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8/10/2019 Chapter 2(a) Preparation as an Entrepreneur
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PREPARATION AS AN
ENTREPRENEUR
Chapter 2
8/10/2019 Chapter 2(a) Preparation as an Entrepreneur
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Skills Development Preparation
• Technical Skills
• People Skills
•
Conceptual Skills• Administrative Skills
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WHO ARE ENTREPRENEURS?
• Know How To Make A Difference
• Know How To Spot And Exploit Opportunities
•
Know How To Find The Resources Required• People Who Add Value
• Have & Maintain A Good Network
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WHO ARE ENTREPRENEURS?
• Create Capital
• Manage Risk & Uncertainties
•
Determine In The Face Of Adversity• Involves Creativity & Innovation
• Enterprising Activity
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STRATEGIES TO START A BUSINESS
Entrepreneurship activityplanning
Identifying the market
Price setting strategy
Marketing strategy
Developing skilled manpower
Total project cost
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TYPES OF BUSINESS SURVIVAL
STRATEGIES
Stabilising
Strategy
Growth
Strategy
Termination
Strategy
Mix
Strategy
Corporate
Strategy
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Business Support System
1. Financial Support System2. Entrepreneur and Management Training
3. Technological Support
4. Infrastructure Support (location andpremise)
5. Marketing Support
6. Research and project Recognition
7. Informational Support
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Financial Support System
• Majlis Amanah Rakyat (MARA)
• Commercial Banks
• Bank Pembangunan Infrastruktur Malaysia
Berhad (BPIMB)
• Malaysian Industrial Development Finance
Berhad (MIDF)
• Bank Pertanian Malaysia Berhad
• SME Bank
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Entrepreneur and Management
Training
• Majlis Amanah Rakyat (MARA)
• Malaysian Entrepreneurship
Development Centre (MEDEC)
• State Economic Development
Corporation (SEDC)
• National Productivity Corporation (NPC)
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Technological Support
•Palm Oil Research Industry Malaysia
(PORIM)
•
Forest Research Institute of Malaysian(FRIM)
•Malaysian Institute of Microelectronic
System (MIMOS)
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Infrastructure Support (location
and premise)
•Urban Development Authority
(UDA)
•Majlis Amanah Rakyat (MARA)
•State Economic Development
Corporation (SEDC)
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Marketing Support
•Federal Agricultural Marketing Authority
(FAMA)
•Malaysian External Trade Development
Corporation (MATRADE)•Ministry of International Trade and
Industry (MITI).
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Research and Project Recognition
6. Research and Project Recognition•Standard and Industrial Research Institute
of Malaysia (SIRIM)
•Malaysian Palm Oil Board (MPOB)
•Research Rubber Institute Malaysia(RRIM)
•Malaysian Agricultural research and
Development Institute (MARDI)
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Informational Support
•Informational assistance is offered to an
entrepreneur in the form of business opportunities,statistics, discovery, research development and
technological development.
•Example:
•Forest Research Institute of Malaysia (FRIM)
•Malaysian Industrial Development Authority (MIDA)
•Malaysian External Trade Development Corporation
(MATRADE).•Standard and Industrial Research Institute of
Malaysia (SIRIM)
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Retirement Accounts
•Entrepreneur would have saved funds for retirement
purposes. He can use this money to fund the development of
his venture.
Stock Market•
Offering stock in the entrepreneurs’ venture to the public. •Investor will be able to share any profits equal to the value of
the share they contribute (dividends).
Government LoansGrants and Government subsidized loans.
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Banks and Other Financial Institutions
•Banks and financial institutions offer loans to individualswho have assets that can serve as collateral for the loan.
•There are 3 types of financing provided by banks and
financial institutions :
i. Long-term financing
• 5 – 25 years
ii. Medium-term financing
• 2 – 7 years iii. Short-term financing
• Overdraft