Role of entrepreneurship in rakhine's development

“ROLE OF ENTREPRENEURSHIP IN RAKHINE STATE”

Prof.Dr.Aung Tun Thet

9th Event of Better Future Better Myanmar 2015 Free Seminar Series

ROLE OF ENTREPRENEURSHIP IN RAKHINE’S DEVELOPMENT

PROF.DR.AUNG TUN THET

POTENTIAL

Total Population: 3,188,807

Male 1,526,,402Female: 1,662,405

ECONOMY

Rice main crop (85% of total agricultural land)Coconut and nipa palm plantations also importantFishing major industryWood products Huge potential for petroleum and natural gas

productionTourism – cultural, recreationalKyaukphyu SEZ

RESPONSE

Political

EconomicSocial

Entrepreneurship

ECONOMIC ENTREPRENEURSHIP

ACT

ENTREPRENEURSHIP

Dynamic need Sustainable/Inclusive development

ENTREPRENEURSHIP

Job creationNational incomeCapital formationBalanced regional developmentInnovationsEconomic independenceReducing unrest and social tension

COMMON CHARACTERISTICS

CommitmentDeterminationPerseveranceAchievementOpportunity orientation Initiative Internal locus of control

Tolerance for ambiguityCalculated risk takingTolerance for failureHigh energy levelCreativitySelf confidence IndependenceTeamwork

MOTIVATION

Idea Own boss Work Life Balance Financial Rewards Creative Others

Idea

Own Boss

FinancialRewards

Creative

Others

Work-Life Balance

TYPOLOGY

RecognizingOpportunities

PotentialEntrepreneurs

AssemblingResources

NascentEntrepreneurs

LaunchNew Venture

NewEntrepreneurs

Harvesting &Succeeding

EstablishedEntrepreneurs

ENTREPRENEURIAL PROCESS

IndividualAttributes

Environment

Opportunities

Discovery Exploitation

EXECUTION

ENTREPRENEUR

DirectorDirects productionEnsure success

INNOVATION

New productNew methodNew marketNew sourceNew organization

INNOVATION PROCESS

Types Invention Extension Duplication Synthesis

SourcesUnexpected occurrencesProcess needs Industry & market changesDemographic changesKnowledge based

CREATIVE & INNOVATION

Sources of new ideas Consumers Existing companies Distribution channels Research & Development Government

Methods of generation ideas

BrainstormingFocus GroupsProblem analysis

ENTREPRENEURS

Creative Thinking + Systematic Analysis = SUCCESS

Seek out unique opportunities to fill needs and wants

Turn problems into opportunities Recognize problems, solutions

CREATIVE THINKING

Generation of ideasProcessPeople

CRITICAL THINKING PROCESS

CreativeProcess

Incubation

Ideas

Evaluation &Implementation

KnowledgeAccumulation

CREATIVE CLIMATE

TrustOpenConsiderateWillingness to accept stageEnjoymentNo fearDiversity

FEATURES OF ENTREPRENEURSHIP

Economic Activity

Creative Activity

Innovation Function

Dynamic Process

Organizing Function

Risk-bearing Function

Gap filling Function

ENTREPRENEURIAL FUNCTIONS

RiskBearing

Innovation

DecisionMaking

Managerial

Organizational

BASIC COMPONENTS

Technology

Finance

Sales & Marketing

• Men• Machines• Management• Methods

• Money• Materials

• Market

ENTREPRENEURSHIP

DEVELOPMENT CYCLE

Stimulatory

• Training & Education

• Publicizing opportunities

• Making information available

• Offering incentives & recognition

• Creating forum

Support

• Funds• Market linkages• Management• Technology• Information• Facilities

Sustaining

• Growth & Expansion

• Refinancing• Legal & Policy

Modifications

ASPECTS OF ENTREPRENEURSHIP

VentureFinancing

Social

Women&

Minority

Education

FamilyBusiness

Global

Youth

Corporate

ENTREPRENEURSHIP

Mind SetSeek opportunitiesTake risksTenacity

E + f(e)

NEVER GIVE UP

Stay AliveLower ExpectationsPersistDon’t compare

GETTING OVER FEAR

Act with limited informationTrust your gutImagine worstRealize value of “Unscared”Just do it!

MISCONCEPTIONS

Great ideaEasyGamble

I AM AN ENTREPRENEUR

I believe anything is possible I see opportunity when others see impossibility I take risks I Create I Learn I Grow I Do

SOCIAL ENTREPRENEURSHIP

The world is a dangerous place

Not because of people who do

But because of those who look and do nothing

SOCIAL BUSINESS (SB)

Fall between traditional NGOs and for-profit companies

Like NGOs primary objective to create social impact

Operate like businesses Generate sufficient revenues to cover operating

costs

BASIC UNDERSTANDING

Applying business principles to social problems

Increase efficiency, effectiveness, and financial sustainability

SB

Focus on neediest, most underserved segments Generates enough revenue to be self-sustainingDo not depend on donations or other external

financial support Maximize value delivered to society not financial

value delivered to shareholders

SB

Non-loss, Non-dividend company Created to solve social or environmental problems

SB

Social missionGenerate revenues to cover costsInvestors recoup investmentProfits reinvested

SB

Cause-driven businessFinancially sustainable Mission-oriented

7 PRINCIPLES OF SB

1. Business objective - overcome poverty, education, health, technology access and environment); not profit maximization

2. Financial and economic sustainability

3. Investors get back investment amount only; no dividend given beyond investment money

7 PRINCIPLES OF SB

4. When investment amount paid back, profit stays with company for expansion and improvement

5. Environmentally conscious

6. Workforce gets market wage with better working conditions

7. Do it with joy!

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