BLHC 4042

ENTREPRENEURSHIP SKILL
AND NEW BUSINESS

Lecture 1
The Entrepreneurial Perspective

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 PADANKAN
SUPERBRANDS LOGOS TYPES OF PRODUCT OR SERVICE

VOLKSWAGEN AIR LINE

BRITISH AIRWAYS MOBILE PHONE

OLYMPUS CHEMICAL

XLFY AIRLINE

UNITED AIRLINE RISING CAR

SAMSUNG CAMERA

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 Employers Rating of Skills/Qualities – 2002
1. Communication (verbal & written) 4.69
2. Honesty/Integrity 4.59
3. Teamwork skills 4.54
4. Interpersonal skills 4.50
5. Strong work ethics 4.46
6. Motivation & initiative 4.42
7. Flexibility/adaptability 4.41
8. Analytical skills 4.36
9. Computer skills 4.21
10. Organisational skills 4.05
11. Detail oriented 4.00
12. Leadership skills 3.97
13. Self confidence 3.95
14. Friendly/outgoing personality 3.85
15. Well mannered / polite 3.82
16. Tactfulness 3.75
17. Creativity 3.59
18. Sense of humour 3.25
19. Entrepreneurial skills/risk taker 3.23
20. GPA (3.0 or better) 3.68
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 Contents
1. Introduction to: Entrepreneurship, Micropreneurs,
Intrapreneurs and Technopreneurs
2. Managers vs. Leaders
3. Characteristics of Effective Business Leaders
4. Leadership Roles
5. Characteristics of Entrepreneurs
6. Five Myths About Entrepreneurs
7. Skills of Successful Entrepreneurs
8. External Factors to be Considered by Businesses

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 What is Entrepreneurship?
Entrepreneurship involves self-
employment, by starting a small
business, buying a small business, or
entering one through family
BUT…

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 What is Entrepreneurship?

Self-employment by starting a small

business, buying a small business, or
entering one through family IS NOT
necessarily true entrepreneurship.

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 Micropreneurs
• Not every person who starts a business has
the mission of making a lot of money and
growing it to a world-class business.
• Some just want a simple balanced life-style
while doing the kind of work they enjoy
doing.
• Business writer Michael LeBoeuf calls such
business owners “Micropreneurs”

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 Micropreneurs
• While entrepreneurs are committed to the
quest for growth, micropreneurs know they
can be happy even if their companies never
appear on the list of top ranked businesses.
• Many micropreneurs are small home-based
business owners who are trying to combine
career and family.

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 Entrepreneurship

An Entrepreneurship is a business that is

started and led by the Entrepreneur, the
leader/champion with certain qualities and
characteristics most managers may not
possess

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 Entrepreneurship

The Entrepreneur must be a real

good Leader, and not only a
good manager…

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 Dr. YY Wong’s Definition of
Entrepreneurship

“Entrepreneurship is the enthusiastic

thrust to constantly innovate and
passionately implement purposeful
ideas for extraordinary gains.”

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 Dr. YY Wong’s Definition of
Entrepreneurship

“It is the ability to innovate radical

management concepts by creating
new markets and new customer
satisfactions like KFC, Starbucks or
McDonald’s”

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 Intrapreneur
• In 1978, management consultant, Gifford
Pinchot, invented the word Intrapreneur to
refer to an intra-corporate entrepreneur while
he was attending The School for
Entrepreneurs in Tarrytown, New York.

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 Intrapreneur

A person within a large corporation

who takes direct responsibility for
turning an idea into a profitable
finished product through assertive
risk taking and innovation.

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 Intrapreneurship
• Intrapreneurship is the process by which individuals
pursue a new business opportunity (or by setting up
intraprises) from within an existing company, with
resources of that company.
• It uses the advantages of both small and big scale
business. In board sense, intrapreneurship refers to
all kinds of forms of semi-autonomy and semi-
responsibility within corporations.

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 Intrapreneurship
Advantages to the corporation
• To remain competitive, companies have to
accelerate their innovation process.
• In companies where researches, production
people and marketers are large, innovation
may be at risk.
• Intrapreneurship is a good way of integrating
these activities, reducing innovation costs and
broadening the scope of innovation.

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 Intrapreneurship
Advantages to the employees
• Intapreneuring is an excellent opportunity for
creative employees with entrepreneurial
spirit, management qualities, and a sense of
belonging to their company.
• If companies don’t want to loose these high-
potentials, they have to provide them with
necessary resources and room for maneuver.

