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Introduction To Entrepreneurship

The document defines key terms like entrepreneur and entrepreneurship. It discusses the differences between entrepreneurs and small business owners. It also outlines the various types of entrepreneurs and competencies of successful entrepreneurs. Some of the risks of entrepreneurship are highlighted. Characteristics of successful entrepreneurs and the importance of entrepreneurship to society are also summarized. Finally, it provides an overview of entrepreneurial development in Malaysia and some examples of successful Malaysian entrepreneurs.

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Aiman Azri
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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25 views14 pages

Introduction To Entrepreneurship

The document defines key terms like entrepreneur and entrepreneurship. It discusses the differences between entrepreneurs and small business owners. It also outlines the various types of entrepreneurs and competencies of successful entrepreneurs. Some of the risks of entrepreneurship are highlighted. Characteristics of successful entrepreneurs and the importance of entrepreneurship to society are also summarized. Finally, it provides an overview of entrepreneurial development in Malaysia and some examples of successful Malaysian entrepreneurs.

Uploaded by

Aiman Azri
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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OFPS Entrepreneurship 3e All Rights Reserved

© Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 1


1
Chapter

INTRODUCTION TO
ENTREPRENEURSHIP
OFPS Entrepreneurship 3e All Rights Reserved
© Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 2
INTRODUCTION TO
ENTRERENEURSHIP
❑ AT THE END OF THIS CHAPTER, YOU WILL BE
ABLE TO:
– Define the terms ‘entrepreneur’ and ‘entrepreneurship’.
– Explain the differences between an entrepreneur and a small
businessman.
– Discuss the theory of entrepreneurship.
– Discuss the types of entrepreneurs.
– Describe the competencies of successful entrepreneurs.
– List the risks of being an entrepreneur.
– Describe the characteristics of successful entrepreneurs.
– Elaborate on the importance of entrepreneurship.
– Describe the entrepreneurial development in Malaysia.

OFPS Entrepreneurship 3e All Rights Reserved


© Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 3
DEFINITIONS: ENTREPRENEUR
& ENTREPRENEURSHIP

❑ Entrepreneur
– An individual who ‘undertakes’ the risks of a new
enterprise.

❑ Entrepreneurship
– The process of seeking business opportunities under
conditions of risk.

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© Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 4
ENTREPRENEURSHIP

❑ The process of seeking business opportunities


under conditions of risk.
❑ Also refers to the process of creating something
❑ The entrepreneur is an innovator who uses the
process to challenge existing norms via
combinations of new resources and methods in
commerce.

OFPS Entrepreneurship 3e All Rights Reserved


© Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 5
Attitude Skills Knowledge
Motivated Decision making Law
Confidence Problem solving Management
Initiative Negotiation Economics
Responsibility Communication Accounting
Risk taking Creativity Values
Diligence Teamwork Business
Mental & Physical Management Culture
fitness
Information Technical Project
seeking management

OFPS Entrepreneurship 3e All Rights Reserved


© Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 6
DIFFERENCES BETWEEN AN ENTREPRENEUR
AND A SMALL BUSINESSMAN

Characteristic Entrepreneur Small businessman


Time Unlimited Limited
Job nature Flexible Rigid in adapting to
changes
Decision making Makes own decisions Follows decisions made
by others
Effort and commitment Continuous Low
Risk taking Moderate Low
Goal Maximizes self potential Solely for profit
by utilizing available maximization
opportunities

OFPS Entrepreneurship 3e All Rights Reserved


© Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 7
TYPES OF ENTREPRENEURS

❑ Intrapreneur
❑ Technopreneur
❑ Copreneurs
❑ Social Entrepreneurs
❑ Cyberpreneur

OFPS Entrepreneurship 3e All Rights Reserved


© Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 8
COMPETENCIES OF SUCCESSFUL
ENTREPRENEURS

13 entrepreneurial competencies possessed by successful entrepreneurs(McClelland


and McBer & Co ,1980s) :
❑Personal initiative
❑Seize opportunities
❑Endurance
❑Information seeker
❑High work quality
❑Commitment towards work agreement
❑Efficient
❑Systematic planning
❑Creative problem solving
❑Self confidence
❑Assertion
❑Persuasion
❑Power and authority

OFPS Entrepreneurship 3e All Rights Reserved


© Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 9
THE RISKS OF BEING AN
ENTREPRENEUR

❑ Uncertainty of income
❑ Risk of losing entire investment
❑ Long hours and hard work
❑ High stress level
❑ Difficulty in obtaining customers
❑ Complete responsibility
❑ Difficulty in obtaining loans
❑ Discouragement

OFPS Entrepreneurship 3e All Rights Reserved


© Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 10
CHARACTERISTICS OF
SUCCESSFUL ENTREPRENEURS
❑ Able to identify opportunities
❑ Action-oriented
❑ Always seeking to improve
❑ Orientate themselves to customers’ needs
❑ Value their employees
❑ Able to face reality
❑ Able to tolerate tedium
❑ Able to rebound from disappointments
❑ Risk takers
❑ Locus of control
❑ Independent and in control

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© Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 11
IMPORTANCE OF
ENTREPRENEURSHIP

❑ Self development
❑ Family development
❑ Society/community development
❑ National development
❑ Spiritual development

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© Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 12
ENTREPRENEURIAL
DEVELOPMENT IN MALAYSIA

❑ Malacca – foreign traders


❑ British colonial era – introduced ‘divide and rule’
system
❑ After independence – New Economic Policy
(NEP) ,1971-1990
– National Development Policy (NDP),1990-2000
– Vision 2020, present

OFPS Entrepreneurship 3e All Rights Reserved


© Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 13
SUCCESSFUL MALAYSIAN
ENTREPRENEURS

❑ Tony Fernandes
❑ Robert Kuok
❑ Maznah Hamid

❑ Etc.

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