Assignment 1A Literature Review Component

Introduction
Malaysia is described by the CIA World Factbook under the Economy Overview section
to be a middle income country that is attempting to achieve high income status by 2020
under the current Najib administration. 72% of the total population of the country is urban, and
the estimated annual rate of urbanisation stands at 2.4%. The importance of these statistics lies in
the fact that the people of Malaysia want progress and development, with which comes demand
for goods and services that fulfill the needs of an increasingly affluent society. One such service
is event provision, be it national or international events, from entertainment to business oriented.
This is where our chosen entrepreneur, Mr. Christopher Goh, comes in. Mr. Goh has been in the
event management business for 20 years. He initially operated a family karaoke business, and
after a few years realised that a larger demand and hence a better opportunity for growth lay in
the provision of mobile sound systems services. Thus, Village Mobile Sound System Services
was created, a company established with little finances, a microphone, a power amplifier, a
mixer and two loud speakers. Despite humble beginnings, the business now rents and sells sound
and lighting systems, as well as providing professional event planning and management services.
Mr. Gohs ability to capitalise on the opportunities presented by the market environment,
combined with the patience to recycle initial income into his business again for promotion and
advertisement purposes, stabilised his business and saw it grow. He now owns another company
called VNT Entertainment Sdn Bhd, established in 2005, which specialises in the rental of
event equipment and event management services.
Strategic Planning
The continuation and survival of any business requires strategic planning. In their book
Entrepreneurship Theory, Process, Practice (2012), Frederick & Kuratko define strategic
planning as the formulation of long range plans for the effective management of environmental
opportunities and threats in light of a ventures strengths and weaknesses. In other words,
entrepreneurs may manipulate the strengths and weaknesses of their business, as well as the
opportunities and threats the environment presents, using specific strategies and management
techniques under the banner of strategic planning to positively impact their venture. Frederick
& Kuratko go on to highlight how strategic planning entails defining the ventures mission,
specifying achievable objectives, developing strategies and setting policy guidelines. Given
consideration, it is not difficult to see why these four factors matter. Without a mission statement
or objective, a venture is directionless and can fail quickly as a result. If the business is too
ambitious, it may fail also, and if it is not ambitious enough then opportunities may not be taken
and growth may be inhibited. Through carefully thought out strategies and the establishment of
effective policy guidelines (under the banner of strategic planning), a business can avoid such
mishaps and at the very least survive and grow.

NEED TO REVIEW LITERATURE!!! SO REVIEW JOURNALS ETC FROM OTHER
RESOURCES SECTION ON PAGE 3 OF 11 OF THE UNIT OUTLINE. READ AND
REVIEW IT. NEED AT LEAST 6 REFERENCES OF WHICH 3 MUST BE AT LEAST
FROM JOURNALS ETC! REQURED TO CONSTRUCT A DEFINITION OF AN
ENTREPRENEUR USING THE LITERATURE REVIEWS THAT WILL LATER BE
APPLIED TO THE ENTREPRENEUR CHOSEN
References List
Tourism Malaysia. 2012. Tourist arrivals and receipts to Malaysia.
http://corporate.tourism.gov.my/research.asp?page=facts_figures Last accessed 10
th
August 2012
CIA World Factbook. 2012. The World Factbook Malaysia.
https://www.cia.gov/library/publications/the-world-factbook/geos/my.html July 31st. Last accessed 10
th

August 2012
Frederick, Howard. H. & Donald F. Kuratko. 2012. Entrepreneurship Theory, Process, Practice.
2
nd
Asia Pacific Edition. Cengage Learning