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Introduction of entrepreneurship

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  • 1. CHAPTER 1 INTRODUCTION TO ENTREPRENEURSHIP
  • 2. Entrepreneurship 1.1 Explain about entrepreneurship Define the concept of entrepreneur and entrepreneurship Differentiate between Businessman and Entrepreneurs Explain the roles and social responsibilities of entrepreneur
  • 3. Entrepreneurship 1.2 Understand the personal traits/behaviours associated with successful entrepreneurial performance Discuss the competencies of entrepreneurship Discuss on successful entrepreneurs in Malaysia
  • 4. Entrepreneurship 1.3 Understand E- Business  Define E- Business  State the importance of e-business to entrepreneur  Distinguish the advantages and disedvantages of ebusiness  Identify online marketing communication: - Direct Email Marketing - Online Catalogue - Public Relations
  • 5. E RE RE URSH T E NT P NE IP H ORY Definition of Entrepreneurship: Entrepreneurship involves not only the process that leads to the setting up of a business entity but also the expansion and development of an on going concern.The study of entrepreneurship is concerned with the entrepreneurial behavior, the dynamics of business set up and expansion and development.
  • 6. THE EVOLUTION OF ENTREPRENEURSHIP THEORY Adam Smith (1776) - An entrepreneur is a person who acts as agent in transforming demand into supply. Jean Babtiste Say (1803) - An entrepreneur is a person who shifts resources from an area of low productivity to high productivity.
  • 7. ENTREPRENEURSHIP THEORY John Stuart Mill (1848) - An entrepreneur is a prime mover in the private enterprise.The entrepreneur is the fourth factor of production after land ,labor and capital. Carl Menger (1871) - The entrepreneur acts as an economic agent who transforms resources into products and services.The entrepreneur transforms and gives added value.
  • 8. THE EVOLUTION OF ENTREPRENEURSHIP THEORY Alfred Marshall (1936) - The process of entrepreneurship or business development is incremental or evolutionary . It evolves from sole proprietorship to a public company.
  • 9. THE EVOLUTION OF ENTREPRENEURSHIP THEORY  Ibnu Khaldun (Abdul Rahman Mohamed Khaldun) - The entrepreneur is seen as a knowledgeable individual and is instrumental in the development of a city-state.  David McClelland - The entrepreneur is a person with a high need for achievement. This need for achievement is directly related to the process of entrepreneurship.
  • 10. DEFINITION OF ENTREPRENEUR The word entrepreneur is derived from the French word entreprendre which means 'to undertake or to try'.[Richard Cantallion 1775] a common definition of an entrepreneur is someone who establishes a new entity to offer a new or existing product or service into a new or existing market, whether it is for a profitable or non-profitable outcome.
  • 11. DEFINITION OF ENTREPRENEUR An enterpreneur is an individual who is able to perceive an opportunity for a business and create an organization to develop and manage that business successfully. An entrepreneur is an individual who organizes, manages and assumes the risks of a business (Kuratko & Hodgetts,2001)
  • 12. DEFINITION OF ENTREPRENEURSHIP Entrepreneurship is the process of seeking businesses opportunities under conditions of risk. Entrepreneurship also refers to 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 rewards of monetary, personal satisfaction and indepedence.
  • 13. According to Yep Putih, entrepreneurship is the ability, capability, and tendency to perform the following activities : i. Identify business opportunities ii. Manage a business effort which brings profit to the enterpreneur and the public iii.Obtain success and richness by fulfilling the society's needs. iv. Take calculated risks v. Manage & utilize the factors of production to bring economical development and enhance social welfare v. Work hard and be prepared to make new changes that can increase production quantity and quality from time to time
  • 14. Differences between an enterpreneur and a small businessman Time Nature of job Decision making Effort and commitment Risk taker Goal
  • 15. SMALL BUSINESSMAN VS ENTERPRENEUR 1. TIME Small Business Entrepreneur Spending time buying and selling product. (Limited time) Unlimited time-studying how to satisfy client and always come out with ideas on ways to improve his products
  • 16. SMALL BUSINESSMAN VS ENTERPRENEUR 2. NATURE OF JOB Small Business Entrepreneur faces competition as ordinary challenges the competitive market is a challenge that needs to be thoroughly in order to survive in an industry.
