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INTRODUCTION

Entrepreneurship is the oldest form of business organization in the world.

Entrepreneurship is the act of being an entrepreneur or “one who undertakes

innovations, finance and business acumen in an effort to transform innovations into

economic goods”. This may results in new organizations or may be part of

revitalizing mature organizations in response to perceived opportunity and the most

obvious form of entrepreneurship is that of starting new businesses. In recent years,

the term has been extended to include social and political forms of entrepreneurial

activity. However, when entrepreneurship is describing activities within a firm of

large organization it is referred to as intra-preneurship and may include corporate

venturing, when large entities spin-off organizations.

Some people are attracted to entrepreneurship simply for the sake of the

advantages of starting a business. These include :

 Entrepreneurs are their own bosses and they make the decisions.

They choose whom to do business with and what work they will do

plus they decide what hours to work, as well as what to pay and

whether to take vacations.

 Entrepreneurship offers a greater possibility of achieving

significant financial rewards than working for someone else.

 It provides the ability to be involved in the total operation of the

business, from concept to design and creation, from sales to

business operations and customers response.

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 It offers the prestige of being the person in charge.

 It gives an individual the opportunity to build equity, which can be

kept, sold, or passed on to the next generation.

Some people evaluate the possibilities for jobs and careers where they live and

make a conscious decision to pursue entrepreneurship. There is no one reason more

valid than another; none guarantee success. However, a strong desire to start a

business, combined with a good idea, careful planning, and hard work can lead to a

very engaging and profitable endeavour.

Entrepreneurs play a vital role in the economic development of a country. Economic

development of a country depends primarily on its entrepreneurs. Moreover, an

entrepreneur is very often considered as a person who sets up his own business or

industry. He has initiative, drive, skill and spirit of innovation who aims at high

goals and he looks for opportunities, identifies and seizes them mainly for economic

gains. Entrepreneurs are action-oriented, highly motivated individuals who ready

take risks to achieve goals.

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ENTREPRENEUR

1. As entrepreneur of Harumi Chicken D.B.E. Resources Berhad. Harumi is a

franchise restaurant under the banner of D.B.E Resources which is a poultry

company that supplies quality chickens to markets and franchise restaurant.

It might familiar with it Gurney Chicken packaging found in the

hypermarket and are also the biggest supplier for the most popular fast food

chain in Malaysia, KFC for their best quality. Harumi is a family friendly

restaurant environment that aspires to serve the highest quality halal chicken

meals at affordable price.

a) Harumi has variety for product such as The Classic Old Nasi Lemak which

serve high quality rice steamed with coconut milk and natural pandan leaves

to give rich aroma and distinctive flavour, it comes with specially marinated

chicken whole leg or crunchy kala crispy chicken with fried anchovies,

peanuts, sliced cucumber, hard boiled eggs and tasty chilli sambal at their

own recipe. The another product on cart would be The Wholesome meaty

burger comes stuffed with fresh lettuces, onion and tomato slices, does of

tasty mayo sauce, especially breaded chicken breast meat. A truly

tantalizing juicy bite squeezed in between soft sesame buns. Compliments

extremely well with hot French fries and cool beverages.

Lastly, on cart is The Menty Harumi’s Crispy Chicken Chop. This dish is

trademark dish of harumi. Crispy Chicken Chop is prepared with boneless

chicken meat breaded with unique recipe from Taiwan. This delicious dish

high popular owing to it’s luscious taste and freshly cooked to order, served
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golden brown or spiced up with chilli flakes, perfectly paired with chilled

coleslaw.

b) The method Harumi using to promote and sell product is franchise

management, franchise marketing and franchise delivery. The basement

core to Harumi method of selling is franchise restaurant.

c) Harumi has growth business nationwide, never losing sight of customer

centric goals. Harumi is rapidly growing to be one of the best expanding F

& B brands in Malaysia. Locations of Harumi nationwide are :

o Perak

Seri Manjung

152 & 152a Jalan Ppmp 3/3, Pusat Perniagaan Manjung Point 3,

32040 Seri Manjung, Perak. (05-6890022)

o Selangor

Taylor Lakeside

LG2 – 10, The boardwalk, no 2, Jalan Taylors, 47500 Subang Jaya,

Selangor. (03-56135178)

o Kuala Lumpur

Lot, F-03 & F-03a, Taman Mutiara Barat, 56000 Cheras 9 Miles,

Wilayah Persekutuan Kuala Lumpur. (03-60981236)

o Negeri Sembilan

Mesa Mall

Lot, G27 & G27a, Groundflour, Persiaraan Ilmu, Bandar Baru Nilai,

71800, Nilai Negeri Sembilan (037365845) (067365846)

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d) Now, Harumi has ventured into different business model such as free

standing kios, smart food trucks and franchise management. The base is

operating franchise restaurant.

