Entrepreneurial Capital

WEEK 1
INTRODUCTION TO
ENTREPRENEURIAL CAPITAL
IWAN KAHFI
E: iwan.kahfi@pmbs.ac.id

P:021-304-0500 ext. 2777

M: 0811-9200-712 Room: BVDI-PMBS Bldg 9th Floor
LineID: @iwan.kahfi Drop Box: PMBS Building, 7th Floor

Faculty Member Entrepreneurship

Business Venture, Senior Manager
Universitas Prasetiya Mulya

Bachelor of Engineering (Hons), University of London, UK

Master of Science in Engineering, Cranfield University, UK
Master in Engineering Mgt, Univ. of Technology Sydney, Australia
Master in Business Adm, Univ. of Technology Sydney, Australia

Scholarship awardee from

AusAID / Australian Development Scholarship
Foreign Commonwealth Office- British Aerospace Scholarship Scheme
British Chevening Award
IOM ITB Scholarship Award

Previous work: BUMN, UTS, Hermes Presica Australia, Deakin Univ

Marketing Director, Business School & Univ. Prasetiya Mulya
Students Affairs & Alumni Relations Director, Univ. Prasetiya Mulya
Course Overview
Class Rules

ATURAN DI KELAS:
Be ontime, maksimal 10 menit keterlambatan
Presentasi gunakan Jas Almamater / Jas formal lainnya
Selama di kelas, maksimal 1 mahasiswa ke toilet pada saat yang
sama (bergantian). No toilet time jika diperlukan.
Snacking?
No sleeping
HP Silent  Ring, ask questions
Tapbut “tapping cabut” = TIDAK HADIR (nilai partisipasi minus)

ATURAN KONSULTASI PROJECT:

Bikin janji minimal D-1 melalui Email. Consultation only on Tuesday
AGENDA

1. Course Overview

2. Resource-Based Theory

3. Elements of Entrepreneurial Capital

 COURSE OBJECTIVE
ENTREPRENEURIAL CAPITAL

Preparing oneself to excel in the future career as a

professional entrepreneur or entrepreneurial
professional started by knowing where oneself is in
his / her entrepreneurial capital, what are the
components of the main entrepreneurial capital
needed, and making a plan to improve his / her
entrepreneurial capital.

Case Materials:
Readings related to Entrepreneurial Capital
 CONCEPT MAP
3 SKS, Mata Kuliah Jangkar S1Business Semester 6
• CASE STUDY
• EFFEKTUASI • MOVIE
• RESOURCE-BASED COMPONENTS OF ENTREPRENEURIAL • FIELD PROJECT /
VALUE EACH STUDENT CAPITAL NEEDED IN A ALUMNI INTERVIEW
• HUMAN CAPITAL / ENTREPRENEURIAL NEW AND ONGOING • CONTENT ANALYSIS
PERSONAL CAPITAL /
CAPITAL VENTURE • GROUP
CULTURAL CAPITAL PRESENTATION
• SOCIAL CAPITAL • COLLABORATE
• ECONOMIC CAPITAL WITH KCB
• INDUSTRIAL CAPITAL

ENTREPRENEURIAL
CAPITAL

• CAPITAL CARD
• MAPPING INDIVIDUAL SIMULATION IN
PREPARE STUDENTS
CAPITAL CANVAS CLASS & ALL
(PRESENT) ENTREPRENEURIAL APPLY NEW
CLASSES
• CAPITAL CAPITAL PLAN FOR SIMULATION/
DEVELOPMENT PLAN THEIR GAMES • CAPITAL
(FUTURE) ENTREPRENEURIAL DEVELOPMENT
• PREPARE HATCHING JOURNEY PLAN
PROGRAM SIMULATION
 COURSE EVALUATION:
TEACHING ASSIGNMENT 30%
▪ Class Participation & Assignment 10% (CPA)
▪ Weekly Group Presentation (Desk Research) 10% (WGP)
▪ Guest Lecture - Individual Reflective Paper 10% (IRP)

