Entrepreneurship

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Table of Contents
1.0 Introduction .......................................................................................................................... 4

2.0 Concept of Entrepreneurship ............................................................................................... 5

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3.0 Characteristics of Entrepreneurship ..................................................................................... 5

3.1 Systematic Activity .......................................................................................................... 6

3.2 Lawful Activity ................................................................................................................ 7

3.3 Modernization .................................................................................................................. 7

3.4 Production ........................................................................................................................ 8

3.5 Potential Risks ................................................................................................................. 9

4.0 Relationship between Entrepreneurship and Management ................................................ 10

5.0 Function of Entrepreneurship in Economic Development................................................. 11

5.1 Contribution to GDP ...................................................................................................... 12

5.2 Capital Configuration..................................................................................................... 13

5.3 Employment Generation ................................................................................................ 14

6.0 Role of Entrepreneurship to the Organization ................................................................... 15

Fighting the competition ...................................................................................................... 16

Managing the potential ........................................................................................................ 16

Keeping the employees happy ............................................................................................. 17

Giving an achievable goal to all........................................................................................... 17

Staying motivated ................................................................................................................ 18

7.0 Process of Entrepreneurship Development ........................................................................ 18

8.0 Entrepreneurial Competencies ........................................................................................... 19

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8.1 Efficiency Orientation .................................................................................................... 19

8.2 Systematic Plans ............................................................................................................ 20

8.3 Problem Solving............................................................................................................. 20

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9.0 Conclusion ......................................................................................................................... 20

References ................................................................................................................................ 21
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1.0 Introduction

Entrepreneurship can be described as a process of setting up a business as different

from pursuing any other economic movement as well as employment along with practising
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several professional activities. Within this con text, the person, who owns the business, can

be asserted as ‘Entrepreneur’ (Audretsch, 2014). Accordingly, the output of the business,

which can be mentioned as the unit of the business is called ‘Enterprise’. It is appealing to be

observed that providing self-employment within the context of entrepreneur is the major

aspect in order to extant the expansion and creation of both the economic opportunity e.g.

profession and employment.

With the help of several businesses, other businesses and organizations are formed

and can also be produced. Accordingly, adequate distribution management can also be

generated such as suppliers of raw components, various service providers such as transport,

courier, telecom and advertising organizations along with the accounting companies.

According to this process, an enterprise becomes the most significant source of economic

development of a country (Singh Sandhu, Fahmi Sidique & Riaz, 2011). In order to

understand the effectiveness of an enterprise, an entrepreneur has been chosen from

Malaysia, who owns a successful business in the emerging market of Malaysia. On the basis

of the interview, several noteworthy aspects can be displayed regarding a successful

entrepreneur.

Entrepreneur Entrepreneurship Enterprise

The Person The Procedure The Output

Figure: 1. SVO Analogy

(Source: As Created by Author)

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2.0 Concept of Entrepreneurship

Following the heart and developing a new vision is the prime need of any kind of

business venture. First one person has to think about the new dimensions and then with
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concrete and precise thoughts he has to execute the methodologies in order to have the best

kind of benefits. Making the dream come true is the prime goal of the people and it is

important to understand that in any entrepreneurial venture it is highly important to execute

the ideas after analysing all the possible outcomes of it (Kirzner, 2015). A huge amount of

money is involved in the process and in this case the best option is to go for a precise

methodology in which only the best kind of results are derived. In any entrepreneurial

venture one thing is common and that is nothing but having a vision and a plan through

which it will be really easy to achieve what a person is thinking.

From the overall description it can be said that a visionary mind is necessary to

execute any entrepreneurial venture. Apart from that it is highly necessary to have better kind

of risk taking ability so that in any phase of life a person never gets de-motivate due to the

fall of revenue generation (Kuratko, 2016). In any entrepreneurial venture the traits discipline

is necessary and for that one person needs to make some short goals to keep himself

motivated.

3.0 Characteristics of Entrepreneurship

According to the above mentioned SVO analogy, it has been found that into the

concept of entrepreneur, entrepreneurship and the enterprise, entrepreneurship is the major

concept of setting up an organization. On the basis of entrepreneurship, an entrepreneur or the

owner of the business can choose adequate decisions for the business (Alam et al., 2011).

