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WEEK 1

INTRODUCTION TO ENTREPRENEURSHIP

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Learning Outcomes

At the end of this topic student are given 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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Contents

Definition/concept of entrepreneurship and entrepreneur Why become an entrepreneur? Characteristics of successful entrepreneur Advantages/disadvantages of entrepreneurship

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The World of the Entrepreneur

Every year U.S. entrepreneurs launch 550,000 new businesses. Entrepreneurial spirit - the most significant economic development in recent history. GEM study: 18.7% of adult population in the U.S. is actively involved in trying to start a new business.

11/7/2013 Ch. 1: The Foundations of Entrepreneurship

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The World of the Entrepreneur

Global Entrepreneurship Monitor (GEM) study reports:

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

11/7/2013 Ch. 1: The Foundations of Entrepreneurship

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Entrepreneurship: factors
is the process of creating something new 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.

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ENTREPRENEURSHIP (bidang usahawan)


A firm that operates and implements combinations of new activities such as product development, market research, sourcing materials, manufacturing and so on (Shumpeter, 1934)

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Who is an Entrepreneur?
Entrepreneurs:
1.

2.
3. 4. 5.

6.
7. 8. 9.

10.

Know how to make a difference Know how to spot and exploit opportunities Know how to find the resources required Who add value Have and maintain a good network Create capital Manage risk and uncertainty Determined in the face of adversity Involves creativity and innovation Involves in enterprising activities

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WHO ARE THE ENTREPRENEURS?


Paradigm shifters, innovators and opportunists 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?

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WHY BECOME ENTREPRENEURS?

How people become entrepreneur ? by design and default. To be own boss Pursue their own ideas Realize financial rewards

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To be own boss

Create your own destiny

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

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Characteristics of successful entrepreneur (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

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Advantages of entrepreneurship

Autonomy self control Personnel satisfaction and challenge Wealth creation gain more income

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Disadvantages of entrepreneur

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

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Contribution of entrepreneurs

Developing new markets Discovering new source of materials Mobilizing capital resources Introducing new technology Creating employment

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MALAYSIAN ECONOMIC AND ENTREPRENEURSHIP DEVELOPMENT


Agriculture-based led by Government Export textile & electronic goods Export high value added electrical & electronic goods Knowledgebased goods & services

Export of rubber, tin, palm oil & timber

Manufacture of import substitution goods

Knowledge Era Technology Era Industrial Era


1980s 1990s 2000s

Knowledge Driven

Agriculture Era
1960s

1970s

Labour Driven

Labour Driven

Investment Driven

Productivity Driven
Knowledge-based led by Private Enterprises

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What is your opinions of these statements?

Entrepreneurs Entrepreneurs Entrepreneurs Entrepreneurs energetic

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

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what can you say about the characteristics of following individuals?

Datuk Tony Fernandez

Pengasas dan peneraju syarikat penerbangan tambang murah Air Asia. Tony Fernandes yang kini berusia 48 tahun, dilahirkan pada 30 April 1964 kepada suatu keluarga campuran Portugis Goa(India) dan Portugis Melaka. Bapa beliau bernama Dr. Stephen Edward Fernandes dan Ibu beliau, Ena Dorothy Fernandez

Bagi menentukan kejayaan, sikap beliau yang fokus kepada sesuatu projek adalah suatu ciri yang tepat dan dapat membantu mengurangkan risiko. Beliau berkata, Saya bukanlah seseorang yang suka memulakan dua puluh benda dan kemudian berharap tiga akan berjaya. Saya lebih berminat memulakan dua atau tiga dan tentukan ia berjaya, kemudian laksanakan usaha usaha seterusnya.
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Quiz 1

In 15 minute, write down on a paper about characteristics one (1) individual of success persons in Malaysia.

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