MID TERM EXAM / UTS 30%

▪ UTS (Midterm Written Examination) 20% (UTS)
▪ Individual Capital Canvas Mapping 10% (ICCM)

FINAL SEMESTER EXAM / UAS 40%

▪ Group Report & Presentation
on Entrepreneur & Expert (Interview
& Desk Research) 15% (GRP)
▪ Individual Test Verbal 10% (ITV)
▪ Team Capital Mapping & Development Plan
for Pre-Hatching Expo 15% (TCPH)
GROUP & INDIVIDUAL ASSIGNMENT
GROUP ASSIGNMENT:
• Interview and content analysis: Capital Mapping of entrepreneur
who has more than 10 years entrepreneurial experience -
Presentation & Report
• Interview: Capital Mapping of Industry Expert (collaborate with
subject KCB) - Presentation & Report
• Industrial Capital Workshop & Assignment
• Team Capital Canvas for Pre-Hatching Presentation (UAS) +
Development Plan for 1 year

INDIVIDUAL ASSIGNMENT:
• Individual Capital Canvas (Before UTS)
• Guest Lecture Capital Mapping Reflection
• Movie “Joy” Reflection
DESK RESEARCH: USING CONTENT
ANALYSIS TOOLS FOR CASE STUDY
Content analysis is a research method for studying documents
and communication artefacts, which might be texts of various
formats, pictures, audio or video.
Sources of data could be from interviews, open-ended questions, field research notes,
conversations, or literally any occurrence of communicative language (for example, books,
essays, discussions, newspaper headlines, speeches, media, historical documents).

CASE STUDY*:
• Case 1 (Human/Cultural Capital): Hartono bersaudara (Djarum)
• Case 2 (Social Capital): Chairul Tanjung (Trans Media)
• Case 3 (Industrial Capital): Nurhayati Subakat (Wardah)
• Case 4 (Economic Capital): Nadiem Karim (Go-Jek)
*) only examples, cases may change according to class agreement
INDIVIDUAL CAPITAL CANVAS
 WEEK 1 WEEK 2 WEEK 3 WEEK 4
LECTURE LECTURE LECTURE LECTURE
INTRODUCTION TO EFFECTUATION HUMAN & CULTURAL SOCIAL CAPITAL
ENTREPRENEURIAL CAPITAL 1
CAPITAL

• RESOURCE BASED GROUP GROUP GROUP

THEORY PRESENTATION PRESENTATION PRESENTATION
• ENTREPRENEURIAL DISCUSSION MOVIE CASE STUDY 1 CASE STUDY 2
CAPITAL REVIEW

TASK: TASK: TASK: TASK:

• PEMBENTUKAN GROUP • PREPARE DESK • INDIVIDUAL MAPPING • INDIVIDUAL MAPPING

• WATCH MOVIE “JOY” RESEARCH FOR CASE (PERSONAL CAPITAL - (SOCIAL CAPITAL-
• REFLECTIVE PAPER STUDY 1 HUMAN PERSONAL ATRIBUT JARINGAN SOSIAL
(MOVIE REVIEW PER CAPITAL YANG DIMILIKI YANG SUDAH
DIMENSI CAPITAL) • SHARE JOURNAL MAHASISWA) USING MAHASISWA MILIKI
• INTERVIEW (1 ORG) ARTICLE HUMAN HUMAN CAPITAL SAMPAI SAAT INI )
ENTREPRENEUR ATAU CAPITAL CANVAS CANVAS USING CANVAS
TOKOH BISNIS NASIONAL • PREPARE DESK SOCIAL CAPITAL
DI INDUSTRI TERTENTU RESEARCH FOR CASE • PREPARE DESK
• INTERVIEW EXPERT DI STUDY 2 SOCIAL RESEARCH FOR CASE
INDUSTRI KREATIF CAPITAL STUDY 3 INDUSTRIAL
PILIHAN (KCB) • SHARE JOURNAL CAPITAL
ARTICLE INDUSTRIAL • SHARE JOURNAL
CAPITAL CANVAS ARTICLE INDUSTRIAL
CAPITAL CANVAS
 WEEK 5 WEEK 6 WEEK 7 WEEK 8
LECTURE LECTURE SIMULATION MID TEST
INDUSTRIAL CAPITAL ECONOMIC CAPITAL INDIVIDUAL CARD CLASS EXAM
CAPITAL MATCH-
MAKING