QUESTION NO. 2 ANSWERS

a) Elements entrepreneur should have is innovation, risk-taking, vision,

organization. As an entrepreneur one of most key point is having innovation

and variation of economy. This plays pivotal role and important tool for

success. By using innovation can exploit opportunities available in market

and overcome possible threats. So this innovation can be a service,

production technique, marketing strategy, technology or new products.

Moreover, innovation can also involve doing something better and more

economically. This way in the concept of entrepreneurship, it is a key factor.

Joseph Schumpeter, assigned a crucial role of innovation for the first time

in 1934, to the entrepreneur in his ‘magnum opus’ theory of economic

development. If followed by Schumpeter, economic development

considered as a discrete dynamic change brought by an entrepreneur by

instituting a new combinations of production innovation and the

introduction of new combination of factors of production. The introduction

of a new product in the market to increase customers attraction towards the

products. The instituting of a new production technology which is not yet

tested by experiencing the branch of manufacture concerned. The opening

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of a new market into the specific product has not previously entered. The

discovery of a new source of supply of raw materials. The carrying out of

the new form of organization of any industry by creating of any monopoly

position or the breaking up of it.

Risk taking is important part of entrepreneurship which involves whole

business running and managed by single individual so there is not 3rd party

involvement. It doesn’t mean for an entrepreneur by not taking any risks can

stagnate a business and excessive impulsive risk-taking can cause losses, so

as a good entrepreneur she or he have to knows how to take and manage the

risks of his or her business. The willingness of an entrepreneur to take risks

gives them a competitive edge in the economy and it helps them exploit the

opportunities the economy provides.

Richard Cantillon, an Irish man who was living in France, was the first who

introduced the term entrepreneurship and his unique risk-bearing function

in economics in the early 18th century. Richard defined entrepreneur as an

agent who brings factor of production at certain prices in order to combine

them into product with a view to selling it at an uncertain prices in future.

Knight also described entrepreneurs to be a specialized group of persons

who bear uncertainty. According to knight the entrepreneur, is the economic

functionary who undertakes such responsibility of uncertainty which by its

very nature cannot be insured nor capitalized salaried too.

Vision or foresight is one of the main driving forces behind any

entrepreneur. It is what gives the business an outline for the future-the task
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to complete, the risk to take and the culture to establish. Vision is the energy

that drives a business forward, an outline for better future, and every

successful entrepreneurs starts business with great vision which helps to

build business agenda for short term of long term goals terms according

business scope and objectives.

Organization mostly about one man show, it’s involving entrepreneur bear

the risks and taking full rewards but with help of employees and mid level

management. This require a lot of organization and impeccable organization

skills. An entrepreneur must be able to manage and organize his finances,

his employees and his resources, so his or her organizational abilities are

one of the most important elements of and entrepreneurship. Jean Baptist

said an aristocratic industrialist, with his unpleasant practical experiences

developed the concept of entrepreneur, his definition associates

entrepreneur two functions of co-ordinations, organization and supervision.

According to him, an entrepreneur is one who combines the land of one, to

labour of another and the capital of yet another and produces a product. By

selling the product into the market, he pays interest on capital, rent on land

and wage to labourers and what remains his profit. Marshall, also advocated

the significance of organizations among the services of special class of

business undertakers.

b) Based on focusing four elements I will achieve the economic development

goal is by innovating new ideas into marketing world promoting the

business in new way and marketing implement to higher level and various
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markets. I will take risk to implement my ideas to different ideology which

other firms or companies offering to customers. I will set the company and

staff vision and goals beyond the level of target so they can achieve target

more easily, by doing this directly and indirectly trained them to compete

with other companies. I will set up a new way of management in

organization which will have more layers of staff to support each to conduct

the management system.

c) Entrepreneurship development qualities which plays pivotal role are self-

confidence of an entrepreneur. Self-confidence is important traits for

driving success in an organization. An entrepreneur will be trusted based on

his own trust and creditability. An entrepreneur should have confidence to

take own decisions. Risk taking also play major role in developing

entrepreneurship as an entrepreneur should be brave enough to take risk to

develop a business to higher level. Business is about taking risk and

experimenting new ideas, ways to promote and develop business strategy

decision making ability also one of key point for entrepreneurship

development. An entrepreneur always be prepared and ready to take

decisions regarding development or any favour of organization all the time.

