Fundamentals of Entrepreneurial Acculturation

(UW00302)

UNIT 1:
CONCEPT & DEVELOPMENT OF
ENTREPRENEURSHIP

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Learning outcomes
Describes the definition of
entrepreneurship and entrepreneur

Understand the contribution of

entrepreneurship

Identify the characteristics of successful

entrepreneurs.

Know the successful stories of

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Content

Def C Cont
Definition of Characteristics Entrepreneurship Contribution of Successful
entrepreneur and of successful competency entrepreneurship entrepreneurs
entrepreneurship entrepreneur analysis

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 Unit 1
Concept & Development of
Entrepreneurship

Definition of
entrepreneur &
entrepreneurship

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Definition
Kuratko & Hodgetts, 2007
• Entrepreneurship is a dynamic process of
innovation and creation through 4 dimensions :
What is individual, organization, environmental, and
entrepreneurship process of cooperation (linkages with
? government, education, and constitution).

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 What is Entrepreneur?
Hisrich and Peter, 1998
H&P An entrepreneur puts together all the resources needed—the money, the people, the strategy, and the
risk-bearing ability to transform the invention into a viable business

French Word
Entrepreneur is derived from the French entreprendre, meaning “to undertake” a task such as
French starting a new venture.

Scarborough and Zimmerer ,1998

Entrepreneur is an individual who creates a new business in the face of uncertainty for the purpose
S&Z of achieving profit and growth by identifying and capitalizing opportunities and assembling the
necessary resources to capitalize on the identified opportunities.

Kuratko & Hodgetts, 2007

K&H •
•
Entrepreneur is a individual who seek business opportunities under conditions of uncertainty.
Entrepreneur is a person who strive by examine and make wise consideration to order, manage and
risk in business by holding to the main objective namely innovation, profit and development
 Differences Between an Inventor
and an Entrepreneur

Inventor Entrepreneur
An inventor creates An entrepreneur puts together all the
something new resources needed—the money, the
people, the strategy, and the risk-bearing
ability to transform the invention into a
viable business
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 Unit 1
Concept & Development of
Entrepreneurship

Characteristics of
successful
entrepreneur

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Characteristics of successful entrepreneurs
4 main characteristics

P F T I
Passion for the Product/Customer Tenacity Execution
Business Focus Despite Intelligence
Failure

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Characteristics of successful entrepreneurs
Passion for the business
stems from the entrepreneur’s belief
1 that the business will positively
influence people’s lives.

e.g. Neelofa (Naelofar Hijab)

2 • Brand can found in 37
countries all over the world
• 30 under 30 Asia Forbes
Magazine.
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Characteristics of successful entrepreneurs
Product/customer focus
An entrepreneur’s keen focus on
1 products/services and customers
typically stems from the fact that
most entrepreneurs are, at heart,
craftspeople.

Grab
2 company focus is to introduce
technology that satisfy consumers’
needs and not their own needs
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Characteristics of successful entrepreneurs
Tenacity despite failure
Because entrepreneurs are typically
1 trying something new, the failure rate
is naturally high.

A defining characteristic for successful

2 entrepreneurs is their ability to
persevere through setbacks and
failures.

3 E.g. Jake Ma (Alibaba Group)

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Characteristics of successful entrepreneurs
Execution of intelligence
ability to fashion a solid business idea
1 into a viable business
e.g. Tan Sri Dr. Tony Fernandes

ability to perform a business model,

2 combination of resources, new
venture, financial wealth, creativity,
motivation, etc.

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Characteristics of successful entrepreneurs
Kao, (1991) suggested other entrepreneur characteristics :

01 Commitment, strong desire, endurance 07 Information seeking

02 Motivation towards success 08 Internal locus of control

03 Goal oriented 09 Risk taker

04 Initiative 10 Low inducement to standard and power level

05 Responsible 11 Integrity

06 Realistic

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 Unit 1
Concept & Development of
Entrepreneurship

Entrepreneurship
competency
analysis

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 Test your • Text book
competencies
• Test for Personal Entrepreneurial
Competencies
Interested to • Special Workshop on Personal Entrepreneurial
check your Competencies (dibiayai oleh USAID di Oxford)
Personal oleh McBer & Company di United Kingdom,
1985.
Entrepreneurial
• “Test for Personal Entrepreneurial
Competencies? Competencies” refer Tam et. al. (2014), Asas
Keusahawanan

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 Unit 1
Concept & Development of
Entrepreneurship

Contribution of
entrepreneurship

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 What are the contributions of these entrepreneurs to
the country?

