The Importance Of Entrepreneurship In Business Management

Introduction Entrepreneurship is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make profit. Entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking. We can say that entrepreneurship is the process of starting a new business with full of creative and innovative (Brook, 2015). In our assignment, we chose the CEO of AirAsia airline, Tony Fernandes as our example of entrepreneur. Tony Fernandes is a well-known and successful entrepreneur in the world. He is the one who introduced the first budget no-frills airline,AirAsia to Malaysians with the tagline ‘Now Everyone

He was graduated from Alice Smith School and then further his study in Epsom College, a boarding school in England. Besides, he took a degree of accounting in London School of Economics.

He worked with Virgin Atlantic as an auditor, then becoming the financial controller for Richard Branson’s Virgin Record from 1987 to 1989. He is then admitted as Association member of Chartered Certified Accountants(ACCA) in 1991 and became Fellow member in 1996. Currently, he is a member of the Institute od Chartered Accountants in England and Wales (ICAEW). Besides, he was a Warner Music executive in Malaysia from 1996 to 2001.

At his young age, he had followed his mother selling Tupperware at Tupperware parties. He said marketing is in his blood as his mother ran a successful direct-selling Tupperware business in Malaysia. When he was 6 years old, he announced that he will start an airline in the future and his father quipped “ if u make past the doorman of Hilton Hotel, I will be happy”. Well, he make past the doorman of Hilton, and he did not stop

Surprisingly, he had turned it into profitable airline within two years.

In 2007, Fernandes started a hotel chain, Tune Hotels. It has properties in Britain, Australia and the Far East. Tony Fernandes served on the International Advisory Board of Global March to Jerusalem, which aimed to mobilize the international community in solidarity with Palestinians and to protect Jerulem in March of 2012. In 2013, he was also involved in reality TV series ‘The Apprentice Asia’, which was an Asian reality game show in which a group of aspiring young businessman and women compete for the opportunity to work with Fernandes. Tony Fernandes was a founder of Caterham F1 team, which began racing in 2010 as Lotus Racing. However, Caterham F1 team was then sold to a Swiss and Middle Eastern consortium. In 2009, he accepted a ‘challenge’ from Richard Branson,a founder and chairman of Virgin Group that owns 400 companies. The losing team’s boss have to work on the winner’s airline for a day dressed as a stewardess. Tony Fernandes won a Formula One racing bet. Richard Branson honoured his bet in May 2013 and waxed his legs, don a red skirt and walked down the aisle of an Air Asia flight serving beverages to passengers. Moreover, he is a fan of English football club, West Ham United and was involved in talks regarding a potential takeover of the club back in May