An entrepreneur should have competitive attitude because entrepreneur duty

to always compete and face all kind of competition. Intelligent also one area

entrepreneur should always look after by keeping mind active and increase

intelligence quotient level, knowledge are basic qualities needed for

entrepreneurship development. However, entrepreneurs should have the

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ability to see things from different point of views. Patience is another virtue

which is important for entrepreneurship as the path to success is often very

challenging and it requires a lot of patience for sustenance. Emotional

tolerance for an entrepreneur brings up the ability to balance professional

and personal life and not mixing the two is another important trait of an

entrepreneur. Furthermore, an entrepreneur must have leadership quality the

he or she should be able to lead, control and motivate the mass. To be in

stride with the recent times, entrepreneurs should know technical skill or at

least have a basic knowledge about the technologies that are to be used.

There three skills that an success entrepreneur must learn to develop their

qualities. The skills are managerial skill, where an entrepreneur should have

the required skill to manage different people such as clients, employees, co-

workers, and competitors. Another skill is conflict resolution skill as an

entrepreneur they should be able to resolve any type of dispute. Third skill

is organizing skill, where they should be highly organized and able to

maintain everything in a format and style. Entrepreneurs also should have

high level of motivation so that they could able to encourage everyone to

give their level best and they should be innovative and invite new creative

ideas from others as well plus they should be practical and have rational

thinking as they.
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d) Five steps of entrepreneurship every successful entrepreneur goes through

are :

i. Discovery: An entrepreneur identifies and evaluates the business

opportunities from here an entrepreneurial process with the idea generation.

It’s a difficult task for an entrepreneur to identify and the evaluate the

opportunities seeks inputs from all the persons including employees,

consumers, channel partners, and technical people to reach to an optimum

business opportunity. Once the opportunity has been decided upon, the next

step is to evaluate it. As an entrepreneur they can evaluate the efficiency of

an opportunity by keep on asking certain questions to himself such as,

whether the opportunity is worth investing in, is it sufficiently attractive, are

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the proposed solutions feasible, is there any competitive advantage and what

are the risk associated with it. Before that, an entrepreneur must analyse his

personal skills and hobbies whether these coincides with the entrepreneurial

goals or not.

ii. Developing a Business Plan: An entrepreneur needs to create a

comprehensive business plan once the opportunity is identified. Since

developing a business plan acts as a benchmark it is critical to the success

of any new venture and the evaluation criteria to see if the organization is

moving towards its set goals. The major components of a business plan are

mission and vision statement, goals and objectives, capital requirement, a

description of products and services. So, an entrepreneur must dedicate his

or her sufficient time towards its creation.

iii. Resourcing: It is the third step entrepreneurial process wherein the

entrepreneur identifies the sources from where the finance and the human

resource can be arranged. Over here, the entrepreneur finds the investors for

its new venture to carry out the business activities.

iv. Managing the company: Once the funds are raised and the employees are

hired, then continue the next step to initiate the business operation to achieve

the set goals. First of all, an entrepreneur must decide the management

structure or the hierarchy that is required to solve the operational problems

when they arise.

v. Harvesting: The final step in the entrepreneurial process wherein, an

entrepreneur decides on the future prospects of the business and its growth
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and development. More ever, the actual growth is compared against the

planned growth and then the decision regarding the stability or the

expansion of business operations is undertaken accordingly, by an

entrepreneur.

e) The industrial policies and regulations that helps to growth the business by

constructed, modified and further modification is done according to the

changing situations, requirements and perspectives of developments. The

major objectives of industrial policy are rapid industrial development where

it explores ways to construct favourable investment environment for the

private sector and also for mobilizing resources for the investment in public

sector. By following this way, the government roots to promote rapid

industrial growth in countries.

Balanced industrial structure, industrial policy is crafted to correct the

prevailing downgraded industrial structure. So, industrial policy had to be

enclosed in such a way that imbalances in the industrial structure are

corrected by laying stress on heavy industries and development of capital

goods sector and explores methods to maintain balance in industrial

structure.

