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TitleEntrepreneurship VERY GOOD
Tags Creativity Tech Start Ups Venture Capital
File Size4.0 MB
Total Pages158
Table of Contents
                            1 TOC
2 Course_Guide
	COURSE GUIDE DESCRIPTION
	INTRODUCTION
	COURSE AUDIENCE
	STUDY SCHEDULE
	LEARNING OUTCOMES
	COURSE SYNOPSIS
	TEXT ARRANGEMENT GUIDE
	PRIOR KNOWLEDGE
	ASSESSMENT METHOD
	REFERENCES
3 Topic 1
	THE EVOLUTION OF ENTREPRENEURSHIP
	CONCEPTS OF ENTREPRENEURSHIP
		1.2.1 Entrepreneurship
		1.2.2 Who are Entrepreneurs?
	THE IMPORTANCE OF ENTREPRENEURSHIP
	THE MYTHS OF ENTREPRENEURSHIP
	DEVELOPMENT OF ENTREPRENEURSHIP IN MALAYSIA
4 Topic 2
	CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS
	SELF-ASSESSMENT FOR ENTREPRENEURS
	THE DIFFERENCES AMONGST BUSINESSMEN, MANAGERS AND ENTREPRENEURS
		2.3.1  The Differences between a Businessman and an Entrepreneur
		2.3.2 The Differences between a Conventional Manager and an Entrepreneur
5 Topic 3
	WHAT IS CREATIVITY?
	THE PROCESS OF CREATIVITY
	BARRIERS TO CREATIVITY
	HOW TO GENERATE CREATIVE IDEAS
	CHARACTERISTICS OF CREATIVE INDIVIDUALS
	WHAT IS INNOVATION?
		3.6.1  Types of Innovation
		3.6.2  Sources of Innovation
		3.6.3  Barriers to Innovation
	THE IMPORTANCE OF CREATIVITY AND INNOVATION FOR ENTREPRENEURS
	STRATEGIES TO ENCOURAGE CREATIVITY AND INNOVATION
6 Topic 4
	THE COMPONENTS OF VENTURES ENVIRONMENT
	MACRO ENVIRONMENT
		4.2.1 Political and Legislation
		4.2.2 Economy
		4.2.3 Socio-cultural
		4.2.4 Technology
	MICRO ENVIRONMENT
	AN ORGANISATION’S INTERNAL ENVIRONMENT
	IDENTIFICATION OF BUSINESS OPPORTUNITY
		4.5.1 Recognition of an Opportunity: Phase of a Process Perspective on Entrepreneurship
		4.5.2 E-commerce as a New Opportunity
	EVALUATION OF A BUSINESS OPPORTUNITY
		4.6.1 The Magnitude of the Opportunity
		4.6.2 Sources of Opportunities: The Origins of New Ventures
		4.6.3 Opportunities and New Firms
7 Topic 5
	WHAT IS A BUSINESS PLAN?
	IMPORTANCE OF BUSINESS PLANNING
	WHO NEEDS THE BUSINESS PLAN?
	ESSENTIAL ELEMENTS OF A GOOD BUSINESS PLAN
	GUIDELINES IN PREPARING BUSINESS PLANS
	PITFALLS TO AVOID IN PLANNING
8 Topic 6
	TYPES OF VENTURES
	START-UP
		6.2.1  Definition of Start-up
		6.2.2  Phases in Start-up
		6.2.3 Advantages and Disadvantages of Start-up
	BUYING AN EXISTING BUSINESS
		6.3.1 Definition of Buying an Existing Business
		6.3.2  Steps and Processes in Buying an Existing Business
		6.3.3  Advantages of Buying an Existing Business
		6.3.4  Disadvantages of Buying an Existing Business
	FRANCHISING
		6.4.1  Definition of Franchising
		6.4.2  Advantages of Franchising
		6.4.3  Disadvantages of Franchising
	LEGAL STRUCTURES FOR NEW BUSINESS VENTURES
		6.5.1  Sole Proprietorship
		6.5.2  Partnership
		6.5.3  Corporation
		6.5.4  Comparisons of the Three Major Forms of Business
	SOURCES OF CAPITAL FOR ENTREPRENEURIAL ACTIVITIES
9 Topic 7
	WHAT IS NETWORKING?
	ADVANTAGES OF HAVING GOOD NETWORKING
	WHAT IS STRATEGIC NETWORKING?
	TYPES OF NETWORKING
	THE IMPORTANCE OF NETWORKING
	HOW TO ESTABLISH STRATEGIC NETWORKING FOR ENTREPRENEURS
	ENTREPRENEURS AND NETWORKING
	STRATEGIC NETWORKING CONSOLIDATION
	TECHNIQUES FOR DEVELOPING CONFIDENCE AMONG ENTREPRENEURS
	BARRIERS IN BUILDING STRATEGIC NETWORKS
10 topic 8
	PITFALLS IN SELECTING NEW VENTURES
	CRITICAL FACTORS FOR NEW VENTURE DEVELOPMENT
	WHY NEW VENTURES FAIL
	THE EVALUATION PROCESS
11 Topic 9
	THE NATURE OF PLANNING IN EMERGING FIRMS
	STRATEGIC PLANNING
	THE LACK OF STRATEGIC PLANNING
	BENEFITS OF IMPLEMENTING A STRATEGIC PLAN
13 Answer latest
	TOPIC 1:   INTRODUCTION TO ENTREPRENEURSHIP
	Exercise 1.1
		TOPIC 2:  IDENTIFYING ENTREPRENEURIAL CHARACTERISTICS
	Exercise 2.1
	TOPIC 3:   DEVELOPING ENTREPRENEURIAL CREATIVITY AND INNOVATION
	Exercise 3.1
	Exercise 3.2
	TOPIC 4:  VENTURES ENVIRONMENT ASSESSMENT
	Exercise 4.1
	Exercise 4.2
	Exercise 4.3
	TOPIC 5:  BUSINESS PLAN
	Exercise 5.1
	Exercise 5.2
	Exercise 5.3
	TOPIC 6:  STARTING AN ENTREPRENEURIAL NEW    VENTURE
	Exercise 6.1
	Exercise 6.2
	Exercise 6.3
	Exercise 6.4
	Exercise 6.5
	Exercise 6.6
	TOPIC  7:  ENTREPRENEURIAL  NETWORKING
	Exercise 7.1
	Exercise 7.2
                        
