Entrepreneurship skills and behaviour

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Entrepreneurship Skill and Behaviour

(BPME 2013)

Lecturer: Assoc Prof Habshah Bakar

Room: COB 164 (College of Business Main Building)

Tel: 04-9287498Email: [email protected]

CONSULTATION HOURS:MON & WED: 10.00 am -12.00 noon

BPME2013 Assoc Prof Habshah Bakar

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mailto:[email protected]:[email protected]


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OVERVIEW..

Syllabus

Expectation

Attendance80% compulsory.

Hand phone, dressing code, etc.

Participation in class

Mode of teaching and learning

Coursework and Assessment


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COURSE OBJECTIVESstudents

are expected to:

acquire related knowledge and management skill in developing a business.

understand the skills and management behaviour needed as an

entrepreneur.

identify the relationship of entrepreneurial motivation in developing

business

justify the importance of networking in developing a business

apply the knowledge, management skill and leadership in the business

context

relate the business challenges and critical success factors in developingbusiness


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LEARNING OUTCOMEstudents

are able:-

To identify and explain the skill and management that needs to be

practiced in business

To explain the relationship of entrepreneurial motivation in developing

business

To relate the importance of business networking in developing a business

To explain the method of managing the internal and external networking of

an organization effectively

To transfer the entrepreneur knowledge and skill into the act of managing

the business To explain the challenges and the critical success factors that an

entrepreneur should know in developing a business


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MODE OF TEACHING AND LEARNING

Student centred

learning


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COURSEWORK AND ASSESSMENT

Coursework 60% + Final Exam 40%

ASSIGNMENTS MARKS1 LetsBlog!!

Process and reflection paper (10%)

Review of articles from the blog (5%) 15

2 Living EntrepreneurshipProposal of Business Idea (5%)

Report (25%)

Presentation (10%)

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3 Quiz (1) 5Total 60%


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Objective of the session

To understand on the concept of entrepreneur and

entrepreneurship

To trace the evolution of entrepreneurship

To identify the importance of entrepreneurship

To reflect on the entrepreneurship in Malaysia


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Understanding the concept


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WHO IS THE ENTREPRENEUR?

Recognizeopportunities

convertopportunitiesto ideas

Addvalue

Invest time, effort,money or skills

Assumerisk

implement theseideas and realizedthe rewards fromthese efforts

Innovator

or

developer

Resource

organizer

REWARD

Entreprendre

(to undertake)


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VARIATION OF MEANING ACCORDING TO

DISCIPLINE

brings resources together in unusualcombinations to generate profit.Economist

look at the behavioral term of

achievement-oriented individuals driven toseek challenges and new accomplishmentsPsychologist

exploitative adventurers in thenegative light of capitalism

Marxist

philosophers pillars of industrial strength (the

mover and shakers whoconstructively disrupt the status quo)

Marketeconomy


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DEFINITION OF ENTREPRENEUR

One who undertakes to organize, manage and assume the risks of abusiness (Kuratko & Hodgetts, 2001)

A person who perceives anopportunity and creates anorganization to pursue it

(Bygrave in Bygrave & Zacharakis,

2004)

One whocreates a new businessin the face of risk and uncertaintyfor the purpose of achieving profit

and growth by identifyingopportunities and assembling the

necessary resources to capitalizeon them (Zimmerer & Scarborough,2005)

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Entrepreneur

is a catalyst for economic change and growth;who usespurposeful searching, careful planning, and sound

judgment when carrying out the entrepreneurial

process.

Uniquely optimistic and committed, the entrepreneur

works creativelyto establish new resources or endowold ones with a new capacity, all for the purpose of

creating wealth Related concepts - entrepreneurial, entrepreneurship

and entrepreneurial process.


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WHAT IS ENTREPRENEURSHIP?