Prevention of concentration of economic power where it explores to

facilitate a borderline of rules, regulations and reservation of spheres of

activities for the public and private sectors. However, this is targeted at

minimizing the dominating symptoms and preventing focus of economic

power in the hands of a few big industrial houses.

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Balance Regional Growth as industrial policy also targets at correcting

differences of region in industrial development and it is the job of industrial

policy to amend some programs and policies, which will results in the

development of industries or industrial growth.

Furthermore, Industrial policy resolution 1956 regulated to design the basic

economic policy for a very long time and with respect to this resolution, the

establishment of a socialistic pattern of society was seen through the

objective of the social and economic policy in India. Thus, it ensured more

powers to the government authorities. Companies were grouped into

categories. These categories were :

 Schedule A − Those companies which were considered as an exclusive

responsibility of the state or the society.

 Schedule B − Companies which were marked as progressively state-owned

and in which the state would basically establish new companies, but in

which private companies would be anticipated only to supplement the effort

of the state.

 Schedule C − The left companies and their future development would, in

general, be neglected and would be entirely dependent to the initiative and

enterprise of the private sector.

In addition, the sector was monitored by the state by a system of licenses.

So, to set up a new company or to widen production, obtaining a license

from the government was a prerequisite to be fulfilled and launching of a

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new companies in economically backward areas was incentivized through

easy licensing and subsidization of important inputs. This step was taken to

encounter regional differences that existed in the country and the license to

boost the production was issued by convincing the government that the

economy required more of the products and services.

Finally, the last objective is policy measures where some of the essential

policy measures were declared to opt the above stated objectives. There are

some policy measures :

 Liberalization of Industrial Policy

 Introduction of Industrial Entrepreneurs' Memorandum (IEM)

 Liberalization of The Locational Policy

 Policy for Small Scale Industries

 Non-Resident Indians Scheme

 EHTP vs STP Scheme

 Policy for Foreign Direct Investment (FDI)

f) Factors that plays role in international business in growth of business are

arrival of new technologies from international business can develop my

business into food manufacturing market another level. Sales and marketing

which I adapt from international business convert it into local market for my

business purposed. Environmental factor adapted from international

business plays important role in business growth which enlarge the business

into higher level.

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g) Market techniques by following five marketing techniques will sure

increase the sales.

Market penetration is a measure of the amount of sales or adoption of a

product or service compared to the total theoretical market for that product

or service. In addition, market penetration can also include the activities that

are used to increase the market share of a particular product or service. The

five marketing techniques are:

 Product Diversification aimed at increasing the desirability of an

entrepreneur offering for the target market. So, this includes

development of “new and improved” products and companies often

update and launch new version of successfully products as a way to

drive sales from users satisfied with previous versions. Moreover,

companies can leverage a strong brand to expand into other similar

or unrelated product categories and this allows for increased sales to

existing customers who trust the company brand and reputation.

 Market Diversification to diversifying the products in the market to

attract new customers with an existing product or format.

Furthermore, companies with successful high-end products may

offer a lower- to mid-range option for economical buyers to attract

a new market and this may not offer the same profit potential as

high-end solutions, but it provides access to a new market and higher

sales volume.
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 Sales Promotion it is another way of portraying the idea to drive

sales, where it is often at the expense of short-term profit, is the use

of sales promotions. This includes an array of price-driven

promotional offers to attract budget-conscious customers on the

other hands, coupons, percent-off discounts, rebates, giveaways and

buy-one-get-one free offers are among common promotions. This

technique is commonly used by new companies or existing

companies trying to generate fast cash or clear out inventory but

overuse can negatively impact long-term profitability and brand

image, though.

 Advertising typically used to implement long-term marketing

communication objectives. However, effective messages typically

increase sales revenue gradually over time as the efforts paid off

with stronger quarterly sales performance just prior to the article.

 Assurances is one way to reduce the risk and increasing buying

activity is to offer assurances about the customer's experience. In the

other hand, product or service guarantees and warranties are two

common assurances offered by manufacturers and resellers. A

guarantee or warranty simply means that if the customer has a

dissatisfying experience, as an entrepreneur offer a refund, free

product or service, free repair or some other form of retribution.

Thus, offering these safety nets, along with flexible product returns,

allows customers more carefree buying opportunities.