Document Text Contents
Page 1

Table of Contents
Course Guide ix- xiv

Topic 1 Introduction to Entrepreneurship 1
1.1 The Evolution of Entrepreneurship 2
1.2 Concepts of Entrepreneurship 4
1.2.1 Entrepreneurship 4
1.2.2 Who are Entrepreneurs? 5
1.3 The Importance of Entrepreneurship 7
1.4 The Myth of Entrepreneurship 8
1.5 Development of Entrepreneurship in Malaysia 9
Summary 10
Key Terms 11

Topic 2 Identifying Entrepreneurial Characteristics 12
2.1 Characteristics of Successful Entrepreneurs 13
2.2 Self-assessment for Entrepreneurs 16
2.3 The Differences Amongst Businessmen, Managers and

Entrepreneurs 17
2.3.1 The Differences Between a Businessman and an

Entrepreneur 17
2.3.2 The Differences Between a Conventional Manager

and an Entrepreneur 18
Summary 19
Key Terms 20

Topic 3 Developing Entrepreneurial Creativity and Innovation 21
3.1 What is Creativity? 22
3.2 The Process of Creativity 23
3.3 Barriers to Creativity 25
3.4 How to Generate Creative Ideas 25
3.5 Characteristics of Creative Individuals 28
3.6 What is Innovation? 29
3.6.1 Types of Innovation 29
3.6.2 Sources of Innovation 30
3.6.3 Barriers to Innovation 31
3.7 The Importance of Creativity and Innovation for

Entrepreneurs 32

Page 2

 TABLE OF CONTENTS iv

3.8 Strategies to Encourage Creativity and Innovation 33
Summary 35
Key Terms 36

� Topic 4 Ventures Environment Assessment 37
4.1 The Components of Ventures Environment 38
4.2 Macro Environment 40
4.2.1 Political and Legislation 41
4.2.2 Economy 43
4.2.3 Socio-cultural 43
4.2.4 Technology 45
4.3 Micro Environment 46
4.4 An OrganisationÊs Internal Environment 49
4.5 Identification of Business Opportunity 49
4.5.1 Recognition of an Opportunity: Phase of a Process
Perspective on Entrepreneurship 50
4.5.2 E-commerce as a New Opportunity 53
4.6 Evaluation of a Business Opportunity 53
4.6.1 The Magnitude of the Opportunity 55
4.6.2 Sources of Opportunities: The Origins of New

Ventures 55
4.6.3 Opportunities and New Firms 56
Summary 58
Key Terms 59

Topic 5 Business Plan 60
5.1 What is a Business Plan? 61
5.2 Importance of Business Plans 62
5.3 Who Needs Business Plans? 64
5.4 Essential Elements of Good Business Plans 66
5.5 Guidelines in Preparing Business Plans 69
5.6 Pitfalls to Avoid in Planning 70
Summary 71
Key Terms 71

Topic 6 Starting a New Entrepreneurial Venture 72
6.1 Types of Ventures 73
6.2 Start-up 73
6.2.1 Definition of Start-up 73
6.2.2 Phases in Start-up 74
6.2.3 Advantages and Disadvantages of Start-up 75
6.3 Buying an Existing Business 76
6.3.1 Definition of Buying an Existing Business 76

Page 79

TOPIC 5 BUSINESS PLAN  69

GUIDELINES IN PREPARING BUSINESS PLANS
5.5

Figure 5.4 shows the six guidelines to be followed in order to produce an
effective business plan.



