Chapter 1 - Introduction To Entrepreneurship

Chapter 1: Introduction to
entrepreneurship and small

business management
www.fpt.edu.vn
Definition of an Entrepreneur
“An Entrepreneur transforms
Innovations, Good Ideas and
Inventions into
Successful New Enterprises”
2
Characteristics of Entrepreneurs
• Hardworking
• Life long learning
• Honesty
• Highly motivated
• Passion to succeed
• Seizing opportunities
• Clear strategic intentions
• Overcoming obstacles
• Working 7-day week
• Positive attitude
3
Who is the Entrepreneur?
High
Creativity & Innovation
Inventor Entrepreneur
Manager,
Promoter
administrator
Low High
General management skills, business know-how & networks
Source: Timmons (2004)
4
Previously, there was little interest in Entrepreneurship…
 Too much control? - NUTS

 Lack of innovative new ideas?
 Government is already in most businesses?
 Good economic growth in the 70s and 80s
 Fear and non-acceptance of failures
 Not many risk takers
5
Why is there an increased level of interest in
Entrepreneurship today?
 People need to find new ways to survive
 Government’s exhortations
 Difficulty of going into traditional or capital intensive

business
6
Why do people go into Entrepreneurships today?
• Some do not have enough qualifications for good jobs

• It is in their blood – risk takers by nature
• They see opportunities when other see risks
• Their parents or family members are entrepreneurs
• Their parents pass down the business to them to diversify
• They are bored with their present jobs
• They hate their bosses and their work environment
7
Why do people go into Entrepreneurships today?
• They have plenty of money

• They have been retrenched or fired from their jobs
• They have burning desires to be bosses and grow rich
• They are influenced by friends who had succeeded
• They are influenced by friends who wants partners
• They Stumble into opportunities by chance
• They studied Entrepreneurship in schools, universities
• They do not know what Entrepreneurship is all about
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9
Fallacies of Entrepreneurship
 Entrepreneurship is not about just being hawkers or going

down the well traveled path to follow what others have
done
 It is about having the guts to take on uncertainties, working

very hard and earn very little most of the time, getting into
uncharted territories and attempting to grow unknown or
new business into a very successful companies
10
Myths of Entrepreneurship
• Doers, not thinkers

• Born, not made
• Inventors or innovators
• Academic and social misfits
• Must fit the “profile”
• All you need is money to be an entrepreneur
• Luck is important
• Ignorance is a bliss, otherwise over analysis leads to paralysis (MBAs)
• Strike success on first venture
• Life span of only 5 years before failure
Source: Kuratko, Donald F. and Hodgetts, Richard M. (2006), Entrepreneurship: Theory, Process,
Practice, Thomson, South-Western, Ohio.
11
Singapore Entrepreneur Share His Wisdom
“It doesn’t mean you have to take all risks, but you should take
calculated risks. Smell the opportunities before anyone else. Act
fast, be cost-conscious, and sell, sell, sell”
Kwek Leng Beng
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Management, Leadership &
Entrepreneurship
Management
Action
Attitude
Accountability
Entrepreneurship Leadership
“ Management, Leadership & Entrepreneurship are part and parcel of the same
job. They are like hand, nose & mouth from the same body”
Peter Drucker
13
Some Successful Entrepreneurs to Note
14
Forbes’ Top Billionaires
15
Iron Ladies
Dr. Theresa Chew (41) Ms. Jean Yip (41)

President / CEO, Expressions Int’l Chairman, Jean Yip Salon
“You must have a deep burning passion for your “Women entrepreneurs love what they
business and firmly believe in what you do. You do, believe in it, do their very best and
must know how to delegate jobs to the right go all the way for it.”
people and motivate your staff to keep them
involved and committed to the organization.”
16
17
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Entrepreneurship Requires You to Have
 Passion
 Vision
 Focus on Your Strengths
 Do the Right Things and Do It Well
 Determination to Succeed
 Innovative Products and Global Expansion
Determined, Focused, Tenacious, Audacious, Visionary
19
PASSION: THE KEY TO SUCCESS
“Success belongs to the Bold who
seize Opportunities amid Adversity”
20
Entrepreneurial Spirit
• Courage to break away from the

past; face the unfamiliar;
successfully carve a niche for
themselves in another country
• Self motivated: destiny can be Speed
shaped by their own endeavors; an
inner engine that drives them to
Self-
overcome external forces Stamina Confidence
• Able to execute and not simply
generate new ideas Simplicity
• A high degree of faith in their
own ideas; new ideas alone do not
make a person an entrepreneur
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Nine Competencies an Entrepreneur Must Have
 Integrity – stick to your principles, even when difficult to do so

 Initiative – plan long term (over a year ahead)
 Commitment – a tremendous capacity for hard work
 Drive & Determination – motivated by beating standards of excellence
 Truthful – do not tolerate poor performance
 Confidence – have an infectious self-belief
 Self-direction – focus on areas you find exciting and drop failures
 Selling – energy, enthusiasm and vision to persuade and sell to others
 Leadership –ability to spot talent and inspire others to buy your vision
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The Six Key Qualities of Entrepreneurship
• Market and customer driven

Time Management • Able to grasp details quickly & make good & fast
decisions
• Alert & responsive to changes

Problem Solving • Courageous enough to take calculated risks & try
new ways of doing things
• Able to think big & have a vision

Creativity & Innovativeness • Innovative & entrepreneurial
• Organized, systematic, rational work (Drucker, p50)
• Someone who learns continuously

Presentation & Communication Skills • Energetic about inspiring others to buy & work
towards his visions
• A total quality & customer-focused person

Teamwork • A coach, motivator, team leader who facilitates & is a
team player
• Able to work in different cultural settings

Interpersonal & Social Intelligence • Tough on issues but soft on people (no more
autocratic management)
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Chapter 1: Introduction to

entrepreneurship and small

“An Entrepreneur transforms

Innovations, Good Ideas and

Successful New Enterprises”

 Too much control? - NUTS

 People need to find new ways to survive

 Difficulty of going into traditional or capital intensive

• Some do not have enough qualifications for good jobs

• They have plenty of money

 Entrepreneurship is not about just being hawkers or going

 It is about having the guts to take on uncertainties, working

• Doers, not thinkers

Kwek Leng Beng

Dr. Theresa Chew (41) Ms. Jean Yip (41)

Determined, Focused, Tenacious, Audacious, Visionary

• Courage to break away from the

 Integrity – stick to your principles, even when difficult to do so

• Market and customer driven

• Alert & responsive to changes

• Able to think big & have a vision

• Someone who learns continuously

• A total quality & customer-focused person

• Able to work in different cultural settings

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