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ENTREPRENEURSHIP
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TOPIC 1
INTRODUCTIONTO ENTREPRENEURSHIP
LEARNING OUTCOME
- Understand E - Business
- Understand Competencies of Entrepreneurship
- Explain the roles & social responsibilities of entrepreneur
- Define the concept of entrepreneur and entrepreneurship
- Differentiate between entrepreneurs and businessman
A society that has ENTREPRENEURS is considered to be a successful society.
Why ???
Who’s ??
Entrepreneur
A businessman who takes risks to combine the factors of production, such as capital, labour, and raw materials, and accepts the rewards through the profits made by the market value of his products. (Encyclopedia Americana )
Entrepreneurship
The process of creating something new of value by devoting the necessary time and effort, assuming the accompanying financial, physical and social risks, and receiving the resulting monetary rewards, personal satisfaction & independence.
Characteristics Entrepreneurs Small Businessman
Time Unlimited Limited
Nature of Job Flexible Rigid in adapting to changes
Decision Making Makes own decisions Follows decisions made by others
Effort and Commitment Continuous Low
Risk Taking Moderate Low
Goal Maximizes self potential by utilizing available opportunities
Solely for profit maximization
vs
Entrepreneur
• is an innovator
• willing to take risks
• face unpredictable and uncertain challenges
• develop new business areas and penetrate new market to stay competitive in the industry
• more choices of products or services offered to the society and enhance the society's economic development
Entrepreneurship is the ability, capability and tendency to perform the
following activities:– identify business opportunities– manage a business effort which brings profit to the
entrepreneur and the public– obtain success and richness by fulfilling the society's
needs and taking calculated risks.– manage and utilize the factors of production to bring
economical development and enhance social welfare. – work hard and be prepared to make new changes that can
increase production quantity and quality from time to time.
Yep Putih(1989)
ROLES & SOCIAL RESPONSIBILITIES OF ENTREPRENEUR
PB201 : Topic 1
Entrepreneur
Customers
Staff
Creditors
Environment
Suppliers
Competitors
Society / Community
Goverment
ROLES & SOCIAL RESPONSIBILITIES OF ENTREPRENEUR
PB201 : Topic 1
Responsibilities towards customers establish a code of responsibility that sets the
guidelines for product quality and customer relations.
Monitor complaints and follow-up on the matter then identify the necessary corrective action to be taken.
How to ensure responsibility
towards customers?
Be honest about products sold
IMPACT : Gain the trust of customers
and increase revenue
ROLES & SOCIAL RESPONSIBILITIES OF ENTREPRENEUR
PB201 : Topic 1
Responsibilities towards staff Always take care of the staff welfare, give adequate wages
to the workers and provide guidance to staff Conduct courses and training to update staffs with the
latest information and skills Rewards staffs with bonuses, allowances and other
perks – extra holidays Appreciate and recognize dedicated and highly ethical staff
How to ensure responsibility towards
employees?
Treat employees well and allow equal
opportunity for hiring and promotion
IMPACT : Gain the trust of employees : increased effort by
employees
ROLES & SOCIAL RESPONSIBILITIES OF ENTREPRENEUR
PB201 : Topic 1
Responsibilities towards creditors Meet the financial obligation to the creditors Manage the business well so that creditors can
be paid on time
How to ensure responsibility
towards creditors?
Manage the business well so
that creditors can be paid on
time
IMPACT : Gain the trust of creditors : allows the firm to
easily obtain additional funding from the creditors
ROLES & SOCIAL RESPONSIBILITIES OF ENTREPRENEUR
PB201 : Topic 1
Responsibilities towards environment Ensure that production process does not harm the
environment. Produce products that are not harmful to the
environment Enforce specific guidelines that limit the amount of
poisonous gases that escape into the air
How to ensure responsibility
towards environment?
Ensure that production does
not harm the environment
IMPACT : Gain the trust of all
stakeholders that the firm is not harming the environment
ROLES & SOCIAL RESPONSIBILITIES OF ENTREPRENEUR
PB201 : Topic 1
Responsibilities towards suppliers Nurture good relationship with suppliers Pay any dues to suppliers at the agreed stipulated
time Share opinions and experiences to create new
ideas related to the business
How to ensure responsibility
towards suppliers?
Pay on time, share opinions,
experiences and create new ideas
IMPACT : Strengthen
relationship with the supplier
ROLES & SOCIAL RESPONSIBILITIES OF ENTREPRENEUR
PB201 : Topic 1
Responsibilities towards competitors Practice healthy competition, share ideas and opinions
on ways to prepare and provide the best services to customers.
Work together to produce and create products that can give the most benefit to the customers and make improvements to the product to attract more customers.
Healthy competition among entrepreneurs will lead to more job opportunities for the community.
How to ensure responsibility
towards competitors?
Practice healthy competition
IMPACT : Sharing of ideas and opinions on ways to prepare and
provide the best services to the
customer
ROLES & SOCIAL RESPONSIBILITIES OF ENTREPRENEUR
PB201 : Topic 1
Responsibilities towards society / community Produce , create and improve products Create choice through innovative and creative production Produce products of high quality Always be sensitive to the needs of customers Fulfill the needs and wants of customers Create more job opportunities Improve the lifestyle of the society
How to ensure responsibility
towards community?
