ENTREPRENEURSHIP

CONCEPTS
INTRODUCTION

What is on the web

Faces of Famous
Malaysian

Tan Sri Robert Kuok Hock

Nien
His business interests

According to Forbes his net

worth is estimated to be
around $12.5 billion on July
2012, making him the
richest person in Malaysia
and Southeast Asia

range from sugarcane

plantations (Perlis
Plantations Bhd), sugar
refineries, flour milling,
animal feed, oil, mining,
finance, hotels, properties,
trading, freight and
publishing.
Biggest source of wealth is
stake in Wilmar
International, the world's
largest listed palm oil
company.

 Currently,
he has
Tan Sri T Ananda
Krishnan
business interests in

Currently estimated to have a net

worth of US$9.5 billion according to
Forbes' July 2012 list of wealthiest
people,
making him the second wealthiest in
Southeast Asia behind Robert Kuok,
and number 89 in the world.

media (Astro), satellite

(MEASAT), oil and gas
(Bumi Armada, Pexco),
telecommunications
(Maxis, Aircel).
He owns stakes in
Tanjong Public Limited
Company, an
investment holding
company with
subsidiaries involved in
power generation
(Powertek), gaming
(Pan Malaysian Pools),
leisure (Tropical Islands,
TGV Cinemas) and
property.

Tan Sri Syed Mokhtar AlBukhary

the richest Bumiputra

net worth estimated to be

US$2.5 billion according
to Forbes in July 2012,
making him the 8th richest
Malaysian.

corporate figure in
Malaysia.
involvement in
diversified business
areas which include
transportation and
logistics, plantations,
property development,
defense and armory
as well as engineering
and power generation

Carlos Slim Helu & family

retains the title of world's

richest man for the third year
in a row
Estimated Net worth $US 69
B

Chairman, Telmex
Age: 72
Source of Wealth: Telecom,
Self-made
Residence: Mexico City,
Mexico
Country of Citizenship: Mexico
Education: Bachelor of Arts /
Science, Universidad
Nacional Autonoma de
Mexico

Bill Gates

Net Worth $61 B

As of March 2012

Age: 56
Source of Wealth:
Microsoft, Selfmade
Residence:
Medina, WA
Country of
Citizenship: United
States
Education: Drop
Out, Harvard
University

Steve Jobs

#110 Forbes Billionaires (2011)

Source of Wealth:
Apple, Pixar,
Self-made
Country of
Citizenship: United
States
Education: Drop
Out, Reed
College

TAs the co-founder of Netccentric Pte Ltd, Timothy

runs a multi-million ringgit business that includes
Nuffnang, the worlds leading blog advertisement
community with over one million bloggers worldwide.
Netccentric then diversified its portfolio to include
various internet-based companies including an ecommerce retailer and a video content creator, all of
which are doing roaring businesses. 30-year-old
Timothy has also been collecting one accolade after
another, including being shortlisted for the
prestigious Ernst & Young Entrepreneur of the Year
recently.
The RHB Excellence awards were conferred to
Timothy Tiah for the Business category and David Lai
for Talent category. All winners took home plaques,
RHB Visa Signature cards, Johnnie Walker Blue Label
Special Crystal Editions, BlackBerry Passport
smartphones, Montblanc watch winding boxes, Brics
trolley luggage and Krastase hair care hampers.
The Prestige 10th Top 40 Under 40 is co-organised
with Signature Asia and is presented by RHB Bank.
Top sponsors for the event are BMW, BlackBerry,
Johnnie Walker Blue Label and Montblanc. The event
is also supported by A Cut Above, By Terry, New Look
Studio, Kerastase, Dr. Brandt and Brics.

Mac Chung Lynn

Nandos Malaysia & Singapore
The group CEO of Nandos is an architect
by training but chose to venture into the
food business when the opportunity
arose. Under her stewardship, she has
grown the South African restaurant brand
into 59 outlets in Malaysia and nine in
Singapore. Chung Lynn is unstoppable as
she has expressed her interest in
spreading her wings into the rest of
Southeast Asia soon.

