Entrepreneurship

OUM: MPU 3223

Topic 1
Dr. Azahari Jamaludin
Email: bjazahari@oum.edu.my
 Topic 1
Introduction to Entrepreneurship

Learning Outcomes:
Explain the concepts of entrepreneurship

Discuss three importance of entrepreneurship

Identify the ten myths of entrepreneurship;
and
 Topic 1: Introduction to Entrepreneurship Concepts
of Entrepreneurship

Histrich & Peter (1998), entrepreneurship

definition focuses on four basic aspects such as:
Creating something new of value to himself and the
market
Demand the devotion of time and effort
To assume calculated risks such as financial risk etc.
Reward such as monetary and non-monetary
(independence, personal satisfaction)
 Topic 1: Introduction to Entrepreneurship
Concepts of Entrepreneurship

Kuratko & Hodgetts (2004), entrepreneurship base

on four dimensions:
Individual owner & employees

Organizational - structure

Environmental internal & external

Process input process output

 Topic 1: Introduction to Entrepreneurship
Concepts of Entrepreneurship

Entrepreneurship is a dynamic process of:

Vision, Change, and Creation

New Ideas and Creative Solutions

Take Calculated Risks

Where others see Chaos, Contradiction, and

Confusion
 Topic 1: Introduction to Entrepreneurship
Who are Entrepreneurs

Those person who:

Create Newness

To make Wealth

Know how to Organizing

Know how to Creating

Willing to take Risk

 Topic 1: Introduction to Entrepreneurship
The Importance of Entrepreneurship

Catalyst for economic growth and increased

outputs
Developing new products/services

Creativity & innovation leading to new

investment of new ventures
More jobs leading to reduce unemployment
rate.
Community Service Responsibility (CSR)
 Topic 1: Introduction to Entrepreneurship
The Myths of Entrepreneurship
Myths Facts

Entrepreneurs are doers, They are both, thinkers and doers

not thinkers
Entrepreneurs are born, Entrepreneurship can be taught and
not made studied
Entrepreneurs are always Successful entrepreneurs use creative and
inventors innovative ideas in their ventures and
these characteristics can be learned
Entrepreneurs are They are now viewed as professionals
academic and social
misfits

Entrepreneurs must fit Many do not have all the Profile when
 Topic 1: Introduction to Entrepreneurship
Questions & Answer

Describe the importance of entrepreneurship

Catalyst for economic growth and increased output
Developing new products/services
Creativity & innovation leading to new investment of new
ventures
More jobs leading to reduce unemployment rate.
CSR

List two (2) basic aspects of entrepreneurship

Creating something new of value
Devotion of time & effort
Taking calculated risks
Rewards, independence and satisfaction
 Topic 1: Introduction to Entrepreneurship
Questions & Answer

Explain the meaning of Entrepreneurship: is the

dynamic process of wealth creation by:
Creating something new of value
Devotion of time & effort
Taking calculated risks
Rewards, independence and satisfaction

List Four (4) basic aspects of entrepreneurship:

Creating something new of value
Devotion of time & effort
Taking calculated risks
Rewards, independence and satisfaction
 Topic 1: Introduction to Entrepreneurship
Questions & Answer

List Five (5) entrepreneurship myths.

Doers not thinkers
Born, not made
Always inventors
Academic & social misfits
Must fit the entrepreneurship profile

Explain at least 4 characteristics of successful

entrepreneurs
Flexibility
High level of energy
Team building
Tolerance to for failure
Risk taker