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KAM1061

ENTREPRENEURS
HIP 1

NOR HAFEZ BIN


MOKHTARUDDIN
011-18527309
hafez_m@hotmail.com

OBJECTIVES
By the end of this course, you should be
able to;
1.Identify why entrepreneurship is important
2.Develop a vision to become an
entrepreneur
3.Identify entrepreneurial opportunity and
transform it into a basic business plan
4.Making decision to become a young
entrepreneur for a better future life

Entrepreneur! Why..?

Employed - self employed


Financial and time freedom
Health, wealth and legacy
High - low no risk business
High low less capital business
Stock no stock business
Work hard - work smart principle

CHAPTER 1
INTRODUCTION
OF

LEARNING OUTCOMES
1. Explain the evolution and concepts of
entrepreneurship
2. Discuss three importance of
entrepreneurship
3. Identify the myths of entrepreneurship
4. Discuss entrepreneurship
development in Malaysia

The Evolution of
Entrepreneurship
The word entrepreneur is derived from
the French word, entreprendre meaning
to undertake Richard Cantillon (1755)
Entrepreneurs are individuals who
actively form or lead businesses and
nurture them for growth and prosperity
Entrepreneurship is a process of creating
and expanding businesses that
collectively form a force for national
development and societal prosperity

Researchers
Details
Adam Smith
an entrepreneur is a person who
(1776)
acts as agents in transforming
demand into supply
Jean Babtiste
Say (1803)

an entrepreneur is a person who


shifts resources from an area of low
productivity to high productivity

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

Researcher
s

Details

Carl Menger
(1871)

the entrepreneur acts as an economic


agent who transforms resources into
products and services. The
entrepreneur transforms and give
added value.

Joseph
Aloysius
Schumpeter
(1934)

an entrepreneur is an innovator

Alfred
Marshall
(1936)

the process of entrepreneurship of


business development is incremental
or evolutionary. It evolves from sole

Researchers
Ibnu Khaldun
(Abdul
Rahman
Mohamed
Khaldun)

Details
the entrepreneur is seen as a
knowledgeable individual and is
instrumental in the development of
a city state where enterprise will
emerge

David
McClelland,

the entrepreneur is a person with


high need for achievement, this
need for achievement is directly
related to the process of
entrepreneurship

In Malaysia the term usahawan is


used for entrepreneur

Definitions of

Histrich and Peter (1998)


is the dynamic process of creating
incremental wealth

Kuratko and Hodgetts (2004)


is a dynamic process of vision, change
and creation. It requires an application of
energy and passion towards the creation
and implementation of new ideas and
creative solutions

4 Basic Aspects
Involves the creation process that is
creating
something
new
value of necessary
Requires the
devotion
time and
effort
Assuming necessary risks
Involve the reward (money &
satisfaction)

Kuratko and Hodgetts (2004)


suggested that there are 4 major
dimensions involve in the process of
innovation and new venture creation;
1.Individuals
2.Organisational
3.Environmental
4.Process

Definition of

Scarborough and Zimmer (1998)


is a person who creates a new
business in the face of uncertainty for
the purpose of achieving profit and
growth by identifying opportunities
and assembling the necessary
resources to capitalise on them

Kuratko and Hodgetts (2004)


one who undertakes to organise,
manage and assume the risks of a
business
a catalyst for economic changes
who uses purposeful searching,
careful planning and sound
judgement when carrying out the
entrepreneurial process

THE IMPORTANCE OF
ENTREPRENEURSHIP
1. It is a catalyst for economic change
and growth
2. Produce new products and services to
fulfill human needs through its
creativity and innovation process
3. It helps to improve the lives of
millions of people through the new
products and services they bring to
the market

Bandar Baru Seri Iskandar

MYTHS OF ENTREPRENEURSHIP
Entrepreneurs seeks success but experience high
failure rates
Entrepreneurs are academic and social misfits
All entrepreneurs need is money
All entrepreneurs need is luck
Entrepreneurs are extreme risk takers (gamblers)
Entrepreneurs must fit the profile
Entrepreneurs are born not made
Entrepreneurs are doers not thinkers
Entrepreneurs are always inventors

DEVELOPMENT OF
ENTREPRENEURSHIP IN MALAYSIA
Existed before Kesultanan Melayu Melaka
Malacca was known around by China,
India, Arab etc
British introduce the divide and rule in
Malaya
New Economic Policy, National
Development Policy, Vision 2020 was
introduced to encourage and support
entrepreneurship development in Malaysia

