TUTORIAL 1 TECHNO KHAIRUL SHAHID BIN MOHD KHAIR 55228121156 Section A: True or False Questions Circle the correct answer for the following statements. 1 According to Pinchot (1985), intrapreneurs can be defined as individuals in organizations with high entrepreneurial characteristics. TRUE 2 Schumpeter (1934) defines entrepreneurship as activities that produce beneficial results through developing profit-oriented businesses. FALSE 3 One of the major characteristics of technopreneurs is they are propelled by their greed for profit, FALSE 4 Both entrepreneur and technopreneur are able to determine risks and have the courage to gamble in taking risks, but are not gamblers by nature. TRUE 5 If an entrepreneur makes a mistake, he can hide behind the name of his company. FALSE 6 A technopreneur can be considered as a person that is able to do many things at once, but chooses to delegate. FALSE 7 A successful entrepreneur is motivated by personal and family considerations. TRUE 6 Concept-testing is one of the essential stages in an entrepreneurial process. TRUE 9 Taiwan is famous as an innovative semiconductor manufacturer. TRUE 10 Start-up companies can be defined as entities that have been incorporated within the past one year, and have ideas or concepts that require funds for proof of concept and/or prototyping. FALSE 11 The development of technopreneurship in India began with innovation in the field of information technology. TRUE 12 The National Incubator Network is one of the three key components of the start-up programme under the Technopreneur Development Flagship initiative. FALSESection B: Essay Questions ‘Answer the following questions in the space provided 1 Define entrepreneur, technopreneur and intrapreneur. Entrepreneur refers to a person who initiates and manages a novel business enterprise with the objective of gaining profits. These individuals are recognized for their disposition to take risks, innovative thinking, and knack for recognizing and exploiting new business prospects. On the other hand, technopreneur relates to the entrepreneurial activities primarily focused on technology-based business ventures such as software development, electronics, and biotechnology. These individuals are identified by their comprehensive knowledge of technology and their capacity to detect and establish cutting-edge products or services that use the latest technology. Intrapreneur entails working within an existing organization, but acting like an entrepreneur by discovering new business prospects, taking calculated risks, and developing creative solutions to problems. The organization typically supports and motivates these individuals to think outside the box and take the initiative to drive growth and innovation within the company. 3 Explain the importance of technopreneurship for the country. ‘Technopreneurship is crucial for a country's growth and development in several ways. Firstly, it leads to economic growth by generating innovative products and services that create ‘employment opportunities and increase revenue. Secondly, it drives innovation and research, making @ country more competitive and supporting the development of new industries and technology clusters. Thirdly, technopreneurship enhances skills and knowledge, promoting the development of a knowledge-based economy and upskiling the workforce. Fourthly, it can attract foreign investment by showcasing innovative technologies, resulting in the inflow of foreign capital and new business opportunities. Finally, technopreneurs often focus on solving societal problems, such as improving healthcare, education, and the environment, through their innovative solutions. Overall, technopreneurship is a crucial driver of economic growth, innovation, and social progress, providing new opportunities, fostering research and development, and contributing to the well-being of the country,4 Identify and explain two factors that contribute to technopreneurship development in Asia The development of technopreneurship in Asia is influenced by various factors, but two significant ones are: Government support: Many Asian nations have introduced policies and initiatives to promote the growth of technopreneurship. In Malaysia, for example, the Technopreneur Development Flagship has been launched, which includes programs such as the Cradle Investment Program and the National Incubator Network. These programs provide financial assistance, mentorship, and networking opportunities to aspiring technopreneurs. Similarly, the Singaporean government established the National Research Foundation to support research and development in fields such as biotechnology, nanotechnology, and information technology. Such government support fosters an environment conducive to the success of technopreneurship. Increasing tech-savvy population: Another factor contributing to the growth of technopreneurship in Asia is the rising number of tech-savvy individuals in the region. Asia has a large and growing population of young, well-educated, and tech-savvy people who are ‘creasingly interested in entrepreneurship and the creation of technology-based businesses. This talent poo! is driving innovation and launching new and exciting enterprises in areas like fintech, e-commerce, and artificial intelligence. As more young people enter the workforce with skills and knowledge in technology, the potential for technopreneurship in Asia is set to expand further. 5 Explain four factors that contribute to the success of entrepreneurs. Several factors can contribute to an entrepreneur's success, but four key ones include: 1. Passion and perseverance: Successful entrepreneurs are passionate about their work and committed to achieving their goals. They are willing to work hard and persist through challenges and setbacks, 2, Adaptability and flexibility: Entrepreneurs must be able to adapt to changing circumstances and be flexible in their approach to business. Successful entrepreneurs are open tonew ideas and feedback, and they are wiling to pivot their strategies when needed, 3, Business acumen: Successful entrepreneurs have a strong understanding of business principles, including financial management, marketing, and sales. They make informed decisions based on data and have a deep understanding of their target market.4. Networking and collaboration: Entrepreneurs often rely on a network of contacts to help them succeed. Successful entrepreneurs are skilled at building relationships and collaborating with others in their industry. They work with partners, investors, and other stakeholders to access resources and