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MANAGEMENT

SKILLS
&
ENTREPRENEURSHIP

Table of Content

1.0 Executive Summary---------------------------------------------------------------------3


2.0 Why new business start-ups fail-------------------------------------------------------4-6
3.0 The importance of Sound Business Model-------------------------------------------7-11
4.0 The Managerial skills required over the first 2 years
Of business to achieve break-even business volumes-------------------------------12-16
5.0 Risks involved in this business and the action plan--------------------------------17-18
6.0 Sources of evidence from the literature and the local market context----------19
7.0 Bibliography-----------------------------------------------------------------------------20-21
8.0 Appendices-------------------------------------------------------------------------------22
1.0 Executive Summary

Successful entrepreneurs understand that they must work on their business, not in their
business. Fast growth is what entrepreneurs crave, investors need, and markets want. Rapid
growth is the sign of a great idea in a hot market. Growth leads to more growth, which leads
to even more growth.

A start-up should not be satisfied with marginal single digit growth rates after many months
of operating. If the growth doesnt happen after a certain amount of time, then the growth will
not happen. A company that is not growing is shrinking.

If your start-ups last, youre lucky. Youve been able to do something that 90% of new
businesses havent. They have a product that meets a need, they dont ignore anything, they
grow fast, and they recover from the hard-knock start up life.

We are going to discuss about the reasons behind the failure of most of the small business
start-up, importance of a sound business model, managerial skills required over the first 2
years of business to achieve break-even business volumes and finally on the analysis of risk
involved for small business start-up.

Im sure its will very helpful and be a guideline for all the entrepreneurs.

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2.0 Why new business start-ups fail

Good day to all individuals who are in the venture of convert an invention into an innovation
for a positive economic return. There is no doubt that all of you are an ordinary people, but
what are running in your minds are extraordinary ideas with passion and persistence. Without
delaying further, I would like to start my presentation for today to share some ideas and
guidance on your small business start-ups.

Let we start up with very most important question of why new business start-ups fail? Dont
get shocked when Im talking of failure instead of success. You should know the hiccups of
small business to avoid yourself from falling in the category of failed start-ups. Let me share
with you all on the some main contributor for new start up failure. I divide the cause of
business failure into two categories which is internal and external factors.

Fortune reported the top internal factor that start-ups fail is poor market definition and
market segmentation for core customer. You have to survey first whether the product is
perfect for the market or otherwise. If youre going to spend your time making a product,
then spend your time making sure its the right product for the right market. Study on the
opportunity gap resides in the market and find the window of opportunity which is vital for
your start-ups.

Misinterpretation customer demand is another biggest internal mistake that can lead to
business failures. Lumos is a good example for this factor. Lumos was a smart home start-
up by first-time entrepreneurs of fresh college leavers. Their idea of building a hardware
start-up was a lot tougher than what they had anticipated. They undervalued the work that
goes into making a market ready hardware product and overvalued the demand and utility of
their product.

Poor demand forecasting and market acceptance is one of the internal major contributor of
business start-ups fail. Companies fail because they fail to progress a product that meets the
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market need. Most of the time the first product that a start-ups brings to market wont meet
the market need. In the best cases, it will take a few modifications to get the product fit to the
markets demand. Singapores national telco SingTel shut down its daily deals site
SuperDeals due to couldnt attract sufficient user demand. China saw the closure of not just
one, but seven car wash services in short term. Many of these car washing services were
burning money offering low-priced promotions to do something thats already low.

An important internal factor which causes business start-ups failure is unsound financial
planning and budgetary control. Start-ups should not be paralysed by poor planning. There is
a saying that failing to plan is planning to fail. Abratable and Abraresto which were a
restaurant booking and review site operating in Singapore and Indonesia failed because of
their risky decisions, including taking on investment in the form of debt instead of venture
capital.

Competency shortfalls also play an important role as an internal contributor for failure. An
incredibly common difficulty that causes start-ups to fail is a poor management team. They
are usually poor at execution, which leads to issues with the product not built correctly or on
time, and the go-to market execution will be poorly executed.

Last but not least internal contributor is business models being emotionally motivated by the
entrepreneur. Successful entrepreneurs are always overoptimistic and that's a good thing. But,
most of the occasions, it turns into arrogance, though, when you're so sure of the brilliantness
of your ideas that you don't worry pulse of the market. Temper your arrogance with the
humility to accept criticism without becoming defensive.

