1.Entrepreneur-as a person who organizes, operates 8.
8.entrepreneurial process
& assumes the risks for a business venture
2.Intrapreneur-individual in organizations who have
high entrepreneurial characteristics
3.Technopreneur-an entrepreneur whose business
involves high technology
4.similiars entrep & technopre-able to determine
risk n has the courage to take risk, independent and
self-confident, likea challege, hardworking n
tenacious, nor easily discouraged, has a strong
sense of sekf-worth
5.Differences entrep & intrap –
 skills n experiences-(e) has the same skills but
with more freedom to exploit their skills
-(i) has the same skills but stills needs to abide by
company’s policies n producers
 environment – (e) has to face the micro and
mocro environment such as goverment employees,
competitiors n others - (i) has to face the micro
n macro environment plus the corparate
environmnt
 failures & mistake – (e) is held accountable for all
mistake made by the company –(i) is sheltered by
the company each time he/she makes mistakes
 Attitude towards status –(e) perceives that the
corparate symbol is of utmost importance –(i) is
willing to sacrifice status in order to succeed.
6.Differences entrep & technopre–
 likes to compete – like to innovate
 is a pioneer – is part of a team
 is able to do many things at once – is able to do
many things at once but choose to delegate and
has a greater vision
 a creative n has dreams n goals – is innovative n
has a greater vision
 likes to work for him/herself and be in control –
like to be the one to control innovation n be part
of an evolution
 entrepreneur are dedicated to their business
7.characteristics of successful entrepreneur
 a successful entrepreneur is motivated by
personal n family considerations
 a desire for independence n strong sense of
initiative are usually characteristics of a
successful entrepreneur
 entrepreneur are dedicated to their business
 successful entrepreneurs react quickly to
change
pose problems, such as being sabotaged and the
Oppurtunity analysis -> business planning ->
gathering resources -> implementation -> scaling n
harvesting
9.technopreneurship process
Idea generation -> idea screening -> concept testing
-> business analysis -> prototyping -> test marketing
commercialization -> monitoring n evaluation
11.Internal environment-structure-culture-resoucer
12.external environment
 micro/industril environment-customers,
competitors, suppliers, financial institutions, non-
government organizations, government agencies
 macro/general environment – economy,
technology, social culture, politics& legislation
prospeperity
economy
recovery recession
cycle
depression
13.process of identifying, evaluating & selecting a
Business opportunity
1.identifying customers’ needs n wants
 needs-something that is basic in life such as the
necessities of food, clothingn shelter
 wants-the craving for something that is far
better than the basic items, shaped by one’s
lifestyle, level of education, purchasingpower and
personality
2.environmental scanning, self-evalution n
community values/norms
 environmental scanning- can help identify a
business oppurtunity –micra n macro
 self evalution- experience-knowledge n skills –
financial institution – intrest – networking
3.screening of business opportunities
 legality-entrepreneur must make sure that the
business opportunity that he is going to
undertake is legal
 monopolistic power n level of competition-
entrepreneur must select a business opportunity
which is not already monopolized by an individual
or a group of people, as this type of business will
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 process innovation-changes in the ways in whoch
fact that it is difficult to penetrate a controlled
market
 capital requirements-capital is required to
finance investment in fixes assets and working
capital
 risks-is something that is uncertain and is
related to success and failure
--business risks-transferable risks, controllable
risks, uncontrollable risks
--financial risks-liquidity level, loans, credit, foreign
exchange
4.selecting the best business opportunity
-to minimize the business risks, an entrepreneur
needs to assedd, evaluate n review the first three
steps before making the decision to venture into a
business.