Ability to createand build a visionfrom practically

nothing (Timmons,1994)

a creativeact

initiate and

build anenterprise

willingnessto take

calculatedrisks

seeopportunity

admist chaos

possess theknow-how to

find, marshaland controlresources


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The process ofcreating

something newwith value(Hisrich &

Peters, 1998)

involve timeand effort

assumefinancial,

psychic andsocial risks

receive rewardsof monetary and

personalsatisfaction

gain independence

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ENTREPRENEUSHIP DEFINED

Kuratko & Hodgetts (2004):

is a process of innovation and new venture creation

through four major dimensionindividual,

organization, environmental & processthat isaided by collaborative networks in government,

education and institutions.


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Macro and Micro

Micro perspectivefocuses

on the behavior and

thoughts of individuals

Macro perspectivefocusesprimarily on environmental

factors

Both are key in

understanding theentrepreneurial process


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Opportunity Resource

EntrepreneurCreativity Leadership

Ambiguity Exogenousforces

UncertaintyMarket Model

Fits & Gaps

TIMMONS MODEL OF THE ENTREPRENEURI L PROCESS

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Business plan


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ENTREPRENEURIAL PROCESS

Recognition of an opportunity

Deciding to proceed and assembleresources

Launching a new venture

Building success and managing growth

Harvesting the rewards

Baron & Shane (2008)

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Ingredients for a successful new

business (9Fs)

Founders Every startup company must have a 1stclass entrepreneur

Focused Focus on niche markets where they specialize

Fast They make decision quickly and implement them swiftly

Flexible They keep an open mind and respond to changes

Forever-

innovating

They are tireless innovators

Flat Have as few layers of management as possible

Frugal By keeping overhead low and productivity high

Friendly Friendly to their customers, suppliers and workers

Fun It is fun to be associated with an entrepreneurial company

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Rosabeth Kanter


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ENTREPRENEURS VERSUS SMALL BUSINESS

OWNERS: A DISTINCTION

Small Businesses Owners

Manage their businesses by expecting stable sales, profits,

and growth

Entrepreneurs

Focus their efforts on innovation, profitability and sustainable

growth. Their involvement in entrepreneurship is more than

mere creation of business

Seeking opportunities

Taking risks beyond security

Having the tenacity to push an idea through to reality


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THE IMPORTANCE OF ENTREPRENEURSHIP

Transform life through invention eg. invention of electricity,ICT, transportation

Engine for economic growth

entering and expanding existing markets

innovation activities lead to technological change

productivity growth

Encourage creativity

creating entirely new markets by offering innovative products

Promote wealth distribution

increasing diversity and fostering minority participation in theeconomy through career choice and jobs opportunities


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ENTREPRENEURSHIP DEVELOPMENT IN

MALAYSIA

Barter trade systemexchanges of goods

Port of Malaccainteraction with foreign merchants

Colonialisationpolicy divide and rule

Malaysadministration and agriculture Chinese- mining and business

Indiansestate

After Merdekagovernment develop New Economic

Policy (1971-1990), New Development Policy, Vision2020.


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GOVERNMENTS INTERVENTION

To foster a vibrant entrepreneurship culture and creatinga new generation of resilient and competitiveentrepreneurs

Integrating entrepreneurship culture in the educational

system (introduction of subjects such as Economy,Commerce and Accounting)

Provide positive business environment, tax incentives,various financing schemes , physical infrastructure, andadvisory services through supporting policies.

Encouraging privatisation to provide the private sectorswith opportunities in areas previously controlled bygovernment agencies


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Entrepreneurship in Malaysia

Entrepreneurial activities in Malaysia- current issues

Richest entrepreneurs in Malaysia

Richest entrepreneurs in South East Asia

Social Entrepreneurship

The Importance of Entrepreneurship Field.


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To be an entrepreneur.

Whatdo youneed?

Manage-

ment

Thinking

Relation-ship

Mental

Physical

Spiritual


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Develop

selfconfidence

Be passionatewithknowledgeexposeyourself to

information

Empower

yourself with ITskill

Improve onyourcommunicationskilllanguage

andinterpersonalskill

Developnetworking

Strengthen your spiritual aspect

Develop

saving

and

investmento

rientation

Preparation to be an entrepreneur


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Entrepreneurship skills and behaviour