CHAPTER 3 INCULCATING ENTREPRENEURIAL CULTURE

Objectives:
1. To explain the concept of inculcating the entrepreneurial culture. 2. To discuss the factors that influence the development of entrepreneurship. 3. To discuss the critical factors for new venture development. 4. To do some exercise and present it to the class.

BPME2013 Assoc Prof Habshah Bakar

What is entrepreneurial culture?

Entrepreneurial culture is a set of norms, beliefs and practices shared by a group or organization. This includes a business community, cultural community, a country ... is Assignment for blog ..find at least 2 articles that talks about entrepreneurial culture and how to develop the culture

BPME2013 Assoc Prof Habshah Bakar

The importance of inculcating the entrepreneurial culture

Proactive to ideas of starting business Having THE attitude towards entrepreneurship career Reducing unemployment rate with job creation Contributing to economic development Promoting creativity and innovative minds Developing entrepreneurial mind set.

BPME2013 Assoc Prof Habshah Bakar

External factors influencing a new venture

Political/ legal situation

Technology

Business

Economy conditions

Social

Perform PEST analysis before business start up

BPME2013 Assoc Prof Habshah Bakar

Start up 0f New Venture

What to be concern of:
Human/Individual -entrepreneurs Organization process and concept involved Environment market, consumers
Customer, competitor, supplier, buyer, Support system etc.

Process of legal structure

BPME2013 Assoc Prof Habshah Bakar

Critical Factors for New Venture Development

Critical factors- important for new venture assessment prestart-up, start up and post start-up.
Pre start-up: idea inception to doors open for business Start-up: initiation of sales activities/delivery of products to business firmly established Post start-up: until the business terminated/entity no longer controlled by entrepreneur

Critical factors can be viewed as checklist (Refer table 11.1, pg 358-359 Kuratko & Hodgetts, 2001)

BPME2013 Assoc Prof Habshah Bakar

Critical Factors for New Venture Development

Checklist: 1. Basic Feasibility test of the venture 2. Competitive advantage of the venture 3. Buyer decision towards the ventures product 4. Marketing of goods/services 5. Production of goods/services 6. Staffing decisions in the venture 7. Control issues of the venture 8. Financing the venture
BPME2013 Assoc Prof Habshah Bakar 8

Summary
The importance of cultivating the entrepreneurial culture. Entrepreneurial development emphasize on entrepreneurial culture, career aspiration and implementation of new business idea. The critical factors to start up new business venture involves identifying and evaluating the idea before starting up a new business.
BPME2013 Assoc Prof Habshah Bakar 9