Professional Documents
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ENTREPRENEURSHIP
(ETR300/ENT300)
MODULE 1 :
THEORIES & CONCEPTS OF
ENTREPRENEURSHIP
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 1
THEORIES & CONCEPTS OF ENTREPRENEURSHIP
Session Objectives
At the end of the session, students should be able
to:
understand the various theories and concepts on
entrepreneurship
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 2
THE EVOLUTION OF ENTREPRENEURSHIP THEORY
Definition of an Entrepreneur :
“An entrepreneur is a person who undertakes to
do a job” Richard Cantillon (1755). The term
entrepreneur is a French word first coined by
Richard Cantillon
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 3
THE EVOLUTION OF ENTREPRENEURSHIP
THEORY
Definition of Entrepreneurship:
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 4
THE EVOLUTION OF ENTREPRENEURSHIP
THEORY
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 5
THE EVOLUTION OF ENTREPRENEURSHIP
THEORY
John Stuart Mill (1848) - An entrepreneur is a
prime mover in the private enterprise. The
entrepreneur is the fourth factor of production
after land ,labor and capital.
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 6
THE EVOLUTION OF
ENTREPRENEURSHIP THEORY
Joseph Aloysius Schumpeter (1934) - An
entrepreneur is an innovator. The economy
moves through leaps and bounds and the prime
mover is the entrepreneur through the process of
creative destruction
Alfred Marshall (1936) - The process of
entrepreneurship or business development is
incremental or evolutionary . It evolves from sole
proprietorship to a public company
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 7
THE EVOLUTION OF ENTREPRENEURSHIP
THEORY
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 8
DEFINITION OF ENTREPRENEURSHIP
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 9
DEFINITION OF ENTREPRENEURS
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 10
THE IMPORTANCE OF ENTREPRENEURSHIP TO
MALAYSIAN ECONOMY
1. Entrepreneurship is the symbol of business
steadfastness and achievement. Entrepreneurial
revolution is critical to economic growth.
Entrepreneurship may affect our future in many ways:
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 11
THE IMPORTANCE OF ENTREPRENEURSHIP
TO MALAYSIAN ECONOMY
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 12
THE IMPORTANCE OF ENTREPRENEURSHIP TO
MALAYSIAN ECONOMY
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 13
ISLAMIC ENTREPRENEURSHIP
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 15
ISLAMIC ENTREPRENEURSHIP AS INTEGRAL
PART OF THE RELIGION
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 16
HUMAN NATURE
(The fitrah of human being)
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 18
SUCCESS FORMULA BY AL-QURTUBI
Halal - livelihood that are in accordance to what is
being outlined by Allah SWT and syariah
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 19
SEVEN STEPS TOWARDS A SUCCESS IN LIFE ACCORDING TO
IMAM AL-GHAZALI
• Level of Knowledge
• Level of Taubat or repentence
• Level of Temptation
• Level of Obstacles
• Level of Motivation
• Level of Handicap
• Level of Praise and Thankfulness
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 20
POSSESSION OF WEALTH IS ALLOWED BASED ON THE
FOLLOWING PRINCIPLES
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 21
IBADAH
In Islam, involving in business is part of
ibadah through the fulfillment of “fardhu
kifayah”.
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 22
POSITION OF BUSINESS AND ENTREPRENEUR
Islam Proposed
(Business Venture)
E E
X X
A Allah Prepared A
M (Facilities) M
P P
L L
E Islam Outlined E
(Rules and Regulation)
Allah Promised
(Reward)
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 23
ISLAMIC ECONOMIC SYSTEM
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 24
GUIDING PRINCIPLES OF ISLAMIC
ENTREPRENEURSHIP
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 25
MUSLIM ENTREPRENEURSHIP ETHICS
• To prevent laziness
• To eradicate fear
• To search for legitimate ventures
• To avoid forbidden sources of income and property
• To show gratitude and thankfulness of whatever
has been acquired
• To grow and develop capital and profit
• To diversify business ventures
• To avoid greediness
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 26
THE ETHICAL BEHAVIOR OF MUSLIM
ENTREPRENEURSHIP
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 27
EXEMPLARY CONDUCTS OF GOOD MUSLIM ENTREPRENEURS DURING
THE PROPHET MUHAMMAD S.A.W REIGN
Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 1 : Theories & Concepts of Entrepreneurship 28
END OF MODULE 1