expertise that can help them grow their businesses. Section A: True or False Questions Circle the correct answer for the following statements 1 SMEs are important to the economy of a nation because they contribute directedly towards the overall production network. TRUE 2 Malaysian SMEs can be grouped into three categories: micro, small, or medium, TRUE 3 Itis very important for an entrepreneur to control the cost in order to break even. TRUE 4 Primary agriculture is not one of the sectors classified under SMES, FALSE 5 SMES do not play a crucial role in contributing to the prosperity of big and multinational corporations. FALSE 6 Small businesses often face bankruptey mainly because of under-capitalization. TRUE 7 Itis important to develop a group of small and medium enterprises in one specific industry only, towards achieving sustainable economic growth, FALSE 8 SME grouping is decided based on the number of people a business employs and the total sales or revenue generated by a business in a year, TRUE 9 Middle-level managers are the link between top managers and the lower-level managers. TRUE 10 Interpersonal skill is an important skill to entrepreneurs because itis a hard skill. FALSE 11 Solving other's problems alone will provide an entrepreneur with all the opportunities to be successful. FALSE 12 Better information flow is one of the purposes of designing a good organizational structure, TRUE 13 The matrix structure groups employees based only on the function they perform. FALSE. 14 Hierarchical or mechanistic organizational structure is good for grooming innovative ideas. FALSEAnswer the following questions in the space provided 1 Developed nation consider SMEs as a crucial element in their economy. Discuss this statement. It is generally true that SMEs are considered crucial to the economy of developed nations SMEs have a significant role in driving economic growth, creating jobs, and fostering innovation in many developed countries. ‘The main way that SMEs contribute to economic growth is by providing employment opportunities. They often generate the majority of job opportunities in industries such as technology and services, where innovation and growth are paramount. By creating jobs, SMEs Increase consumer spending, which fuels economic growth, Furthermore, SMEs play a key role in driving innovation and competitiveness. SMEs are more agile than larger corporations, allowing them to adapt to changes in the market and adopt new technologies and business models. This agility gives SMEs a competitive edge over larger companies and enables them to develop new products and services. In addition to the economic benefits, SMEs also contribute to social development and well- being in developed nations. As many SMEs are owned and operated by families or individuals, they have close connections to their communities. This promotes social cohesion and improves the quality of life in the area To summarize, SMEs are an essential component of the economy in many developed nations, They create jobs, foster innovation and competitiveness, and promote social development and well-being. As a result, policymakers and business leaders need to support the growth and development of SMEs to ensure continued economic success and prosperity, 2 What are the main bases in defining SMEs in Malaysia? SMEs in Malaysia are defined based on two main criteria, namely the number of full-time ‘employees and the annual sales turnover. According to the SME Corporation Malaysia, there are three distinct categories of SMEs thal fall under these criteria. The first calegory is Micro Enterprises, which have a maximum of five fulltime employees and generate annual sales tumover below RM300,000. The second category is Small Enterprises, which employ between six to fifty full-time employees and have annual sales turnover ranging between RM300,000 to RM15 million. Finally, the third category is Medium Enterprises, which have between fifty- one to two hundred full-time employees and generate annual sales turnover ranging between RM15 million to RMSO million. It is important to note that these classification criteria mayundergo periodic revisions based on various factors such as economic conditions and governmental policies. 3 Compare the definition of SME in Malaysia based on the number of employees and annual sales turnover. Comparing the two criteria used to define SMEs in Malaysia, it can be observed that both the number of employees and annual sales turnover are crucial factors in determining the size of an SME. The number of employees provides an indication of the enterprise's operational scale and the employment opportunities it generates, while the annual sales turnover indicates the revenue generated by the enterprise. ‘These criteria are subject to periodic review and adjustments based on various factors, such as economic conditions and government policies. It is important to note that the criteria used to define SMEs may differ across countries; however, they generally provide a commen framework for understanding the role and significance of SMEs in the economy 4 As the CEO of an SME company in Malaysia, what are your plans to take advantage of the Eco- nomic Transformation Programme (ETP) which was announced by the Government of Malaysia? As the CEO of an SME company in Malaysia, | have devised a plan to make the most of the Economic Transformation Programme (ETP) announced by the Government of Malaysia Firstly, | would conduct a thorough analysis of the ETP and identify relevant areas that align with my company's operations. This would involve examining the specific initiatives such as entry point projects (EPs) and strategic reform initiatives (SRIs) and determining how they can be utilized to enhance growth and competitiveness. Secondly, | would search for opportunities to collaborate with other businesses and industry stakeholders to maximize the benefits of the ETP. This may involve establishing partnerships or joint ventures with larger companies or working with government agencies to obtain funding and support. Thirdly, | would invest in the required resources and capabilities necessary to support my company’s growth and expansion plans. This may include acquiring technology and infrastructure, recruiting and training new staff, and developing new products and services.Lastly, | would engage with the government and other stakeholders to provide feedback and inputs on the ETP and its implementation. This feedback can help shape policies and initiatives that can benefit SMEs like mine. Through proactive engagement and capitall 19 on