UNIVERSITI KUALA LUMPUR MALAYSIAN INSTITUTE OF INDUSTRIAL TECHNOLOGY (MITEC)

SUBJECT/CODE: WBD 10102

Lecturer: MR. HELMI MOKHTAR

Assignment / Project NoTitle

Submission dateDue date

: 1: Entrepreneur in Global Business Development and Marketing:: 30/09/2011

Prepared by Student ID #Timothy Wilbert Andrew 57175211161

For Lecturer used only

Received date : ……………………………………….

Percentage (%)

Achievement RemarksStandard format used handwritingSources from books, internet, etc.(Minimum 2 books, 3 web search)Late submission: 50%

Format 4%Contents 18%Effort 4%Submission 4%

Total 30%

TABLE OF CONTENT

PARTICULARS PAGES

ACKNOWLEGEDMENT……………………………………………… _____

INTRODUCTION…………………………………………………….. _____

EARLY LIFE…………………………………………………………… _____ PERSONAL LIFE…………………………………………………….. _____ CAREER AND BUSSINESS………………………………………… _____ DEVELOPING GENTING RESORT……………………………….. _____ THE GENTING HIGHLANDS THEME PARK……………………. _____ EXPANDING HOLDINGS IN THE 1980s………………………. _____ DIVERSIFICATION FOR THE NEW CENTURY……………….. _____ LIM GOH TONG’S 14 LESSONS OF SUCCESS………………. _____ ACHIEVEMENT AND AWARDS………………………………….. _____ TABLE OF LISTED OF TOP COMPANIES……………………… _____ GENTING BERHAD RATE OF NET PROFITABILITY………... _____ PICTURES OF TAN SRI LIM GOH TONG……………………… _____ CONCLUSION……………………………………………………….. _____ REFERENCES………………………………………………………. _____

ACKNOWLEDGEMENT

First of all, I Timothy Wilbert Andrew would like to thank Mr.Helmi for his fantastic teaching.

I am really grateful to my introduction to entrepreneurship lecturer who without his help and guidance this assignment would not be completed. I also show my gratitude to my friends who help in my process of producing this piece of useful information regarding one of a successful entrepreneur in Malaysia.

I would like to thank my parents too for helping in giving information in order to complete this assignment.

Lastly, to thank God for giving me tremendous faith to complete this assignment.

INTRODUCTION

Tan Sri Dato Seri (Dr.) Lim Goh Tong was a prominent wealthy Malaysian Chinese businessman. He was renowned for his vision and courage in transforming Genting Highlands from an unexplored hilltop into one of the world's most successful casino resorts. He was once the richest man in Malaysia, Asia with net worth US$4.2billion.

Early life

Born in 1918 in Anxi, a mountainous country in southeastern Fujian province, China, Lim Goh Tong was the fifth child in his family. His father was Lim Shi Quan and his mother Goh Ban. He has an elder brother, three elder sisters, a younger sister and a younger adopted brother named Mr. Ajit Singh (a prominent Economics and Accounting teacher). Lim was born into a rustic environment in a village, during that time, China was in a period of turmoil and unrest after the 1911 revolution, but life was relatively sheltered for Lim in the village. He grew up peacefully and had the opportunity of studying in school. However, disaster struck and his father died when he was 16. Lim was forced to leave school and he and his elder brother had to take over the heavy burden of feeding his family.

As China's situation was becoming worse, Lim Goh Tong decided to take the plunge in venturing out to Malaysia (known as Malaya at that time) following his cousin, Lim Kheng Chong's footstep. He left China through Xiamen in early February 1937 at the age of 19. He worked for his uncle as a carpenter in the first two years, learning the Malay language in the meantime. After gaining experience he went on to become a building sub-contractor and completed his first job of building a two-story school. He returned to Anxi in 1940, but went back to Malaya the next year amidst a deteriorating war environment.

Personal life

Lim Goh Tong was married to Lee Kim Hua, together they had six children and nineteen grandchildren.The six children are Lim Siew Lay, Siew Lian, Siew Kim, Tee Keong, Kok Thay and Chee Wah also Lim Koh Fong from Ficc.

Throughout his life Lim has had a few medical crises, among them were a malignant tumor and cardiovascular problems, which he pulled through after several surgeries. Lim wrote his autobiography "My Story - Lim Goh Tong" and it was published in 2004. In the book he wrote about

his early life, how he started off with nothing to building a world-class casino resort through hard work and perseverance confounding skeptics, and the people he acknowledges.