GROUP GROUP IN CLASS WRITTEN TEST

PRESENTATION PRESENTATION CASE SIMULATION
CASE STUDY 3 STUDY 4

TASK: TASK: TASK: SUBMIT:

• INDIVIDUAL MAPPING • INDIVIDUAL MAPPING • GAMES REFLECTIVE CANVAS INDIVIDUAL

(INDUSTRIAL CAPITAL – (ECONOMIC CAPITAL- PAPER ENTRE CAPITAL
PENGETAHUAN/PENGALA INDUSTRI BISNIS YANG MAPPING (HUMAN,
MAN INDUSTRI BISNIS INGIN DIMASUKI SOCIAL, INDUSTRIAL,
YANG INGIN DIMASUKI & MEMBUTUHKAN MODAL ECONOMIC)
PENGALAMAN TERKAIT BERAPA, DARI SIAPA AKAN
BISNIS SAMPAI SAAT INI ) MENDAPATKAN SOURCES
USING INDUSTRIAL OF FUNDING) USING
CAPITAL CANVAS ECONOMIC CAPITAL
• PREPARE DESK CANVAS
RESEARCH FOR CASE • PREPARE INDIVIDUAL
STUDY 2 ECONOMIC CAPITAL CANVAS (PRINT
CAPITAL A4 FORMAT) FOR
• SHARE JOURNAL ARTICLE SIMULATION
ECONOMIC CAPITAL
CANVAS
 WEEK 9 WEEK 10 WEEK 11 WEEK 12
FIELD STUDY LECTURE WORKSHOP WORKSHOP
GROUP GUEST LECTURE WORKSHOP WORKSHOP
FIELD STUDY INDUSTRIAL CAPITAL INDUSTRIAL
#1 CAPITAL #2

INTERVIEW-CONTENT LECTURE FOOD SAFETY, HALAL LEGAL ASPECTS,

ANALYSIS CERTIFICATE, BPOM INVESTOR
ENTREPRENEUR & PERSPECTIVE
INDUSTRY EXPERT
TASK: TASK: TASK: TASK:

STUDENT ENTRY INDUSTRY • GUEST LECTURE • BENCHMARKING UP TO • IBENCHMARKING UP

PREFERENCE FOR REFLECTIVE PAPER MAX 3 COMPANIES FOR TO MAX 3 COMPANIES
HATCHING/BP • BUSINESS PRE-HATCHING GROUP FOR PRE-HATCHING
MATCHMAKING ALL • REFLECTIVE PAPER GROUP
CLASSES & CAMPUS WORKSHOP • REFLECTIVE PAPER
NETWORK FOR PRE- WORKSHOP
HATCHING PROJECT
• PREPARE TEAM
CAPITAL CANVAS
 WEEK 13 WEEK 14 WEEK 15 WEEK 16
WORKSHOP PRESENTATION PRESENTATION FINAL TEST
WORKSHOP GROUP GROUP PRE-HATCHING
INDUSTRIAL PRESENTATION PRESENTATION EXPO
CAPITAL #3 ENTREPRENEUR & ENTREPRENEUR &
INDUSTRY EXPERT INDUSTRY EXPERT