the opportunities presented by the ETP, my SME company can contribute to the growth and competitiveness of the Malaysian economy, thus contributing to the success of the ETP. 5 Discuss the advantages and disadvantages of small businesses. Small businesses offer several advantages and disadvantages, which are elaborated below: Advantages: Flexibility and adaptability: small businesses are generally more agile and flexible than larger corporations, enabling them to respond swiftly to market changes and customer needs. This can provide them with a competitive edge. Personalized customer service: As small businesses typically have a smaller customer base, they can interact with customers directly and offer personalized customer service. This often results in better customer relationships and loyalty. Innovation and creativity: small businesses, often run by entrepreneurs, encourage innovation and creativity, leading to new and unique products or services, and driving overall innovation in the economy. Local economic impact: small businesses are often owned by individuals or families with strong ties to the local community, leading to greater investment and job creation, which can promote economic growth and development. Disadvantages: Limited resources: small businesses may have limited financial and other resources, making it challenging for them to compete with larger companies, and limiting their growth potential and access to new technologies. Risk and uncertainty: small businesses are often vulnerable to market and economic fluctuations, and may not have the resources to withstand downturns, resulting in higher failure rates. Lack of expertise: small businesses may lack access to specialized knowledge and expertise, making it challenging for them to compete in certain industries or markets.Limited bargaining power: small businesses may have less bargaining power than larger companies when negotiating with suppliers or buyers, making it difficult for them to secure favourable terms and prices. Overall, it is essential for entrepreneurs and policymakers to recognize the advantages and disadvantages of small businesses. While small businesses can contribute to innovation and economic development, they face unique challenges that need to be addressed for their long- term success and sustainability. 6 List and explain in detail your understanding of the skills required to be a good manager. To be a competent manager, one needs to possess a diverse set of skills that are essential to guide, motivate, and empower employees towards achieving organizational objectives. Some of the primary skills that a good manager should have been: Leadership Skills: A manager should be capable of providing direction, assigning responsibilities, delegating tasks, and inspiring employees to attain their full potential, Communication Skills: A manager should have exceptional communication skills, including active listening, clear articulation of ideas, and constructive feedback. They should also be able to communicate effectively in various forms such as verbal, written, and non-verbal. Time Management Skills: A manager should be able to manage their time effectively by prioritizing tasks and delegating them suitably. This is crucial to ensure projects are finished on time and within budget, Emotional Intelligence: A manager should possess emotional intelligence, which involves understanding and managing their emotions and those of their employees. They should be able to develop positive relationships with employees, leading to a productive and engaged workforce, Decision-making Skills: A manager should be capable of making informed and effective decisions based on data and sound judgment. They should be able to evaluate and manage risks appropriately. Strategic Thinking: A manager should be capable of thinking strategically and developing plans and strategies that align with organizational goals, They should also be able to anticipate market or industry changes and adapt plans accordingly.Problem-solving Skills: A manager should be capable of identifying problems and developing effective solutions. They should also be able to evaluate and compare different options and make decisions based on the organization's best interests. Technical Skills: A manager should have technical skills in their specific fleld or industry. This will enable them to analyse data, provide technical guidance to employees, and make Informed decisions based on technical information, In conclusion, to be @ competent manager, one should possess a diverse range of skills such , communication, time management, emotional intelligence, decision-making, strategic thinking, problem-solving, and technical skills. These skills are essential to manage and lead employees effectively, build strong relationships, and achieve organizational objectives. as leadershi 7 Analyse all four traditional management functions. The four conventional management functions are planning, organizing, leading, and controlling. Each function is crucial for the success of an organization. Planning involves developing strategies, setting goals, and determining the necessary resources and actions required to implement those strategies. Organizing involves allocating resources, defining roles and responsibilities, and establishing a structure for efficient communication and coordination. Leading involves inspiring and motivating employees towards achieving organizational goals, setting a clear vision, and creating a positive work environment. Controlling involves monitoring organizational performance, identifying variances, and taking corrective action when necessary. Effective management requires balancing these functions to achieve organizational success. 8 Discuss the differences in responsibilities between managers at different levels. The responsibilities of managers vary based on the size and complexity of the organization, and there are three levels of management: top-level, middle-level, and lower-level. Top-level managers are responsible for the overall direction and strategy of the organization, setting policies and procedures, and monitoring overall performance. Middle-level managers implement top-level plans, set departmental goals and objectives, and ensure coordination between lower-level managers. Lower-level managers oversee day-to-day activities, supervise employees, and implement plans and policies set by higher-level managers. Whileeach level has a different focus and scope of authority, all levels are responsible for ensuring the organization runs smoothly and achieves its objectives.