We almost covered majority of the internal factors for business start-up failures. Now let us
go through some of the external factors which are beyond our control generally. Lack of real
business scalability for realisable and sustainable earnings is an important external factor for
start-up failure. Despite raising seed investment in October 2014 and securing a fellow
recruiting platform on the way, TalentPad drowned less than a year later. They failed to find
out a scalable business for a big enough market.

Unreliable network is a major external instrumental for business star-ups fail. Layman saying,
it is not what you know but who you know and who knows you is important. I realized that
one of the most common causes is that entrepreneurs are too confident about how easy it will
be to secure customers. They assume that because they will build an interesting web site,
product, or service, that customers will be loyal to them and beat a path to their door. That
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may happen with the first few customers, but after that, it rapidly becomes a lavish task to
attract and win customers.

The huge gap between the business dream and the market realities also an external factor for
business fails. The rapid growth rate indicates the fact that funded companies also tend to
indulge in cash burn to secure customers without creating a product diversification. Dijiwan
makes it clear. They overlooked key aspects of business process and the market realities.

3.0 The importance of Sound Business Model

Business model is an essential tool to know and to apply to small business start-up because it
is designed to describe the way to make money in the business. Business model help the
entrepreneur move beyond the business feasibility stage. Business model should sketch how
the business will compete and strive, how resources are deployed, how it depends upon
relationship network, how it connects with customers to create value and thereby originate
property. The important components of business model are the competitive strategy built in

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the model, resource needs and positioning of the product/service, relationship network with
partners and stakeholders and the how the customer experience will be managed.

Business model is very substantial for small start-up as it will show the route to the market.
Outcome of the business model help to build the business in the mind of entrepreneur and its
leads to a business development plan for execution. Business model also essential to present
to those providing secure sources of finance and provides a clear basis to communicate the
business design to third parties. Besides convey professionalism and competency, business
model shall expose the skills and resources needed to focus on the business upon its core
strategy while ensures the need for network is fully appreciated.

A core strategy of a business model is mission to be accomplished, product, market scope,


basis for differentiation, competitive positioning, scalability of venture, superior value
propositions. Network is an utmost important is small business start-up. Successful people
say it is not what you know, but who you know and who knows you which is important.
Understanding value deliverables to customer is essential in a business model. The most
important question that you should ask yourself is what you are selling and what customers
are buying. You must have a unique selling proposition to attract your targeted
audience/customers. Your business essentially must possess and retain a superior value
proposition which can comprises the values of functional, emotional, competitive, price,
ethical, legal and not forgetting the market relevance.

Author of The Art of the Start, Guy Kawasaki say, you dont have a business model if you
cant describe it in ten words or fewer. Do you all get his argument? The only concern of an
investor or they want to know from you is how your business will generate turnover. You
should know that in order for your business to endure in the market, your business needs to
bring in enough profits to cover your expenses and overhead costs. You all should be happy
because you all very privileged. You all no need to crack your head to create a new business
model for your business. There are various business models available for you to adapt and
regenerate as for your business needs. Some genius made work easy for you all in the
application of business models. They already figured out business models that successfully
applied in real business. Mr. Kawasaki says that the smart approach is to relay to a successful
and already understood business model.

A very imperative questions in defining your business model is who keep your money in
their pockets? and how are you going to get that money jump into your pocket? A solid

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business model remains the establishment of every successful start-up. Every entrepreneur
should learn how to describe their business models to differentiate their business from the rest
of the competitors. Your ultimate goal should be the best among the rest.

The business model is the framework of how the company makes money and explains the
sources and method of the companys incomes. So its not adequate to just say that a
company sells food or computer. We need to analyse and learn the structure through which
the money is earned. Does the food company own the franchise as McDonalds or does it
lease the land? Another example is technology gadgets as computers. Does the PC maker
generate most of its money through direct sales as Dell or they sell it via retailers like Hewlett
Packard?

The business model also refers to how product delivery brings in income. A well-known
product as Gillette is happy to sell ProGlide razor handle at cost, because they can go on to
sell you the lucrative razor refills continuously. Their business model is stable in selling the
razor handle and making profits from razor blade sales. Meanwhile electric shavers have a
different model. Electric shavers are costlier compare to Gillette handle. Remington is an
example for this scenario. Remington is a manufacturer of electric shavers, generate most of
their profit ahead, unlikely Gillette which aiming profit from a stream of blade refill sales.

