04/19/23

WEEK 1

INTRODUCTION TO ENTREPRENEURSHIP

04/19/23

Learning Outcomes

At the end of this topic student are given the following competencies:

1. Understanding the concept of entrepreneurship and entrepreneur

2. Identifying characteristics of successful entrepreneurs

3. Comparison between entrepreneur and non-entrepreneur

4. Analyzing oneself as preparation to be entrepreneur.

04/19/23

Contents

Definition/concept of entrepreneurship and entrepreneur

Why become an entrepreneur? Characteristics of successful

entrepreneur Advantages/disadvantages of

entrepreneurship

04/19/231 - 4Ch. 1: The Foundations of Entrepreneurship

The World of the EntrepreneurThe World of the Entrepreneur

Every year U.S. entrepreneurs launch Every year U.S. entrepreneurs launch 550,000 new businesses.550,000 new businesses.

Entrepreneurial spirit - the most Entrepreneurial spirit - the most significant economic development in significant economic development in recent history.recent history.

GEM study: 18.7% of adult population in GEM study: 18.7% of adult population in the U.S. is actively involved in trying to the U.S. is actively involved in trying to start a new business. start a new business.

04/19/23Ch. 1: The Foundations of Entrepreneurship

The World of the EntrepreneurThe World of the Entrepreneur

Global Entrepreneurship Monitor (GEM) Global Entrepreneurship Monitor (GEM) study reports:study reports: Men are twice as likely to start a business as Men are twice as likely to start a business as

women.women. Most entrepreneurs turn to family members Most entrepreneurs turn to family members

and friends for capital.and friends for capital. Entrepreneurs are most likely to launch Entrepreneurs are most likely to launch

businesses when they are businesses when they are between the ages of 25 and 44.between the ages of 25 and 44.

1 - 5

04/19/23

Entrepreneurship: factorsfactors

is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence.

04/19/23

ENTREPRENEURSHIP (bidang usahawan)

A firm that operates and implements combinations of new activities such as product development, market research, sourcing materials, manufacturing and so on (Shumpeter, 1934)

04/19/23

Who is an Entrepreneur?Who is an Entrepreneur?Entrepreneurs:Entrepreneurs:1.1. Know how to make a differenceKnow how to make a difference

2.2. Know how to spot and exploit opportunitiesKnow how to spot and exploit opportunities

3.3. Know how to find the resources requiredKnow how to find the resources required

4.4. Who add valueWho add value

5.5. Have and maintain a good networkHave and maintain a good network

6.6. Create capitalCreate capital

7.7. Manage risk and uncertaintyManage risk and uncertainty

8.8. Determined in the face of adversityDetermined in the face of adversity

9.9. Involves creativity and innovationInvolves creativity and innovation

10.10. Involves in enterprising activitiesInvolves in enterprising activities

1 - 8

04/19/23

WHO ARE THE ENTREPRENEURS?

Paradigm shifters, innovators and opportunists Key change catalysts and agents

Wealth and employment creators Economic engine drivers

Key actors of the Malaysian Economy Entrepreneurs are made and not born You can be the entrepreneur - if you have what it

takes

People who like to be their own boss People who has experienced a “social disruption”?

04/19/23

WHY BECOME ENTREPRENEURS?

How people become entrepreneur ? – by design and default. To be own boss Pursue their own ideas Realize financial rewards

04/19/23

To be own boss

Create your own destinyCreate your own destiny Make a differenceMake a difference Reach your full potentialReach your full potential Reap impressive profitsReap impressive profits Contribute to society and to Contribute to society and to

be recognized for your effortsbe recognized for your efforts Do what you enjoy and to have fun atDo what you enjoy and to have fun at

04/19/23

Characteristics of successful entrepreneur(Some examples)

High initiative Can see opportunity Persistence Searching for information Concern for quality of work Efficient High commitment Systematic planner Creative in solving problems Self-Confident Good business strategy

04/19/23

Advantages of entrepreneurship

Autonomy – self control Personnel satisfaction and challenge Wealth creation – gain more income

04/19/23

Disadvantages of entrepreneur

Uncertainty of incomeUncertainty of income Risk - losing your entire investmentRisk - losing your entire investment Long hours and hard workLong hours and hard work Lower quality of life until the business Lower quality of life until the business

gets establishedgets established High levels of stressHigh levels of stress Complete responsibilityComplete responsibility

04/19/23

04/19/23

Contribution of entrepreneurs

Developing new markets Discovering new source of materials Mobilizing capital resources Introducing new technology Creating employment

04/19/23

MALAYSIAN ECONOMIC AND ENTREPRENEURSHIP DEVELOPMENT

1960’sLabourDriven

Export of rubber, tin, palm oil & timber

1970’s

LabourDriven

Manufacture of import substitution goods

1980’s

InvestmentDriven

Export textile & electronic goods

1990’s

ProductivityDriven

Export high value added electrical & electronic goods

2000’s

Knowledge Driven

Knowledge-based goods & services

Agriculture Era

Industrial Era

Technology Era

Knowledge Era

Agriculture-based

led by Government

Knowledge-based led by Private Enterprises

04/19/23

What is your opinions of these statements?

Entrepreneurs are born, not made Entrepreneurs are gambler Entrepreneurs are motivated by money Entrepreneurs should be young and

energetic

04/19/23

what can you say about the characteristics of following individuals?

Datuk Tony Fernandez Pengasas dan peneraju syarikat penerbangan tambang murah Air Asia.

Tony Fernandes yang kini berusia 48 tahun,  dilahirkan pada 30 April 1964 kepada suatu keluarga campuran Portugis  Goa(India) dan Portugis

Melaka. Bapa beliau bernama  Dr. Stephen Edward Fernandes dan Ibu

beliau, Ena Dorothy Fernandez.Bagi menentukan kejayaan,   sikap beliau yang fokus  kepada sesuatu projek adalah suatu ciri yang tepat dan dapat membantu mengurangkan risiko.  Beliau berkata, ” Saya bukanlah seseorang yang suka memulakan dua puluh benda dan  kemudian berharap tiga akan berjaya. Saya lebih berminat memulakan dua atau tiga dan tentukan ia berjaya, kemudian laksanakan usaha usaha seterusnya”.

Quiz 1

In 15 minute, write down on a paper about characteristics one (1) individual of success person’s in Malaysia.

04/19/23