TECHNOLOGY GROUP 1 – 4 GROUP 5 – 8 GROUP TEST TEAM

ENABLERS, PRESENTATION PRESENTATION CAPITAL CANVAS
REGULATIONS & INDIVIDUAL TEST INDIVIDUAL TEST (FINAL EXAM)
ECOSYSTEM VERBAL (FINAL EXAM) VERBAL (FINAL EXAM)

TASK: SUBMIT: SUBMIT: SUBMIT:

• INDIVIDUAL CAPITAL REPORT & SLIDE REPORT & SLIDE • PRE-HATCHING TEAM
DEVELOPMENT PRESENTATION PRESENTATION CAPITAL CANVAS
PLANNING • TEAM DEVELOPMENT
• GROUP CAPITAL PLANNING
MAPPING (ENTREPRENERIAL
CAPITAL 1 YEAR)
AGENDA

1. Course Overview

2. Resource-Based Theory

3. Elements of Entrepreneurial Capital

Resource-based Theory
(RBT)
 A Resource-based Theory of
Entrepreneurship

• Resources are necessary to exploit

opportunities and to create entrepreneurs.
• The resource-based theory considers that
firms have different starting points for
resources (called resource heterogeneity)
and that other firms cannot get them (called
resource immobility).
A Resource-based Theory of
Entrepreneurship
 Principles of
Resource-Based Theory (RBT)
In order to be successful, entrepreneurs must exploit market imperfections
based upon imperfect information or variations in expectations about
prices, while adhering to the following simple formula:
 RESOURCES TYPES

• Financial resources
• Physical resources
• Human resources
• Technological resources
• Reputation
• Organisational resources
(Barney, 1991, 1995)
RESOURCES TYPES

(Grants, 1991)
 Attributes of Strategic Resources
Sustainable competitive advantage is created
when firms possess and use resources that are:

• VALUABLE (firm’s resources and capabilities enable the firm to respond

to environmental threats or opportunities)
• RARE (resource is currently controlled by only a small number of
competing firms)
• IN-IMITABILITY (firms without a resource face a cost disadvantage in
obtaining or developing it, due to unique historical conditions, causal
ambiguity, social complexity, and un-substitutability)
• NON-SUBTITUTABLE (firms have been connected with customers)
• ORGANIZATIONAL (firm’s other policies and procedures are organized to
support the exploitation of its valuable, rare and costly to imitate resources)
Attributes of Strategic Resources
What is Entrepreneurial
Capital ?
 Apa bedanya Professional
Entrepreneur dan Entrepreneurial
Professional?

Diskusikan rintangan dan tantangan

untuk kedua profesi tersebut!
 New Business Creation Model
Ingin
Kaya
Ide
Bisnis

Proses
Rintangan Awal Input Output

- keberanian - material memberi nilai

membuka bisnis - karyawan tambah dimata
- keterbatasan modal - energi konsumen
- keterbatasan keahlian - peralatan
bisnis - manajemen
- keterbatasan jaringan
bisnis

ENTREPRENEUR EXECUTIVE / PROFESIONAL

 Internal locus
of control
Passionate, High energy
action oriented level

Who are the

Flexible entrepreneurs Self confident
?
High need for
Tolerance for
achievement
Ambiguity
Self reliant (ketidakjelasan)
(PD) and
independent
 Not enough
experience
Poor
financial Lack of
control commitment

Small
Bad business Poor strategy
leadership
failures

Growing too Ethical errors

fast Ex. to customer
Insufficient
expertise
 TYPES OF ENTREPRENEUR

 Based on the challenge of venture:

Marginal; attractive; high potential
 Based on the competence:
Cosmopolitan or local
 Based on the # of venture developed:
Single company or serial companies
 Based on the reason to start a venture:
by necessity /kebutuhan (push to) or
by opportunity (pull by attractiveness)
 Based on the way to start a venture
Street or educated entrepreneur
 Cosmopolitan vs Local Entrepreneur