14.Creativity –imperstive in responding to the
complex shallenges in a dynamic business
environment which is often full of non-routine
problem – the ability to produce work work that is
novel, high in quality and apporopriate
15.process of creativity-
1.knowledge accumulation-to compile all relevent
information n investigations, this involves reading,
discussing with other working in the same field
2.incubation-individuals will try to get rid problems
and lets their subconscious minds work on it
3.ideas-individuals will think something unrelated to
the business or problems
4.evaluation n implementation- an entrepreneur will
transform the idea into reality. This is an
extremely difficult phase because it requires
courage, self-regualation, hign confidence n
perseverance
16.how to generate creative ideas-brainstorming,
forced analogy, do it, mind mapping n nominal group
17.characteristics of creative individuals-
passionate, take calculated risks, high sell, open
minded, brave to try new things, determined & goal
directed
18.Innovations-is ability to apply creative solutions
to those problem and opportunities in order to
enchance peolple lives or enrich society
19.dimensions of innovation-
 product innovation-changes in the things which an
organization offers
things are created n delivered
 position innovation-changes in the context in
which the product/services are intreduced
 paradigm innovation-changes in the underlying
mental models which become the framework of
what the organization does
20.types of innovation-
 invention-the act of creating a new product,
services or process that is totally novel n untried
 extension-new use or a different application of
already existing product llin, services or process
 duplication-creative replication of an existing
concept
 synthesis-the combination of existing concepts n
factors into a new formulation or use
21.importance SME
 central theme towards achieving sustainable
economis growth
 play an important role in the country overall
production network
 the potential to contribute substantially to the
company
 Can provideda strong fundation for the growth of
new industries
22.defining SME-sometimes viewed as enterprise
engaged in trading activities oa r retail store selling
customer goods - As a business enity that is
neither owned by the publis nor listed on the stock
exchange
23.characteristics of small business –ownership,
management, resources, organiational structure,
flexibility of change, firm age, annual revenue
24.advantages os small business
 very low cost n on a part time basis’well-suited to
internet marketing
Change is scrucial in business n particulary small
business n not being teid to any bureaucratic
 proprietors tend to be intimate with their
customer n clients which resault in greater
accountability n maturity
Many people desire to make their own decision,
take their own risks n reap the rewards
25.management functions
 planning-the ongoing process of developing the
business mission n objective n determaining how
they will be accomplished –is the function of the
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 management of systematically making decisiob
about goals to be achieved and activities or
actions needed to achieve these goals that an
individual, a group, a work unit or the overall
organization
 organizing-is establishing the internal
organizational structure of the organization –
also includes staffing
 leading – inclueccing people’s behaviour through
motivation, communication, group dynamics,
leadership n discipline
 controlling- is a four-step [rocess of establing
performance standards based on the firm’s
objevtives, measuring n reporting actual
performance, comparing the two and taking
corrective or preventive action as necessary
26.management level
top-level
managers
middle-level
managers
frontline managers
27.entrepreneurial skills
 technical skills-the ability to perform a
specialized task involving a particular method or
process
 conceptual n decision skills-to recognize complex
n dynamic issues-to examine the numerous and
conflicting factors that influence these issues
nproblem
 interpersonal n communication skills – very
important besause managers spend most of their
time interacting with people –ability to create,
through management, a climate n spirit conducive
to high performance –ability to uderstand the
relationship among tasks n between the leader n
followers
28.other management competrncies needed
 marketing-product management, pricing strategy,
promotion
 operations/production-manufacturing
management, inventory control
 finance-managing cash flow, creadit n collection
management
 entrepreneurial management-problem solving,
communications
 law n taxes-company law, contract law methodology used to ecquire service n retain staeholders confidence =identify the right way of
 information technology customers managing the business =identify the main
32.components of the business model competitors
29.types of business establishments in Msia  value proposition 38.who needs BP
 sole proprietorship : solely owned by one person,  market segment  management team
where management rests on that person whose  value chain structure  employees
liability is unlimited.  revenue generation n margins  suppliers
o Advantages : -easy to manage besause the  position in value network  customers
owner can make decisions by himself –east to  competitive strategy  bankers or creaditors
form and dissolve with minimum formalities – 33.business model canvas  stakeholders
the owner pays income tax based on his total  key patners, key activities, key resources, 39.coponents of a BP
individual income value propositions, customer relationship,  executive summary
o Disadvantages : -limited source of capital that channel, customer segments, cost structure  introduction to the company :
could limit the business activities –liability is revenue streams –company background
limited. –the owner is solely responsible for 34.types of business models for technology - business project background
carrying out all the tasks, therefore, a lot of ventures -project location
time n effort need to be spent in managing the  bricks n clicks business model -factory building
business.  direct sales model -existing machine/vehicle/equipment