As industries transform, companies should not always stick to the same business model. Let
me tell you all about the famous Kodak and the fast-changing camera business or technology.
Kodaks traditional cameras progressively generate a lot of money for the company. This is
because customers have to buy roll of film to take pictures and then spend again to getting the
pictures developed. Unfortunately, digital cameras chase away the film sales and picture
developing/processing business of Kodak. Subsequently, Kodak has to create a new business
model to sustain their business. Thus, Kodak established digital printing centres, where
customers can print their pictures from digital camera printed on glossy Kodak paper.
Kodaks business model which was started once based on film sales and processing has
become a model based on photograph printing.

This is understood very clearly in the case of Molome. Asians are very passionate with taking
selfie (photos of themselves) and posting them online. Molome created the application that
makes photos funnier by adding all sorts of stickers and text to the original image. Its
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initiators joined the JFDI accelerator in 2014 and at that time claimed to have 40,000 daily
active users, uploading over 15,000 photos per day. But all that wasnt enough to compete
with the major photo-sharing competitors such as Instagram. Unfortunately, the time for
Molome to say goodbye arrived. Molome decided to close shop due to photo sharing
platform was not cheap and they unable to sustain of their funding. The business model
which helps them in the beginning is needed to review for certain components such as
financial funding after sometime.

A companys business model isnt always recognizable. You might think General Motors
makes profit by selling cars. In fact, more than 60% of General Motors earnings in 2003
came from finance payments, not from auto sales. Joan Magretta, former editor of the
Harvard Business Review shares her view on business models too. She pointed two critical
tests for summarize business models. When business models dont work, its because either
they dont make sense and/or the numbers just dont add up to profits.

Major Asian carriers like Singapore Airlines, Qantas and Thai Airways developed their
businesses around a hub-and-spoke system, in which all flights routed through a few big
city airports. By ensuring that seats were occupied, the business model produced big profits
for airlines. But the business model that was once their strength for the major carriers became
a burden later years when competitive budget carriers like AirAsia, Tiger, Jetstar and Scoot
could shuttle aircrafts between smaller centres at a lower cost. As competitive carriers grab
away more customers, the earlier carriers were left to support only their fewer passengers.
The airlines had to offer more and deeper discounts to get their aircrafts fly and survive with
the established fewer loyal customers. They are no longer able to generate profits and their
hub-and-spoke model is no longer made sense.

Business models are an important tool that can be used to enhance product and service
innovations, to interrelate improvement to strategy, to coordinate activities within an
organisation, and finally they can be a source of innovation as well. There are many models
of business models available. You can use whichever makes the most sense to you. But its
important to use one. Israels Everything.me was one of the more high-profile failures this
year on the Asian continent. It built an app that added additional contextual features to
Android phones. Despite raking in US$35 million in financing and claiming 15 million app

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downloads, the company decided to call it quits at the end of October. They failed due to
unable to find a suitable business model for its free app.

There are few models of business models available such as Value Networks mapping by
Verna Allee, Strategy Diamond developed by Hambrick & Fredrickson, Long Range
Planning by David Tee, Seizing the White Space by Mark Johnson with Clayton Christensen,
and Johnsons , Business Model Canvas by Osterwalder, business model by Patrick Staehler
and Henry Chesbrough.

Personally, I like the Business Model Canvas because of the uniqueness and significant
amount of resources wrapping the model. Alex Osterwalder established an instrument called
the Business Model Canvas. Osterwalder has done a great job of stimulating the idea and
making it useful to many entrepreneurs. This style of business models demonstrates that it is
a concrete tool that you can use to figure out where is the direction of your organisation.

Let as visualize a real case scenario for a business through applying business model canvas.
Im sure you all will have a better clear picture of business model after we discuss on this
business model. Let me explain business model canvas for an organic food caf business in a
gym. Caf in the gym sounds like a normal business. But then again, let us explore how this
normal business can be a successful business with our wonderful Business Model Canvas.