Dato Maznah Hamid

When an almost bankrupt security company
was offered to her, Maznah and her husband,
who were eager to change their ordinary life,
took the plunge and sacrificed RM5,000 of
their saving. Only then she realized that apart
from managing the operation, she also had to
be a manager, a clerk, an accountant and an a
receptionist. To grow their business, they had
to sell their house and moved to a slum that
came without electricity. But she persevered.
What a phenomenal woman malay
entrepreneur she is. Today, its difficult to find
someone who has never heard of Securiforce,
a company which now been securing
transportation of money, jewelry, VIPs and
what not. She has now grown to venture in
many other industries such as the hospitality,
training, healthcare and so on. Securiforce has
also expanded its logistics business in
Singapore, Thailand, Korea, China, Turkey and
Germany.

Datuk Mokhzani Mahathir

Mokhzani is the second son of Former
Prime Minister of MalaysiaTun Dr.
Mahathir Mohamad.He began his career as
a Wellsite Operations Engineer with Sarawak
Shell Berhad in 1987. Not following his
fathers political footsteps after having
played parts of his life in the
United Malays National Organization (UMNO),
he ventured to a more challenging
entrepreneurial life. He later joined Tongkah
Holdings Berhad in 1989 and was appointed
as the Group Managing Director, a post he
held till 2001.He was also the Chairman and
Group CEO of Pantai Holdings Berhad till
2001. He now sits on the Board of Opcom
Holdings Berhad,
Sime Darby Auto Performance Sdn Bhd, KCSB
and Several private limited companies. He is
also the Chairman of Sepang

Datuk Wan Mohammad Sani

Salleh
Wan Mohammad Sani Salleh is
known among the young malay
entrepreneurs as a great success
due to his persistence of being a
self made millionaire. He runs a
network of buses under a company
named Sani United Sdn Bhd. At age
35, he has received many awards
such as the young entrepreneurs
award from the Association of Young
Malay Traders and Entrepreneurs
and often referred to as an new
generation icon

Raja Dato Sri Eleena Azlan

Shah
Another woman malay entrepreneur that
has made it well into the predominantly
male-dominated career path.Eleena Azlan
Shah, daughter of reigningSultan of Perak
, is a partner in her own law firm (
Messrs Raja Eleena, Siew Ang
& Associatesin 1987, of which she is
presently a senior partner)and a director
of Gamuda, infrastructure, construction
and property group that is 6% owned by
her family. Company among biggest
contractors for Malaysias transportation
mega projects, including the $2.7 billion in
tunnels for Kuala Lumpurs mass transit
rail system and a $2.5 billion upgrade of a
329-kilometernational railway. She is now
41st richest in Malaysia with a networth

Christopher Tock
An Imperial College London graduate and
former investment banker, Christopher Tock
saw success at the early age of 26 when he
used his entrepreneurial skills to set up
foundations for social benefit. Tock has
made a name for himself as executive
director of EYE Project Management, which
became one of Malaysias earliest awardwinning social businesses with the purpose
to reduce unemployment among youths. He
also leads a social media consulting agency,
Socialgrooves.com, which takes social media
advertising to the next level through content
marketing. An avid blogger, Tock is known as
one of Malaysias most outspoken social
entrepreneur and has also bagged several
awards including the Prestige Malaysia Top
40 Under 40 Awards in 2012 and the Arthur
Guinness Fund - British Council Social

Irfan Khairi
A millionaire who has achieved his wealth
at the age of 25, Irfan Khairi firmly believes
that the mind-set is the key to building
wealth. Irfan is a UK graduate who started
his career abroad as a multimedia designer
and internet consultant. Using his skills,
knowledge and passion in e-commerce and
the internet, Irfan spent several years from
1999 on internet businesses that landed
him profits to the tune of millions within
three years. Today, apart from being an
internet expert, he is an avid speaker, top
selling book author, and TV and radio
personality. He also established Irfan Khairi
Sdn Bhd which focuses on changing
peoples lives towards highly profitable
living.

