FUNDAMENTALS OF ENTREPRENEURIAL ACCULTURATION (UW00302)

Unit 1 Concept and Development of Entrepreneurship**

Learning OutcomesDescribes the definition of entrepreneurship and entrepreneur. Understand the contribution of entrepreneurship.Identify the characteristics of successful entrepreneurs.Know the successful stories of entrepreneurs.

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Unit 1 Concept and Development of Entrepreneurship**

Hisrich and Peter, 1998An entrepreneur puts together all the resources neededthe money, the people, the strategy, and the risk-bearing ability to transform the invention into a viable business

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What is Entrepreneurship? cont

Kuratko & Hodgetts, 2007Entrepreneurship is a dynamic process of innovation and creation through 4 dimension : individual, organization, environmental, and process of cooperation linkages with government, education, and constitution.

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What is Entrepreneurship?

Entrepreneur is derived from the French entreprendre, meaning to undertake a task such as starting a new venture.**

What is Entrepreneur?

Kuratko & Hodgetts, 2007Entrepreneur is a individual who seek business opportunities under conditions of uncertainty. Entrepreneur is a person who strive by examine and make wise consideration to order, manage and risk in business by holding to the main objective namely innovation, profit and development

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What is Entrepreneur ?cont

Scarborough and Zimmerer ,1998Entrepreneur is an individual who creates a new business in the face of uncertainty for the purpose of achieving profit and growth by identifying and capitalizing opportunities and assembling the necessary resources to capitalize on the identified opportunities.

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Difference Between an Inventor and an Entrepreneur

Difference Between an Inventor and an EntrepreneurAn inventor creates something new.An entrepreneur puts together all the resources neededthe money, the people, the strategy, and the risk-bearing ability to transform the invention into a viable business.**

Characteristics of Successful Entrepreneurs Four Primary Characteristics of Successful Entrepreneurs1) Passion for the Business2) Product/Customer Focus3) Tenacity Despite Failure4) Execution Intelligence**

Characteristics of Successful Entrepreneurs cont1) Passion for the BusinessThis passion typically stems from the entrepreneurs belief that the business will positively influence peoples lives.Passion describe the reason people quit their job and start their own business.Eg Bill Gates, Michael Dell, Larry Page and Sergei

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Characteristics of Successful Entrepreneurs cont2) Product/Customer FocusAn entrepreneurs keen focus on products and customers typically stems from the fact that most entrepreneurs are, at heart, craftspeople.Michael Dell company focus is to introduce technology that satisfy consumers needs and not their own needs

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Characteristics of Successful Entrepreneurs cont3) Tenacity Despite FailureBecause entrepreneurs are typically trying something new, the failure rate is naturally high.A defining characteristic for successful entrepreneurs is their ability to persevere through setbacks and failures. Eg The late Tan Seri Lim Goh Tong**

Characteristics of Successful Entrepreneurs cont4) Execution IntelligenceThe ability to fashion a solid business idea into a viable business is a key characteristic of successful entrepreneurs.ability to perform a business model, combination of resources, new venture, financial wealth, creativity, motivation, etc

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Characteristics of Successful EntrepreneursWatch Video Clip:Usahawan Sejati

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Characteristics of Successful Entrepreneurs cont Kao, (1991) suggested other entrepreneur characteristics :-a)Commitment, strong desire, enduranceb)Motivation towards successc)Goal orientedd) Initiativee)Responsible**

Characteristics of Successful Entrepreneurs contf) Realisticg) Information seekingh) Internal locus of controli) Risk takerj) Low inducement to standard and power levelk) Integrity**

Personal Entrepreneurial Competencies Test for Personal Entrepreneurial CompetenciesSpecial Workshop on Personal Entrepreneurial Competencies (dibiayai oleh USAID di Oxford) oleh McBer & Company di United Kingdom, 1985.

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CompetenciesCompetencies are defined as abilities and skills.We believe that recognition of these competencies as abilities and skills makes entrepreneurship as a teachable and learnable behavior.**

1. Initiative 2. Sees and acts on opportunities3. Persistence4. Information seeking5. Concern for high quality of work6. Commitment to work contract7. Efficiency orientation

13 Personal Entrepreneurial Competencies **

8. Systematic planning9. Problem solving10. Self confidence11. Assertiveness 12. Persuasion13. Use of influential strategies13 Personal Entrepreneurial Competencies cont**

AssignmentDo the Test for Personal Entrepreneurial Competencies refer Tam et. al. (2014), Asas Keusahawanan.**

What are the Contributions of Entrepreneurship to the Country? **

Successful Entrepreneurs (WHO ARE THEY?)