Career and business

The Japanese invaded Malaya in 1942 and caused Lim to have a few near-death experiences. During the early Japanese Occupation, he earned a living as a vegetable farmer, but decided to switch to petty trading for a better living. Later on Lim ventured into scrap-metal and hardware trading. When the Japanese Occupation ended, there was an urgent demand for heavy machinery for resumed operations in mines and rubber plantations, Lim seized the opportunity and engaged in second-hand machinery trading, making his first fortune.

From used machinery trading, Lim strayed into iron mining fortuitously. Lim joined as a partner in an iron mining company which couldn't settle the outstanding payment of two bulldozers with him, and this proved to be a successful venture as he earned a substantial amount of profit from the mining industry, including forming a joint-venture tin mining company which was one of the first Chinese tin companies to utilize dredges in mining tin.

While dealing in heavy machinery, Lim accumulated a wide range of reconditioned machines as well as a substantial amount of cash to move into construction and related industries. In the name of his family construction company, Kien Huat Private Limited, Lim began taking on several contracting jobs with help and guidance from his uncles. Kien Huat won accolades and became recognized as one of the leading construction companies after successfully completing many major projects. Among the biggest projects completed was the Ayer Itam Dam, the first time a local contractor had been given a construction job of such magnitude. Lim faced the brink of bankruptcy when construction work was facing problems in the Kemubu Irrigation Scheme, but managed to overcome the obstacles and completed the project.

Developing Genting Resort

Genting Group's involvement in the property sector can be traced from the initial primary objective of holding land-based assets for long term appreciation and development potential to the current strategic move to develop and market the Group's landed properties mainly held in the plantation subsidiary, by Asiatic Land Development Sdn Bhd, a wholly owned subsidiary of Asiatic Development Berhad - which is 54.8% owned by Genting Berhad.

The Genting Highlands Theme Park

The idea of building a hilltop resort was first conceived when Lim Goh Tong was having a dinner in the Cameron Highlands. As he was enjoying the soothing cool breeze of the Cameron Highlands, an idea struck him that as the standard of living rose steadily in Malaysia, more and more people would visit mountain resorts for relaxation and recreation, but Cameron Highlands was too far away from the capital city Kuala Lumpur, therefore building a mountain resort nearer to Kuala Lumpur would have great business potential.

After doing some research, Lim found Gunung (mountain in Malay) Ulu Kali at a place called Genting Sempah to be an ideal location for his plan. He formed an expedition and explored the place, collecting a wealth of data on the topography, drainage, soil conditions and other relevant aspects of the region, this proved to be very useful in drawing up plans for developing the resort.

Upon conceiving this idea, many naysayers were skeptical of Lim turning a wilderness into a tourist resort. Most thought it was really risky and reckoned Lim who was financially comfortable to be foolish to invest heavily in money and time to develop Genting, but Lim brushed off all these negativities and went ahead firmly with his plan.

After getting approvals from the Federal and State governments, Lim began the project in the face of a colossal task. Among the problems were building the access road towards the hilltop, water and electricity supplies, sewerage system and fire safety. Lim managed to build the access road towards the summit in three years when it was estimated to take fifteen years. Several sources of water in the mountain were identified, water supply was secured by building water-collection stations and water filtration plants with treated water stored in reservoirs. Electricity is supplied through a central electricity generation system with 12 big generators.

During the construction, Lim survived six close brushes with death. Meanwhile, Lim had to administer another major project in Kelantan, the Kemubu Irrigation Scheme at the same time. This stretched his physical endurance to the limits as he had to shuttle between Kuala Lumpur and Kelantan and he worked seven days a week.

During the Genting project, Lim spent all he had without earning any income. He sold an 810-hectare rubber estate to raise RM2.5 million. In addition, he invested all the money he had made from iron mining, sub-contracting and hardware businesses. The project was a heavy drain on Lim's finances. When asked to invest in this project, Lim's friends turned him down and counselled him to drop the entire scheme instead.Genting was granted the only casino licence after Tunku Abdul

Rahman, the prime minister of Malaysia then, visited Genting Highlands and commended Lim's effort to develop a resort contributing to Malaysia's tourism industry without government help.Lim managed to obtain a pioneer status for Genting Highlands and tax incentives despite its resort development not qualifying for it. He did so by convincing the government that tax.

incentives in the early stage of development of Genting Highlands were not only vital for them but also profitable to the government later on.

