Entrepreneur &

Entrepreneurship

Dr. Sheerad Sahid

Business & Entrepreneurship Education
 Entrepreneur

OBJECTIVES

Entrepreneurship

DR. SHEERAD SAHID

BUSINESS & ENTREPRENEURSHIP EDUCATION
 What is an Entrepreneur?

▰ Originates from the French word entreprendre which

means between- takers or a go–between; one who is
willing to take on or try something.
▰ According to the ‘Kamus Dewan’ (2005), the term
entrepreneur comes from the Malay word, ‘usaha’.
▰ There have been many definitions of entrepreneur.
▰ It appears that there is no standard definition of an
entrepreneur.
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 Who are Entrepreneurs?

People who:
1. Want to be their own boss
2. Pursue their own ideas
3. Realize financial (or other) rewards

▰ Entrepreneurscreate new ideas and new businesses. Their ideas often

respond to customer/society needs that are not being satisfied with current
businesses.
5
Personal Characteristics of Successful
Entrepreneurs
• Persistent (not giving up, keep trying)
• Creative (looking at new ways of doing things, developing solutions to
problems)
• Responsible (doing what you are supposed to do, being held
accountable)
• Inquisitive (asking questions and seeking answers, curiosity)
• Motivation and passion
• Relevant skills and expertise
 Common Myths among Entrepreneurs

▰ They born - not made

▰ The are gamblers
▰ They are motivated primary by money
▰ They should be young and energetic
▰ They love the spotlight

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 Common Myths among Entrepreneurs

▰ They born - not made

▰ The are gamblers
▰ They are motivated primary by money
▰ They should be young and energetic
▰ They love the spotlight

NOT TRUE!
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WHY DO PEOPLE BECOME
ENTREPRENEURS?

Ability to fulfill
Desire to be
personal goals
independent and interets

Potential
financial Family matter
opportunities
 JOBS SEEKER VS JOB CREATER
JOB SEEKER
1.Work for Others
2. Follow Instructions
3.Routine Job
4. Earning is fixed, never VS
negative
5. Does not create wealth
6. Can choose from- Public
Sector, Private Sector
JOB CREATOR
1.Own Boss
2.Make own plans
3.Creative activity
4.Can be negative sometimes,
generally surplus
5. Creates Wealth, contributes to
GDP
6. Can choose from-Industry
Service Enterprise
 Entrepreneurship as a Process

1. Discovery

▰ Entrepreneurial process can be 2. Concept

defined as the steps taken in order development

to establish a new enterprise. It is a

3. Resourcing
step-by-step method, one has to
follow to set up an enterprise.
4. Actualization

5. Harvesting

Dr. Sheerad Sahid

Steps in the Entrepreneurial Process
1. Discovery: The stage in which the entrepreneur
generates ideas, recognizes opportunities, and
studies the market

Innovation Opportunity

DR. SHEERAD SAHID

BUSINESS & ENTREPRENEURSHIP EDUCATION
 What is An Idea, Opportunity and Innovation?
An idea is a concept for a product or service that does not exist
or is not currently available in a market niche. It may be a brand-
new concept or an improvement of a current product or service.

In contrast, an opportunity is an idea for a new product or service

with a market that is willing to pay for that product or service so
that it can form the basis of a profitable business.

Innovation is the process of making changes to something that

adds value to customers.
2-3
What is an Opportunity?
An opportunity has four essential qualities

2-4
INNOVATIVE THINKING TO GENERATE
BUSINESS IDEAS

❑Combine two businesses (or more)

into one to create new business
❑Recognise a hot trend and determine
current demand
❑Improve products, their functions, or
offer new benefits
❑Recognise a need in the marketplace
that is not being served
❑Begin with a problem in mind
 Invention VS Innovation
Invention can be defined as the creation of a product or
introduction of a process for the first time.

Innovation on the other hand, occurs if someone improves

on or makes a significant contribution to an existing
products, process or service.
 Steps in the Entrepreneurial Process

2. Concept Development:
• Business plan: a detailed
proposal describing the business
idea.
• Business Model Canvas is a
strategic management and lean
startup template for developing
new or documenting
existing business models.

DR. SHEERAD SAHID

BUSINESS & ENTREPRENEURSHIP EDUCATION
Concept Development
Will a patent or trademark be required?
Steps in the Entrepreneurial Process
3. Resourcing: The stage in which the
entrepreneur identifies and acquires
the financial, human, and capital
resources needed for the venture
startup, etc

Start-up resources
Dr. Sheerad Sahid
Resourcing
Apply for loans,
grants and
assistance

Identify potential
investors

Hire
employees
Dr. Sheerad Sahid
Steps in the Entrepreneurial Process
4. Actualization: The stage in which
the entrepreneur operates the
business and utilizes resources to
achieve its goals/objectives.

$$ Grand Opening $$

Day-to-Day Operations

Dr. Sheerad Sahid

Steps in the Entrepreneurial Process
5. Harvesting: The stage in which the entrepreneur
decides on business’s future growth/ development,
or demise

What is your 5-year or 10-year plan?

Consider adding locations or providing different

products/services

Will you go public?

Dr. Sheerad Sahid
ENTREPRENEURSHIP AGENCIES
(TRAINING AND FUNDING) IN MALAYSIA

• MaGIC
• SME Corp
• TEKUN
• PUNB
• PROTÉGÉ
• INSKEN
• MARA
• UKM-CESMED
THANK YOU

Dr. Sheerad Sahid

Business & Entrepreneurship Education
Faculty of Education, UKM.