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OFPS Entrepreneurship 3e All Rights Reserved

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1
Chapter

INTRODUCTION TO
ENTREPRENEURSHIP
OFPS Entrepreneurship 3e All Rights Reserved
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INTRODUCTION TO
ENTRERENEURSHIP
 AT THE END OF THIS CHAPTER, YOU WILL BE
ABLE TO:
– Define the terms ‘entrepreneur’ and ‘entrepreneurship’.
– Explain the differences between an entrepreneur and a small
businessman.
– Discuss the theory of entrepreneurship.
– Discuss the types of entrepreneurs.
– Describe the competencies of successful entrepreneurs.
– List the risks of being an entrepreneur.
– Describe the characteristics of successful entrepreneurs.
– Elaborate on the importance of entrepreneurship.
– Describe the entrepreneurial development in Malaysia.

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© Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 3
DEFINITIONS: ENTREPRENEUR
& ENTREPRENEURSHIP
 Entrepreneur
– An individual who ‘undertakes’ the risks of a new
enterprise.

 Entrepreneurship
– The process of seeking business opportunities under
conditions of risk.

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ENTREPRENEURSHIP

 The process of seeking business opportunities


under conditions of risk.
 Also refers to the process of creating something
 The entrepreneur is an innovator who uses the
process to challenge existing norms via
combinations of new resources and methods in
commerce.

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BEING AN ENTREPRENEUR

Attitude Skills Knowledge


Motivated Decision making Law
Confidence Problem solving Management
Initiative Negotiation Economics
Responsibility Communication Accounting
Risk taking Creativity Values
Diligence Teamwork Business
Mental & Physical Management Culture
fitness
Information seeking Technical Project management

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DIFFERENCES BETWEEN AN ENTREPRENEUR
AND A SMALL BUSINESSMAN

Characteristic Entrepreneur Small businessman


Time Unlimited Limited
Job nature Flexible Rigid in adapting to
changes
Decision making Makes own decisions Follows decisions made
by others
Effort and commitment Continuous Low
Risk taking Moderate Low
Goal Maximizes self potential Solely for profit
by utilizing available maximization
opportunities

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TYPES OF ENTREPRENEURS

 Intrapreneur
 Technopreneur
 Copreneurs
 Social Entrepreneurs
 Cyberpreneur

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TYPES OF ENTREPRENEURS

 Intrapreneur
 is the act of behaving like an entrepreneur while working
within a large organization.
 Technopreneur
 is an entrepreneur who is technology savvy, creative,
innovative, dynamic, dares to be different and take the
unexplored path, and very passionate about their work. 
 Copreneurs
 Husbands and wives who operate together in two
domains: family and business.
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TYPES OF ENTREPRENEURS

 Social Entrepreneurs
 individuals with innovative solutions to society’s most
pressing social problems. They are ambitious and
persistent, tackling major social issues and offering new
ideas for wide-scale change
 Cyberpreneur
 an entrepreneur who has online based business on the
internet that targets international consumers.
 is someone starting or running a business in
cyberspace and the internet.

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© Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 10
ENTREPRENEURIAL COMPETENCIES
(McClelland and McBer & Co ,1980s)

Personal initiative Seize opportunities

Endurance Information seeker

High work quality Commitment towards work agreement

Efficient Systematic planning

Creative problem solving Self confidence

Assertion Persuasion

Power and authority Kindness

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THE RISKS OF BEING AN
ENTREPRENEUR
 Uncertainty of income
 Risk of losing entire investment
 Long hours and hard work
 High stress level
 Difficulty in obtaining customers
 Complete responsibility
 Difficulty in obtaining loans
 Discouragement

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CHARACTERISTICS OF
SUCCESSFUL ENTREPRENEURS
 Able to identify opportunities
 Action-oriented
 Always seeking to improve
 Orientate themselves to customers’ needs
 Value their employees
 Able to face reality
 Able to tolerate tedium
 Able to rebound from disappointments
 Risk takers
 Locus of control
 Independent and in control
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CHARACTERISTICS OF
UNSUCCESSFUL ENTREPRENEURS

 Unsuccessful
– Poor Managers
– Low work ethic
– Inefficient
– Failure to plan and prepare
– Poor money managers

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IMPORTANCE OF
ENTREPRENEURSHIP
 Self development
 Family development
 Society/community development
 National development
 Spiritual development

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SUCCESSFUL MALAYSIAN
ENTREPRENEURS

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Tutorial

1. Describe entrepreneur.
2. Discuss FIVE (5) qualities of successful
entrepreneur.
3. Discuss the traits of become successful
entrepreneur.
4. Discuss why entrepreneur fails in business.
5. Choose ONE (1) the successful entrepreneur.
Describe his/her characteristic as an
entrepreneur.

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