 Patnership : is a legal business entity with two or  franchise -proposed machine/vehicle/equipment
more patners  freemium business model -current capacity n projection capacity
o Advantages : -easy to set up with few  loyalty business models -raw materials requirements/other
formalities –equity can be increased through  online auction business model important inputs
enlisting additional patners –a lot of idea,  profesional open-source model -production process
talents, and skills can be pooled for better  servitization of products business model -quality control n population
management  subscription business model -technology transfer
o Disadvantages : -risks of personal clashes  online content business model -Grant chart
among patners –business liabiliti unlimited –if  shared services n outsourcing(SSO)  marketing programs :
no letter or agreement is made, unethical 35.strategic (Business model innovation) –general market aspect
behaviour or misconduct may happen  the opportunity to address the needs of large -compan’s target market
 limited company-private limited company –public groups of potential customer who are shut out of -benefits n customers value
limited company –unlimited company a market entirely -market n competitor’s information
 the oppurtunity to levrrage a brand-new -Strenght n weakness or SWOT
technologywrapping the right business model -growth strategis to compete with the
30.the role of a business model around it ir the oppurtunity to leverage a tested competitor
technology in a whole new market -long term goals of company
Technical business economic  The oppurtunity to bring a job-to-be-done focus  employement of knowledge workers
Inputs model outputs to a marketing-driven industry -management team (company’s
 to need to fend off ow-end-disruptors organizations; director’s name n
31.definition of business model  to need to respond to a shifting basis of background ; main staff name n
 the plan implementation by a company to competition background if different than above ;
generate revenue n make a profit from operation justification
 a business decribes the rationable of how an 36.business plan (BP)- is a written document that -financial projections
organizations creates, delivers n captures value serves as a blueprint n guide for a proposed
 32.different of business model n business plan business project that any entrepreneur or
 business plan –a detailed document, typically 50 technopreneur intends to undertake 40. Marketing Environment and the marketing mix
to 100 pages with a lot of financial prohjections 37.importance of BP= as a performance tool
 business model-the specific way the business =identify barriers to business =develop mission n
expects to make money, is a proprietary vision =increase opportunity for success =increase
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  Product strategy
Product development process
41. Three-step process in selecting and targeting a
market position
 step 1: a process of grouping customer which are
similiar enough that the same product or service
will appeal to all of them
o total market approach : a firm tries to appeal
to everone and assumes that all buyers have
similiar needs and wants
o concentration approach : a firm develops a
marketing strategy for a single market
segment
o multi-segment approach : the firm aims its
marketing activities at two or more market
segments, developing a marketing strategy for
each market segment
o niche market : a place within a market segment
that represents a small group of customer with
similiar interests
 step 2 : a specific group of individuals or whose
needs and wants a firm focuses its marketing
activities.
 Step 3 : position is conserned with how the firm
is situated relative to competitors.
42. Marketing Strategy : 4P is the key to
developing a marketing that meets the needs and
wants of the target market and creats long lasting
relationship with customer. –product strategy –
price strategy –place strategy –promotion strategy
 Pricing strategy : the value placed on the object
o Product classification : about how product is
used and why it is purchased determines how a
product is classified (convenience product,
shopping product, specialty product
o Product line n product mix : product line is a
group of closely related product that are
treated as a unit of product
o Product life cycle(PLC) :
o Pricing objectives : -the maximization of profits
 Place strategy / distribution channel / marketing
o Brading : the process of assigning a name and
identifying product. A brand is a set of positive
or negative attributes that customer associate
with firm.
-brand equity : term that denotes the set of
assets n liabilities that are linked to a which
enable it to raise a firm’s market value.
-co-branding : relationship between 2 or more
firms where promote each other’s brands.
-two main categories of brand : manufactured
brands and private brands.
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o Packaging : the external container yhat holds
and describe the product.c
o Labeling : the presentation of important
information on the package.
involved in an exchange between a buyer and
seller. Pricing is a key element in the marketing
mix because it relates directly to the generation
of revenue and profits. Methods to set price :
o Cost-based pricing : based on the cost
producing, distributing and selling the
product.
o Value-based pricing : based on customer’s
perception of value rather than on the
seller’s production cost.
o Competitors-based pricing :firms may set
their prices
n sales –boosting market share –maintaining the
status quo – survival
channel : a group of marketing prganization that
organise theflow of products from manufactures
to final consumer.
o Supply chain management : creates between
channel members to improve distribution
channel relationship among manufactures and
intermediaries
o Channels for customer products :
o Intensity of market coverage : -intensive
distribution –selective distribution –exclusive
distribution
o Physical distribution : all the activities
needed to move power products from
products to consumer
o Warehousing : involves designing operating
facilities to receive , store, and ship
products
o Materials handling : the physical handling and
movement of products in warehouse
operations and transportation.