Figure 5.4: The guidelines in preparing a business plan

Page 80

 TOPIC 5 BUSINESS PLAN


70

PITFALLS TO AVOID IN PLANNING
5.6

According to Kuratko (2004), there are a number of pitfalls that should be avoided
by entrepreneurs in the formulation of a business plan. Some of these are common
errors that are usually committed by entrepreneurs and are easily noticed. Table 5.1
shows five pitfalls and strategic steps to be taken to avoid them.

Table 5.1: Pitfalls in Planning

No Pitfalls Facts How to Avoid

1. No realistic
goals

 Some of the business plans do not contain
attainable and clear goals that entrepreneurs
are trying to achieve.

 Lack of time frame.

 No priorities.

 No action steps in the business plan.

Good business plan
should include a clear
schedule with specific
steps of action to be
accomplished within
specific time frame.

2. Failure to
anticipate

obstacles

Sometimes, entrepreneurs are so immersed in
their ideas that they are unable to see the
possible problems that may arise. There are no
indicators to recognise the problems, no
admission of possible mistakes or weaknesses
in the plan and contingency plans do not exist.

To avoid this pitfall, list
down possible obstacles
that may arise and steps
or contingency plans if
the problems occur.

3. No
commitment

or

dedication

Many entrepreneurs appear to lack of
commitment in their business. Entrepreneurs
should not give the impression that they donÊt
take matters seriously in doing business. The
obvious indicators for lack commitments are:

 Excessive procrastinations.

 Missed appointments.

 No desire to invest personal money.

 Desire to make quick profit.

Entrepreneurs should
follow up important
appointments and
willing to demonstrate
financial commitment to
their business.



4. Lack of
business or

technical

experience

Many investors look for the entrepreneurs with
actual experience and not merely with ideas,
and who have true knowledge in the proposed
business. Thus, entrepreneurs should
demonstrate their knowledge and background
experience in their business areas.

They should give evidence
of personal experience and
background for this
venture.

If they lack specific
knowledge or skills, they
should get assistance from
those with qualifications.

5. No market
niche

Many entrepreneurs do not identify potential
customers for their products. Many new
potential products never reach the hand of the
customer because of the lack of a market niche
or no market was ever established for that
product.



The best way to avoid this
pitfall is to establish a
specifically targeted market
segment and demonstrate
why and how specific
product or service will
meet that target group.

Page 157

 ANSWERS


158

(c) Retirement accounts.

(d) Banks and other financial institutions.

(e) Government loans.

(f) Stock markets.

(Any five answers)

TOPIC 7: ENTREPRENEURIAL NETWORKING

Exercise 7.1

The advantages that an entrepreneur would gain from good networking are:

(a) Accessibility

Networking is very important for the entrepreneur in order to gain either
tangible or intangible resources directly or indirectly. Among the tangible
resources are financial support, transfer of technology and accessibility in
gaining information to produce the right product at the right cost and
right time as demanded by the market. On the other hand, the intangible
resources are the moral support, guidance and confidence given by
various groups to entrepreneurs in operating their business.


(b) Reputation

Reputation refers to the ability of the entrepreneur to influence the
decision making of other network members, based on the expertise
that they have. Good reputation enables the entrepreneur to attract
members in networking circles to give priority to the product or services
produced by them.


(c) Expectations

These can be both facilities and restriction to the freedom of
companyÊs action. For example, network members could have the
expectation that a particular company will effectively set prices for a
number of other companies. On the other hand, a company may be
expected not to take advantage of product shortages by raising prices
or to conform to conventional competition or to set higher ethical
standards than others.

Page 158

ANSWERS 



159

Exercise 7.2

Three ways to establish strategic networking for entrepreneurs are:

(a) Good Planning

To be successful in the entrepreneurial process and management, we must
have good planning. Every plan must begin with the questions:
 What your goals?
 What are your strengths?
 What are your weaknesses?
 What do you want to achieve through networking?


(b) Ask Yourself
Every entrepreneur must do the networking draft in planning. An
entrepreneur must ask himself what he wants and how many
networking relationships he wants in one month. Then he must identify
his customers, what kind of business gives profit and what are his
contributions to people.


(c) Learning Networking Technique

As an entrepreneur, he must attend business association meetings
and be a member of an association. Identify business association, sports
association and computer associations. By attending these ceremonies,
the entrepreneur will gain the spirit to achieve his business plan.


Although networking is good for business, entrepreneurs must remember that
they cannot waste their time to establish networking but must find alternative
methods for success. They also have to choose the best associations to join
those that are beneficial and those to which they can also contribute benefits.
Identify those people who contribute to business and form a communication
group to get more information from them. Then send e-mails or letters to
express appreciation for them.

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