MOHAMAD FAREEZ IZWAN BIN MOHD YUSOF

A133069
1) Explain entrepreneurship and discuss its importance to socio-economic growth.
From the dictionary, entrepreneurship is expressed as the willingness to take risks and
develop, organize and manage a business venture in a competitive global marketplace
that is constantly evolving.

In brief term, the entrepreneurship is the process of starting a business which can be
described through the flow diagram below.







In the flow chart given earlier, the process (entrepreneurship) generates the product
(business) as the flow goes on the process indirectly stimulates the economic
development at the area/place/country where the entrepreneur started to labour some
investment making the cash flow in and out from the stock market. The importance of
entrepreneurship to socio economic growth is:
A. Employment development
The first major economic value that social entrepreneurship creates is the most
obvious one because it shares with entrepreneurship and business alike: job
and employment creation. Secondly, entrepreneurship via social enterprise
provide employment opportunities and job training to segment of society at an
employment disadvantage.

B. Innovation/New goods and services
Social enterprise develop and apply innovation important to social and
economic development and develop new goods and services.

C. Social capital
One of the most important values created by social entrepreneurship is social
capital casually understood as the resources which are linked to possession of
durable network of relationship of mutual acquaintance and recognition.
Entrepreneur
(Start)
Entrepreneurship
(Process)
Business
(End)

Figure above shows the cycle of social capital

D. Equity promotion
Social entrepreneurship fosters a more equitable society by addressing social
issues and trying to achieve ongoing sustainable impact through their social
mission (CSR) than purely profit maximisation.

2) Discuss three main reason why people become entrepreneurs.
Entrepreneurs are the person who set up a business, taking on financial risks in the
hope of profit. From the definition itself, tells us why a person wanted to get out from
comfort zone to become entrepreneurs. The main reasons why people become
entrepreneurs is because:

A. Ego
This is word often misunderstood as a negative counterpart even though the
word itself is derived from the Greek word for individualism where things that
a person do for him/herself that is based on ego driven is considered not a bad
thing at all. The most common reason for starting up entrepreneurship is
related to that statement as we always heard them saying I want to be my own
boss

B. Material objectivity
Many entrepreneur get into the money stuff where they foresee what is the
opportunity lies behind the situation which they defined the gist of success in
the entrepreneurship is all about monetary profits. Entrepreneurs of this kind
are usually able to tackle the surrounding about the returns that their effort and
investment will bloom at the end of the deals.

C. Passion
Passion literally as having strong emotional feelings towards something or
someone, but from the entrepreneurship point of view, passion is what we love
to do or what were working on. The force behind these entrepreneurs
embracing entrepreneurship is the prospect of being able to do something at
their point of interest. Entrepreneurs from this kind are the most content
people and highly focused on their work.

3) What is the one quality you really need to in order to succeed in entrepreneurial
environment and why?
From my point of view, the quality that one person should have in ensuring his
success in this kind of entrepreneurial environment is high tolerance of perseverance.
This is because in business there is ups and downs due to the distraction that
happened alongside the journey to grab the success itself such as competition in
market, the stock market value, supply and demand and so on. Thus, the person
should be able to take risk and maintains the composure even though he/she might fail
several times before seeing any golden apple.
This can be shown by a young millionaire entrepreneur from Thailand, Top Attipat
Kulapopngvanich where he currently sells snack that is being imported to 27 countries
all around the world. However, he was not born silver spoon in his mouth and he
started the business from the bottom. During the early days of his entreprenuership, he
experienced hardship, got duped, his product earlier did not sell well, and had to sell
all his belongings just to fund his business all alone since his parents had to bear huge
debt at that time. Now, he makes 26 million USD per annum with 2000 staffs under
him. Therefore, his story motivates us that no pain no gain for success.

4) Identify four main characteristics of successful entrepreneurs.
Based on observations from several videos in Youtube.com about the how the
entrepreneurs starting up and maintaining their business, the main characteristics that
I able to fathom about successful entrepreneurs is:

A. Commitment
This is a time where starting a new business requires a lot of time commitment
beyond comprehension since it is new, where nobody knows about what the
person wants to offer via his business and the location of his business such as
office or shop. A new entrepreneur must be all in and willing to devote more
than the typical 40 hours per week if they want to achieve success.

B. Stress management
Stress and uncertainty are constant sidekick to the new fresh entrepreneur
where they usually endure months of sporadic income. It is advisable for
people needing stability and comfort of a guaranteed weekly income not to
become the entrepreneur because potential for failure creates tremendous
psychological pressure.
C. Sales, marketing, network abilities
Building a better mousetrap is no longer enough to make the world beat a path
to the entrepreneur since any of the business that the person operates on, the
business generated must be based on sales (profit). The successful
entrepreneurs usually expert at communicating on what they are, what they do
and how their product or service will make potential customers lives better.

D. Money smarts
It is crucial to accurately determine the amount of capital the entrepreneur to
setting up his own business which requires over an extended period of time
and this also includes the cost for both starting and stating in the business.
Since many start up business takes a year or two before becoming profitable
therefore that particular person needs sufficient operating capital to cover all
personal expenses and business cost until revenues can catch up.

5) Who is your business role model (an example of entrepreneur you highly
respect) and why?
I really adore Tan Sri Syed Mokhtar Al-Bukhary a lot, as my mentor, a benchmark if I
were set to indulge into entrepreneurship coarse. Many might raise question be like
Why him? Hes too much for you to put a standard level with budding
businessman like us.

By looking through his brief history of entrepreneurship, he started up as normal
teenager like any other else you will find. He started from bottom and faced several
hardships yet he never give up to achieve success from helping his mother to sell
vegetables and rearing cows to having more than 50% share in corporate.

The way he did the business is according to the rule of thumb in entrepreneurship as
one person should start from below as after he managed to get capital from selling the
fresh meat thus he expanded his empire by setting up government linked company
(GLC) with logistic kind of business. Later on, he involved into more vast type of
business other such as plantations, property development, defence and armory as well
as engineering apart power plant under Malakov.

He planned what he wanted to achieve by setting up several targets properly aligned
with the characteristics of successful entrepreneurship that I listed about as he aimed
the business that is making only cash flow where the product or service is linked with
what consumer uses every day and in demand.

Apart from making money, he also work for a cause, where he established Yayasan
Al Bukhary just to help the potential needy ones due to poor socio condition, since he
also last time are raised in poor family. Thus, it is a part of his responsibility to help
others that enable these people to a brighter future as well as taking the sponsored
students as his staff if their performance is good enough.

6) Entrepreneurship skills - Can you learn those skills Or naturally born with it
(gifted)?
From my opinion, the skills in entrepreneurship is something that cannot be born with
but it is made from sheer work, high level of optimism and perseverance. Why I
thought like this because by comparing both the current successful entrepreneurs such
as Top and Tan Sri Syed Mokhtar Al-Bukhary,

They started business when they are young as well they experienced with ups and
downs in life as entrepreneur like Top failed his business several times while Syed
Mokhtar Al-Bukhary loses his farming when disease strikes to his poultry and cows.

Therefore, logically, it is not possible that it is natural talent that entrepreneurship
skills are gifted as if gifted, the route to success would be much easier back then.