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h) Without a proper financial planning into a business may lead to failed

business. By implementing financial plan in business growth it helps with

everyday costs. It helps in focusing future of business is one of the major

role played by financial plan. Without planning an entrepreneur won’t be

able to access financial support. By planning marketing strategy will

increase and provide new fact of level and it can help with your marketing

decisions.

i) The business operation tacticsto improve the business operation considers

the five common stages of venture capital financing.

 Seed stage is and idea or concept as opposed to a business.

European Venture capital association defines seed capital or

stage as “the financing of the initial product development or

capital provided to an entrepreneur to prove the feasibility of

a project and to qualify for start up capital or stage”. At this

stage an entrepreneur continue to fund the venture with his

own or family funds and the funds are needed to solicit the

consultant’s services in formulation of business plans,

meeting potential customers and technology partners. The

new technology and innovations being attempted have equal

chance of success and failure. For examples, such projects

are, particularly hi-tech, projects sink a lot of cash and need

a strong financial support for their adaptation,

commencement and eventual success while, the earliest

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stage of financing is fraught with risk, it also provides greater

potential for realizing significant gains in long term. This

stage provided after being satisfied that the entrepreneur has

used up his own resources and carried out his idea to a stage

of acceptance and has initiated research.

 Start up stage whereas it is known as the second stage and it

is distinguishable from the seed stage investments. Start up

defined as “capital needed to finance the product

development, initial marketing and establishment of product

facility”. At this stage it involves starting a new business.

Moreover, the entrepreneur has moved closer towards

establishment of a going concern plus here in the business

concept has been fully investigated and the business risk now

becomes that of turning the concept into product.

 Early stage finance it is provided to entrepreneur who has a

proven product, to start commercial production and

marketing, not covering market expansion, de-risking and

acquisition costs. At this stage the company passed into early

success stage of its life cycle and proven management team

is put into this stage, a product is established and an

identifiable market is being targeted. This stage, British

Venture Capital Association has vividly defined early stage

finance as, “Finance provided to companies that have

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completed the product development stage and require further

funds to initiate commercial manufacturing and sales but

may not be generating profits.”

 Second stage finance it is provided for marketing and

meeting the growing working capital needs of an enterprise

that has commenced the production but does not have

positive cash flows sufficient to take care of its growing

needs. Second trench of Early State Finance is also referred

to as follow on finance and can be defined as ” the provision

of capital to the firm which has previously been in receipt of

external capital but whose financial needs have subsequently

exploded”. This may be second or even third injection of

capital or stage.

 Later stage finance it is provided to an enterprise that has

established commercial production and basic marketing set-

up, typically for market expansion, acquisition product and

development. It is provided for market expansion of the

enterprise. At this stage, the creditors will examine where the

product’s market position and if possible means they will

take their share earlier that they had invested in the business

with risk and leave the company. Some more, this is also

known as a distinct period to introduce the follow-up product

or services to attract new clients and markets.

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CONCLUSION

Basically, an individual needs to learn and sharpen his or her entrepreneurial skills

in order to become a successful entrepreneur. Besides, an individual also must have

a good personal qualities that are demanded to become a successful entrepreneur.

The examples of the entrepreneur traits are full of determination, not afraid to take

risk, high level of confidence, craves learning, understands failure is the part of the

game, highly adaptable, good understanding of money management, expert in

networking, ability to sell and promote. In fact, there are a lot of entrepreneur traits

that are available which can lead an individual to become a successful entrepreneur.

In addition, this kind of entrepreneur traits are the main value that need to be

learned, followed and applied by each individual in order to become a successful

entrepreneur. This entrepreneur traits can be classified as most essential element

that differ the difference between the successful entrepreneur and the ordinary

entrepreneur. This is because most of the successful entrepreneurs in the world do

practice and applied at least one entrepreneur that had been listed above. Thus,

without any doubt, each individual or entrepreneur needs to learn and apply the

selected entrepreneur traits in order to achieve success in the entrepreneurial field.

-4276 words-
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BIBLIOGRAPHY

1. https://courses.lumenlearning.com/boundless-business/chapter/introduction-to-

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2. http://www.harumi.com.my/

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entrepreneurship/introduction-to-entrepreneurship/four-key-elements-of-

entrepreneurship/

4.https://www.academia.edu/12021776/Guideline_1_ENTREPRENEURSHIP_A

ND_ECONOMIC_DEVELOPMENT_Structure

5.https://www.tutorialspoint.com/entrepreneurship_development/entrepreneurship

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12.https://www.mbaknol.com/business-finance/stages-of-venture-capital-

financing
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