  • 17. SMALL BUSINESSMAN VS ENTERPRENEUR 3.DECISION MAKING Small Business Entrepreneur Follow the decision made by others and invests only in a tested and proven market make on decisions and use his creativity in producing and creating innovative products and services that can penetrate a market which has not been tested before.
  • 18. SMALL BUSINESSMAN VS ENTERPRENEUR 4. EFFORT & COMMITMENT Small Business Entrepreneur is not attracted to changes always keep himself updated and technological with current and future breakthrough technological development to further increase his creativity and productivity.
  • 19. The Roles &Social Responsibilities of Entrepreneur  When you become entrepreneurs ..are you still responsible to our community and to our country? In our desire to maximize profits, are we going to cheat our customers, exploit our employees, and dump our wastes into the air, water and land? Many of our workers are underpaid. Our environment is being destroyed or polluted. Discuss the roles of entrepreneur towards Customers, Society/community, Suppliers, Staff, Competitors & Country……
  • 20. The Roles and Social Responsibilities of Entrepreneur toward:  Customers - sell quality products at fair price.  Society/community- job creation and environmental     observation. Suppliers- be fair with his suppliers by paying them on time as agreed upon Staff- promote the welfare of his employees Competitors- observe business ethics with his competitors Country- must pay the correct amount of taxes to the government
  • 21. COMPETENCIES OF ENTERPRENEURS 1.Personal 8. Systematic Planning initiative 9.Creative Problem Solving 2. Seize opportunities 3.Endurance 4.Information-seeker 5.High work quality 6.Commitment towards work agreements 7.Efficient 10.Self Confidence 11.Assertion 12.Persuasion 13. Power and Authority
  • 22. COMPETENCIES OF ENTERPRENEURS 1.Personal initiative An Ent who has strong personal initiative is able to act immediately on available opportunities and choose best strategy when he faces a problem. Initiative allows an Ent to be alert and proactive.
  • 23. COMPETENCIES OF ENTERPRENEURS 2. Seize Opportunities Ent grabs or seize opportunities continuously to make sure that his business sustains for a long time in the industry. focuses, identifies and exploits business opportunities. maximizes his thinking capacity by finding solutions to probles faced by community. Ent who is successful will be confident that there is a business opportunity behind every problem.
  • 24. In identifying current human needs, he will take action to develop, modify, adapt or adopt the existing products to fulfil market demand. The Ent increases his knowledge by getting ideas from employees, customers and competitors, reading on related matters and identifying his skills, capabilities and self potential.
  • 25. COMPETENCIES OF ENTERPRENEURS 3. Endurance has to face various barriers and problems before achieving success. Needs to have great strength and courage within him. Strong enough to face problems and barriers courageously. He would never give up accomplishing his vision and tries to deal with barriers that block his path to achieving success. Faces various problems and risks :eg increase in the cost of raw materials
  • 26. COMPETENCIES OF ENTERPRENEURS 4. Information Seeker A successful Ent is able to seek information, that is he has done some research to obtain information and received feedback from customers in order to provide a good product or service that can gain customers satisfaction and acceptance. It is important for an Ent to make an analysis on his market and business progress.
  • 27. Ent-should have correct and up to date information. Info obtained will help him enhance his experience and improve his achievemEnt and business performance.
  • 28. COMPETENCIES OF ENTERPRENEURS 5. High Work Quality Ent always make comparison of his work quality with those of others to make sure his products are always better. Ent makes sure that he is not only doing a job but also doing it in the best way possible to produce products of the best quality. Ent can increase his reputation as well as his business reputation-which are ways for him to become successful.
  • 29. The continuous production of quality products and services will determine the customer's faithfulness, commitmEnt and satisfactions. Products of high quality will bring profitable returns to an Ent as it ensures the faith of customers towards the products.
  • 30. COMPETENCIES OF ENTERPRENEURS 6.Commitment towards Work Agreements  a successful Ent devotes total commitment to the venture.  this commitment help the Ent to rectify mistakes and overcome obstacles which threaten business operations. Ent. who has a high level of commitment towards work agreements can be seen in :  his willingness to sacrifice his personal interest in order to make the market successful  taking full resposibility in completing a task  his willingness to help his own staff to perform the job and provide satisfaction to customers.
