Importance of Innovation in Business Growth and Government Policies in Malaysia

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ECONOMICS ASSIGNMENT

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Contents
Question one...............................................................................................................................3
Question two..............................................................................................................................6
Reference..................................................................................................................................10

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Question one
a)
Gary Vaynerchuk
Gary Vaynerchuk is not only a businessman but he is also a renowned writer. One of the
biggest achievements of this personality is that he helped his company grow from a $3
million business to a $60million business (Molnar, 2018). There are many characteristics and
personality traits that have helped the business venture of Gary Vaynerchuk to flourish. One
of the important characteristics of Gary Vaynerchuk is the ability to take the risk. He was one
of the few professionals in the field of digital marketing. He invested around $6 million at a
stage where his businesses were struggling. Furthermore, the innovative mind of Gary
Vaynerchuk has also helped his business career as well. He never kept himself limited to the
operation of the family business. He ventured out to explore other opportunities such as
social media. He became one of the popular social media innovators in the field.
Another characteristic that needs to be mentioned in this context is his vision. Perri et al.
(2019) stated that most of the successful entrepreneurs and the business leaders of the world
have a vision as an important feature that helps succeed. Gary Vaynerchuk initiated the
digital marketing concept before any of the innovators. He envisioned the scopes and the
reach of the social media platforms that can be used to reach out to the customers of the
market. Lastly, his leadership skills helped him in managing multiple businesses that he had
including the family business. Problem-solving characteristics were also present that helped
Gary Vaynerchuk to deal with the highs and the lows of a business career. Gröschl and
Gabaldon (2018) noted that one of the common event present in the career of all the
renowned business leaders is the failure. Sharp problem-solving skills help the leader to deal
with the failures of ventures. Risk-taking attitude along with problem-solving skills have
helped Gary Vaynerchuk to become a successful leader in this field.
Jeff Bezos
Jeff Bezos is one of richest men of the world and the owner of numbers of successful
businesses. Jeff Bezos started the business of Amazon from a small office and it has taken it
to the peak. His courage is the most commendable characteristic that helped him to become
successful in the field of business. Apart from that, another characteristic that was important

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for the success of Jeff Bezos was the hard work. Impressive work ethics and the brilliance
have earned him a lot of respect in the field of business. Feussner, Landefeld, and Weinberger
(2016) pointed out that talent only cannot push an individual to the point of success if hard
work and honest efforts are not put in.
In this context, it is also important to mention the honesty that he had during the days of
struggle that also influenced the operation of his companies as well. He inflicts the
importance of hard work in his workers as well that eventually pays off though tremendous
performances of the companies that he owns. The characteristics of open-mindedness have
influenced the success of Jeff Bezos as well. He has changed his outlook and approach to the
business a number of times based on the external situation. Sousa (2018) noted that open-
mindedness is important to have a flexible mindset that can change with the changes in the
external factors. This helped Jeff Bezos diversify his investments in the future as well. Bezos
added to his business interests when he founded aerospace company Blue Origin in 2000. A
Blue Origin test flight successfully first reached space in 2015, and Blue has plans to begin
commercial suborbital human spaceflight in 2019. He purchased The Washington Post in
2013 for US$250 million in cash. Bezos manages other business investments through his
venture capital fund, Bezos Expeditions. Jeff Bezos was passionate about the business he was
running in a small office in Seattle. Like all the other business leaders of the world he also
faced failure; however, he never gave up on the project. He learnt from the mistakes in the
initial years of operation that increased his level of experiences. These increased levels of
experiences in terms of business operations are now helping him in his ventures.
Tony Robbins
Tony Robbins is among the business leaders of the world who has turned their life around
with success in the field of business. One of the important characteristics that helped him to
become popular as one of the inspiring businessman is his courage. His initial life was full of
chaos and unhappiness and his courage has led him to become one of the largest business
tycoons of the world. Similar to the other personalities discussed in the study, hard work has
been an integral part of the process for Tony Robbins. He worked as a handyman as a kid in
different shops in order to earn some bread for himself. Apart from that, another important
characteristic that can be seen in the personality of Tony Robbins that helped him become a
successful leader is his professionalism. He has been professional in his business
relationships and the work ethics that not only increased his output but also helped in