Module 1

Question 1

a. Define “Technology Entrepreneurship”. (2 marks)

Technology entrepreneurship can be defined as a form of

entrepreneurship and business leadership focused on
identifying high potential, technology intensive business
opportunity for possible exploitation into new products,
processes or services. It can be based on revolutionary
breakthrough in technology or technology advancement.

b. There are 3 sources of intellectual capital, identify and briefly describe

these three sources. (6 marks)

Human Capital
The value that the employees of a business provide through the
application of skills, know how and expertise. Human capital is an
organization’s combined human capability for solving business
problems. It is inherent in people and cannot be owned by
organizations. Therefore, human capital can leave an organization
when people leave. Human capital also encompasses how effectively
an organization uses its people resources as measured by creativity
and innovation.

Structural Capital
The supportive infrastructure processes and databases of the
organization that enable human capital to function. Structural capital
includes such traditional things as buildings, hardware, software,
processes, patents, and trademarks. In addition, structural capital
includes such things as the organization’s image, organization,
information system, and proprietary databases. Because of its diverse
components, structural capital can be classified further into
organization, process and innovation capital. Organizational capital
includes the organization philosophy and systems for leveraging the
organization’s capability. Process capital includes the techniques,
procedures, and programs that implement and enhance the delivery of
goods and services. Innovation capital includes intellectual properties
and intangible assets. Intellectual properties are protected commercial
rights such as copyrights and trademarks. Intangible assets are all of
the other talents and theory by which an organization is run.
Relational Capital
Relational capital consists of more specialized items such as
trademarks, licenses, franchises, but also the less definable, such as
customer interactions and relationships. The notion that customer
capital is separate from human and structural capital indicates its
central importance to an organization’s worth.
c. Entrepreneurship can be understood by examining its 4 dimensions.
Identify and explain the 4 dimension. (12 marks)

The key dimensions of entrepreneurship include risk, creativity

and innovation, opportunity exploitation and pro activeness.

Risk – indicates elements of uncertain outcomes or events that is

inherent in the process of exploiting an opportunity and starting
business. Entrepreneur take the risk in order to obtain the higher result
that come from higher risk but are careful to evaluate the risk first.

Creativity and Innovation – creativity focuses on thinking of new

things while innovation focuses on doing the new things. Being
creative and innovative are essential dimensions of newness.

Opportunity exploitation – the exploitation of opportunities often

result in the creation of a new enterprise or business as well as wealth
associated with it. New enterprise should be beneficial to the society
and make positive change.

Pro activeness – this refers to the propensity to act on information,

ideas and opportunities in a timely and speedy manner. Act at the right
time and in the right manner on the superiority of an idea can
differentiate between better successes or less success or even
between success and failure.
Question 2

a. Give 4 dimension key and an advice. (20 marks)

Risk – indicates elements of uncertain outcomes or events that is

inherent in the process of exploiting an opportunity and starting
business. Entrepreneur take the risk in order to obtain the higher result
that come from higher risk but are careful to evaluate the risk first. So
for a new person who want involves in the business, they should mind
of risk factor in the future and the current time. Each risk must be
analyzed and come out with the solution for each risk factor to make
the business growth smoothly. Without analyzed and care about the
risk factor, their company can easily crash down and cannot compete
with others.

Creativity and Innovation – creativity focuses on thinking of new

things while innovation focuses on doing the new things. Being
creative and innovative are essential dimensions of newness. To enter
the market, the product or things produce by the company must be the
new product and different from other product in the market. They need
the creativity to create or upgrade the current product in the market.
The fresh and new product will get an attention from the buyers and
make the business can compete with other company in the market. If
there are no innovation and creativity in produce the product to the
market, it’ll make the business cannot hold longer and compete with
other big company in the same market.

Opportunity exploitation – the exploitation of opportunities often

result in the creation of a new enterprise or business as well as wealth
associated with it. New enterprise should be beneficial to the society
and make positive change. Each opportunity in the business must be
taken seriously by the businessmen to make their product get
attention in the market. They perceive more knowledge of customer
demand for the new product; more fully developed necessary
technologies, greater managerial capability, and greater stakeholder
 support. Moreover, the findings of this study shed a light on a less
emphasized aspect of the resource-based view the new product’s
anticipated lead time acts as an enhancing moderator in
entrepreneurs’ exploitation decision policies.

