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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: U d Understanding the concept of entrepreneurship and di h f hi d entrepreneur Identifying characteristics of successful entrepreneurs Comparison between entrepreneur and nonnon entrepreneur Analyzing oneself as preparation to be entrepreneur. entrepreneur

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Contents
Definition/concept of entrepreneurship and

entrepreneur Why become an entrepreneur? Characteristics of successful entrepreneur Advantages/disadvantages of entrepreneurship g / g p p

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The World of the Entrepreneur h ld f h


Every year U.S. entrepreneurs launch 550,000 new

businesses.
Entrepreneurial spirit - the most significant economic

development in recent history history.


Global Entrepreneurship Monitor (GEM) study: 18.7% of study:

adult population i the U.S. is actively involved in trying d l l i in h U S i i l i l di i to start a new business.

Ch. 1: The Foundations of Entrepreneurship

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The World f the Entrepreneur Th W ld of th E t


GEM study reports:
Men are twice as likely to start a business as women. Most entrepreneurs turn to family members and friends for

capital. capital Entrepreneurs are most likely to launch businesses when they are between the ages of 25 and 44. 44

Ch. 1: The Foundations of Entrepreneurship

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Entrepreneurship:
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 financial, psychic, risks, receiving the resulting rewards of monetary and personal satisfaction and independence. independence

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Entrepreneurship
A firm that operates and implements combinations of new activities such as product development, market research, sourcing materials, manufacturing and so on ( (Shumpeter, 1934) p 934)

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Who is an Entrepreneur?
Someone who engages in entrepreneurship Who organizes, manages and assumes the risks of a g , g

business or enterprise Individuals who conceive new business opportunities and take on the risks required to convert ideas into reality Someone who actually search for change, respond to it and exploits change as an opportunity

Ch. 1: The Foundations of Entrepreneurship

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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 Y can b the entrepreneur - if you have what it takes You be h h h i k People who like to be their own boss People who has experienced a social disruption?
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Why Become Entrepreneurs? y p


H How people become entrepreneur ? b d i and l b by design d

default.
To be own boss Pursue their own ideas Realize financial rewards

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To be own boss
Contribute to society and to be recognized for your

efforts ff Create your own destiny y y Do what you enjoy and to have fun at Make a difference Reach your full potential Reap impressive profits

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Characteristics of successful h f f l entrepreneur (S t (Some examples) l )


Can see opportunity Concern for quality of work Creative in solving problems Efficient Good business strategy High commitment High initiative g Persistence Searching for information g Self-Confident Systematic planner

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What can you say about the characteristics of f ll h f following individuals? i di id l ?


Datuk Tony F Fernandez D t kT d
Bill Gates Tan Sri Syed Mukhtar Albukhari

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

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

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What is your opinions of these h f h statements? t t t?


born, Entrepreneurs are born not made
Entrepreneurs are gambler Entrepreneurs are motivated by money Entrepreneurs should be young and energetic p y g g

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