Business Model Canvas

New business drivers - Organic & healthy gym cafe


Priority Superior Value Identity Key Activities Value chain
Customers Propositions -Caf inside the -Data collection based
-Gym goers -come to gym for gym -R&D resources
-Fitness and exercise but stay -Healthy -Advertising i) Primary
health for our healthy affordable food -Website App activities
conscious organic food -Focussed on -Rating / - Inbound
generations -move your body, supplements & Recommendation logistic
watch your shakes system - Sales &
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portions -Nutritionally Marketing
-greatest wealth is balanced menu -Service
health ii) Support
Channels Key Partnership
activities
-B2C, direct to -Gym owner
- Procurement
consumer via app -Health Ministry
- Human capital
-B2B, health club, -Health club
- Technology
nutritionist -Nutritionist/
- Infrastructure
dietician
Competition and Key Relationship
Competitive -Gym goers
Strategy -Suppliers
-cheaper -End user loyalty
-strategic location program (coupon)
-Partner referral
program
Costs and Cost Budget Revenue stream and cash flow
-Website, app development, technology cost -Premium features / In-App Purchase
-Licensing & partnership fees -Sponsorship
-Marketing and Administrative cost -Deals / coupons
-Online & offline advertising
-Human capital
4.0 The Managerial skills required over the first 2 years of business to achieve
break-even business volumes

As a result of insufficient managerial skills, many small businesses fail in the early years.
They failed not because of the weakness in the product or service but because the business
was not properly managed. Entrepreneurs are simply those who understand that there is little
difference between obstacle and opportunity and are able to turn both to their advantage.

There are about seven major managerial skills required for a business to achieve break-even
business volumes. Those managerial skills which I mentioned are managing money, risk,
time, meetings, presentations, people and change.

The most important managerial skills required to every business are managing the money.
Raising the money for a new business is one of the biggest challenges. Its need a careful
business planning with forecasted cash flows and projected profit. The business plan should
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provide a sound basis for the level of funding required. You must know how much money is
needed to enable your business achieve break even business volume within first two years of
your start-up. Besides that, its important to know when you needed the money and for how
long? You should analyse first whom you going to approach for that funding and what is the
purpose you need that money. There must be crystal clear answer on your purpose needed the
fund whether it is funding for new venture or working capital.

It is good to know how much your business needs to sell to cover the expenses. It is a
fundamental key to growing your business to break-even point. You can determine if your
company is making a profit or loss in the break-even calculations by doing a little calculation.
Make a list of all the expenses your company makes for a particular period. Most times, small
businesses calculate for a year, or for a month.

You must know which of your expenses are variable and which are fixed. A fixed expense is
one that does not change with the volume of sales your business generates. An example of
fixed expense is the rent for your companys land. Variable Expenses, on the other hand,
change in accordance with your sale volume.

This is the significance of knowing the difference between fixed or variable cost in your
small business. This allows you know how items pay for themselves in your production
chain. When you make a sale, your earnings split in two ways: some part goes as payment for
the item, and some part goes as payment for the fixed costs. The graph below shall explain
well on how and when your start-up can break event point.

A business that has gone beyond the break-even point must now be maintained. This is a very
important step. You, as the entrepreneur must be able to decide if you like the idea of running
that business for the rest of your life. When you have gotten past the break-even point, the
next thing is to convert the earnings from a nice income to a respectable income.
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An important criteria needed when you all manage the money is differentiation between your
own usage/personal money and business money. For whatsoever reason, you shall not merge
this for business use. This is because you need to have some liquid cash within you for
unexpected hazards. Valadoo can be a good instance on how important of managing money to
a business. Valadoo was a site for tour packages to Indonesian destinations. It shut down in
May 2015. The company stumbled because it focused too much on growth, neglecting the
need to build a sustainable business model around the product. Then, a merger with another
company turned out to be more complicated than anticipated on the technical level. They ran
out of cash, unable to raise a new round during the transformation phase.

Second important managerial skills required for your business break event within two years is
management of the risk. Risk is a condition experienced when there are unintended
consequences which could not have been anticipated from decision and action taken. Risk for
entrepreneurs is mostly part of your attitude and disposition towards risk and the level of risk
taking you are prepared to experience in business. Risk in management is perceived by
predictions about future conditions which may incur loss, injury or damage. These
predictions can be termed as risk possibilities.