The whole Genting project was completed in January 1971, but prior to officially commencing business, Kuala Lumpur and its surrounding areas were hit by the worst rainstorms in a century, the road to Genting was closed by landslides at 180 locations, the damaged sections took four months to repair. Genting opened its door for business on 8 May 1971.

In the next 30 years, Lim continued to develop and expand Genting Highlands beyond its original idea of a hotel with basic tourist facilities. Among the projects were the construction of more hotels, indoor and outdoor theme parks, and a convention centre. A new road was built to shorten the journey to Genting from the northern states, and RM920 million was invested to widen a 10 km stretch of the access road to reduce congestion. Another RM928 million was spent on constructing a cable car system to provide visitors with an alternative mode of transportation.

In 1993, at the suggestion of Tun Mahathir, the prime minister of Malaysia then, a township was developed on an 81-hectare piece of land around the site of the Genting Skyway cable car station. It was named Gohtong Jaya after Lim as a token of remembrance for his efforts in the development of Genting Highlands.

As of now, Genting Highlands is one of the most successful Casino resorts in the world and is one of the primary tourist attractions in Malaysia. Lim's company, Genting Group operates Genting Highlands and has diversified into many other industries such as plantations, property, paper, power generation, oil and gas exploration and cruise boat industries. In the process new company brands were created that have become distinctive names in their respective fields, namely Asiatic, Genting Sanyen (paper manufacturing) and Star Cruises.

On 31 December 2003, Lim handed his chairmanship of Genting Group over to his son, Tan Sri Lim Kok Thay.

Expanding Holdings in the 1980s

Lim's direct involvement in the construction and expansion of the Genting Highlands resort did not prevent him from extending Genting's business interests into other areas. One of the company's first expansion moves was the creation, in 1977, of a Plantation Division to oversee Genting's growing palm oil and other holdings. The Plantation Division was placed under a new company, Asiatic Development, which was listed on the Kuala Lumpur exchange in 1982. By 2000, Genting's plantation holdings would top 63,000 hectares.Genting also developed other property and resort interests. The company later launched its own chain of resorts in Malaysia, starting with the Awana Genting highlands Golf & Country Resort, located at the original Genting site. The Awana brand was then extended to include the Awana Kijal Golf, Beach & Spa Resort, a beachfront site in Terengganu; and Awana Porto Malai on Langkawi Island.Genting's expanding hospitality interests led the company to restructure in 1989. Genting itself was reestablished as a holding company, while its hospitality and leisure businesses, including the Genting Highlands resort, were transferred to a new company, Resorts World Bhd. The new subsidiary was then listed on the Kuala Lumpur exchange.Resorts World immediately launched a new and ambitious five-year development program that helped transform the Genting Highlands site into one of the world's largest and most popular tourist destinations. Into the mid-1990s, the company spent more than MYR 2 billion adding three new hotels, as well as new attractions, including two new theme parks--one of which was built indoors. By the end of the decade, the resort already featured seven hotels with some 4,000 rooms. The company also began development of a new 17-kilometer roadway providing easier access from the northern side of the mountain, and built the Asian region's longest--and the world's fastest--Skyway monorail connecting Gohtong Jaya at the base of the mountain to the resort, at a total cost of MYR 128 million. In the early 2000s, Resorts World also became responsible for widening the original ten-kilometer road into a four-lane highway.This latter project was completed in large part to ease the expected increase in traffic to come with Genting's most ambitious development project--that of the construction of the 6,300-room First World Hotel. Upon completion, the hotel, which featured its own indoor theme-park, was slated to become the world's largest hotel. The company began adding 4,000 new rooms for its staff accommodations, raising the projected total number of rooms on the resort site to 15,000.

