BASIC CULTURELIZATION OF ENTREPRENEURSHIP

TOPIC 1: CONCEPT & DEVELOPMENT OF ENTREPRENEURSHIP Objectives: Evaluating the importance of the study of entrepreneurship. Explain the concept of entrepreneur & entrepreneurship. Identify attributes of entrepreneurship.

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Summarize the development of entrepreneurship in Malaysia.

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CONCEPT & DEVELOPMENT OF ENTREPRENEURSHIP

Importance of entrepreneurship: Catalyst for change & growth of national economyincrease rate of per capita product & income, structural change of business & society. Give rise to successful individuals having highly viable & competitive businesses. Develop & expand a higher level of culture and attributes of entrepreneurship.

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 Entrepreneurs create wealth, encourage wealth distribution and contribute to economic well-being. Entrepreneurs will make the nation more competitive, open employment opportunities and reduce unemployment & poverty level.

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CONCEPT OF ENTREPRENEUR & ENTREPRENEURSHIP

Entrepreneurs: Pioneer of successful business activities. Entreprendre To shoulder or try. Joseph Schumpeter Theory of Economics Development introduced the term entrepreneur in 1934.Attributes of entrepreneurs, being, unique, innovative, creative, change agent and novelty.

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 Scarborough & Zimmerer (1998):

Creator of new business and ability to face uncertainties & acquire profits by seizing opportunities through available resources. Kuratko & Hodgetts (2007) Identify opportunities where others see obstacles and confusion, meticulous, adept at weighing chances, plans, manages and take on risks as well as being innovative, profit and growth oriented.

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ENTREPRENEURSHIP:
Hisrich & Peter (1998):

- Dynamic process to create wealth. - Take on capital risk, time & career commitment. - Invent something new via taking financial, psychological and social risks and acquire profits, personal satisfaction and freedom.

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Attributes of entrepreneurship:

Kao (1991): 1. Commitment, determination, & strong-willed. 2. Success & Growth oriented. 3. Opportunity & Objective oriented. 4. Initiative & responsible. 5. Continuous decisions.

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6. Realistic 7. Search & Use feedback. 8. Internal Locust of control. 9. Calculated risks. 10.Less motivated by power & Status. 11.Integrity & trustworthy.

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ISLAMIC PERSPECTIVE:
Mohd Salleh et al., 2005: Attributes;

1. High needs & dedication. 2. Right intentions. 3. Knowledgeable & Skillful in Business. 4. Responsible to All. 5. Prudent & Frugal in using resources. 6. Skilled at making decisions. 7. Future focused.

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8. Skilled at communication.

9. Quality conscious. 10.Abstain from illegal activities. 11.Avoid excessive debts. 12.Careful & Self-checking. 13.Thankful for succeess. 14.Not spendtrift and Greedy. 15.Always pays debts.

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DEVELOPMENT OF ENTREPRENEURSHIP
Started with Malaccan Sultanate.

British Divide & Rule system : -Malays: Administraors & Farmers. -Chinese: Miners & Business people. -Indians: Plantations sector. After Independence: - New Economic Policy. (1971-1990) - National Development Policy. (1990-2000) & Vision 2020.

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1995 Creation of Ministry of Entrepreneurial Development to control & promote development of entrepreneurship. 2005 Changed to Ministry of Malaysian Entrepreneurial development and Cooperation.

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WHY ENTREPRENEURS START A BUSINESS

FREEDOM & SATISFACTION OWN BUSINESS FILL IN THE TIME TRY OUT NEW FRUITFUL VENTURE FINANCIAL AND FREEDOM MOTIVE MAINTAIN FAMILY BUSINESS GRAB MARKET OPPORTUNITIES

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MYTHS IN BUSINESS DEVELOPMENT

THEY ARE CREATORS NOT THINKERS..

ACTUALLY, THEY THINK & PLAN & HAVE ALTERNATIVE PLANNINGS.

THEY ARE BORN NOT MADERESEARCH SAYS THEY CAN BE TRAINED, FORMED, TAUGHT & LEARNED. THEY ARE CREATORS AND INVENTORSRAY KROC OWNER OF MCDONALDS IS NOT INVENTIVE BUT CREATIVE & INNOVATIVE WITH FRANCHISE MODEL.

THEY ARE DROPOUTS AND NOT ADAPTIVE..ACTUALLY THEY ARE PROFESSIONALS AND SUCCESSFUL IN ACADEMIC LIFE.

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THEY ONLY VIEW FINANCIAL IMPORTANCETHEY WANT FINANCIAL INDEPENDENCE TOGETHER WITH MANAGEMENT SKILLS AND ALSO EXHIBIT SOCIAL RESPONSIBILITY. IGNORANCE IS AN ADVANTAGE FOR THEM.KEY TO SUCCESS IS CAREFUL PLANNING RECOGNISING FUTURE PROBLEMS AND STRENGTHS AND WEAKNESSES. THEY SEEK SUCCESS BUT FAILED MISERABLY..TRUE THAT THEY FAILED BEFORE SUCCEEDING BUT LIFELONG LEARNING TO SUCCEED FROM FAILURE. THEY ARE HIGH RISK TAKERSTHEY MINIMISE THEIR RISK BY SEEKING & USING RELEVANT INFORMATION.

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Richard Branson

A business has to be involving, it has to be fun, and it has to exercise your creative instincts.

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