Accordingly, the process of entrepreneurship helps the owner of the organization to be

familiar with the opportunity of the emerging market of the host country. Within this context,
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it has been observed that there are several types of entrepreneurship situated between the

contexts of entrepreneurship and enterprise. The classification of entrepreneurship is

mentioned in the following section. These are as follows:

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3.1 Systematic Activity

According to the viewpoint of the entrepreneur from the business of Malaysia, it has

been taken into consideration that entrepreneurship can not be asserted as a gift or charm that

may happen by chance. Entrepreneurship is the process or activity, which is operated

systematically as well as step by step procedure. During the interview, the entrepreneur has

stated that several unpredictable objects as well as skill and other objects can be acquired

from systematic activity (Chen & He, 2011). On the other hand, various learning contents can

be acquired, learned as well as developed with the help of formal education and vocational

training as well and in this process the most significant role is played by observing the entire

process and work experience. With the help of adequate systematic activity, an enterprise can

be operated in a systematic manner.

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3.2 Lawful Activity

In this interview session, several aspects have been taken into consideration in order

to understand the major factors those help to generate and expand the business enterprises in
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several countries around the globe (Landes, Mokyr & Baumol, 2012). Within this context, it

has been seen that the business is operated successfully by the entrepreneur of that business.

On the other hand, the organization stands into the market of Malaysia for past 5 years and in

these present days, the rate of sales of the organization exceed RM2 million.

On the basis of that, the entrepreneur has revealed that the objects of the

entrepreneurship can be mentioned as lawful business as it operates under several laws. Ones,

an entrepreneur provides unlawful actions, it not only affects the entrepreneur but also the

business of the enterprise in the emerging market. On the basis of that, the entrepreneur of the

business provides loyal products as well as maintains lawful business aspects and purposeful

activities in order to operate the business successfully in the market of Malaysia (Santos,

2012).

3.3 Modernization

In this contemporary era, people depend on innovative and modern products in order

to reshape the daily life as well as to reconstruct the surrounding environment. On the basis

of that, all the organizations try to produce and provide innovative and new products those

are different from the other organizations (Mitchelmore & Rowley, 2013). Accordingly, from

where people can get more innovative and new products, customers depend on those

organizations massively.

Alternately, in order to attract massive number of customers towards the organization,

new and innovative products are highly required, which also help to generate the productivity

as well as profitability. To understand the needs and requirements are the major skill that an
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entrepreneur is needed to be adopted. To attract the attention of the customers of Malaysia,

the entrepreneur of the business tries to provide new and innovative products, which help the

organization to enhance the productivity and the profitability of the organization into the
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Malaysian market (Chell, 2013).

Figure: 2. Application of Modernization

(Source: Rideout & Gray, 2013)

3.4 Production

The owner of the organization of Malaysia stated during the interview that

production, implication of creativity into the products, geographical location requires shared

exploitation aspects of production, terrain, employees as well as assets and technology

(Sandri, 2014). To generate the growth of the business into the emerging market, an

entrepreneur is needed to able in order to implement all the aspects and components within

the business of the organization. Adequate production of organizational products attracts the

attention of the customers towards the organization.

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On the basis of that, to generate the rate of profitability as well as productivity, an

entrepreneur should know how to implement all the required and needed components orderly

to its adequate place within the strategic business operations. In that case, an entrepreneur
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should be expertise and knowledgeable within several sections of the organization (Naudé,

2014). Accordingly, to supply the products amid the suppliers and to the customers,

entrepreneurs should select appropriate suppliers as well as needed to produce an adequate

supply chain management. Alternately, the entrepreneur should select an ample location for

expanding the business.

Resourcefulness

Eyes on the Budget Good Organizational Skill

Entrepreneur

Figure: 3. Skills of an Entrepreneur

(Source: As Created by Author)

3.5 Potential Risks

An entrepreneur is the core section of a successful business. On the basis of hat, it can

be asserted that the entire organization and the organizational programmes entirely depend on

the entrepreneur. An entrepreneur can make business successful with several strategic

frameworks (Ács, Autio & Szerb, 2014). Accordingly, lack of skill and management of the

entrepreneur can push the business operation down towards. Within this context, it can be

asserted that an entrepreneur takes several risks in order to make the business profitable and

stable in the emerging market.

