ENTREPRENEURSHIP

Lecture 1
The Entrepreneurial Perspective

26 November 2014

Employers Rating of Skills/Qualities 2002

1. Communication (verbal & written)
2. Honesty/Integrity
3. Teamwork skills
4. Interpersonal skills
5. Strong work ethics
6. Motivation & initiative
7. Flexibility/adaptability
8. Analytical skills
9. Computer skills
10. Organisational skills
11. Detail oriented
12. Leadership skills
13. Self confidence
14. Friendly/outgoing personality
15. Well mannered / polite
16. Tactfulness
17. Creativity
18. Sense of humour
19. Entrepreneurial skills/risk taker
20. GPA (3.0 or better)
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4.69
4.59
4.54
4.50
4.46
4.42
4.41
4.36
4.21
4.05
4.00
3.97
3.95
3.85
3.82
3.75
3.59
3.25
3.23
3.68
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Contents
1. Introduction to: Entrepreneurship, Micropreneurs,
Intrapreneurs and Technopreneurs
2. Managers vs. Leaders
3. Characteristics of Effective Business Leaders
4. Leadership Roles
5. Characteristics of Entrepreneurs
6. Five Myths About Entrepreneurs
7. Skills of Successful Entrepreneurs
8. External Factors to be Considered by Businesses
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What is Entrepreneurship?
Entrepreneurship involves selfemployment, by starting a small
business, buying a small business, or
entering one through family
BUT

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What is Entrepreneurship?
Self-employment by starting a small
business, buying a small business, or
entering one through family IS NOT
necessarily true entrepreneurship.

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Micropreneurs
Not every person who starts a business has
the mission of making a lot of money and
growing it to a world-class business.
Some just want a simple balanced life-style
while doing the kind of work they enjoy
doing.
Business writer Michael LeBoeuf calls such
business owners Micropreneurs
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Micropreneurs
While entrepreneurs are committed to the
quest for growth, micropreneurs know they
can be happy even if their companies never
appear on the list of top ranked businesses.
Many micropreneurs are small home-based
business owners who are trying to combine
career and family.

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Entrepreneurship
An Entrepreneurship is a business that is
started and led by the Entrepreneur, the
leader/champion with certain qualities and
characteristics most managers may not
possess

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Entrepreneurship

The Entrepreneur must be a real

good Leader, and not only a good
manager

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Dr. YY Wongs Definition of

Entrepreneurship

Entrepreneurship is the enthusiastic

thrust to constantly innovate and
passionately implement purposeful
ideas for extraordinary gains.

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Dr. YY Wongs Definition of

Entrepreneurship
It is the ability to innovate radical
management concepts by creating
new markets and new customer
satisfactions like KFC, Starbucks or
McDonalds
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Intrapreneur
In 1978, management consultant, Gifford
Pinchot, invented the word Intrapreneur to
refer to an intra-corporate entrepreneur while
he was attending The School for
Entrepreneurs in Tarrytown, New York.

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Intrapreneur
A person within a large corporation
who takes direct responsibility for
turning an idea into a profitable
finished product through assertive
risk taking and innovation.
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Intrapreneurship
Intrapreneurship is the process by which individuals
pursue a new business opportunity (or by setting up
intraprises) from within an existing company, with
resources of that company.
It uses the advantages of both small and big scale
business. In board sense, intrapreneurship refers to
all kinds of forms of semi-autonomy and semiresponsibility within corporations.

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Intrapreneurship
Advantages to the corporation
To remain competitive, companies have to
accelerate their innovation process.
In companies where researches, production
people and marketeers are large, innovation
may be at risk.
Intrapreneurship is a good way of integrating
these activities, reducing innovation costs and
broadening the scope of innovation.
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Intrapreneurship
Advantages to the employees
Intapreneuring is an excellent opportunity for
creative employees with entrepreneurial
spirit, management qualities, and a sense of
belonging to their company.
If companies dont want to loose these highpotentials, they have to provide them with
necessary resources and room for maneuver.
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Intrapreneurship
You dont have to leave your company to
fulfill your entrepreneurial dream
If you have the great entrepreneurial qualities
and spirit to convince your company to
endorse you as their intrapreneur, you need
not leave them.