Demonstrates a commitment to the community where the customer lives
IMPACT : Gain the continued support of customers who
may buy product in the future
ROLES & SOCIAL RESPONSIBILITIES OF ENTREPRENEUR
PB201 : Topic 1
Responsibilities towards government Create job opportunities, assist in improving the lifestyle
of the society. Create more infrastructure facilities for the society Improve socio-economical aspects and increase national
income Diversify the national economy so as not to depend solely
on one sector of the economy
How to ensure responsibility
towards government?
Create job opportunities to
the people
IMPACT : Improve the socio-economy
and increase the national income
Competencies of Entrepreneurship
Personal Initiative
Seize opportunities
Endurance
Information seeker
Systematic Planning
Efficient
commitment
High work quality
Creative Problem Solving
Self Confidence
Assertion
Power and Authority
Characteristics of Entrepreneur
ATTITUDE SKILLS KNOWLEDGE
Motivate Decision making Law
Confidence Problem solving Management
Initiative Negotiation Economics
Responsibility Communication Accounting
Risk taking Creativity Values
Diligence Team work Business
Mental & physical fitness Management Culture
Information seeking Technical Project management
ONLINE COMMUNICATION
Electronic business, or e-business, may be defined
as the application of information and communication
technologies (ICT) in support of all the activities
of business
Electronic commerce, or e-commerce is the conduct of financial
transactions by electronic means which includes distribution, marketing and product or services
transactions.
IMPORTANCE OF ICT FOR ENTREPRENEURS
PB201 : Topic 1
Attracts a large number of customers
Gives an image of a well established company
Disseminates business information
The company can be visited without time restrictions
Minimizes management costs & Reduces the size of filing
E-commerce
Advantages- Faster and easier transactions- Remains open all the time- Removes barriers of global trading- Low operational costs and better services- No need of physical company set-ups
Disadvantages- Risk of being cheated- No guarantee of product quality- Tendency of mechanical failures- Customer loyalty- Threats to security and privacy
MALAYSIAN SUCCESSFUL ENTREPRENEURS
NAMA : Tan Sri Dato’ Sri Dr. Tony FernandesASAL : Kuala Lumpur, MalaysiaJAWATAN : Ketua Pegawai Eksekutif / Pengarah AirAsia Berhad dan Pengasas Tune Group Sdn Bhd / Pengerusi Q.P.R. Holdings LtdPENDIDIKAN : Epsom College (1977-83), London School of Economics (1987)
Syarikat ini ditubuhkan oleh DRB-Hicom, sebuah konglomerat kerajaan Malaysia. Disebabkan tanggungan hutang yang terlalu tinggi, ia dijual kepada Tune Air yang dipengerusikan oleh Tony Fernandes dengan harga RM 1 sahaja. Penyusunan semula organisasi AirAsia dengan imej dan konsep tambang murah telah membawa kepada perubahan yang besar dan memperoleh keuntungan dalam tempoh masa yang pendek. AirAsia ialah syarikat penerbangan tambang murah pertama di Asia.
MALAYSIAN SUCCESSFUL ENTREPRENEURS
There are 3 AirAsia success factors :
1. Never afraid to challenge the norm.A few years ago, people had to call a travel agent or airline operator to buy a flight ticket. Air Asia challenged the norm by riding on the e-commerce wave. It invested in a user-friendly website interface and allows travelers to book and print flight ticket anytime and also introduce online check in services. This has proven to be enormously successful especially in engaging with the Gen-Y customers.
2. Dare to Think Big and Serve the right CustomerAir Asia business model has always been focusing in low cost operation and serving the mass market. They know their targeted customers well and do not directly compete with other premium airlines. 10 years ago traveling by air was a luxury. Air Asia was daring enough to think big and today, it is truly “Everyone Can Fly”.
3. Create Complementary business opportunities, they can be HugeWhen we fly AirAsia, most likely we will use their services such as Sky Bus from KL Sentral or stay at Tune Hotel. It is very important to think of innovative ways to get more out of your existing customers.
The question is not about how to squeeze more profit out of the existing operations, but how to provide add on values so that customers are willing to pay for even more.
MALAYSIAN SUCCESSFUL ENTREPRENEURS
NAMA : Datuk Maznah HamidASAL : Ayer Hitam, Jerlun, KedahJAWATAN : Pengerusi Eksekutif Kumpulan SecuriforceSUAMI : Datuk Shaheen Mirza.
Beliau menubuhkan Securiforce kira-kira 27 tahun yang lalu dan menjadi pembekal Keselamatan terbesar di Malaysia.Beliau memulakan perniagaan bermodalkan hanya RM5000 dari simpanan beliau.
Bahagian yang paling luar biasa dan menarik dalam cerita kejayaan Datuk Maznah bahawa semua syarikat ditubuhkan secara beransur-ansur berkembang tanpa bantuan mana-mana daripada institusi perbankan. Falsafah kejayaan dan pencapaian beliau dapat dilihat dengan kepercayaan bahawa "the main capital in business is yourself ".
MALAYSIAN SUCCESSFUL ENTREPRENEURS
PB201 : Topic 1