Diversification for the New Century

Much of Genting's success was due to its monopoly position as the sole casino owner in Malaysia. The increasingly conservative mood of the Muslim population in the country made it unlikely that new challengers would appear in the domestic market. However, that same shift in religious sentiment raised the possibility that Genting's own license might one day be withdrawn. At the same time, Genting faced new competition elsewhere in the region, as a number of neighboring countries began authorizing the construction of casinos.Genting took a multifaceted approach to confronting this situation. On the one hand, the company continued redeveloping the resort site itself away from its earlier emphasis on its casino operation to expand more broadly into the tourist and family entertainment market. Yet the company also began expanding its hospitality and leisure operations beyond its sole focus on the Genting Highlands resort.One of the company's earliest diversification moves was the establishment of the Star Cruise line in 1993. The company began operating casino cruises in southeast Asia, building up a fleet of 18 ships with more than 23,000 beds. By the end of the decade, Star Cruise was already the Asia Pacific region's largest cruise operator. The acquisition of NCL Holdings and its Miami, Florida-based Norwegian Cruise Lines in 2000, helped position the company as one of the world's top three cruise line operators.Genting also began expanding its hospitality operations into other markets, acquiring casino management and development contracts in such markets as Australia, the Bahamas, and the Philippines. The company also launched a new Property division, conducted through subsidiary Asiatic Indahpura, which began developing a 6,800-acre landsite in Kulai, Johor.Genting increasingly sought to expand its international holdings, while at the same time seeking to buttress its reliance on the more volatile tourism market with an extension into other industries. This effort was led in large part by Lim's son, Lim Kok Thay. In 1994, the company launched a new Paper & Packaging division through the creation of Genting International Paper holdings Ltd. and the acquisition of the Sanyen paper mill in Kuala Langat, the country's largest brown grade paper manufacturer. In 1998, the company expanded that operation downstream, launching production of corrugated packaging. The new subsidiary was then renamed the Genting Sanyen Group.As part of the Sanyen acquisition, the company also extended into the power generation market, taking over the paper site's 720 MW gas-fired power plant. This operation took on the name of Genting Sanyen Power, and in 1994 became Malaysia's first Independent Power Producer, launching production in 1996. Genting later turned to the international power generation market, acquiring an equity stake in the Lanco Kondapalli gas-fired plant in India in 2003.

In the meantime, Genting had ventured into the oil and gas exploration market. In 1996, the company bought a 45 percent stake in British Gas's Muturi exploration operations in Indonesia (sold to British Petroleum in 2001). Genting continued developing its oil and gas interests, however, which included the launch of the Enhanced Oil Recovery Project in China's Gulf of Bohai in 2000. In June 2004, another Genting subsidiary, Sanyen Oil and Gas Ltd., acquired the production sharing contract for the Anambas Block in West Natuna, Indonesia.By then, Lim Goh Tong, who had been honored with the title Tan Sri in 1979, had already announced his decision to retire at the age of 86. At the beginning of 2004, leadership of Genting was passed to Lim Kok Thay. Inheriting the multibillion-dollar empire established by his father just 40 years before, the younger Lim promised to remain true to the values that had enabled Lim Goh Tong to build up one of Malaysia's--and the Asian region's--largest fortunes.Discussing future plans with The Star, Lim Kok Thay stated: "My father's advice to me is to hold the group steady as she goes, rather than to rush headlong into any wild expansion programme. That's my intention too as we need to digest what we have already done." The younger Lim nonetheless pointed to a further internationalization of the group's operations in the future. Yet the company's hospitality and leisure component, including its iconic Genting Highlands resort complex, appeared certain to remain its largest and most emblematic division into the new century.

Lim Goh Tong 14 Lesson of Success.

1. Never make language barrier a limitation to succeed. Lim Goh Tong did not speak or write in English. He spoke Hokkien in his native land China, and after coming to Malaysia, he learned Bahasa Malaysia, Cantonese & Mandarin. But did not stop him to negotiate one of the biggest business contracts in the country.

2. Be polite, humble and respectful to others. If you can rub shoulders with tycoons and high officials, ask yourself, can you get along well too with hawkers and manualworkers? Often time, success goes to our heads and we forget where we came from and our hardship seem to be a forgotten past.

3. When it comes to appointment and meeting, have a habit to be punctual. Better still, come 5 or 10 minutes early. Malaysians have a very weird habit when it comes to appointments, interviews and meetings. Don’t be one. Make punctuality your personal and business principle. Do not make excuse to cancel appointments just because the person is not important. Also, a good advice is that, if you want to know if a person will be a good friend and business partner, watch if he arrives on the appointed time when you set a date or meeting. If you are late for a job interview when you can be early, know that you will not make a good employee.

4. Live a disciplined, simple life. Get up early from bed to start your day. You will see prosperity coming your way.

5. Make effort to carry something that you can write or jot down when you have anything coming in your mind. Lim Goh Tong used small notebook. Now there are many choices when it comes to note taking- PDA, mobile phone, note book and so on. Also, organize your day with a diary or personal organizer. Always create a to do list.