Entrepreneurship &
entrepreneurs?
What they do?
Characteristics?

DEFINITIONS OF AN
ENTREPRENEUR &
ENTREPRENEURSHIP
And the list of
the definitions
could go on
and on and
onthe list is
not
exhaustiveit
can be as many
as the

22

Entrepreneurship
Malaysia:
Entrepreneurship is a process of creating and
expanding businesses that collectively form a
force for national development and societal
prosperity.
setting up AND expansion and development of a
business entity

Entrepreneurship
Kuratko & Hodgetts (2014)

a dynamic process of vision, change and creation

requires an application of energy and passion toward the

creation an implementation of new ideas and creative
solutions
essential ingredient:
Willingness to take calculated risks: time, equity or
career
Ability to formulate an effective venture team
Creative skill to marshal needed resources
Fundamental skill of building solid business plan, and
Vision to recognise opportunity where others see chaos,
contradiction and confusion.

Entrepreneurs
entreprendre = to
undertake
Someone who undertakes the risk of starting a
small business.
Scarborough & Zimmerer
a person who creates a new business in the
face of uncertainty for the purpose of achieving
profit & growth by identifying opportunities
and assembling the necessary resources to
capitalise on them
@ 2014 Zaidibahari FMUTM Hak cipta terpelihara

25

Entrepreneurs
entreprendre = to
undertake
Someone who undertakes the risk of
starting a small business.
MEDEC (2004)
Individuals who are actively form or lead their
own businesses and nurture them for growth and
prosperity
@ 2007 Zaidibahari FPPSMUTM
Hak cipta terpelihara

26

Opportuni
st

Econom
ic Agent

Prime
Mover
Innovat
or

Strategi
st

Busines
s Setter

Initiator

High
Achieve
r

Imitator

Convert
er

Risk
Taker

Energiz
er

 Entrepreneurship is the process by which individuals

pursue opportunities without regard to the resources they
currently control.
The essence of entrepreneurial behavior is identifying
opportunities and putting useful ideas into practice.
The set of tasks called for by this behavior can be
accomplished by either an individual or a group and
typically requires creativity, drive, and a willingness to take
risks.

Key Elements
Opportunity
Recognises
Evaluates
Exploits

Environment
focus
Attracts
Combines

Resources

The
entrepreneur
Builds
Manages

configuration
Environment

Environment
fit

Organisation

Why Be an
Entrepreneur?

Control over
time

Fulfillment

Control over Compensation

Salary, Wage, Dividend &
Commission

Creation /
Ownership

Control over Working

Conditions

THEORIES & CONCEPTS ON

ENTREPRENEURSHIP
Adam Smith (1776) - An
entrepreneur is a person who acts as
agent in transforming demand into
supply.
Carl Menger (1871) - The
entrepreneur acts as an economic
agent who transforms resources into
products and services. The
entrepreneur transforms and gives
added value.

 Joseph Aloysius Schumpeter (1934) An entrepreneur is an innovator. The

economy moves through leaps and
bounds and the prime mover is the
entrepreneur through the process of
creative destruction.
Alfred Marshall (1936) - The process
of entrepreneurship or business
development is incremental or
evolutionary . It evolves from sole

 Ibnu Khaldun (Abdul Rahman

Mohamed Khaldun) - The
entrepreneur is seen as a
knowledgeable individual and is
instrumental in the development of a
city-state where enterprise will
emerge.
David McClelland - The entrepreneur
is a person with a high need for
achievement. This need for

Entrepreneurs Add Value

to Scarce Resources
All resources (wood, coal,
oil, etc.) that cost money
are scarce.
Entrepreneurs add value
to scarce resources by
shifting them from areas
of
lower
to
higher
productivity.

