Entrepreneurship Journey of Gordon Phua

Introduction As a teenager, Mr. Gordon Phua spent countless hours searching websites to explore trading opportunities to earn some pocket money. His early years of involvement in the trading business enabled Gordon to recognise the importance of doing his homework to understand what consumers’ want and how to fulfill their wants. Besides that, being a young trader taught him to observe the ‘right timing’ to act when the opportunity arose.

In addition, during his three-year under-graduate study at a local university, Gordon worked part-time to earn some spare money and gain working experience. Being armed with a degree in marketing gave Gordon the extra confidence that encouraged him to start his own business even before he graduated. Gordon always felt that his education and training, received at the tertiary level, gave him the additional edge in enhancing his business sense and management skills. Also, the experience he gained from his early business ventures in his younger years actually gave him the most valuable and intangible lessons in coping with life and business. For Gordon, ‘being enthusiastic’ is an important trait and a source of motivation that an entrepreneur need. With enthusiasm, an entrepreneur will ‘never say die’ when faced with difficulties. His past experience had taught him to face any form of failure. To him, failure is only temporary but determination and perseverance is constant.

Gordon developed his passion for online business in the early years of his entrepreneurship journey and it was this passion that led him to venture into his current digital business with his friends. He was determined to educate people on the concept of digital marketing that he learned from his marketing degree and to leverage on it to pursue his business venture. 

To turn one’s vision into a reality, resourcefulness is an essential attribute. Gordon believed a resourceful person is independent in his/her thinking and is always able to search for solutions to a problem. Being resourceful while exploring alternatives and ultimately selecting the right solution is the key to effectiveness. He believed a single person’s ability was limited no matter how smart a person was; thus, he collaborated his business idea with his friends to start this new venture. Besides, his passion for e-commerce had made him a technopreneur. 

Business Model

In 2016, Gordon Phua with his two friends decided to set up Saver.Coin, a lifestyle solutions company that strives to integrate social media and discovery services through Artificial Intelligence (AI) to create a lifestyle platform focused on discovery of places and people. Basically, the company focused on connecting subscribers with local merchants through activities like shopping online and by offering the latest fashion apparels and high-tech gadgets. It also offered the best deals and discount vouchers for dinning at the most delicious eateries in the town. In addition, Saver.Coin helped merchants to advertise their businesses and products and services at a low cost. 

At the inception of the business, Gordon Phua had no formal business plan or any feasibility study, but he intuitively made clear mental calculations of the potential returns and costs. With several thousand dollars that he had earned from his part-time job, Gordon went ahead to register a business entity with his friends and officially started his business digital venture.

In order for the business to move forward, Gordon felt that the company needed to have a clear sense of vision and purpose. Thus, having a short-term and long-term planning was essential. As one of the founders of the business, Mr. Gordon Phua, the CEO of Saver.Coin, was thinking of launching new products in the market from time to time. He even hoped to expand his business in Southeast Asia, such as Indonesia or Vietnam, in the next couple of years.

Question 

(a) Besides having a strong business sense, as an entrepreneur, it is also important to possess relevant management skills. Identify the three (3) skills that are relevant to a manager. Which two (2) skills are more essential to Gordon Phua? Why? Explain with relevant examples.

(b) Define the three (3) categories of roles of a manager. Highlight and briefly describe one (1) role for each of these three (3) categories relevant to Gordon Phua. Justify your answers with relevant examples. 

(c) As the CEO of a company, Gordon Phua needs to develop different types of plans for his business. Compare the four (4) different types of plans relevant to top management and then provide a single example that embraces the four (4) different types of plan for this business.