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To make a successful business in the emerging market of Malaysia, the entrepreneur

has taken various risks. The entrepreneur contracted several suppliers for assured supply of

the raw materials and other required components. In this case, the entrepreneur has to pay off
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the suppliers and other individuals whether the business runs successfully or not. An

entrepreneur put into line all the skills and experiences just to make a successful business

with high profitability (Audretsch, 2014).

Figure: 4. Risk Management Framework

(Source: Chatterji, Glaeser & Kerr, 2014)

4.0 Relationship between Entrepreneurship and Management

It can be said that there are many different attributes of entrepreneurship and

management. The prime difference is the management is one of the part of the institution that

runs under someone who has created it (Kuratko, 2016). It is an authority which completes

the given goal with the lowest expenditure of the assets and on the other hand

entrepreneurship is a process in which the vision of a person is completed with risk taking

decisions but calculated risks only. Management is responsible for the execution of the task
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and the final outcome. Management has a great role in any kind of entrepreneurial venture

because it completes the entire circle of task execution and completion with the provided

methodology (Drucker 2014).

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It is important to understand that entrepreneurship is organising a company and in this

aspect it is important to understand that the management has a small difference in this aspect.

Management works inside an existing framework which it cannot change on its own.

Management is never related to the leadership style like entrepreneurship and it only obeys

the changes that are asked in the working environment (Drucker 2014).

The similarity of these two factors can be drawn on a single aspect and that is giving

complete guidelines to one organization. It is necessary to understand that the service

providers are mainly focusing towards delivering the best kind of support to the entire

customer base. Development of self-awareness plays a vital role in both the cases because by

gathering knowledge there will be a positive output that is looked for by the corresponding

organization (Drucker 2014). By going through different kind of case studies it can be said

that management and entrepreneurship are the inseparable parts of an entire business and it is

important to go for an in-depth analysis of the management aspect because in the long run it

will be needed for a developed entrepreneur venture (Kirzner, 2015).

5.0 Function of Entrepreneurship in Economic Development

To understand the importance of entrepreneurship within the context of economic

development of both the organization and the country, several aspects have been taken into

consideration during the interview. The entrepreneur of the Malaysian organization has stated

that the role of entrepreneurship is excessively noteworthy for the economic development of

the country (Singh Sandhu, Fahmi Sidique & Riaz, 2011). Within the context, the
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entrepreneur mentioned that the successful business of 5 years in the market of Malaysia also

participate to generate the economy of Malaysia. On the basis of that, it has been observed

that several sections of economy are exaggerated by a successful business. Those sections are
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stated below:

5.1 Contribution to GDP

GDP stands for Gross Domestic Product. On the basis of that, enhancement of Gross

Domestic Product or GDP is the most appropriate definition of economic development.

According to the growth of GDP, the economic development of a country can be understood.

The same process is applicable in order to understand the growth of GDP in Malaysia (Alam

et al., 2011). It can be asserted that, revenue is generated within the procedure of production.

In that case, the major role is played by the production and the products of the organizations.

Accordingly, the role of entrepreneur and entrepreneurship is also noteworthy for

enhancing the growth of economy by increasing the volume of GDP of Malaysia. On the

other hand, it is known to all that the entire income is distributed to the factors of production

such as rent, land, where the organization is built, salary and wages to the employees as well

as a large number of amount also provided to the government as tax (Chen & He, 2011). All

the income goes to the Government of Malaysia via production house or the enterprises. In

this way, enterprises contribute to the economy development of Malaysia.

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Figure: 5. Fluctuation in GDP Rate of Malaysia

(Source: Landes, Mokyr & Baumol, 2012)

5.2 Capital Configuration

The entrepreneurial decision can also be stated as an investment decision that

augments the capacity of the productions as well as the economy and thus, the result can be

seen within capital formation. In the context of economy development of Malaysia, the role

of enterprises as well as the entrepreneurs is equally significant (Santos, 2012). The forecast

of economy development of Malaysia depends on the skill and experiences of the

entrepreneurs. In that case, a successful business contributes more effort in order to develop

the economy of several countries around the globe. The same aspect can also be seen within

the context of Malaysia. The growth of economy and finance of Malaysia depends on the

successful businesses within the Malaysian market.