The establishment of Ministry of


Entrepreneurship Development and
Cooperation boost the entrepreneur
activities in Malaysia (formerly BPU, MARA)
Promoting a lot of carnival, campaign,
festival etc
Collaboration with IPTA and IPTS,
government agencies etc
Promoting Keusahawanan Kerjaya Pilihan

CHAPTER 2
IDENTIFYING
ENTREPRENEURIAL
CHARACTERISTICS

LEARNING OUTCOMES
1. Identify characteristics of successful
entrepreneurs
2. Evaluate entrepreneurial inclination
potential using the entrepreneur self
assessment test
3. Describe at least three differences
between businessman, managers and
entrepreneurs

Characteristics
Explanations
Seeking feedback Actively seek and use feedback to
improve their venture performance
High level of
energy

Need to cope with the extraordinary


workload and the stressful demands

Team building

Have highly qualified and well


motivated teams that help handle
the ventures growth and
development

Ability to set
vision

Entrepreneurs know what they want


to achieve

Tolerance for
failure

Entrepreneurs do not become


disappointed, discouraged,, or
depressed by failures

Drive to achieve
(self starter)

Entrepreneurs are self starters who


internally have a strong desire to

Characteristics

Explanations

Creative and
innovative

Very important elements to gain a


competitive advantage and can
produce unique goods and services
for customers

Independent

Like to accomplish tasks in their own


way

Opportunity
orientation

Entrepreneurs have a well defined


sense of searching for opportunities

High degree of
commitment

The commitment helps entrepreneurs


to overcome business threatening
mistakes and obstacles

Initiative and
responsibility

Willing to put themselves in situations


where they are personally responsible
for the success or failure of the
venture

SELF ASSESSMENT FOR


ENTREPRENEURS
Many instruments developed to assess
and measure the potential inclination
towards entrepreneurship in individuals
The purpose is to get insights on the
entrepreneurial potential in individuals
Anyone has the potential to become an
entrepreneur
Robinson, Stimpson, Huefner and Hunt
(1991)

DIFFERENCES BETWEEN..
Small Businessman

Entrepreneur

Engages in business
activities for the
purpose of profit to
support his living and
family

Starts the venture,


assumes leadership
and expands the
venture to fulfill
personal goals and
attain self
accomplishment

Low risk taker

Starting from moderate


risk taker

Follows others and


invests only in tested

Take calculated risks in


any opportunities

Conventional
Manager

Entrepreneur

Very conscious of rules Views rules only as


and taboos in an
guidelines
organisation
Sensitive to the future Concept of the future
and willing to postpone based on personal
rewards
goals.
Has a powerful need
for acceptance

Low threshold for


frustration

Able to identify
Impatient with
problems in any course discussions and
of action
theories.
Make detailed plans

Action!!!

CHAPTER 3
DEVELOPING
ENTREPRENEURIAL
CREATIVITY AND
INNOVATION

LEARNING OUTCOMES
1. Define the concepts of creativity and
innovation
2. Explain the four main phases in the
creative process
3. Explain five creativity technique
4. Describe four basic types of innovation
5. Discuss the barriers to creativity and
innovation

What is Creativity?
Creativity involves the development
of uniques and novel responses to
problems and opportunities
the abilities to produce work that
is novel, high in quality and
appropriate
-Sternberg, Kaufman and
Pretz(2002)

PROCESS OF CREATIVITY
Ideas evolve from the creative
process where imaginative individual
will imagine, inculcate and develop
an idea into a form and then
implement it for benefit
Kuratko and Hodgetts (2004)
suggested that there are 4 main
phases/steps in the creative process;

Knowledge Accumulation

Incubation

Idea

Evaluation And
Implementation

BARRIERS TO CREATIVITY
Personal
Beliefs

Fear Of
Criticism

Over
Management

Stress

Barriers to Creativity
1. Personal beliefs
We belief that we are not creative
2. Fear of criticism
Some are afraid that people will say
that their ideas are crazy, foolish and
impractical

3. Over management
Workers burdened with assignments,
schedules and demands for quick
production have hampered workers from
thinking creatively
4. Stress
Not only a distraction that drains ones
energy that could be used creatively but
it is also bad for the health

HOW TO GENERATE CREATIVE


IDEAS
Brainstormi
ng
Nominal
Group

Forced
Analogy

Mind
Mapping

DO IT

1. Brainstorming
Is the most common and powerful
techniques used to hatch ideas.
The ideal number of group members
is between 4 to 7
4 rules by Willian (2000) are;