Pro-activeness – this refers to the propensity to act on information,

ideas and opportunities in a timely and speedy manner. Act at the right
time and in the right manner on the superiority of an idea can
differentiate between better successes or less success or even
between success and failure. To satisfy latent customer needs,
marketing pro-activeness firm explores new knowledge and markets
considerably dissimilar from extant experience. All the action must be
taken quickly and each problem must be solved efficiently and quickly.

Question 3

a. List and briefly explain each phase of entrepreneurship. (15 marks)

Idea Search and Generation Phase

This phase also known as the opportunity formation or opportunity

discovery phase and possibility to bring something new to the market.
Individual or groups of individuals enter this phase by either actively
searching for business possibilities that they can offer in a better and
more creative form or them discovering a solution for their own
problem experienced that has potential of being shared with others.

Idea Evaluation and Development Phase

This phase is characterized by efforts to better understand what it will

take to bring the idea into a full fledge economic activity or business.
Some key activities included at this stage is doing research and
development work to invent or innovate a new technology based
product, process or service. Preparing the original technology
blueprint, concept testing, prototyping and market test.

Idea exploitation phase

Characterized by the decision to pursue the business opportunity or

not. They involve 3 basic forms which is proceed to exploit the
opportunity, abandon the current idea and go back to search for other
ideas then lastly terminate the process totally and not pursue any
other business ideas.
 Module 2

Q1

a) - Define and state the different between creativity, innovation,

invention.

Give examples.

Creativity Innovation Invention

the production of the specific the extreme and

new and useful instrument of riskiest form of
ideas as well as the entrepreneurs, the innovation and
ability to discover means by which often associated
new ways of looking they exploit change with development
at problems and as an opportunity of a new or better
opportunities for a different product or process.
business or a
different service

It is the ability to It is the ability to Creating a totally

use imagination to apply creative new product,
develop new ideas, solutions to service or process.
new things or new problems and
solutions. These Examples:
opportunities to
generation of ideas enhance or to aero planes (Wright
should lead to enrich people’s brothers), light
improved efficiency lives. bulbs (Thomas
or effectiveness of a Edison), personal
system Example : GPS (Peter Maire)
Mobile phone was
regarded as a
radical innovation
(compared to the
traditional
‘stationed’ phone)
when it was first
introduced to the
market.
b) - Discuss five (5) creativity techniques that can be use to stimulate and
develop creative thinking skills. (10marks)

PROBLEM REVERSAL – look at the opposite of things; see things

inside out, backwards or upside down.

FORCED ANALOGY - gain new insights by forcing a relationship

between almost anything

ATTRIBUTE LISTING - break down the “thing” into smaller parts or

characteristics and develop ideas to improve on them

MIND MAPPING - starts in the centre of the page with the main idea,
and works outward in all directions, producing a growing and organized
structure composed of key words and key images.

BRAINSTORMING – generating ideas based on the principle of

suspending judgments.

LATERAL THINKING - exploring multiple possibilities and approaches

from different perspective rather than pursuing in a conventional,
logical, step by step single approach. i.e. by changing concepts and
perceptions, and generating new ones

Q2

a) - Briefly describe four (4) other creativity methods that can be use to
generating new ideas. (8marks)
 i. Intuitive – focuses on results and relies on past experience to
guide actions

ii. Innovative – concentrates on-problem solving, is systematic,

and relies on data

iii. Imaginative – is able to visualize opportunities, is artistic,

enjoys writing, and thinks “out of the box”

iv. Inspirational – focuses on social change and the giving of self

toward an end

b) - When a technoprenuer face problem they will start thinking in a novel

way.

Four (4) phases creative process describe. (12marks)

1. Phase 1: Background or Knowledge Accumulation

a. Study the background of the subject matter

b. This may requires extensive reading, discussion with

experts, practitioners, academicians, researchers in the
field, attending workshops and seminars, exploring various
unrelated areas etc.

c. These explorations expose entrepreneurs to a variety of

perspectives on the subject matter.

2. Phase 2: The Mind Incubation Process

a. An individual immerse himself or herself in the data,

allowing the subconscious mind to muse or ponder on the
information gathered.

b. “Sleep on it” …getting away from the subject matter and

letting the subconscious mind working on it allows
creativity to spring forth.
 c. Incubation can be induced by: engaging in ‘mindless
activities’ such as painting the house or cutting grass
meditate or play sports or board games. The rationale is
new ideas often emerge when we are busy doing
something unrelated to the matter.

3. Phase 3: The Idea Experience

a. This is when the person discovers the solution or the idea.