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Who are THEY?WORLD BILLIONAIRES 2011 No. 1 Carlos Slim HelNo. 2 William Gates III No. 3 Warren Buffett No. 4 Bernard Arnault No. 5 Larry Ellison No. 6 Lakshmi Mittal No. 7 Amancio Ortega No. 8 Eike Batista No. 9 Mukesh Ambani No. 10 Christy Walton http://www.forbes.com/lists/2011

Who are THEY?WORLD BILLIONAIRES 2011 No. 1 Carlos Slim Hel $74 billion, Telecom, MexicoNo. 2 William Gates III $40.0 bil Microsoft Founder, USNo. 3 Warren Buffett $37.0 bil Investment, insurance, USNo. 4 Bernard Arnault $41 billion: LVMH, FranceNo. 5 Larry Ellison $39.5 billion:Oracle , U.S.No. 6 Lakshmi Mittal $31.1 billion :Steel , IndiaNo. 7 Amancio Ortega $31 billion : Zara, Spain No. 8 Eike Batista $30 billion: Mining, oil , Brazil No. 9 Mukesh Ambani $27 billion: Petrochemicals, India No. 10 Christy Walton $26.5 billion: Wal-Mart , US http://www.forbes.com/lists/2011

10 Great Malaysian Entrepreneurs 2011

1. Robert Kuok 2. Ananda Krishnan 3. Lee Shin Cheng 4. Lee Kim Hua 5. Quek Leng Chan 6. Teh Hong Piow 7. Yeoh Tiong Lay 8. Syed Mokhtar Al-Bukhary 9. Vincent Tan 10. Tiong Hiew King

http://skorcareer.com.my/blog/10-great-malaysian-entrepreneurs 2011

10 Great Malaysian Entrepreneurs 2011

1. Robert Kuok $12 billion, sugar , Jerneh Insurance, 2. Ananda Krishnan $8.1 billion, telecom3. Lee Shin Cheng $4.6 billion, palm oil IOI4. Lee Kim Hua $3.9 billion, gaming Genting and Genting Hong Kong 5. Quek Leng Chan $3.85 billion , Hong Leong Bank 6. Teh Hong Piow $3.8 billion , banking Public Bank7. Yeoh Tiong Lay $2.5 billion, YTL Corp., conglomerates.8. Syed Mokhtar Al-Bukhary $1.7 billion , Mining Corp. (MMC), Padiberas Nasional 9. Vincent Tan $1.6 billion , Berjaya GroupStarbucks, Papa Johns Pizza 10.Tiong Hiew King $1.2 billion , timber Rimbunan Hijau

http://skorcareer.com.my/blog/10-great-malaysian-entrepreneurs 2011

William Gates IIIBorn in Oct. 28, 1955, William (Bill) H. Gates grew up in Seattle with his two sisters. In 1973, Gates entered Harvard University as a freshman. While at Harvard, Gates developed a version of the programming language BASIC for the first microcomputer - the MITS Altair. In his junior year, Gates left Harvard to devote his energies to Microsoft, a company he had begun in 1975 with his childhood friend Paul Allen.William (Bill) H. Gates is chairman of Microsoft Corporation, the worldwide leader in software, services and solutions that help people and businesses realize their full potential. Microsoft had revenues of US$51.12 billion for the fiscal year ending June 2007, and employs more than 78,000 people in 105 countries and regions. http://www.microsoft.com/PRESSPASS/EXEC/BILLG/BIO.MSPX

Tan Sri Syed Mokhtar al-Bukhary

A humble entrepreneur, often shying away from publicity and media. Tan Sri Syed Mokhtar al-Bukhary is the richest Malay and bumiputra in Malaysia, and has continued to hold the status for a long time.

In his childhood, he found difficulties to do school revision because of the inadequate house facilities and small space. But that did not stop him from achieving his current status.

Syed Mokhtar is a great giver; his very first salary received during his youth was divided by 2 halves one for him, and another for charity. http://skorcareer.com.my/blog/10-great-malaysian-entrepreneurs/2008/09/23/

Tony FernandesTony Fernandes is the man behind AirAsias journey to world domination. With RM1, Tony bought a defunct carrier, along with over RM40 million in debts, and created Asias most successful budget airline company.

From an ailing company deep in financial trouble, AirAsia went through a remarkable turnaround and made its first profit merely after 7 months of operation. From thereon, they never looked back and created records after records http://skorcareer.com.my/blog/10-great-malaysian-entrepreneurs/2008/09/23/

Robert KuokRobert Kuok took over his fathers trading business, together with two brothers, and created a business larger than anyone can think of. The impact is so great that Kuok has been sitting on the top of Malaysias rich list for more than 5 years.

Residing in Hong Kong, Kuok is mostly linked to a sugar business but also has his hands on other wide range of industries including hospitality, energy, logistic and manufacturing. http://skorcareer.com.my/blog/10-great-malaysian-entrepreneurs/2008/09/23/

Loh Boon SiewThe late Tan Sri Loh Boon Siew was the man responsible to start the dealership of Honda motorcycles in Penang, hence it does not come as a surprise when he was often referred as Mr Honda.

With virtually no education, he arrived in Penang at a tender age of 12, backed with little money, and a pinch of determination. Boon Siew started his job as a mechanic, before making his way to prominence with Honda dealership, and in the process, beat all odds.http://skorcareer.com.my/blog/10-great-malaysian-entrepreneurs/2008/09/23/

Thank you**

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