According to the context of economic development of Malaysia, it can be asserted

that Gross Domestic Product and capital information are associated to each other through
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Capital Output Ratio or COR. In order to make the business successful as well as to expand

the brand image of the organizations, entrepreneur invests a large amount of sum from

several savings and other funds (Mitchelmore & Rowley, 2013). In that case, while a large
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number of profits come to the organization, the amount alternately goes to the banks of

Malaysia. In this process both the banks and the Government of Malaysia incomes a large

number profit within the country.

Figure: 6. Gross Fixed Capital of Malaysia

(Source: Chell, 2013)

5.3 Employment Generation

Employees are the core section of any organization. with the help of employee and the

employability, every organization can generate the growth of productivity as well as the

profitability within the organization. The same aspect is also applicable for the organizations

of Malaysia. Duet to globalization, large amount of new businesses have stepped into the
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market of Malaysia. Each and every new business can be defined as a source of employment

to the people of Malaysia (Rideout & Gray, 2013).

Within this context, entrepreneurship becomes the spring of livelihood for those
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community of Malaysia, who do not have any proper source to income. In that case, new

businesses and the enterprises become the source of income of the people of Malaysia. In this

context, entrepreneurship not only helps the community of Malaysia to earn but also helps to

change the life style of the country (Sandri, 2014).

Figure: 7. Employability Growth in Malaysia

(Source: Naudé, 2014)

6.0 Role of Entrepreneurship to the Organization

Creating a company with new visions is not enough, it is highly important to execute

the jobs of the company in order to have a better grip in the market. There are many cases

where it is seen that entrepreneurial ventures failed in a drastic manner and in order to avoid
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them it is highly necessary to follow some aspects and rules that are conjugated with any

entrepreneurial venture (Burns 2016). Here are some of the factors that are essential to be

followed in order to have better kind of results in an organization.

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Fighting the competition

It is one of the primary jobs that are associated with the venture. In a market full of

people who are trying to have better kind of grip it is almost impossible to perform the same

thing in a precise manner because the predecessors have already done that (Murphy et al.

2018). It is important to think out of the box and then giving the best shot in order to have

better results. The competition is well around the corner and it is necessary to outmatch all

the competition. The entrepreneur should outthink the people who are there as a competition.

Understanding what the people are doing and then giving an alternative to all the services is

going to work only (Burns 2016). For that a precise knowledge is necessary and analysis of

market is the prime objective to be followed. Delivering an excellent quality service is one of

the most important parts of the service and by doing this one service provider is going to have

the best piece of the market.

Managing the potential

While establishing a company it is important to ensure that the company network is

strong. Without a strong network there will be no chance of having a good bite of the market.

The executions of plans need to be very precise. The potential of the company needs to be

enhanced beyond the current position. For this the entrepreneur needs to implement certain

features that make the company well beyond the limit of its excellence (Burns 2016). The

entrepreneur should never restrain company to its limits. Trying something new and giving

optimum support to the people is the main criteria of any organization. In this aspect the

service provider have to implement new tools and networks that are good enough for a better
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kind of information gathering (Welter et al. 2017). Information is necessary to make

amendments that are necessary for the entire workforce.

Keeping the employees happy

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The employees are the main asset of any organization. It is necessary to pay them well

and reward them in order to keep the motivation on. There are many companies who are

giving the best services to the top performers and in the end of the day they are performing

the best one can ever imagine (Bruton et al. 2015). Providing incentives, good salary and

most of all appreciation is necessary. By applauding to someone’s work the entrepreneur can

see a drastic change in the performance. It is one of a kind like thing that needs to be

remembered throughout the life. The company needs to hear the demands of the employees

and if that is affordable then it should be awarded to them. A work friendly environment is

one of the most important things that should be delivered to them and by giving that one

organization can have the best kind of results in the work place (Burns, 2016).

Giving an achievable goal to all

Giving a short goal can make good change in the system. It is important to understand

that the service providers are willing to work in a decent manner. For that giving them a huge

goal with lots of incentives will only reduce the fame and reputation of the company. In a

market where the competitions are high this kind of step is not worthy to be trusted. For a

good kind of growth it is necessary to have better implementation program and situation

analysis tool. The best thing is going for short term goals and then relying on the

performance. With short term goal achievement one organization employee can self-evaluate

himself and judging the performance of the team becomes easier for the management also.