The idea may appear out of the blue or it may come
incrementally.

b. At this phase, the person begins to formulate the solution.

c. Most of the time it is difficult to tell the movement from

phase 2 to phase 3.

d. To expedite movement to idea experience a person can try

to daydream and fantasies about the project and always
keep a notebook to record emergence of ideas at odd
hours.

4. Phase 4: Evaluation and Implementation

a. This phase is the most difficult and requires courage,

discipline & perseverance.

b. There are a lot of possibilities of failures.

c. Ideas are modified and tested before the best workable

idea is put into a final form and successfully implemented.
Module 3

Question 1

a) Explain 3 internal and 7 external factors that important to evaluate

entrepreneurial opportunities.

There are three internal opportunities factor. First are capabilities the ability
or quality necessary to develop the business venture. Second are resources
including financial, physical, and human resources consistent with the
magnitude of the business venture. Third is interest the will, commitment,
and passion to pursue the business venture.

Seven external factors for entrepreneurial opportunities are market involves

determining the size of the market and the potential customers. Financial
involves determining the costs to be incurred in developing the business
venture. Technical involves determining the requirements to proceed with
the idea that include machineries, raw materials, the processes and
infrastructure. Economic forces have a direct impact on the level of
disposable income and consumer buying patterns. Social and cultural trends
an understanding of the impact of social and cultural trends and how they
affect new product, service, and business ideas is a fundamental piece of the
opportunity recognition puzzle. Technological advances provide
opportunities to help people satisfy basic needs and desires in a better or
more convenient way. Political and regulatory changes new regulations
create opportunities for entrepreneurs to start firms to help companies
comply with these laws.

Question 2

a) Define entrepreneurial opportunity

Opportunities are an integral component of the entrepreneurial process.

Entrepreneurial opportunities are defined as situations in which new
products, services and processes can be introduced and sold at greater than
the cost of production

b) Explain concept of window of opportunity

Window of opportunity is defined as that too often short period of time

during which an opportunity must be acted on or missed. It also describes
the time period in which a firm can realistically enter a new market the
“window of opportunity” is deemed to be “open” or “close” to denote the
degree of attractiveness or exploitation possibilities at a particular time.
 c) Using diagram, illustrate steps in opportunity analysis process

First once get an opportunity discovery we must evaluate the opportunity.

Must do a research about the opportunity then make a good decision. Make
a choice between a wish to proceed with the opportunities that are
available or not. If rejects the opportunity, there shall be looking
for another place and waiting for the other opportunity that will come. If
want to try this opportunity, then go to the technology-based idea blueprint
for come out the basic and brilliant idea about the opportunity. After that just
exploit the opportunity to the maximum and hope get the good result in the
end

d) Identify the 3 factors to consider when making decision

When make a decision, we must consider three factors which is the product
will give significant value to the customer. The entrepreneur can attract the
necessary financial, physical, and human resources required by the venture
opportunity. The expected return of the venture is consistent with the risk of
the venture.

3. Entrepreneurial opportunity is define as a situation on which new product,

service and process to can be introduce and sold at greater than the cost of
production. Beforehand, a technopreneur has t act an opportunity analysis
process to make commercialization of new products, service or process
possible.
 a. Illustrate the opportunity analysis process approach.

Opportunity Evaluate the

discovery opportunity

Go

dicisio Technology-based Exploitation of

n idea blueprint opportunity

Reject

Look elsewhere

b. Resource is one of the factors considered as a window of

opportunity that can drive a technopreneur into a business
venture. Describe any 5 factors that you think are likely to
motivate technopreneur into business.

There are 2 types of factors of opportunity. It is internal and external.The

capabilities are the ability or qualities that are necessary to develop the
business, it includes the knowledge, experience and skills. Interest is the will,
commitment and passion to pursue the business venture. One of the
external factors is market. It involves determining the size of the market and
the potential customer that may have. Financial also have to be considered
as the window of opportunity. It involves determining the costs to be
incurred in developing the business venture. Technical is involves
determining the requirements to proceed with the idea that include
machineries, raw materials, the processes and the infrastructure.
 4. In the process of searching and discovering new ideas and
opportunities for the technology-based business, one can utilized
certain sources that may already have ideas and even research finding
that can be accessed. Discuss this source of business ideas and
opportunities.

