Entrepreneurship

OUM: MPU 3223

Topic 1
Dr. Azahari Jamaludin
Email: bjazahari@oum.edu.my
 Topic 1
Introduction to Entrepreneurship

Learning Outcomes:

Explain the concepts of entrepreneurship

Discuss three importance of entrepreneurship

Identify the ten myths of entrepreneurship; and

 Topic 1: Introduction to Entrepreneurship
MCQs
• Entrepreneurship is the symbol of business tenacity & achievement.
• Entrepreneurship is recognized throughout the world as a catalyst for
economic growth.
• The word entrepreneur is derived from the French word
entreprendre, meaning “to undertake”.
• According to Histrich & Peter (1998), entrepreneurship is the dynamic
process of creating incremental wealth.
• Entrepreneurship as defined by Kuratko & Hodgetts (2004) is a
process of innovation and new venture creation through four
dimensions. Name the first dimension – Individuals
• To a psychologist, entrepreneurs are individuals who are driven to
seek challenges & accomplishments.
• Entrepreneurship is a catalyst for economic change & growth.
• Entrepreneurship, through its creativity and innovation process
produces new products and services to fulfil human needs.
• What is the first myth of entrepreneurship? Entrepreneurs are doers,
not thinkers.
 Topic 1: Introduction to Entrepreneurship
Concepts of Entrepreneurship

• Histrich & Peter (1998), entrepreneurship

definition focuses on four basic aspects such as:
– Creating something new of value to himself and the
market

– Demand the devotion of time and effort

– To assume calculated risks such as financial risk etc.

– Reward such as monetary and non-monetary

(independence, personal satisfaction)
 Topic 1: Introduction to Entrepreneurship
Concepts of Entrepreneurship

• Kuratko & Hodgetts (2004), entrepreneurship base

on four dimensions:
– Individual – owner & employees

– Organizational - structure

– Environmental – internal & external

– Process – input  process  output

 Topic 1: Introduction to Entrepreneurship
Concepts of Entrepreneurship

• Entrepreneurship is a dynamic process of:

– Vision, Change, and Creation

– New Ideas and Creative Solutions

– Take Calculated Risks

– Where others see Chaos, Contradiction, and

Confusion
 Topic 1: Introduction to Entrepreneurship
Who are Entrepreneurs

• Those person who:

– Create – Newness

– To make – Wealth

– Know how to – Organizing

– Know how to – Creating

– Willing to take – Risk

 Topic 1: Introduction to Entrepreneurship
The Importance of Entrepreneurship

Catalyst for economic growth and increased

outputs

Developing new products/services

Creativity & innovation leading to new

investment of new ventures

More jobs leading to reduce unemployment rate.

Community Service Responsibility (CSR)

 Topic 1: Introduction to Entrepreneurship
The Myths of Entrepreneurship
Myths Facts

Entrepreneurs are doers, They are both, thinkers and doers

not thinkers
Entrepreneurs are born, Entrepreneurship can be taught and
not made studied
Entrepreneurs are always Successful entrepreneurs use creative and
inventors innovative ideas in their ventures and
these characteristics can be learned
Entrepreneurs are They are now viewed as professionals
academic and social
misfits
Entrepreneurs must fit Many do not have all the “Profile” when
 Topic 1: Introduction to Entrepreneurship
Questions & Answer

 Describe the importance of entrepreneurship

 Catalyst for economic growth and increased output
 Developing new products/services
 Creativity & innovation leading to new investment of new
ventures
 More jobs leading to reduce unemployment rate.
 CSR

 List two (2) basic aspects of entrepreneurship

 Creating something new of value
 Devotion of time & effort
 Taking calculated risks
 Rewards, independence and satisfaction
 Topic 1: Introduction to Entrepreneurship
Questions & Answer

• Explain the meaning of “Entrepreneurship”: is the

dynamic process of wealth creation by:
– Creating something new of value
– Devotion of time & effort
– Taking calculated risks
– Rewards, independence and satisfaction

• List Four (4) basic aspects of entrepreneurship:

– Creating something new of value
– Devotion of time & effort
– Taking calculated risks
– Rewards, independence and satisfaction
 Topic 1: Introduction to Entrepreneurship
Questions & Answer

• List Five (5) entrepreneurship myths.

– Doers not thinkers
– Born, not made
– Always inventors
– Academic & social misfits
– Must fit the entrepreneurship profile

• Explain at least 4 characteristics of successful

entrepreneurs
– Flexibility
– High level of energy
– Team building
– Tolerance to for failure
– Risk taker