There are few types of risk which generally face by entrepreneurs. They are new risk,
constant risk, contagious risk, controlled risk and sudden risk. To manage a risk, the risk has
to acknowledge to then be planned. You have to identify the risk than asses the risk to enable
you to manage and monitor the risk. SWOT analysis partially can help you to find out your
potential risk. The weakness and threat can be your potential risk. For a instance, let we go
through the SWOT analysis for the organic and healthy food caf.

Strength Weaknesses

- first protein based restaurant - Organic food can be quite expensive


- combination of menu, multiple
when compare to its conventional
choices and tastes
counterpart
- -nutritional value are notable
- Unreliable cash flow and lack of
- convenience
- no direct competitor yet funding
- Lack of reputation since not yet
established
- Limited work force

Opportunities Threats

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- health conscious individuals - Vulnerable to large competitor action
- Asia is the biggest region as the - Competitor steal the business model
- Unable to sustain in the market
organic producers.
- encouragement of government in
healthy life style
- Growing market for organic food

The weakness and threat identified must be iron out. There is a financial and operational risk
foreseen in the business of organic and healthy food caf. Thus, its very important to manege
the risk in small start up to break even.

Management of time and attitude is an important aspect as well in a start-up. Time has an
important value in an entrepreneurs life. Time measurement and hence allocation to tasks is
an essential management skill and it cannot be ignored for whatsoever reason. Control your
time or else time will control you. Individuals will have different level of energy at different
times of day and therefore time can be controlled to some extent to optimise productive
outcomes.

Managing meetings and presentation also play a vital part. Managerial life is dominated by
meetings most of the time. Tremendous amount of time wasted during meetings. Meetings
will contribute to frustration if not managed well. Any meeting should be held to satisfy
specific need. Managerial life also depends upon making presentations but making the
presentations effective is an essential managerial skill. As an entrepreneur, making effective
presentations will be part of your survival toolkit. Dont ever forget that great preparation
needed for great presentations.

As an entrepreneur, you live in a world of change. It has been said that there is nothing
constant as change. It is our internal and external organisational environment which drive
change, from stakeholders and top management to the technological, social, political,
economic ecological and legal.

Management would be easy if everyone you managed were hard working, collaborative, and
had a great attitude and exceptional talent. But then it wouldnt be management. It would be
sitting around doing little while legions of highly motivated people worked happily and
diligently. Simply put, some people are easy to manage and others are hard. Some are
talented but not collaborative. Some are collaborative but not too talented. Some are too
aggressive and others not aggressive enough. Some are well-intentioned but high

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maintenance, moody or easily distracted. Some are just plain difficult. In business you have
to manage different level and character of people. You need to deal with all kind of people.
Thus, you have to prepare yourself first on the skills to manage them, starting from your
employee right up to your customers. Porters value chain can help you to identify some of
the people you need to manage through the process.

Porters Value chain

Human Capital
Accounting and Finance
Procurement
Reception, Facilities maintenance, Marketing,

Control of raw material, Packaging,


Promotion,
Storage
Inbound logistic Operations Sales

Preparation of food Customer service

5.0 Analyse the risks involved in this business and state the action plan

A risk management plan is an important parts of your business contingency plan. By


understanding possible risks to your business and finding techniques to diminish their effects,
you will help your business recover quickly if an instance occurs.

Types of risk differ among business, but preparing a risk management plan involves a
common process. A risk matrix can help you all to evaluate a risk. If a risk falls into the

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critical category, it may be a good idea to change your business plan so that the risk is
extracted. Medium level risk is manageable whereas low level risks could be safely ignored.

I shall classify the risk into two categories which is financial and non-financial risk. Financial
risk definitely shall fall in the area of critical risk. Raising start-up capital and maintaining
sufficient funding will always be uncertainties. In many cases, operations cannot begin until
adequate funds are raised to fund the acquirement of property, equipment and initial working
capital requirements. Relocate your financial risk to insurance companies by protecting
against risks such as damage to your amenities, product liability, injuries to customers or
suppliers and death or incompetence of companys key personals.

A good example of non-financial risk would be uncertainties linked to recruiting, retaining


and managing human capitals. Company should discuss plans to recruit additional key
employees and senior management that are critical to achieving its projected and operational
goals.

One of Indonesias most established ecommerce players, Paraplou, seemed to close down.
They cited their reason of close down was due to market immaturity, uncertain financial
conditions, and a difficult funding environment. Therefore, financial risk is a significant key
area to look into by all the entrepreneurs.