 Promotion strategy : to communicate with
individuals, groups and organizations to facilities
an exchange directly or indirectly.
o Push and pull strategies
o Advertising : step involved in putting
together an advertisement
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 o Public relations : refer to building good
relations with company’s various public
recipents by obtaining favorable publicity,
building a good corparate image and handling or
heading off unfavorable rumours, stories and
events. –press release –media coverage –
articles –blogging –newsletter –conference –
community
42. Online marketing strategy
Machine Productivity =number of tables
Multifactors Productivity = Output
43. *Managing operations : crucial to make sure that
the business is able to produce goods or deliver
services according to the specification, quality
and time determine by the customer
*Operation Management : a set of activities that
creates value in the form of goods and services
by transforming inputs into outputs.
44. The transformation process
 Inputs : wherever enities that go into a
transformation process to produce outputs
 Transformation process : a process whereby
inputs are changed or mixed from one into
another form of outputs which can be a final
flow to produce the desired outputs.
 Outputs : the accomplishment of production
systems in the form of products or services.
44. Productivity : the ratio of ouputs divided by the
inputs
Productivity = output
input
Processing time
(labour + Materials)
45. Process Planning
 Flow chart : a graphical or symbolic
representation of a process
 Layout : refers to the arrangement of machine,
equipments, workers and other facilities used
on the operations. Types of layouts :
o Layouts based on product
o Layouts based on process
o Layout based on marketing
46. Material Requrement Planning
 Materials management : an important
compenent of any production setup as materials
often form a high percentage of total cost of
the finished products or services
 Step 1 : identify and list down the raw
materials required
 Step 2 : prepare to bill of materials
 Step 3 : calculate the quality of raw
materials required
 Step 4 : identify the supplier
47. Capacity planning : the maximum output rate
can be achieved by a facility . the facility may
be an eatire organization, a division, or only one
machine.
 Long term
 Medium term
 Short term
48. Operation cost and cost per unit
Operation cost = Direct materials cost + Direct
lobour cost + overhead cost
Cost per unit = Total Operation Cost (RM)
Total number of Output (Units)
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49. Intellectual property (IP) : a legal field that
refers to creations of the mind such as
musical, literary and artistic works
50. Patent : an exclusive right granted for an
invention, which is a product or process that
provides a new way of doing something, or
offers a new technical solution to a problem
51. Trademark : a sign which distinguishes the
goods and services of one trader from those of
another.
 Functions of trademark : -origin function –
choice function – quality function – marketing
function –economic function
 Important of trademark : -exclusive rights –
legal evidence
52. Copyright : the exclusive right given to the
owner of a copyright for a specific period
 Work eligible for protection are : -literary
work –musical works –artistic work –films –
sound recordings –broadcasts –deriative works
53. Industrial design : the ornamental or aesthetic
aspect of an article. The design may consist of
3D features such as the shape and
configuration of an article or 2D features,
such as pattern and arnamentation
 Types : -3D features -2D features
54. Geographical indication : an indication where
the goods are produced, where a given quality,
reputation or other characteristics of the
goods is essentially attributable to their
geographical origin.
55. Commercialization : process of transforming
new technologies into commercially seccessful
products
56. General model of commercialization process
from a university to a firm
 Spin-off companies go through 5 stages of
development :-research phase –opportunity
framing phase –pre organization phase –re
orientation phase –sustainability phase
 4 critical junctures : -oppourtunity recognition
–entrepreneurial commitment by a ventur
champion –attainng credibility in the business
environment –achieving sustainable returns
within their respective markets
57. Spin-off : arguable and inconsistent, often
referring to any new, hihg technology or
knowledge intensive company which intellectual
capital originates from a university or public
research instution
58. Licensing : contractual agreement between two
parties, the holder of the right or
licensor(seller) and the licensee(buyer),
authorizing the latter to use his right either
exclusively or otherwise
59. Factors Influencing Spin-Off Formation or
Licensing to Established Companies
 Motivation of academic entrepreneur/The
Champion factor
 Experience of the inventors that lead them
to recognize opportunities
 Spinn-off creation or licensing to estabilshed
companies : the role of funding
 External funding
 Government funding
 The effect of research funding
 Characteristics of technology that lead to
spin-offs or licensing to an established
company
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 Early stage
 Uncertain value and focus on existing
operations
 Product development expertise
 Ability to capture value
 Time horizon
 Scope of patent
 Radicalness of technology
 General purpose technologies
 Industries where Spin-offs Occur

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