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Technopreneur
Technopreneur is coined just a couple of
years back to refer to Technology
Entrepreneur.
This term appears to be most actively used in
Singapore, and to some extent also in
Malaysia and Thailand.

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Technopreneur

Technopreneurs are the ones who identify

the problems and capatilise on the
opportunity.
A Technopreneur has two major
characteristics:
1. He does things NOT out of profits but
because he wants to innovate.
2. He is comfortable working with, or using,
technology.
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Managers vs. Leaders

Managers
Administer
Maintain
Control
Have short term goals
Ask how and when
Imitate
Accept the status quo
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Leaders
Innovate
Develop
Inspire
A long term goals
Ask what and why
Originate
Challenge it
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Managers vs. Leaders

A person with strong managerial capacities
would not necessarily be capable of
performing a leadership function.
However, a leader may also be able to
perform the functions of a manager.

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Managers vs. Leaders

Leadership is a higher level skill that requires
either a natural instinct (leaders are born not
made), or a higher degree of learning based
on development of interpersonal skills,
awareness and insights.

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Kotter J. P. attributes the following

characteristics to effective business
leaders:

Relevant knowledge of products, technologies,

markets and people
Keen mind, analytical ability, the capacity to think
strategically and multi-dimensionally and sound
business judgment
Impressive track record
Sound relationship with key players inside and
outside company
Good interpersonal skills and integrity
Lots of energy
Highly motivated to lead and self confident
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Managers vs. Leaders

Managers Do Things Right

Leaders Do the Right Things

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Leadership Roles

Creating vision, direction, goals

Communicating with followers
Motivating and empowering
Affirming/reaffirming values
Aligning people achieving workable unity
Serving as a symbol
Management of thrust
Management of Self

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Characteristics of Entrepreneurs
Likes to compete
Self-starter
Able to determine risk and has the courage to take
risks but is not a gambler
Independent and self confident, yet knows when to
get help
Able to do many things at once
Likes a challenge
Creative and has dreams and goals
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Characteristics of Entrepreneurs

Likes to work for him/herself and be in control

Hardworking and willing to stick with a project
Not easily discourage
Good health, has lots of energy and can handle stress
Has a strong sense of self-worth
Motivated by a strong desire to achieve and attain
financial success

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Characteristics of Entrepreneurs
A positive thinker who does not dwell on
setbacks
Focuses his/her attention on the chances of
success rather than the chances of failure
Often has a close friend or relative who owns
a business

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Five Myths About Entrepreneurs

1. The Risk Taking Myth:
Most successful entrepreneurs take wild,
uncalculated risks in starting a company.
2. The High-Tech Invention Myth:
Most successful entrepreneurs start their
companies with a break-through invention
(usually technological in nature).
3. The Expert Myth:
Most successful entrepreneurs have
strong track records and years of
experience in their industry.
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Five Myths About Entrepreneurs

4. The Strategic Vision Myth:
Most successful entrepreneurs have wellconsidered business plan and have
researched and developed their ideas
before taking action.
5. The Venture Capital Myth:
Most successful entrepreneurs start their
companies with millions in venture capital
to develop their idea, buy supplies and hire
employees.
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Personal Qualities of Successful

Entrepreneurs

Creativity, 6.20%
Personality, 10.40%

Determination,
43.80%

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Love of success,
10.40%
Leadership, 12.50%

Love of Risk,
16.70%

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Skills of Successful Entrepreneurs

Coordination
The ability to manage many different types of
jobs and responsibilities at the same time.

Evaluation
The ability to examine important facts about the
business and to determine the least risky way to
proceed

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Skills of Successful Entrepreneurs

Organization
The ability to organize all the resources of the
business in order to make it run in the most
efficient manner.

Research
The ability to obtain all the necessary information
to insure that the best possible decisions are
made.

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External Factors to be Considered

by Businesses
The product and services offered has to be
cost effective and competitive.
Demand for the product or service must be
strong. Do not rely on a single major
customer.
You must be able to draw on adequate
resources: financial, material and human.

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END OF LECTURE
THANK YOU FOR STAYING
AWAKE!

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