ENTREPRENEURSHIP DEVELOPMENT

(BPME 3053)

Assoc Prof Dr. Norashidah Hashim

SCHOOL OF BUSINESS MANAGEMENT, UUM
H/P: 012 3152897
Email: norashidah@uum.edu.my

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 OBJECTIVES
 develop an understanding of entrepreneurship and the entrepreneurial
process.
 acquire knowledge and skills necessary to recognise business opportunities
and develop business idea.
 develop the understanding of entrepreneurial plan.
 develop the understanding of entrepreneurial growth.

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 PART 1: IN PERSPECTIVE
What is entrepreneurship? Entrepreneur?
Nature and importance of entrepreneurs
Development of entrepreneurship
Advantages and drawbacks of becoming an entrepreneur
Characteristics of entrepreneurs
Causes of business failures

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 ENTREPRENEURSHIP

Ability to create and build a vision from practically nothing

(Timmons, 1994)
 a creative act
 initiate and build an enterprise
 willingness to take calculated risks
 ability to build an entrepreneurial team
 see opportunity admist chaos
 possess the know-how to find, marshal and control resources

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 The process of creating something new with value
(Hisrich & Peters, 1998)
 involve time and effort
 assume financial, psychic and social risks
 receive rewards of monetary and personal satisfaction
 gain independence

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 A process of innovation and new-venture
creation through four major dimensions-
individual, organization, environmental,
process - that is aided by collaborative
networks in government, education and
institutions (Kuratko & Hodgetts, 2016)

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 Entrepreneurial process involves all the functions,
activities and actions associated with perceiving
opportunities and creating organizations to pursue
them (Bygrave in Bygrave & Zacharakis, 2004)

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 Entrepreneurship seeks to understand how opportunities to create new products or services
arise, and are discovered or created by specific persons; these person then use various
means to exploit or develop them, thus producing a wide range of effects (Baron &
Shane, 2005)
No single agreed upon definition
A process

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 WHO IS AN ENTREPRENEUR?

Originate from French word ENTREPRENDRE - to undertake

Meaning varies with discipline
One who undertakes to organize, manage and assume the risks
of a business (Kuratko & Hodgetts, 2001)
One who creates a new business in the face of risk and
uncertainty for the purpose of achieving profit and growth by
identifying opportunities and assembling the necessary
resources to capitalize on them (Zimmerer & Scarborough,
2005)

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 A person who perceives an opportunity and creates an organization to pursue it
(Bygrave in Bygrave & Zacharakis, 2004)
Need a triggering event that propel the venture creation.
 No better career prospect
 Passed over by promotion, laid off or fired
 Deliberate career choice

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 ENTREPRENEUR
One characteristic of entrepreneurs stands out:

Diversity!
Anyone – regardless of age, race, gender, color, national origin, or any other
characteristic – can become an entrepreneur (although not everyone should).

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 DISCUSSION

Why entrepreneurship important ?

How does entrepreneurship contribute to the

Society? Economy? Politic?

Is it worth the investment in entrepreneurship

training?

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ENTREPRENEUR’S NETWORKING

Entrepreneurs not only engage in mgt

activities but also engage in developing
networking through the process of
socialization, politics & interaction
with other people (customers,
suppliers, bankers, other
entrepreneurs, govt officers, etc.
The success of biz depends largely on the
entrepreneurs ability to spot & identify
opportunities & to get the limited
resources from environment thru’ the
relationship with their networking
members.
 NETWORKING CONCEPT

Entrepreneurial networking can be defined

as any form of r/ship that being
maintained by the entrepreneur for the
sake of mutual benefits.
r/ship between entrepreneur’s and his/her
family, friends, business associates,
bankers, govt agencies & etc.
Entrepreneurs must have the ‘know-who’
skills apart from ‘know-how’ skills in
order to survive.
IMPORTANCE OF NETWORKING
To gain information
Seek opportunities
Ease of business transaction
Can Get Advisory/Consultation Services
Financial support
Moral support
Motivation
Increase personal image & business
reputation
Generate new ideas through mixing
with more people.
TYPES OF NETWORKING

i) Personal Networking - informal

ii) Business Networking – formal
iii) General Networking – knowledge or
information that entrepreneurs get from
general public, magazines, tv, radio,
n/papers, internet etc .
 1) PERSONAL NETWORKING
Informal networking; re/ship
between entrepreneur & various
people such as family members,
friends, ex-teachers, relatives etc.
Not necessarily on biz matters but
more on socialization between
friends & relatives.
Usually is the first source of helps
entrepreneur began/started his
biz. Assist entrepreneur in terms
of cash & capital, moral support,
workforce, advice & biz
information.
2) BUSINESS NETWORKING

Formal networking; Relationship that based

on business activities to fulfill own/both
parties interests.
Relationship with the elements outside the
entrepreneur’s organization but
important to entrepreneur’s business such
as distributors, suppliers, customers,
investors, lenders, professional bodies,
clubs & associations.
Give a lot of business opportunities
Exchange information & ideas; Gain
Consultations & Advices
 3) GENERAL NETWORKING
• Sources of information & knowledge from
public sources (magazines, newspaper,
books, tv, radio, internet, electronic media,
govt. reports etc.
• Information on training program, seminars,
workshop, loans, tenders, business
opportunities and etc.
• Entrepreneurs need latest & accurate
information to compete & survive in the
business world.
MANAGING NETWORKING
1. Plan the relationship
 List down members’ particulars in the networking &
find ways to communicate with them.
 Exchange business card & keep it
 Note book to keep all the info about the members of the
networking.
 Identify who you should know.
 Attend their functions, ceremonies, social
activities/gatherings, etc.
2. Form & Develop Relationship
Make full use of opportunities to form a good
r/ship with people during meetings at
seminars, conferences, functions or
training programs or anywhere.
Foster good r/ship with others. Interact at
greater frequency if you think you could
exchange benefits, ideas, helps,
information & opportunities with
members of the networking.
3. Maintain the Networking
Ensure a continuous relationship.
 Develop own image with the networking members
 Send presents/cards to the networking members on
occasions of importance
 Keep in touch with networking members through
telephone, fax, sms, e-mail, etc.
1.5 ISSUES IN ENTREPRENEURSHIP
DEVELOPMENT AND NETWORKING
• What are the issues ?
• Examples
• How to handle the issues?
• suggestions
THANK YOU