The Economic
Questions
An economy is a countrys financial
structure. It is the system that produces
and distributes wealth.
What should be produced?
When will it be produced?
How will it be produced?
Who will produce it?
Who gets to have what is produced?

Costs and Benefits of

Entrepreneurship

Costs
Business failure
Obstacles
Loneliness
Financial Insecurity
Long Hours/Hard Work

Benefits
Independence
Satisfaction
Financial Reward
Self-Esteem
Contribution to
Society

Entrepreneurship development in
Malaysia

Entrepreneurship has existed in Malaysia since the interaction of

Malacca with foreign traders.
When the British colonized in Malay Peninsular, they practiced the
divide and rule system :
Malays engaged in administration and agriculture
Chinese engaged in mining and business
Indians engaged in rubber plantations

Entrepreneurship development in
Malaysia

After independence, the Malaysian government has been

focusing on the field of entrepreneurship until today.
Several agencies established to manage and promote the
growth of entrepreneurship are SME Corp, TEKUN, MARA,
PUNB, MTDC and etc.
Others: The New Economic Policy (1971-1990), The National
Development Policy (1990 2000), Vision 2020

Islamic
Entrepreneurship?

PRINCIPLES OF ISLAMIC
ENTREPRENEURSHIP

Integrated
Human Nature
Motivation
Ibadah
Position of Business and Entrepreneurship
System
Guidelines
Exemplary Conducts

INTEGRATION
Islam is a complete way of life. There is no separation
between business and religion. Islam has its own
entrepreneurship culture.
HUMAN NATURE
By virtue of the human nature, the person must firstly be a
Muslim, then an entrepreneur. He has the responsibility to
perform ibadah and be a khalifah. Muslim entrepreneur
should search for Gods blessings above all other factors. A
Muslim entrepreneur perform business not solely for profit,
but above all, to fulfill the fardhu kifayah.

MOTIVATION
The successful path and means for achieving success
for entrepreneurs are unique. Success in Islam is not
merely measured by the end result, but also the
means and ways of achieving them.
The pursuit of wealth must be accompanied by
intention, means, management and usage as
stipulated by Islam

Success according to
Al-Qurtubi
Halal (Rightful means of
living)
Qanaah (Satisfying)
Taufiq (Guidance)
Saadah (Tranquility/Happy)
Jannah (Heaven)

BUSINESS AS IBADAH
Muslim entrepreneurs involvement in business is
to fulfill an obligation known as fardhu
kifayah
Fardhu kifayah~ Unless and until there is an
entrepreneur in a community, the entire
community is deemed to be sinful.
Muslim entrepreneurs bear the responsibility to
provide goods and services primarily to the
Muslim community and to others

POSSESSION OF WEALTH
Allah s.w.t is
owner of wealth

the

absolute

Allah
created
wealth
in
abundance and sufficient for all
Wealth is created for mankind
Wealth is entrusted to mankind

Islamic Economic
System
Islamic entrepreneurship is part of the
framework of the Islamic Economic System.
Islamic economic system involves:
Islamic banking
Islamic insurance (Takaful)
Islamic capital markets
Islamic economic system is based on Islamic
jurisprudence.

GUIDELINES
Guidelines for
Islamic
Entrepreneurship
activities are
wide and
comprehensive.

Entrepreneurial
Ethics

Avoid malicious
behavior
Avoid squandering
(elakkan membazir)
Avoid stinginess
(elakkan kedekut)
Pay zakat and alms
(sedekah)
Be trustworthy
Pray consistently
Tawakkal
Patience
Qanaah

Prevent laziness
Eradicate fear/shyness
Search for legitimate
ventures
Avoid unlawful sources
of income
Show gratitude and
thankfulness
Grow and develop
wealth
Diversify business
ventures
Avoid greed

Exemplary Conducts
Business is secondary to the call of jihad
(crusade)
Never abuse power or influence for selfinterest
Prudence in accumulating wealth
Leadership qualities in all aspects
Practice moderate way of life