Then according to the needs of development one organization can implement the best

methodologies that are important for overall growth of the institution.

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Staying motivated

It is important to acknowledge that the service providers are taking a good kind of risk

and in that case it is highly necessary to have a better kind of planning (Bruton et al., 2015).
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Apart from all this the service provider should know that failure is a part of the life and in the

long run it is going to be a part of the job too. In order to have better kind of performance it is

necessary to know that motivation is the main intriguer. Motivation should be given to all the

employees and the self-confidence should never be lost by any of the developers. It is highly

necessary to handle the matters in a precise manner in order to have good kind of reputation.

By giving a good example of positive attitude one service provider can definitely motivate

the company employees who are working under him (Coviello & Tanev, 2017). In this

manner a decisive change can be witnessed in the betterment of the company performance.

7.0 Process of Entrepreneurship Development

There are different prospects on which the entrepreneurial ventures need to be

checked and it is important to have better kind of analytical detail of the entire market as

well. The person who is willing to make a sound impact on the market needs to have a plan

first and depending upon that he will make an approach (Bruton et al. 2015). It is seen that

with the best kind of pre-set objective the team of the entrepreneurial venture will stay

motivated for a long time. It is one of the most important parts of development and in this

aspect the person looking for a breakthrough needs to work on.

Making a selection of team is one of the most important tasks and in this perspective

it is necessary to include the best person. In order to have better kind of analytical detail it is

necessary to have the people who have the potential to keep the motivation on all the time

(Baumgarth, Schmidt &Henseler2017). With these efficient people it will be a great

experience and the profitability ratio will go beyond the limit.

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One thing that is important is the market understanding. Understanding the market

from the beginning can boost the sales in a precise manner and in the long run it is going to

be the main factor of an entrepreneurial ventures success (Yao, Wadhwa&Petkova2017). The

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market is a dynamic place and in this case it is important to have a good kind of faith on the

monitors. Hence it is obvious that the monitors of the market need to be very precise and

keen on decision making. In the long run it is going to give the best kind of output to the

organization. Using the tools like 4Ps of marketing, SWOT, PESTLE and many others is

going to boost the ability of understanding. In the long run using these kinds of tools are

going to add the best kind of benefits to the hand of the company owner (Baumgarth,

Schmidt &Henseler2017).

8.0 Entrepreneurial Competencies

Each and every opportunity along with the successful performance of every role has

proficiency and also the several other abilities are also required in order to implement the

opportunities within adequate place. Within this context, ‘competence’ can be mentioned as

compound of acquaintance, skills and abilities as well as congregation of psychological

attributes (Ács, Autio & Szerb, 2014). In this context, EDI has mentioned a list of some

competencies that helps to achieve entrepreneurial success. Those are as follows:

8.1 Efficiency Orientation

It is needed to take into concern of the entrepreneurs for preservation of time,

currency and hard work. All the aspects help to make a successful business (Audretsch,

2014).
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8.2 Systematic Plans

Systematic planning is highly required in order to produce a successful business into

the emerging market (Chatterji, Glaeser & Kerr, 2014). In that case, the entrepreneur of the
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business should look forward each and every component of the business such as raw

materials, supply chain, distribution etc.

8.3 Problem Solving

The entrepreneurs should monitor over the organizational behaviours and also needs

to diagnosis and curing the overall symptoms (Rideout & Gray, 2013). On the basis of that,

every business can be built as a successful business.

9.0 Conclusion

From the above analysis it can be said that with the best kind of market analysis of

Malaysia it is possible to draw a perfect outline for the new comers of the market. The way it

is done here it is seen that the new comers need to think out of the box in order to have better

kind of grip in the market. For an entrepreneur it is important to get the needs of the market

and in the end of the day this is going to be the most vital information that he would need.

From this it can be deduced that with a good and precise understanding of the market

one entrepreneur can outmatch the people who are already providing service in the same

genre. Understanding the market needs and implementing the right tools for development one

organization can definitely flourish in a short time. What necessary is a decision making

capability and ability to take high risk in a certain moment? Having these qualities one person

can become an epitome of entrepreneurs in the corresponding market.

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