The source of business idea includes patent office. The Intellectual Property
Corporation of Malaysia is an agency under the Ministry of Domestic Trade,
Cooperative and Consumerism. This agency can be a good source of
business ideas that can be retrieved easily from their online patent search
and patent gazette hosted on its website. Other than that, the university
research and development is one of the sources of business idea. It provides
an endless stream of research findings that can be commercialized. Local
universities play an important role in providing knowledge that will help
businesses grow into new market segments and develop new products. In
addition research institutes also the one of the source of business idea. It
considered as reliable sources of business ideas on various fields. Examples
of research institutes in Malaysia include the Malaysian Agricultural Research
& Development Institute (MARDI), Standards and Industrial Research
Institute of Malaysia (SIRIM).
MODUL 4

QUESTION 1

a) Four(4) business areas examined in context feasibility study. <16m>

The 1st feasibility study is market feasibility study. The market feasibility
study is an assessment of the overall appeal of the market for the product or
service being proposed. There are 4 aspects of market feasibility study which
is product or service, customers, market demand, competitors and market
share. The 2nd feasibility study is technical feasibility study. A technical
feasibility study is concerned with determining whether the business has the
necessary technology and equipment to produce the intended
product/service. Aspects of technical feasibility study that should be carried
out include technology and equipment, materials, manpower and location.
The next feasibility study is organizational feasibility study. An organizational
feasibility study is concerned with determining whether the business has the
necessary and sufficient human resource to bring a particular
product/service idea to market successfully. Aspects of organizational
feasibility study that should be carried out include organization structure,
management team, compensation, supporting services. The last feasibility
study is financial feasibility study. The financial feasibility study is an
assessment of the financial aspect of the business. Information in the
financial feasibility study should include start up capital, financial sources,
and profitability analysis.

b) Four(4) expected outcome of a feasibility or viable business ideas. <4m>

• generate adequate cash flow and profits

• withstand the risks it will encounter

• remain viable in the long term and

• meet the goals of the founders

QUESTION 2
a) Four(4) aspects of market feasibility study. <20m>

The 1st aspect is the product or service. A product is defined as anything that
can be offered to a market for attention, acquisition, use, or consumption
that might satisfy a need or want. A service is defined as any activity or
benefit that one party can offer to another that is essentially intangible and
does not result in the ownership of anything. Before any product or service
enters the market it should meet the prospective customer’s needs and
wants. The 2nd aspect is the customer. Customer assessment involves
determining who are the customer/s the business wishes to serve.
Customers refer to individuals and households, business organizations local
as well as international and government organizations that buy product and
services for consumption. They are the target markets for the organizations’
product or service. Target market defined as the group of customers with
needs and wants that can be satisfied by the business through the supply of
product or service. The target market can be segmented or broken down
based on different criteria or factors such as age, marital status,
geographical areas, lifestyle, hobby, and interest. The purpose of market
segmentation is to enable the business to satisfy the needs and wants of the
consumers it has selected with the limited resources the business has.
Subsequently as the business progress and has more resources it can
broaden into other market segment which it has not served before. The 3 rd
one is market demand. Market demand refers to the total potential purchase
that is expected from the target market. Normally it is expressed in units or
Ringgit. The information on market demand is critical in determining the
viability of a proposed product or service. Market demand can be calculated
based on the following factors, population of the target market, number of
houses in the target market and competitors’ sales. The 4th is competitors.
Competitors refer to other businesses that provide similar, substitute or
alternative product/service to the same market segment. In competitors
analysis, the business not only has to identify who are the major competitors
but also the number of competitors in the market. The presence of
competitors can affect immensely on the success of the business
product/service that enter the market. Thus In order to establish a market
niche and compete effectively, it is imperative for the business to identify
who their competitors are as well as their strengths and weaknesses.
QUESTION 3

a) Three(3) reasons for conducting feasibility study. <6m>

• Provide a thorough examination of all issues and assessment of probability

of business success

• Give focus to the project and outline alternatives

• Narrow business alternatives

• Surface new opportunities through the investigative process

• Identify reasons NOT to proceed

• Provide quality information for decision making

b) Discuss any 2 main components of feasibility study. <14m>

The 1st one is technical feasibility study. A technical feasibility study is

concerned with determining whether the business has the necessary
technology and equipment to produce the intended product/service. Aspects
of technical feasibility study that should be carried out include technology
and equipment, materials, manpower and location. The 2nd that will be
discussed is organizational feasibility study. An organizational feasibility
study is concerned with

determining whether the business has the necessary and sufficient human
resource to bring a particular product or service idea to market successfully.
Aspects of organizational feasibility study that should be carried out include
organization structure, management team, compensation and supporting
services.