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6.0 Sources of evidence from the literature and the local market context

The Malaysian Government launched 1Malaysia Entrepreneur, or 1MET, in 2013. It is an


initiative by the Government of Malaysia to enable entrepreneurs from all segments of
society to successfully start and grow their own business by leveraging public & private
sector resources.

According to The Star Online on Thursday, 23 October 2014, Malaysia has more successful
tech start-ups than many people realise. Much has been said about this being the best time to

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launch and grow start-ups due to the availability of funding, infrastructure and an
accommodating environment.

One such company is MyTeksi Sdn Bhd. The Internet-based taxi booking service provider,
which was launched in 2012, has already established a strong presence in Singapore, the
Philippines, Thailand, Vietnam and Indonesia under the brand GrabTaxi. The MyTeksi app
has reportedly been downloaded onto over 2.1 million mobile devices with more than
400,000 active monthly users in six countries and more than 25,000 taxi drivers registered
with the network.

Another start-up that is shaking up its field is banking Solutions Company is Juris
Technologies Sdn Bhd. When the company was founded in 1997, co-founder and CEO See
Wai Hun said its main agenda was to market a data mining system. But See quickly realised
that no one was interested in data mining because people were whirling from the shock of the
financial crisis. She was equally quick at spotting an opportunity to create software for bad
debt recovery which would help financial institutions manage their workflow with their
litigation team. Juris joined the ranks of Endeavor Global Incs global network of high-impact
entrepreneurs, being the second Malaysian company to do so.

7.0 Bibliography

1) Brooks, G., Heffner, A. And Henderson, D., 2014. A Swot Analysis of Competitive
Knowledge from Social Media for a Small Start-Up Business. The Review of
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2) Small Business Trends: 5 Reasons Why Start-Up Businesses Fail. 2010. Chatham:
Newstex.
3) Mutaz, M.A. And Avison, D., 2010. Developing a Unified Framework of the Business
Model Concept. European Journal of Information Systems, 19(3), Pp. 359-376.
4) Bodamer, A., 2001. The First Rule Of Business: Have A Plan. Rural
Telecommunications, 20(2), Pp. 30-34.
5) Puhakainen, J. And Malinen, P., 2009. Business Models In Sme Context - Research,
Implications and Way Forward1, 2009, International Council for Small Business
(Icsb), Pp. 1-16.

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6) Amir, M.H., Gail, S.S., Robert, D.M. And Lucio, W., 2002. Business Plans for New or
Small Businesses: Paving the Path to Success. Management Decision, 40(7), Pp. 755-
763.
7) Bowker, E., 2011, Oct 06. Financing Your Small Business - Risk and Return. Alaska
Highway News. Issn 1483975x.
8) Anonymous2015, Sep 22. Why Do Most Start-Ups Fail? Mint.
9) Posner, B.G., 1993. Why Companies Fail. Inc, 15(6), Pp. 102.
10) Anonymous1998, Jan 07. Small Business: News, Trends And Help For Growing
Companies; Entrepreneurship 101: Chapter 2 -- How To Start A Business / Determine
Start-Up Costs; Figuring Out How Much Capital You Need. Los Angeles Times, 4.
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11) 1 Malaysia Entrepreneur. (n.d.). Retrieved from 1MET: http://www.1met.org/
12) C. Arthur Williams, J., smith, M. L., & Young, P. C. (n.d.). Risk Management and
Insurance. Irwin McGraw-Hill.
13) Lee, J. (23 October, 2014). Malaysia has more successful tech startups than many
peoplerealise. Retrieved from The Star Online:
http://www.thestar.com.my/business/sme/2014/10/23/made-in-malaysia-the-country-
has-more-successful-tech-startups-than-many-people-realise/
14) Normand, R. A. (n.d.). Business know-how. Retrieved from 4 Reasons Why Small
Businesses: http://www.businessknowhow.com/startup/succeed.htm
15) Skok, D. (n.d.). For Entrepreneur. Retrieved from 4 Reasons Why Small Businesses:
http://www.forentrepreneurs.com/why-startups-fail/
16) Management Skills and Entrepreneurship Course Manual. (n.d.). London School of
Commerce.

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8.0 Appendices

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