 Cosmopolitan:
Rich in 3 C’s,
(1) Concepts – the best & latest knowledge and ideas,
(2) Competence – the ability to operate at the highest
standard at any place
(3) Connection – the best relationship, which provide
access to the resources, people, organizations around
the world

 Local:
Skills are not particularly unique, connections are limited
to a small circle in the neighborhood, opportunities are
confined to their own communities
 Types of Executive

 Bureaucratic:
Focus on existing venture (Usaha)
 Entrepreneurial management:
Balancing the existing venture with new
venture. Managing existing venture &
new venture with innovation and
improvement
AGENDA

1. Course Overview

2. Resource-Based Theory

3. Elements of Entrepreneurial Capital

Cari 1 entrepreneur/perusahaan yang
menurut Anda sukses.

1 asing dan 1 lokal.

Diskusikan alasannya mengapa kedua

orang/perusahaan itu sukses.
 What is Entrepreneurial Capital?

 No universal agreement on this new concept

 All resources which are required to do an
entrepreneurial activity. Money is only one of the
resources
 Resources are dynamic, influenced by time and
phase of entrepreneurial life process
 The resources may be existing or not yet exist
(potential)
 The resources required is contextual (depends on
scale, location, time, type of industry)
Elements of Entrepreneurial
Capital
ELEMENTS OF ENTREPRENEURIAL CAPITAL

 HUMAN CAPITAL (experience, education, motivation,

capacity for relationship)
 CULTURAL CAPITAL – community capital (bonding,
norm/rules, ethics, support)
 SOCIAL CAPITAL – relationship through family, school,
business, voluntary org. (network, bonding, linking,
bridging)
 ECONOMIC CAPITAL (financial and physical resources)
 INDUSTRIAL CAPITAL (infrastructure, support facilities,
rules-regulation)
THE FIVE CAPITALS

Industrial capital

Economic capital
Econosphere
Social Human
capital capital
Sosiosphere
Natural Capital
Biosphere
 Next Week
Individual Assignment

 Individual Assignment: a movie review max. 2 pages,

A4, Normal Margin, Single spacing (Reflect on today
lecture-entrepreneurial capital)

 Example of File: EC Movie Review _ Nama Mahasiswa _

NIM _ Kelas
(Submit to: Hardcopy/Email/Googgle Classroom/Moodle/Edmodo)
Movie Review: JOY (2015)
A story of a family across four generations,
centred on the girl who becomes the woman
who founds a business dynasty and becomes
a matriarch in her own right. Facing betrayal,
treachery, the loss of innocence and the
scars of love, Joy becomes a true boss of
family and enterprise in a world of unforgiving
commerce. Allies become adversaries and
adversaries become allies, both inside and
outside the family, as Joy's inner life and
fierce imagination carry her through the storm
she faces.

https://www.youtube.com/watch?v=uR-2TiQVY-k
 Next 2 Weeks
Group Assignment
 Desk Research and present the HUMAN CAPITAL CASE STUDY 1
(for all groups) - FM will share journals for background theory
 Submit Paper:
a. min 5 pages - max 10 pages, exclude cover, references, and
attachment
b. Format A4, Normal Margin, single spacing
c. Write contribution for each individual in cover paper (scale 0-100%)
 Paper and Slide PPT (1 day before next week class at 11 PM) by soft
copy to FM. Example of File: EC Human Capital_ Nama kelompok _
Kelas_
(Submit to: Hardcopy/Email/Google Classroom/Moodle/Edmodo)
 2 or 3 Group Presentations
(15 minutes presentations, 10 minutes Q & A)
 Final Test
Group Assignment

PREPARE FROM NOW:

(a) Interview and content analysis: Capital Mapping of
entrepreneur who has more than 10 years
entrepreneurial experience  Presentation & Report
(b) Interview: Capital Mapping of Industry Expert
(collaborate with subject KCB)  Presentation & Report