6. Be bold yet cautious (the Chinese say ‘dan da xin xi’ ). Try things that have never been done before. Challenge the norm of ways of doing work or job. Be willing to take that risk. A reward is waiting at the end of it.

7. Believe the power of conviction. If you make a decision and you believe that is a strong one, go ahead with it, no matter what you are up against. Believe in yourself.

8. Don’t make enemies. Avoid stepping on other people’s toes which is quite a norma in business and corporate world. People who do this will not last long. People who take short cut will have their success short lived.

9. If you build a successful business and organization, always believe that the most valueable asset of a company is its people. It is the people that make the organization. It is the people that run the organization. It is the people that makes things happen.

10.If you don’t have benefits and exposure to modern management, never doubt you can run a company as big as Microsoft. Good educations essential,but lack of education and training is never a barrier to become a boss to the smartest people on the planet.

11.Employ a person or make a business with a person when you trust him or her.12.Do good to others; you will be rewarded somehow. Learn to give first and

receive later.13.Prepare for personality makeover. If you are shy and quiet learn to be

articulate and more extrovert. Banish the shyness and the inferiority complex. If you are rude, learn to be polite.

14.Be a grateful for what you have. Life has been kind to us. Hence we should treasure our life and make it a meaningful one. Drive yourself harder and become more committed to work.

Achievement and awards

Lim Goh Tong had won many awards together with his company Genting Group for his entrepreneurship and his contribution, among them were:

-Malaysian Entrepreneurs Award 1985

-Manager of the Year Award 1986

-Business Achiever of the Year Award 1994

-Number 1 ranking of 10 Malaysian Leading Companies 1996

-The Best Employer Award 1996

He was conferred the title "Tan Sri" by the government of Malaysia on 6 June 1979 in recognition to the contribution he has made to the country.

In 1978 Lim Goh Tong set up Yayasan Lim, a family foundation that donates regularly to educational and medical institutions, old folk's homes, various organisations for the physically handicapped and other charitable causes.

TABLE OF LISTED TOP COMPANIES

Genting Berhad rate of net profitability

Genting Berhad net sales of profitability

Pictures of Tan Sri Lim Goh Tong

Lim managed to obtain a pioneer status for Genting Highlands

Memorial to the late Tan Sri Lim Goh Tong

Genting highlands theme park

Cable car in genting highlands

The memorial of tan sri lim goh tong.

Tan sri lim goh tong’s dream ride

Tan sri lim goh tong when he was still kid riding small train in the theme park

“When I decided to develop Genting about 38 years ago, there were also people who said I was mad and doomed to failure. But I went on to build it up steadily into an internationally renowned holiday resort. As for the cruise industry, isn’t Miami a success story? If the Westerners can do it, so can we Asians”-Lim Goh Tong

References

http://www.g2easia.com/en/Show-Info/Highlights/Past-Winners-of-G2E-Asia-Visionary-Award/Biography-of-Mr-Tan-Sri-Lim-Goh-Tong/

http://www.genting.com/history/index.htm

http://waterofsuccess.com/lim-goh-tong/

http://www.lycos.com/info/lim-goh-tong--tan-sri-lim-goh-tong.html?

http://en.wikipedia.org/wiki/Special:Search?search=tan+sri+lim+goh+tong&go=Go

http://en.wiktionary.org/wiki/Special:Search/Tan_sri_lim_goh_tong

http://www.chokilala.com/inspirasi/sejarah-fakta-menarik-tentang-lim-goh-tong-pengasas-genting/

http://www.google.com.my/#hl=en&cp=10&gs_id=13&xhr=t&q=lim+goh+tong&pf=p&sclient=psy-ab&site=&source=hp&pbx=1&oq=lim+goh+to&aq=0&aqi=g4&aql=&gs_sm=&gs_upl=&fp=a56a720786fc4284&biw=1138&bih=564

CONCLUSION

Through my whole research about this humble entrepreneur, Tan Sri Lim Goh Tong saw beyond the dense wilderness and harsh terrain of Genting Highlands, as it beckoned him to claim the mountain that would eventually elevate his fortunes and seal his fame among legendary Malaysian entrepreneurs. Through his visionary genius, he not only transformed the physical landscape but also propelled his pet

project onto the global map of tourism. From this, I have learnt that we must wide visioned and be confident in what we dream about in the future.