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simple slide show explaining the process of entrepreneurship
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ENTREPRENEURIAL ENTREPRENEURIAL PROCESSPROCESS
INSPIRING CREATIVE AND INNOVATIVE MINDS
@ 2007 Zaidibahari FPPSMUTMHak cipta terpelihara
The Entrepreneurial ProcessThe Entrepreneurial Process
Deciding to become an entrepreneur
Developing successful business ideas
Moving from an idea to an entrepreneurial firm
Managing and growing the entrepreneurial firm
Step 1
Step 2
Step 3
Step 4
Sources of Opportunities
Entrepreneurial Entrepreneurial OpportunityOpportunity
A situation in which a person can exploit a favourable set of circumstances or new business idea that has the potential to generate a profit, through the creation of new products or services or business
• Exist when there is room to offer a product or service in a particular market which fulfill customers’ demand
• Two situations:– Product or service available but unable to
meet customer demands and preferences.– Customers need product or service that
can help to solve their problems.
Entrepreneurial OPPORTUNITIESEntrepreneurial OPPORTUNITIES
opportunitiesopportunities
Social ChangeSocial Change
Ready availability of established, Non-proprietary technology
Ready availability of established, Non-proprietary technology
New Market & Distribution ChannelNew Market & Distribution Channel
Economic Change
Economic Change
Sources of OpportunitiesSources of Opportunities
• Step 1 : Identifying the needs and wants• Step 2 : Scanning the environment and
evaluating of self and community• Step 3 : Screening of business opportunities• Step 4 : Selecting a business opportunity
and preparing a business plan
@ 2009 Zaidibahari FPPSMUTMHak cipta terpelihara
Opportunity Recognition ProcessOpportunity Recognition Process
Environmental Trends
EconomicSocial
TechnologicalPolitical
Legal
Environmental Trends
EconomicSocial
TechnologicalPolitical
Legal
Personal Characteristics of an entrepreneur
ExperienceCognitive
Social NetworkCreativity
Personal Characteristics of an entrepreneur
ExperienceCognitive
Social NetworkCreativity
Business, Product or Service
Opportunity Gap
Business, Product or Service
Opportunity Gap
New Business, Product &
service Ideas
New Business, Product &
service Ideas
@ 2007 Zaidibahari FPPSMUTMHak cipta terpelihara
Internal
StructureCulture
Resources
Micro/Industrial
Customers
Government Agencies
NGOs
Financial Institutions
Suppliers
Competitors
Macro/ExternalMacro/ExternalSocio-Cultural
Political & Legislation
Economy
Technology
External EnvironmentExternal Environment
globalglobalglobalglobalnationalnationalnationalnational locallocallocallocal
General Macroeconomic Condition?
Labour Market?
Interest Rate?
Currency value?
Industrial players?
International/
Export mkt?Competitiveness?
Economic
External EnvironmentExternal Environment
Socio-CulturalSocio-CulturalTechnologicalTechnological
Demographic Demographic ChangeChange
Demographic Demographic ChangeChange
Social TrendSocial Trend
Process Process InnovationInnovation
Process Process InnovationInnovation
Pure Invention
Pure Invention
External EnvironmentExternal Environment
Political/legislationPolitical/legislationPolitical/legislationPolitical/legislation
Global IssuesGlobal IssuesNational IssuesNational Issues
taxationtaxation
regulationregulation
Trade agreement
Trade agreementPolitical riskPolitical risk
Trade barriers &
tariff
Trade barriers &
tariff
Micro EnvironmentMicro Environment
ConsumersConsumers
CompetitorsCompetitors
SuppliersSuppliersFinancial Institutions
Financial Institutions
Government Agencies
Government Agencies
Non-Government Organisations
Non-Government Organisations
individuals
industrialLocal
Regional
National/int’l
MonitoringMonitoring
Policies
Policies
Supports: Technical, financial, etc
Supports: Technical, financial, etc
Materials Services
@ 2009 Zaidibahari FPPSMUTMHak cipta terpelihara
TheTheUnexpectedUnexpected
TheTheUnexpectedUnexpected TheThe
IncongruousIncongruousTheThe
IncongruousIncongruous
Sources of OpportunitiesSources of Opportunities
opportunitiesopportunities
Process NeedProcess NeedProcess NeedProcess Need
Industry & Industry & mkt Structuresmkt Structures
Industry & Industry & mkt Structuresmkt Structures
DemographicsDemographicsDemographicsDemographics
Change in Change in PerceptionPerception
Change in Change in PerceptionPerception New New
knowledgeknowledgeNew New
knowledgeknowledge
@ 2007 Zaidibahari FPPSMUTMHak cipta terpelihara
Creation & length
Real & Perceived
values
Risk & Return
Personal skills & goals
Competitive Situation
Evaluating OpportunitiesEvaluating Opportunities
• List as many needs and wants of UTM students:– Food– Shelter– Entertainment– Study– Transportation– Personal life– Professional development