  • 31. COMPETENCIES OF ENTERPRENEURS 7. Efficient Ent is orient towards efficiency and is always findings ways to produce products with lower cost or within a shorter time period. Use business information and management methods to improve his efficiency in business, which help decrease wastage and costs.
  • 32. COMPETENCIES OF ENTERPRENEURS 8. Systematic Planning Planning is the most important aspect for an Ent in arranging buss strategies to achieve buss goals. Ent always focuses on the future and is sensitive towards any change that occur. He will not be greedy or slow in reacting when an oppor. emerge. If the Ent does not have expertise in making decisions, he will consider sourcing skilled expertise from outside the company. Ent practices time managemEnt in performing syatematic planning of his business and then lead to an increase in performance and achieving business target. Ent will not make long term plans such as 5-10 years as the market size keeps changing.
  • 33. changes involving fixed capital based on five year plan will bring damage to the company and its new products as competition will grow in a long span. This type of Ent would usually move towards : making plans, taking forward steps, and dividing big tasks into much simpler and smaller tasks. - making evaluation and choosing the best alternative for a spesific problem. - taking a systematic and logical approach to achieve business goals.
  • 34. COMPETENCIES OF ENTERPRENEURS 9. Creative Problem Solving Ent has the capability of solving problems in terms of searching for smart steps to solve those problems as well as looking and thinking of innovative new ideas or creative problem solving methods.
  • 35. COMPETENCIES OF ENTERPRENEURS 10. Self Confidence Ent - confidence would help him succeed in his venture. Ent who has confidence in himself would : -believe in his skills and capabilities to achieve what he desires. Express the feeling of confidence towards his capability in solving certain tasks and challenges. He will be able to stand firm and overcome the problem of low self esteem when confronted with competition.
  • 36. - Be able to make decision without hesitationor respond to challenges - Read a lot and gather experience in subjects outside his specialization.
  • 37. COMPETENCIES OF ENTERPRENEURS 11. Assertion Ent will be assertive in his actions. He is brave to give ideas or opinions to people and to take action when he has to face defiance from others.
  • 38. COMPETENCIES OF ENTERPRENEURS 12. Persuasion Ent is persuasive and will be able to persuade his customers to buy his products or services. He has to persuade many people who have an impact on his business such as staff, customers, suppliers and financial institutions.
  • 39. COMPETENCIES OF ENTERPRENEURS 13. Power and Authority Ent will think of a strategy to influence customers to buy his products or services without deceiving them in order to reach his vision. Ent is a leader and he will be able to influence his staff and the industry that he is involved in to make sure he achieves his vision.
  • 40. E-BUSINESS  Information & communication tech.(ICT): - set of inter-related components that are able to collect, process, store & distribute information Input Processing Output  Input : Raw data in the orgn. /data & commands received from user…What are the examples of input devices?  Processing : The act of transforming the raw data into a meaningful form to the organization.  Output : Anything that is produced by input device:number, text, picture by output device . Examples??
  • 41. E-BUSINESS Vs E-COMMERCE The terms ‘e-commerce’ and ‘e-business’ are often used interchangeably but what do these words really mean? e-business covers online transactions, but also extends to all Internet based interactions with business partners, suppliers and customers such as: selling direct to consumers, manufacturers and suppliers; monitoring and exchanging information; and collaborative product design. These online interactions are aimed at improving or transforming business processes and efficiency. e-commerce refers to online transactions - buying and selling of goods and/or services over the Internet.
  • 42. E-BUSINESS  Online marketing communication: Direct Email Marketing  Direct email marketing is a format for email-based campaigns in which standalone advertisements are sent to a targeted list of recipients. The messages, which may be text or HTML.
  • 43.  Online marketing communication: Online Catalogue * Internet-based presentation of a set of items available for purchase, including description, price, and ordering information- cyber catalog, electronic catalog and web catalog. *Lower costs (no paper, printing & postage),24-hour accessibility, and the ability to quickly change price and product. * Amazon.com - serving as a model for on-line catalog marketers. In travel and entertainment ticketing, entertainment merchandise (books, magazines, videos, music), grocery and drugstore sales, computer software, and computer hardware.
  • 44.  Online marketing communication: Public Relations is the practice of managing the flow of information between an individual or an organization and the public

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