The more ideas, the better


All ideas are acceptable, no
matter how wild or crazy they
might
be
Use other group
members
ideas
to come up with even more
ideas
Criticism or evaluation of ideas
is not allowed

2. Forced Analogy
Forcing can help to develop new
insights as well as new alternatives.
Very useful and fun filled techniques of
generating ideas
Finding the relationship between almost
everything and gain new solutions
Example; giving date line, high
commission,

3. DO IT
D - define problem
O - open minded and apply creative
technique (generate as many
ideas/solutions as possible)
I - identify best solution
T transform (implementation)

4. Mind mapping
This technique allows one to use
pictures and/or word phrases to
organise and develop thoughts in a
non-linear fashion.
It helps people to see a problem and
its solution
Example; Use during brainstorming,
taking note, refreshing memory etc

5. Nominal group
The use of the groups is to generate
ideas and evaluate solutions face to
face in non threatening group.
Members writing down as many
ideas as possible silently
Members will discuss the ideas and
vote privately to rank ideas

CHARACTERISTICS OF CREATIVE
INDIVIDUALS
Humble and proud
Passionate about work and
objectively
Dare to try new things
Open minded and willing to
accepts
High self
control
criticism
Goal directed, deliberate
and
Willing
to take
considerate
in making
calculated
risks
decision

INNOVATION
Creativity is a pre condition to
innovation
Is believed to the key to sustainable
success for many organisation
Kinicki and Williams (2003), finding ways
to deliver new or better goods or
services
Chell (2001), innovation is deemed as
the creation of something new in the
marketplace that alters the supply
demand equation

Types of
innovation
Invention

Duplication

Extension

Synthesis

Types of Innovation
4 basic types of innovation as suggested
by Kuratko and Hodgetts (2004)
1. Invention
The act of creating a new product,
service and process that is totally novel
or untried
Example; Proton Saga, Modenas,
Synthium

2. Extension
The extension or addition to existing
product lines, services and
processes
Example; Bosch, Samsung, Daewoo,
Home
applianc
es

Vehicle

Heavy
machiner
y

3. Duplication
Process of replication of existing
product, service or process.
It does not mean simply copying,
but adding new features or
improving competitiveness of the
product, service or process.
Example; Viva, MyVi

4. Synthesis
Process of combining separate parts
or elements into a new whole
formulation or application by
considering several ideas or items
that already exists
Example; smart phone, hybrid car,
interne
camera
gps
t

PERODUA (M) SDN BHD

Sources Of Innovation
Unexpected
Event
Changes Of
Demographics

New Knowledge
Concept

Process Needs

Sources of Innovation
1. Unexpected events
Entrepreneur frequently notice that
they get ideas from something that
is out of their expectations
Example;

2. New knowledge concept


It can be obtained through reading,
attending seminars or conferences
or discussions among the
professionals
Example; LED or LCD television, LED
advertising board, use of NGV in car,
green technology house

3. Changes of demographics
Changes of demographic
characteristics in age, educational
levels, income and types of
employment have been a main source
of innovation for entrepreneurs
Example; fashion, superbikes, hair
styles, car, house,

4. Process needs
Process needs exist within the
process of business, an industry or a
service. It perfects a process which
already exists, replaces a link that is
weak, redesigns an existing process
and so on.
Example;

Barriers to Innovation
Organisation does not encourage
innovation
Insufficient
resources
Traditional behaviour management
Fear of trying
Fear of change
Improper motivation
Fear of failure
Self image block
Fear of making mistakes

THE IMPORTANCE
To ensure an
organisations
survival
To explore new markets
To exploit natural
resources

1. To ensure an organisations survival


The future business depends on the
ability of the organisation to create
new products or services
Example; Harley Davidson, Honda,
Petronas, Proton, Toyota, Nissan,

2. To explore new markets


A creative and innovative
entrepreneur will always think of
conquering a new market by
introducing new products or services
Example; Nokia, Samsung, Acer,
eBook, Toyota, Jeep, Hummer2

3. To exploit natural resources


Entrepreneurs should ensure that they
can get these benefits by exploiting
the wealth of resources without
causing harm to the environment
Example; furniture made from teak
woods, charcoal from mangroove tree,
etc

STRATEGIES TO
ENCOURAGE CREATIVITY
AND INNOVATION
Recognise Our Own Ability
Change Our Perception
Change The
Organisational Culture
Dare To Fail

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