Mark Zuckerberg Anthony Tan Forrest Li Jack Ma Tony Fernandes

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 Unit 1
Concept & Development of
Entrepreneurship

Successful
entrepreneurs

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 Jeffrey Preston Bezos -
latest ranking in world 2021
• Born in January. 12, 1964 (age57), Jeffrey Preston Bezos, Born in
Albuquerque and raised in Houston and Miami, Unites States.
• Bezos graduated from Princeton University in 1986. He holds a degree in
electrical engineering and computer science. He worked on Wall Street in a
variety of related fields from 1986 to early 1994.
• Bezos owns The Washington Post and Blue Origin, an aerospace company
that is developing rockets for commercial use.
• He is the founder and executive chairman of Amazon, where he previously
served as the chairman, president, and CEO. With a net worth of almost
$200.1 billion as of September 2021, he is the wealthiest or person in the
world according to both Forbes 2021. "I didn't think I'd regret
trying and failing. And I
suspected I would always
https://en.wikipedia.org/wiki/Jeff_Bezos be haunted by a decision
https://www.forbes.com/billionaires/ to not try at all."
- JEFF BEZOS

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 Tan Sri Syed Mokhtar
al-Bukhary
• A humble entrepreneur, often shying away from publicity and media. Tan
Sri Syed Mokhtar al-Bukhary is the richest Malay and bumiputra in
Malaysia, and has continued to hold the status for a long time.

• In his childhood, he found difficulties to do school revision because of the

inadequate house facilities and small space. But that did not stop him from
achieving his current status.

• Syed Mokhtar is a great giver; his very first salary received during his youth
was divided by 2 halves – one for him, and another for charity.

http://skorcareer.com.my/blog/10-great-malaysian-entrepreneurs/2008/09/23/
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Tony Fernandes
• Tony Fernandes is the man behind AirAsia’s journey to world
domination. With RM1, Tony bought a defunct carrier, along with over
RM40 million in debts, and created Asia’s most successful budget
airline company.

• From an ailing company deep in financial trouble, AirAsia went through

a remarkable turnaround and made its first profit merely after 7
months of operation. From thereon, they never looked back and
created records after records

http://skorcareer.com.my/blog/10-great-malaysian-entrepreneurs/2008/09/23/
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Robert Kuok
• Robert Kuok took over his father’s trading business, together with two
brothers, and created a business larger than anyone can think of. The
impact is so great that Kuok has been sitting on the top of Malaysia’s rich
list
for more than 5 years.

• Residing in Hong Kong, Kuok is mostly linked to a sugar business but also
has his hands on other wide range of industries including hospitality,
energy, logistic and manufacturing.

http://skorcareer.com.my/blog/10-great-malaysian-entrepreneurs/2008/09/23/
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Loh Boon Siew
• The late Tan Sri Loh Boon Siew was the man responsible to start the
dealership of Honda motorcycles in Penang, hence it does not come as a
surprise when he was often referred as ‘Mr Honda’.

• With virtually no education, he arrived in Penang at a tender age of 12,

backed with little money, and a pinch of determination. Boon Siew
started his job as a mechanic, before making his way to prominence with
Honda dealership, and in the process, beat all odds.

http://skorcareer.com.my/blog/10-great-malaysian-entrepreneurs/2008/09/23/ #apkums
 10 RICHEST PERSON IN THE WORLD
https://www.forbes.com/billionaires/
https://en.wikipedia.org/wiki/The_World%27s_Billionaires
Rank NAME Net worth (USD) Age Nationality Source(s) of wealth

1 Jeff Bezos $177 billion 57 US Amazon

2 Elon Musk $151 billion 49 US Tesla, SpaceX
3 Bernard Arnault & family $150 billion 72 France LVMH
4 Bill Gates $124 billion 65 US Microsoft
5 Mark Zuckerberg $97 billion 36 US Facebook Inc.
6 Warren Buffett $96 billion 90 US Berkshire, Hathaway
7 Larry Ellison $93 billion 76 US Oracle Corporation
8 Larry Page $91.5 billion 48 US Alphabet Inc.
9 Sergey Brin 89 billion 47 US Alphabet Inc.
10 Mukesh Ambani &84.5 63 India Reliance Industries
 10 RICHEST PERSON IN MALAYSIA
https://www.forbes.com/malaysia-billionaires/list/#tab:overall
Net
Picture Rank Name Worth Age Origin of Wealth
#1 Robert Kuok $12.2 B 97 palm oil, shipping, property

#2 Quek Leng Chan $9.6 B 80 banking, property

#3 Koon Poh Keong & siblings $6.4 B - aluminum

#4 Ananda Krishnan $5.8 B 83 telecoms, media, oil-services

#5 Teh Hong Piow $5.5 B 91 banking

#6 Lee Yeow Chor & Yeow Seng $4.9 B - palm oil, property

#7 Kuan Kam Hon $3.8 B 74 rubber gloves

#8 Lim Wee Chai $3.5 B 63 rubber gloves
#9 Chen Lip Keong $3.4 B 74 casinos, property, energy
#10 Tan Yu Yeh & Yu Wei $2.7 B - retailing
Videos

Characteristics Check a video posted on Smart2UMS

of Successful “20 type business idea”
Entrepreneurs

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Exercise
The following are the characteristics of a successful entrepreneur except
a) High energy level
b) Resilience oriented
c) High dreams
d) Seeing and seize the opportunity

Which of the following is an important feature shared by successful

entrepreneurs?
e) Personality and charisma
f) Enthusiastic in business
g) The desire to take others to work
h) The desire to fulfill a lifelong dream.
In-class ACTIVITY
• Divide into groups
• Choose an (1) entrepreneur that inspires you
• Discuss about :
• What is his/her business and journey?
• Why does he/her inspire you?
Thank You
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