Tutorial 1

FLOW OF TUTORIAL

TOPIC 1: Introduction to entrepreneurship TOPIC 2: Identifying entrepreneurial

characteristics TOPIC 3: Developing entrepreneurial

creativity and innovation

TOPIC 1Introduction to Entrepreneurship

Peter F. Drucker stated entrepreneurship is not:- Magic Mysterious But It is a DISCIPLINE and it can be LEARNED.

MIND MAP

The Evolution of Entrepreneurship Concepts of Entrepreneurship The importance of Entrepreneurship The myth of Entrepreneurship Entrepreneurship development in Malaysia

Question?

What is your understanding of entrepreneurship?

1.2 The concepts of entrepreneurship

1.2.1 Entrepreneurship (Basic aspects) Involves creation process Requires the devotion of time and effort Assumption of necessary risks Involves reward

1.2 The concepts of entrepreneurship (cont)

1.2.2 Who are Entrepreneurs? Pioneers of today’s business success An innovator or developer who recognizes and

sizes opportunities.

1.3 Importance of Entrepreneurship

Catalyst for economic change and growth Help to improve lives Anymore?

1.4 The myths of entrepreneurship

Myth 1: Entrepreneurs are doers, not thinkers Myth 2: Entrepreneurs are born, not made Myth 3: Entrepreneurs are always inventors Myth 4: Entrepreneurs are academic and

social misfits Myth 5: Entrepreneurs must fit the “Profile” Myth 6: All entrepreneurs need is money Myth 7: All entrepreneurs need is luck

1.4 The myths of entrepreneurship (cont)

Myth 8: Ignorance is bliss for entrepreneurs Myth 9: Entrepreneurs seek success but

experience high failure rates Myth 10: Entrepreneurs are extreme risk

taker (gamblers)

1.5 Entrepreneurship development

What do you think? Your thoughts on “DIVIDE & RULE SYSTEM”

TOPIC 2 Identifying entrepreneurial characteristics

INTRODUCTION Entrepreneurs are individuals who recognize

opportunities where others see chaos or confusion

MIND MAP

Characteristic of successful entrepreneurs Entrepreneurs self assessment The differences between businessmen,

managers and entrepreneurs

2.1 Characteristics of successful entrepreneurs Initiative and responsibility High degree of commitment Opportunity orientation Moderate risk taker Confident and optimistic Creative and innovative Seeking feedback Drive to achieve Ability to set vision Skilled at organizing Internal locus of control Tolerance to failure High level of energy Team Building Independent Flexibility

2.2 Entrepreneur self-assessment

Visit the website http://bizmove.com/other/quiz.htm

2.3 The differences between businessmen, managers and entrepreneurs

Difference between a businessman and an entrepreneur Please refer to your module for discussion at

page 15 Difference between a Conventional Manager

and an entrepreneur Please refer to your module for discussion at

page 16

TOPIC 3 Developing entrepreneurial creativity and innovation

In today’s business landscape, entrepreneurs are required to think of ways to produce new products, services or processes for new purposes to the customers.

MIND MAP What is creativity Process of creativity Barriers to creativity How to generate creative ideas Characteristics of creative individual What is innovation Types of innovation Sources of innovation Barriers to innovation The importance of creativity and innovation for entrepreneurs Strategies to encourage creativity and innovation

3.1 What is creativity?

“…involves the development of UNIQUE and NOVEL responses to problems and opportunities (Online Ticketing, E-Banking)

3.2 The process of creativity

Phase 1: Knowledge accumulation Phase 2: Incubation Phase 3: Ideas Phase 4: Evaluation and Implementation

3.3 Barriers to creativity

Personal Beliefs Fear of Criticism Over-Management Stress

Activity in class (30 minutes)

Form a group of 5 Task: Please find ways of how to overcome

barriers to creativity.

3.4 How to generate creative ideas

Brainstorming Forced analogy Do it Mind Mapping Nominal Group

3.5 Characteristics of creative individuals

Humble and proud at the same time Very passionate but can be objective Brave to try new things Open minded and willing to accept criticism Playfulness and discipline, or responsibility and

irresponsibility High-self control Goal-directed, deliberate and considerate in

decision making Willing to take calculated risk

3.6 What is innovation?

“…finding ways to deliver new or better goods or services.” (Kinicki and Williams, 2003)

3.7 Types of innovation

Invention Extension Duplication Synthesis

3.8 Sources of innovation

Unexpected events New-knowledge concept Changes of demographics Process needs

3.9 Barriers to innovation

Organization does not encourage innovation Insufficient sources Traditional management behavior

3.9 Barriers to innovation (cont)

Also can be derived from individual behavior Fear of trying Fear of making mistakes Improper motivation Fear of change Fear of failure Self-image block

3.10 Importance of creativity and innovation for entrepreneurs

To ensure an organizational survival To explore new markets To exploit natural resources

3.11 Strategies to encourage creativity and innovation

Recognize your own ability Change your perception Change the organizational culture Dare to fail