1. INTRODUCTION TO ENTREPRENEURSHIP
WEEK 1
INTRODUCTION TO ENTREPRENEURSHIP
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2. At the end of this topic student are given the following competencies:
Learning Outcomes
At the end of this topic student are given the following competencies:
Understanding the concept of entrepreneurship and entrepreneur
Identifying characteristics of successful entrepreneurs
Comparison between entrepreneur and non-entrepreneur
Analyzing oneself as preparation to be entrepreneur.
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3. Contents Definition/concept of entrepreneurship and entrepreneur
Why become an entrepreneur?
Characteristics of successful entrepreneur
Advantages/disadvantages of entrepreneurship
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4. The World of the Entrepreneur
Every year U.S. entrepreneurs launch 550,000 new businesses.
Entrepreneurial spirit - the most significant economic development in recent history.
GEM study: 18.7% of adult population in the U.S. is actively involved in trying to start a new business.
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Ch. 1: The Foundations of Entrepreneurship
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5. The World of the Entrepreneur
Global Entrepreneurship Monitor (GEM) study reports:
Men are twice as likely to start a business as women.
Most entrepreneurs turn to family members and friends for capital.
Entrepreneurs are most likely to launch businesses when they are between the ages of 25 and 44.
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Ch. 1: The Foundations of Entrepreneurship
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6. Entrepreneurship:
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.
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7. ENTREPRENEURSHIP
A firm that operates and implements combinations of new activities such as product development, market research, sourcing materials, manufacturing and so on (Shumpeter, 1934)
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8. Who is an Entrepreneur? Someone who engages in entrepreneurship
who organizes, manages and assumes the risks of a business or enterprise
Individuals who conceive new business opportunities and take on the risks required to convert ideas into reality
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Ch. 1: The Foundations of Entrepreneurship
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9. Who is an Entrepreneur?
Someone who actually search for change, respond to it and exploits change as an opportunity
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Ch. 1: The Foundations of Entrepreneurship
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10. 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”?
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11. WHY BECOME ENTREPRENEURS?
How people become entrepreneur ? – by design and default.
To be own boss
Pursue their own ideas
Realize financial rewards
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12. To be own boss Create your own destiny Make a difference
Reach your full potential
Reap impressive profits
Contribute to society and to be recognized for your efforts
Do what you enjoy and to have fun at
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13. 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
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14. what can you say about the characteristics of following individuals?
Datuk Tony Fernandez
Bill Gates
Tan Sri Syed Mukhtar Albukhari
Tan Sri Dato' Sri Dr. Teh Hong Piow
Abg Abu
Irfan Khairi
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15. Advantages of entrepreneurship
Autonomy – self control
Personnel satisfaction and challenge
Wealth creation – gain more income
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16. Disadvantages of entrepreneur
Uncertainty of income
Risk - losing your entire investment
Long hours and hard work
Lower quality of life until the business gets established
High levels of stress
Complete responsibility
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19. Contribution of entrepreneurs
Developing new markets
Discovering new source of materials
Mobilizing capital resources
Introducing new technology
Creating employment
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20. 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
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