Name: Premkumar A/L Nathan Matric no:177748

Replacement Class Assignment

Please answer all questions.

1. Briefly explain entrepreneurship.

Entrepreneurship is defined as a step to establish value via recognition of business

opportunity, the management of risk taking and the communicative and management
skills to mobilize human, financial and material resources needed to bring a project to
success. Entrepreneurship can be seen as a function of identifying and utilising the
opportunities available in the market and converting the ideas into action. Besides that,
entrepreneurship also viewed as undertaking promotional activities to launch an
enterprise and striving for excellence in his or her field of work while bearing the risks
and uncertainties involved. Entrepreneurship basically has four main steps which are
identification and evaluation of the opportunity, development of the business plan,
determination of required resources and management of the resulting enterprise. The
first step requires the entrepreneur to identify and evaluate opportunity. For example,
the entrepreneur may doing a survey in order to identify lack of the existing product,
doing a research to know or to explore current needs or demand from customer and
others. Through the survey or research done, the entrepreneur may identify their
opportunities. They also can innovate the product that they think is still lack in servicing
the consumer and improvise it into a better product. The second step involves
development of business plan. Business plan is a description of the future direction of
business and a good business plan must be developed to show the defined
opportunity. The third step involves the determination of required resources. The
entrepreneur need to know what kind of resources that they required to implement the
opportunity. Any resources that are impossible to get or use need to be differentiated
from those that are just helpful. The risks associated with insufficient or inappropriate
resources should also be assessed. The last step of entrepreneurship is management
of enterprise. The operational problems of the ongoing enterprise must also be
examined. This involves implementing a management style and structure as well as
determining the key variables for success. A control system must be established so
that any problem areas can be quickly identified and resolved.
Name: Premkumar A/L Nathan Matric no:177748

2. Briefly explain how do you relate your study course with entrepreneurship.

In this modern era, chemical engineering branches mainly work based on the
principles of entrepreneurship which greatly bring tremendous development
and success. In chemical engineering processes, the raw material which
usually derived from natural resources in the form of chemicals processed into
finished product that is useful in daily life to be marketed to gain profits. The
designing and production of products greatly rely on the principles of
entrepreneurship for marketing into global market. The production of crude
palm oil and palm kernel oil in the oil palm mill can be good example to show
the involvement of entrepreneurship skills in the field of chemical engineering.
The resources for palm oil production are palm oil fruits which are harvested in
the palm oil mills. The ripe palm oil fruit sent to palm oil mills to obtain crude
palm oil and palm kernel oil. The ripe palm oil fruit will be the raw material which
will be processed in a series of process to obtain crude palm oil from the
mesocarp and palm kernel oil from the kernel of the palm oil fruits. The crude
palm oil which is low in trans fatty is a finished product which can be used to
make margarine and cooking oil while palm kernel oil which is high in trans fatty
acids can be used as bioresin, lubricant and chelating agents for metal
extraction. Since the availability of cooking oils becoming lesser so palm oil can
be a good alternative to replace it which eventually increases the demand in
the global market. The crude palm oil and palm kernel oil can be marketed in
global market which eventually establish an enterprise with higher profits and
lead to country economic development. This clearly shown that chemical
engineering has a profound influence in the field of entrepreneurship.