Lecturer: Nor Azah Abdul Aziz Office: FPTT, City Campus Tel: 06-283 3058/012 657 8771 Email:

azahaziz@utem.edu.my

TEACHING PLAN

INTRODUCE YOUR SELF

CLASS REPRESENTATIVE

Respect = Attendance + punctual + focus + off hp + participation + positive attitudes

FORM GROUPS 1 GRP = 10 STUDENTS

LECTURE 1 LEARNING OUTCOMES

To understand who is entrepreneur
To illustrate the entrepreneurial environment and the

importance of entrepreneurs for economic growth To examine the historical development of entrepreneurship

ENTREPRENEURS VS SMALL BUSINESS OWNERS

Small business Independently owned and operated, are not dominant in their fields and usually do not engaged in many new or innovative practices. May naver grow large and the owners may prefer a more stable and less aggressive approach to running these business. Viewed as managers of small business.

ENTREPRENEURS VS SMALL BUSINESS OWNERS (cont)

Entrepreneurs Those for which the entrepreneurs principal objectives are innovation, profitability and growth. Viewed as having a different perspective from smallbusiness owners in the development of their firms.

ENVIRONMENT OF ENTREPRENEURSHIP
Entrepreneurs were the pioneers of todays business

success-sense of opportunity, their drive to innovate and their capacity for accomplishment. Entrepreneurs will continue to be critical contributors to economic growth through their leadership, management, innovation, research and development effectiveness, job creation, competitiveness, productivity and formation of new industry History proved-when economic downturn in late 1990s.

THE EVOLUTION OF ENTREPRENEURSHIP

Entrepreneurship is a multidiscipline or interdiscipline

that involved other areas such as economy, psychology and sosiology. Many theories and concept used from different aspects. All in all, it is about adding value to the growth and prosperity/agent to change.

THE EVOLUTION OF ENTREPRENEURSHIP (cont)

Entrepreneur comes from the French word

entreprendre = to undertake (the risk of new ventures) Richard Cantillon entrepreneurs invest, transforms and makes profit or loss. (France) (1725) Adam Smith (Scotland) (1776)- individuals who the ability to foresee potential through changes in the economy and to act on the demand thereby created. Carl Menger (Austria) (1871)-individuals who adding value to the entire process of production and distribution.

THE EVOLUTION OF ENTREPRENEURSHIP (cont)

After reviewing the evolution of entrepreneurship and

examining its varying definition, Robert C. Ronstant put together a summary description: Entrepreneurship is the dynamic process of creating incremental wealth. This wealth is created by individuals who assume the major risk in terms of equity, time and/or career commitment of providing value for some product or service. The product or service itself may or may not be new or unique but value must somehow be infused by the entrepreneur by securing and allocating the necessary skills and resources.

THE EVOLUTION OF ENTREPRENEURSHIP (cont)

In recognizing the importance of the evolution of

entrepreneurship into the twenty-first century, integrated definition is: Entrepreneurship is a dynamic process of vision, change, and creation. It requires an application of energy and passion toward the creation and implementation of new ideas and creative solutions. Essential ingredients include the willingness to take calculated risk-in terms of time, equity or career; the ability to formulate an effective venture team; the creative skill to marshal needed resources; the fundamental skill of building a solid business plan; and finally the vision to recognize opportunity where others see chaos, contradiction and confusion.

ENTREPRENEUR VS ENTREPRENEURSHIP
Entrepreneurship = a process of innovation and new-

venture creation through four major dimensionsindividual, organization, environmental, process- that is aided by collaborative network in government, education and institutions. All of the macro and micro positions of entrepreneurial thought must be considered while recognizing and seizing opportunities that can be converted into marketble ideas capable of competing for implementation ion todays economy.

MICROPRENEURS
Many micropreneurs are small home-based business

owners who are trying to combine career and family.

INTRAPRENEURS
A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk taking and innovation

TECHNOPRENEURS
Technopreneur is coined just a couple of years back to

refer to Technology Entrepreneur. This term appears to be most actively used in Singapore, and to some extent also in Malaysia and Thailand. Technopreneurs are the ones who identify the problems and capitalize on the opportunity. A Technopreneur has two major characteristics: 1. He does things NOT out of profits but because he wants to innovate. 2. He is comfortable working with, or using, technology.

CHARACTERISTICS OF ENTREPRENEUR

Likes to compete Self-starter Able to determine risk and has the courage to take risks but is not a gambler Independent and self confident, yet knows when to get help Able to do many things at once Likes a challenge Creative and has dreams and goal Likes to work for him/herself and be in control Hardworking and willing to stick with a project Not easily discourage Good health, has lots of energy and can handle stress Has a strong sense of self-worth Motivated by a strong desire to achieve and attain financial success A positive thinker who does not dwell on setbacks Focuses his/her attention on the chances of success rather than the chances of failure Often has a close friend or relative who owns a business

END OF LECTURE
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