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F{

e World of the Entrepreneur


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dy reports:
6* o Men are twice as likely to start a business as women. o Most entrepreneurs turn to family members and friends for capital. o Entrepreneurs are most likely to launch businesses when they are between the ages of 25 and 44.

Entrepreneurship:
=is

the process of creating something ,nevv 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.

Copyright of Dr. Wan Fauziah Wan Yusoff 2012

At the end of this topic student are iliven ii 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.
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popynght of Dr. Wan Fauziah

Wan Yusoff

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entrepreneurship and entrepreneur Why become an entrePreneur? Characteristics of successful entrepreneur o Adva ntages/d isadvantages of
entrepreneu rshiP

Definition/concePt of

The World of the EntrePreneur


u550,000 new businesses. Entrepreneurial sPirit - the most significant economic development in recent history.

fvery year tl.S. entrepreneurs launch

o GEM study: 1B .7o/o of adult population in the U.S. is actively involved in trying to start a new business.

Ch. 1r The Foundations of

Copyright of Dr. Wan Fauziah WanYusoff 2012

ENTREPRENEURSHIP
and implements tm firm that operates F:# combinations of new activities such as ry product development, market research,

sourcing materials, manufacturing and so on (Shumpeter, L934)

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of Dr. Wan Fauziah WanYusoff

Who is an Entrepreneur?
Entrepreneurs:
Know how to make a difference Know how to spot and exploit opportunities w l. Know how to find the resources required ,r.1.' 4. Who add value s. Have and maintain a good network 6. Create capital 7. Manage risk and uncertainty B. Determined in the face of adversity e. Involves creativity and innovation ro. Involves in enterprising activities

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WHO ARE THE ENTREPRENEURS?


Paradigm shifters, innovators and opportun'rsts 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"?

'.... o
o o o o o

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of Dr. Wan Fauziah WanYusoff

WHY BECOME ENTREPRENEURS?

o How people become entrePreneur ? by design and default.

r To be own boss
o Pursue their own ideas o Realize financial rewards

To be own boss
o Create your own destiny o Make a difference o Reach your full potential o Reap impressive profits o Contribute to society and to be recognized for your efforts o Do what you enjoy and to have fun at

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of Dr. Wan Fauziah WanYusoff

Characteristics of successfu I entrepreneu r (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

o o o o o o
o o o

Advantages of entrepreneurship
Autonomy

- self control

o Personnel satisfaction and challenge o Wealth creation - gain more income

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of Dr. Wan Fauziah Wan Yusoff

Disadvantages of entrepreneur
Uncertainty of income Risk - losing your entire investment o Long hours and hard work o Lower quality of life until the business gets established o High levels of stress o Complete responsibility

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Ent etrrrerrer-r::ial C5rcle*


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Contribution of entrepreneurs
o DeveloPing new markets o Discovering new source of materials o Mobili zing ca Pita I resou rces o Introducing new technology o Creating emPloYment

MALAYSIAN ECONOMIC AND ENTREPRENEURSHIP DEVELOPMENT


Export hlgh value added electrical &

6lectronic goods

Knowledge-based led Private EnterPrises

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What is your opinions of these statements?


Entrepreneurs Entrepreneurs o Entrepreneurs o Entrepreneurs energetic

'

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

what can you say about the aracteristics of following individuals?


Datuk Tony Fernandez o Bill Gates o Tan Sri Syed Mukhtar Albukhari

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of Dr. Wan Fauziah Wan Yusoff

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