Unleash the Entrepreneur in YOU! Mohd M. Khawaja Deputy Director

This is NOT a …

WHO IS MR./MS. ENTREPRENEUR?

Unleashing The Entrepreneur in you!

Are you an entrepreneur? Get a special prize … NOW! simply be the first to raise your both hands up as soon as you read this!

Get a special prize … NOW!

simply be the first to raise your

both hands up as soon as you read this!

Definitions of Entrepreneurship? Entrepreneurship is the practice of starting new organizations, particularly new businesses generally in response to identified opportunities (The Economist Magazine, March 11, 2006) An Entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation. (economist Joseph Schumpeter and the Austrian School of economics)

Entrepreneurship is the practice of starting new organizations, particularly new businesses generally in response to identified opportunities (The Economist Magazine, March 11, 2006)

An Entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation. (economist Joseph Schumpeter and the Austrian School of economics)

Other important Definition! Pinchot (1985) coined the term Intrapreneurship to describe the practice of entrepreneurial skills and approaches by or within organizations and government. An Intrapreneur is the person who focuses on innovation and creativity and who transforms a dream or an idea into a profitable venture, by operating within the organizational environment. Intrapreneurship is commonly referred to as Corporate Entrepreneurship

Pinchot (1985) coined the term Intrapreneurship to describe the practice of entrepreneurial skills and approaches by or within organizations and government.

An Intrapreneur is the person who focuses on innovation and creativity and who transforms a dream or an idea into a profitable venture, by operating within the organizational environment.

Intrapreneurship is commonly referred to as Corporate Entrepreneurship

Old Theories of Entrepreneurship Trait-based theories : Entrepreneurs have many of the same character traits as leaders. Collins and Moore (1970) studied 150 entrepreneurs and concluded that they are tough , pragmatic people driven by needs of independence and achievement. they seldom are willing to submit to authority ! Cole (1959), there are four types of entrepreneur : the innovator, the calculating inventor, the over-optimistic promoter, and the organization builder

Trait-based theories : Entrepreneurs have many of the same character traits as leaders.

Collins and Moore (1970) studied 150 entrepreneurs and concluded that they are tough , pragmatic people driven by needs of independence and achievement. they seldom are willing to submit to authority !

Cole (1959), there are four types of entrepreneur : the innovator, the calculating inventor, the over-optimistic promoter, and the organization builder

Modern theory of Entrepreneurship A successful entrepreneur possesses qualities that help his business grow and thrive. These qualities could be identified and enhanced by practice. Research identified several key competencies in successful entrepreneurs in developed and developing countries. They are commonly known as the 10 personal entrepreneurial competencies (PECs) These competencies are grouped into what are known as the Achievement Cluster , the Planning Cluster , and the Power Cluster .

A successful entrepreneur possesses qualities that help his business grow and thrive. These qualities could be identified and enhanced by practice.

Research identified several key competencies in successful entrepreneurs in developed and developing countries. They are commonly known as the 10 personal entrepreneurial competencies (PECs)

These competencies are grouped into what are known as the Achievement Cluster , the Planning Cluster , and the Power Cluster .

Who is Mr./ Ms. Entrepreneur? ACHIEVEMENT CLUSTER 1. Opportunity seeking • Perceives and acts on new business opportunities • Seizes unusual opportunities to obtain financing, equipment, land, work, space, and assistance 2. Persistence • Takes repeated or different actions to overcome obstacles • Makes sacrifices or expands ordinary effort to complete a task • Sticks to own judgment in the face of opposition or disappointments Tea Turkey YouTube

ACHIEVEMENT CLUSTER

1. Opportunity seeking

• Perceives and acts on new business opportunities

• Seizes unusual opportunities to obtain financing, equipment, land, work, space, and assistance

2. Persistence

• Takes repeated or different actions to overcome obstacles

• Makes sacrifices or expands ordinary effort to complete a task

• Sticks to own judgment in the face of opposition or disappointments

Mr./ Ms. Entrepreneur ACHIEVEMENT CLUSTER 3. Commitment • Accepts full responsibility for problems encountered • Helps own employees to get the job done • Seeks to satisfy the customer 4. Risk-taking • Takes calculated or studied risks • Prefers situations involving moderate risks

ACHIEVEMENT CLUSTER

3. Commitment

• Accepts full responsibility for problems encountered

• Helps own employees to get the job done

• Seeks to satisfy the customer

4. Risk-taking

• Takes calculated or studied risks

• Prefers situations involving moderate risks

Mr./ Ms. Entrepreneur ACHIEVEMENT CLUSTER 5. Concern for quality and efficiency • Always strives to raise standards • Aims for excellence • Strives to do things better, faster, cheaper

ACHIEVEMENT CLUSTER

5. Concern for quality and efficiency

• Always strives to raise standards

• Aims for excellence

• Strives to do things better, faster, cheaper

Mr./ Ms. Entrepreneur PLANNING CLUSTER 6. Goal-setting • Sets clear and specific short-term objectives • Sets clear long-term goals 7. Information-seeking • Personally seeks information on clients, suppliers, competitors • Seeks experts for business or technical advice • Uses contacts or networks to obtain information NOKIA JCBenny

PLANNING CLUSTER

6. Goal-setting

• Sets clear and specific short-term objectives

• Sets clear long-term goals

7. Information-seeking

• Personally seeks information on clients, suppliers, competitors

• Seeks experts for business or technical advice

• Uses contacts or networks to obtain information

Mr./ Ms. Entrepreneur PLANNING CLUSTER 8. Systematic planning and monitoring • Develops logical, step-by-step plans to reach goals • Looks into alternatives and weighs them • Monitors progress and shifts to alternative strategies when necessary to achieve goals NASA

PLANNING CLUSTER

8. Systematic planning and monitoring

• Develops logical, step-by-step plans to reach goals

• Looks into alternatives and weighs them

• Monitors progress and shifts to alternative strategies when necessary to achieve goals

Mr./ Ms. Entrepreneur POWER CLUSTER 9. Persuasion and networking • Employs deliberate strategies to influence or persuade others • Uses business and personal contacts to accomplish objectives 10. Self-confidence • Believes in self • Expresses confidence in own ability to complete a difficult task or meet a challenge 30 Sec Pitch

POWER CLUSTER

9. Persuasion and networking

• Employs deliberate strategies to influence or persuade others

• Uses business and personal contacts to accomplish objectives

10. Self-confidence

• Believes in self

• Expresses confidence in own ability to complete a difficult task or meet a challenge

Thank you!