BASIC CULTURELIZATION OF ENTREPRENEURSHIP

TOPIC 1: CONCEPT & DEVELOPMENT OF ENTREPRENEURSHIP Objektives: Evaluating the importance of the study of entrepreneurship. Explain the concept of entrepreneur & entrepreneurship. Identify attributes of entrepreneurship.

2005 Balanced Scorecard Collaborative

Summarize the development of entrepreneurship in Malaysia.

2005 Balanced Scorecard Collaborative

CONCEPT & DEVELOPMENT OF ENTREPRENEURSHIP

Importance of entrepreneurship: Catalyst for change & growth of national economyincrease rate of per capita product & income, structural change of business & society. Give rise to successful individuals having highly viable & competitive businesses. Develop & expand a higher level of culture and attributes of entrepreneurship.

2005 Balanced Scorecard Collaborative

 Entrepreneurs create wealth, encourage wealth distribution and contribute to economic well-being. Entrepreneurs will make the nation more competitive, open employment opportunities and reduce unemployment & poverty level.

2005 Balanced Scorecard Collaborative

CONCEPT OF ENTREPRENEUR & ENTREPRENEURSHIP

Entrepreneurs: Pioneer of successful business activities. Entreprendre To shoulder or try. Joseph Schumpeter Theory of Economics Development introduced the term entrepreneur in 1934.Attributes of entrepreneurs, being, unique, innovative, creative, change agent and novelty.

2005 Balanced Scorecard Collaborative

 Scarborough & Zimmerer (1998):

Creator of new business and ability to face uncertainties & acquire profits by seizing opportunities through available resources. Kuratko & Hodgetts (2007) Identify opportunities where others see obstacles and confusion, meticulous, adept at weighing chances, plans, manages and take on risks as well as being innovative, profit and growth oriented.

2005 Balanced Scorecard Collaborative

ENTREPRENEURSHIP:
Hisrich & Peter (1998):

- Dynamic process to create wealth. - Take on capital risk, time & career commitment. - Invent something new via taking financial, psychological and social risks and acquire profits, personal satisfaction and freedom.

2005 Balanced Scorecard Collaborative

Attributes of entrepreneurship:

Kao (1991): 1. Commitment, determination, & strong-willed. 2. Success & Growth oriented. 3. Opportunity & Objective oriented. 4. Initiative & responsible. 5. Continuous decisions.

2005 Balanced Scorecard Collaborative

6. Realistic 7. Search & Use feedback. 8. Internal Locust of control. 9. Calculated risks. 10.Less motivated by power & Status. 11.Integrity & trustworthy.

2005 Balanced Scorecard Collaborative

ISLAMIC PERSPECTIVE:
Mohd Salleh et al., 2005: Attributes;

1. High needs & dedication. 2. Right intentions. 3. Knowledgeable & Skillful in Business. 4. Responsible to All. 5. Prudent & Frugal in using resources. 6. Skilled at making decisions. 7. Future focused.

10

2005 Balanced Scorecard Collaborative

8. Skilled at communication.

9. Quality conscious. 10.Abstain from illegal activities. 11.Avoid excessive debts. 12.Careful & Self-checking. 13.Thankful for succeess. 14.Not spendtrift and Greedy. 15.Always pays debts.

11

2005 Balanced Scorecard Collaborative

DEVELOPMENT OF ENTREPRENEURSHIP
Started with Malaccan Sultanate.

British Divide & Rule system : -Malays: Administraors & Farmers. -Chinese: Miners & Business people. -Indians: Plantations sector. After Independence: - New Economic Policy. (1971-1990) - National Development Policy. (1990-2000) & Vision 2020.

12

2005 Balanced Scorecard Collaborative

1995 Creation of Ministry of Entrepreneurial Development to control & promote development of entrepreneurship. 2005 Changed to Ministry of Malaysian Entrepreneurial development and Cooperation.

13

2005 Balanced Scorecard Collaborative

As Machiavelli said years ago

There is nothing more difficult to carry out, nor more doubtful of success, nor more dangerous to handle, than to initiate a new order of things.

2005 Balanced Scorecard Collaborative

14