle- )ast. ;arul &ubarak should add more places and increase their mobility to places such as )urope. Therefore1 there 'ill be more choices of locations that the customers can choose. &oreo"er1 'ith more locations of packages1 the more it 'ill attract the customers. =./ Di&i*e the Mana$e!ent Base* %n Pa,3a$es ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 20 Ko'1 the agency is more focused to 7mrah and :a!i packages. :o'e"er1 ;arul &ubarak does pro"ide other places such as 9akarta1 $orea and )gypt but then 'ith lo'er focus. It is better if they di"ide their management into t'o focuses 'hich one of it is on 7mrah and :a!i packages only and the other one is only for packages for leisure. Therefore1 they can impro"e their packages by adding more places to "isit1 pro"ide better hospitality during the !ourney and create more promotions for the customers to en!oy. =.= A** M%re Bran,hes ar%un* Ma"a'sia 8ranching is one of the keys for promoting the agency into a large business. #t some point1 higher re"enues 'ill be produced if the business is going 'ell. Thus1 the profits can be in!ected back in to the business by opening branches in strategic areas. Currently1 the branches that ;arul &ubarak ha"e is at Taman &a!u1 Ipoh1 elangor and Terengganu. ;arul &ubarak should e0pand by opening branches at the northern southern regions such as 9ohor and $edah. &oreo"er1 they should also open their branch at abah and ara'ak. 8y doing so1 ;arul &ubarak can recei"e more customers around &alaysia. 8esides that1 the agency can also pro"ide their ser"ices at different parts of &alaysia. =.> Re<ar* the L%'a" Cust%!ers There are some loyal customers coming back to ;arul &ubarak to tra"el. :o'e"er1 the loyal customers did not recei"e any re'ards for their loyalty. =or e0ample1 ;arul &ubarak can offer their customers by gi"ing them the opportunity to tra"el free-of-charge if they manage to assemble 1* customers. This 'ay1 both of the customer as 'ell as ;arul &ubarak 'ill get benefits. The agency can also promote and e0pand their net'ork to more people. (ther than that1 ;arul &ubarak can also re'ard their customers 'ith discounts on packages. ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 21 >.0 CONCLUION ;arul &ubarak Tra"el J Tours dn. 8hd. adapts entirely the 7 approaches model 'hich 'ill ensure them to be successful in their business. These essential elements if continuously applied in their business management can help them in de"eloping themsel"es to the ne0t le"el in this competiti"e en"ironment. It is because1 7 approaches model pro"ides clear methods 'hich in"ol"e 'ith the ob!ecti"es1 marketing strategies1 promoting planning and sustainability method in order to maintain the business. ;arul &ubarak>s impro"ement can be seen 'hen they 'ere e0panding their branches to other state such as elangor and Terengganu. &oreo"er1 since they make changes to'ards the "arieties of tra"elling 'hich at first they only in"ol"e for the 7mrah and :a!!1 then they mo"e on to tra"elling all around the 'orld such as $orea1 China1 and Indonesia1 they ha"e achie"ed great impro"ement. This transformation helps ;arul &ubarak to be 'ell-kno'n not only in &alaysia but also to the tourist 'ho 'ishes to tra"el in &alaysia. (n the other hand1 ;arul &ubarak 'ent through many methods in order to attract customers to tra"el 'ith them. =or e0ample1 they use methods of satisfaction and methods of ad"ertisement. 8esides1 fe' strategies in promoting their company ha"e been done for the preparation of going global. They used a 'ebsite and blogs to promote their packages to people. They also pro"ide e-book for guidance for tra"elling. ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 22 In conclusion1 a company must not only ha"e good marketing plans1 it must also ha"e a good manager and employees. These are the important elements to maintain a successful company. The leader must possess good leadership skills and foresight of planning. The employees also play "ital roles to keep the company success. They ha"e to 'ork hard1 be moti"ated and honest in doing their 'orks. 7pon completion of this pro!ect1 the team has concluded that1 it is understandable ho' ;arul &ubarak Tra"el J Tours dn 8hd. manages to be in their spot no' as they adapt all the 7 approaches model and this company 'ill achie"ed their "ision 'hich to be the best company and 'ell-kno'n to all o"er the 'orld. ?.0 APPENDI@E Pi,ture ?.1: Mana$in$ Dire,t%r II Business Car* ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 23 Pi,ture ?..: Tea! Me!)ers in 7r%nt %2 Daru" Mu)ara3 Tra&e" an* T%urs *n Bh* O22i,e ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 24 Pi,ture ?./: Tea! Me!)ers in i*e %2 Daru" Mu)ara3 Tra&e" an* T%urs *n Bh* O22i,e Pi,ture ?.=: Tea! Me!)ers Inter&ie<in$ One %2 Daru" Mu)ara3 E!p"%'ee ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 25 Pi,ture ?.>: C%!pan' Pr%2i"e ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 26 Pi,ture ?.?: Mana$in$ Dire,t%r Pers%na" Bi%*ata ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 27 Pi,ture ?.5: a!p"e Br%,hure 1 ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 28 Pi,ture ?.A: a!p"e Br%,hure . ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 29 Pi,ture ?.B: a!p"e Br%,hure / ENGINEERING ECONOMY AND ENTREPRENEURSHIP Page | 30