ASAS KEUSAHAWANAN

1. ASAS KEUSAHAWANAN Dr. Huzwah Khaza’ai

2. How many business should be established to have all this stuffs inside your kitchen?

3. How about this messy room?

4. How about communication industry?

5. BEE4613 Technopreneurship How about airlines industry?

6. Surgical medical blade Surgical scissors TELEMEDICINE

7. BLOOD PRESSURE METER ULTRASOUND MODERN DEVICE FOR BP MEASUREMENT INFRARED BLOOD CIRCULATION MASSAGER MEDICAL TOOLS

8. Are they any business opportunities from this scenery?

9. Why we need an entrepreneur?

10. Identify how many of • Business items (we have to pay)…. • Non-business items (free of charge)… • Inside this lecture room??? • Percentage…??? • % = Business items – non-business items x 100% Business items

11. Entrepreneur, Technopreneur, Intrapreneur, Innovator, Manager

12. Earlier Viewpoints (1700-1950s) • The word entrepreneur comes from French word ‘entreprendre’ • “Entreprendre” – individuals who undertake (the risk of new ventures).

13. Entrepeneur • Entrepreneur invests, transforms and makes (profit or loss) • [Richard Cantillon, French economist] • In other words, goods are bought at a certain price, value is added by transforming (the least being to repack) the goods, and the goods are then sold at an uncertain price.

14. “The task of forming an organisation for commercial purposes” • [Adam Smith 1977] • In his book, Wealth of Nations • “The ability to foresee potential through changes in the economy, and to act on the demand thereby created”

15. “The entrepreneur was said to influence society by forming enterprises and was in turn influenced by society to recognise needs and to fulfil through skilful management of resources” • [Jean Babtiste Say, 1903, French Economist]

16. “Entrepreneurs are economic agents who transform resources into goods and services, thereby creating an environment conducive to industrial growth” [Carl Menger, 1871, Principles of Economics]

17. Menger’s Model of Value-Added Transformation of Resources Source: David H.Holt. Entrepreneurship. New Venture Creation Englewood Cliffs, NJ: Prentice-Hall 1992, p.5

18. “Entrepreneurship is a creative destruction force that sees the destruction of usual ways of doing things by the introduction of new improved ways” • [Joseph Schumpeter, 1934, Austrian]

19. Entrepreneurship is a process, and the entrepreneur is an innovator who uses processes to challenge existing norms via combinations of new resources and methods in commerce.

20. Technopreneur • They are entrepreneurs who used “technology” as their driven factor in transforming resources into goods and services, creating an environment conducive to industrial growth”…

21. Innovations are not confined to tangible products but also include services and processes. • The continuous improvement in financial sector • City bank, Air Asia…

22. BEE4613 Technopreneurship

23. Entrepreneur seem to be the starters and managers the followers • Initially, entrepreneurs also assume the role of manager, but later the managerial roles are delegated to the managers. • Managers do not start businesses, they only manage them.

24. In the world of corporate business, intrapreneurs emerge as that breed who is a cross between managers and entrepreneurs. • They work for the corporation but are given the task of starting new ventures.

25. What Is Entrepreneurship? BEE4613 Technopreneurship • Nature of Entrepreneurship • It is a socio-economic phenomenon. • Engine of economic growth • Creator of wealth and employment. • What is Entrepreneurship? • It is a creative and innovative human act. • Ability to create and build a vision from practically nothing. • Vision requires willingness to take calculated risks. • It is a discipline, hence it can be learned – Peter Drucker

26. Definition of Entrepreneurship “ Entrepreneurship is the ability to create and build a vision from practically nothing. Fundamentally, it is a human, creative act. It is the application of energy to initiating and building an enterprise or organization, rather than just watching or analyzing. This vision requires a willingness to take calculated risks – both personal and financial, and then to do everything possible to reduce the chances of failure. Entrepreneurship also includes the ability to build an entrepreneurial or venture team to complement your (the entrepreneur) own skills and talents. It is the knack for sensing an opportunity where others see chaos, contradiction, and confusion. It is possessing the know-how to find, marshal and control resources, often owned by others.” Professor Jeffrey Timmons (1990)

27. Entrepreneur Are Made and Not Born BEE4613 Technopreneurship “The entrepreneurial mystique? It’s not magic, it’s not mysterious and it has nothing to do with the genes. It is a discipline. And like any discipline, it can be learned.” …Peter Drucker

28. Why People Become Entrepreneurs? • Definition of an entrepreneur – French word “entreprende” meaning ‘go between’ or ‘enter to undertake’. A person who undertakes to organize, manage and assume risks of business • How people become entrepreneur ? – By Necessity and Opportunity, Design and Default • Triggered by ‘Social Disruption or Interruption” • Entrepreneurs are created in good and bad economic times. • Achievements and Financial Rewards for an Entrepreneur. • Many begins but few make it.

29. Who Are The Entrepreneurs? • Paradigm shifters, innovators and opportunists – creative destroyers • Key change catalysts and agents • Wealth and employment creators • Economic engine drivers • Key actors of the Malaysian Economy • Entrepreneurs are made and not born – entrepreneurial propensity • You can be the entrepreneur - if you have what it takes • People who like to be their own boss • People who has experienced a “social disruption”? • Necessity and opportunity entrepreneurs

30. Entrepreneurial Traits (1) Most Important for Success: • Innovative & Opportunistic • Willingness to take risk • Initiative • Self reliance • Perseverance (keep trying to achieve something) • Need to achieve • Self confidence

31. Entrepreneurial Traits (2) • Important for Success: • Leadership • Competitiveness • Good physical health • Creative • High level of energy • Versatility

32. Entrepreneurial Traits (3) • Least Important for Success: • • Ability to get along • • Patience • • Well organized • • Desire for money • Tolerate uncertainty • Need for power • Need for affiliation

33. Difference Between Entrepreneurship And Small Business Entrepreneurship • Innovation • Fast growth • Vision • Employment creation • Money making machine • Higher risk Small Business • Little innovation • Static growth • Little vision • Family business • Earning a livelihood • Low or minimum risk

34. The key elements of entrepreneurship • There are five generally agreed conditions that are necessary for entrepreneurship to occur: • an individual (the entrepreneur) • a market opportunity • adequate resources • a business organisation • a favourable environment • The entrepreneur is responsible for bringing these contingencies together to create new value

36. The key elements of entrepreneurship • Entrepreneurial opportunities:Those situations in which new products, services and processes can be introduced and sold at greater than their cost of production.

37. The process of new venture creation • Not all individuals have the potential to launch a business venture ... • And of those of do, not all will attempt a founding ...

38. The process of new venture creation • Of those who attempt, not all will succeed in founding ... • Finally, among the newly established business ventures, only a small proportion will survive

39. Model of new venture creation

40. The role of entrepreneurship in economic growth and development • At a macro level, entrepreneurship is a process of creative destruction (Schumpeter). • This means the simultaneously destructive and constructive consequences of entrepreneurship.