Understand the role of entrepreneurship in economic development
Understand the differences between the entrepreneurial and managerial domains
Identify the general characteristics of an male and female entrepreneur
Identify what business plan is
Entrepreneurship is vital for stimulating economic growth and employment opportunities in all societies.
This is particularly true in the developing world, where successful small businesses are the primary engines of job creation and also had help to reduce poverty around the world.
THE NATURE & CONCEPT OF ENTREPRENEURSHIP
process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, physics and social risks and receiving the resulting rewards of monetary and personal satisfaction and independence.
WHAT MAKES AN ENTREPRENEUR?
THE ENTREPRENEURIAL DECISION PROCESS
Changing current lifestyle?
Look at table Decision for a Potential Entrepreneur (pg77)
CREATING A NEW BUSINESS
Small business are created by entrepreneurs who has business ideas and also determine to venture in this world
In Malaysia, many became successful and some even had close their business due to internal and external factors.
Late Dato’ Loh Boon Siew
Dato’ Robert Kuok
Dato’ Tony Fernandes
Tan Sri Syed Mokhtar al-Bukhary
Dato’ Maznah Hamid
Dato’ Ananda Krishnan
Tan Sri Azman Hashim
Dato’ Steven Sim
MANAGERIAL vs ENTREPRENEURIAL DECISION MAKING
What are the difference between managers who manage a company, a true entrepreneur & intrapreneur?
Kindly refer to table 5.3 (pg79)
Male vs Female Entrepreneur
The major differences of male & female entrepreneur can be compared as per table 5.4. (pg81)
WHAT IS BUSINESS PLAN?
Business plan is a written document prepared by the entrepreneur which contains the external and internal elements in starting a new business venture.
A business plan can help an entrepreneur to allocate resources appropriately, handle unexpected problems, and make good business decisions.
A well-organized plan is an essential part of any loan application. It should specify how the business would repay any borrowed money.
OUTLINE OF A BUSINESS PLAN
Basic elements of a business plan as per table 7.5 (pg84)
How are existing companies in a market affected when a new company with a competitive advantage enters the market?
How is Malaysian government plays a role in entrepreneurship?
What are the pros and cons of entrepreneurship? Do you think you have the skills required including risk tolerance, to be an entrepreneur?
What are the components in marketing plan? Why marketing plan is important?
Summarize an article of your idol entrepreneur (article from journal, magazines or newspaper)