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 Intrapreneurship
• You don’t have to leave your company to
fulfill your entrepreneurial dream
• If you have the great entrepreneurial qualities
and spirit to convince your company to
endorse you as their intrapreneur, you need
not leave them.

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 Technopreneur
• “Technopreneur” is coined just a couple of
years back to refer to Technology
Entrepreneur.
• This term appears to be most actively used in
Singapore, and to some extent also in
Malaysia and Thailand.

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 Technopreneur
• Technopreneurs are the ones who identify
the problems and capatilise on the
opportunity.
• A Technopreneur has two major
characteristics:
1. He does things NOT out of profits but
because he wants to innovate.
2. He is comfortable working with, or using,
technology.

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 Managers vs. Leaders
Managers Leaders
• Administer • Innovate
• Maintain • Develop
• Control • Inspire
• Have short term goals • A long term goals
• Ask how and when • Ask what and why
• Imitate • Originate
• Accept the status quo • Challenge it

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 Managers vs. Leaders

A person with strong managerial capacities

would not necessarily be capable of
performing a leadership function.

However, a leader may also be able to

perform the functions of a manager.

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 Managers vs. Leaders

Leadership is a higher level skill that requires

either a natural instinct (leaders are born not
made), or a higher degree of learning based
on development of interpersonal skills,
awareness and insights.

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 Kotter J. P. attributes the following
characteristics to effective business
leaders:
• Relevant knowledge of products, technologies,
markets and people
• Keen mind, analytical ability, the capacity to think
strategically and multi-dimensionally and sound
business judgment
• Impressive track record
• Sound relationship with key players inside and
outside company
• Good interpersonal skills and integrity
• Lots of energy
• Highly motivated to lead and self confident
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 Managers vs. Leaders

Managers Do Things Right

Leaders Do the Right Things

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 Leadership Roles
• Creating vision, direction, goals
• Communicating with followers
• Motivating and empowering
• Affirming/reaffirming values
• Aligning people – achieving workable unity
• Serving as a symbol
• Management of thrust
• Management of Self

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 Characteristics of Entrepreneurs
• Likes to compete
• Self-starter
• Able to determine risk and has the courage to take
risks but is not a gambler
• Independent and self confident, yet knows when to
get help
• Able to do many things at once
• Likes a challenge
• Creative and has dreams and goals

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 Characteristics of Entrepreneurs
• Likes to work for him/herself and be in control
• Hardworking and willing to stick with a project
• Not easily discourage
• Good health, has lots of energy and can handle
stress
• Has a strong sense of self-worth
• Motivated by a strong desire to achieve and attain
financial success

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 Characteristics of Entrepreneurs
• A positive thinker who does not dwell on
setbacks
• Focuses his/her attention on the chances of
success rather than the chances of failure
• Often has a close friend or relative who owns
a business

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 Five Myths About Entrepreneurs
1. The Risk Taking Myth:
• Most successful entrepreneurs take wild,
uncalculated risks in starting a company.
2. The High-Tech Invention Myth:
• Most successful entrepreneurs start their
companies with a break-through invention
(usually technological in nature).
3. The Expert Myth:
• Most successful entrepreneurs have strong
track records and years of experience in
their industry.
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 Five Myths About Entrepreneurs
4. The Strategic Vision Myth:
• Most successful entrepreneurs have well-
considered business plan and have
researched and developed their ideas
before taking action.
5. The Venture Capital Myth:
• Most successful entrepreneurs start their
companies with millions in venture capital
to develop their idea, buy supplies and hire
employees.

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 Personal Qualities of Successful
Entrepreneurs

Love of success,
Creativity, 6.20% 10.40%
Personality, 10.40% Leadership, 12.50%

Love of Risk,
16.70%
Determination,
43.80%

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 Skills of Successful Entrepreneurs
• Coordination
– The ability to manage many different types of
jobs and responsibilities at the same time.
• Evaluation
– The ability to examine important facts about the
business and to determine the least risky way to
proceed

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 Skills of Successful Entrepreneurs
• Organization
– The ability to organize all the resources of the
business in order to make it run in the most
efficient manner.
• Research
– The ability to obtain all the necessary information
to insure that the best possible decisions are
made.

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 External Factors to be Considered
by Businesses
• The product and services offered has to be
cost effective and competitive.
• Demand for the product or service must be
strong. Do not rely on a single major
customer.
• You must be able to draw on adequate
resources: financial, material and human.

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 END OF LECTURE

THANK YOU FOR STAYING

AWAKE!

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