Introduction to Entrepreneurship

As we head into the 21st Century it is only right that we reflect on the contributions made by entrepreneurs from around the globe to the wellbeing of our people and the wealth of our economy. Where would we be without the persistence and creativity of such notable entrepreneurs as Bill Gates, Steve Jobs and Robert Kuok?

"Entrepreneurs are not 'born'….rather they 'become' through the experiences of their lives."

                                                            (Professor Albert Shapiro, Ohio State University)

According to Mr. Ajay Bam, a lecturer at Lester Center for Entrepreneurship at University of California, Berkeley’s Haas School of Business, entrepreneurship means a journey of opportunity exploration and risk management to create value for profit and/or social good.

Who are entrepreneurs? Entrepreneurs are independent individuals who take up a set of rules, very consistent with a “search-and-satisfying” type of attitude, as a means to reach its objective such as the growth and profitability of his or her enterprise. In doing this, curiosity and an instinct for exploration drive the entrepreneur – a combination in which intentional action and the element of making lucky and unexpected findings by accident sit side by side.

“For the duration of its collective life, or the time during which its identity may be assumed, each class resembles a hotel or an omnibus, always full, but always of different people.”

                                                                                                            (Joseph A. Schumpeter)

            Entrepreneurs’ task is to identify opportunities for a profit that others have overlooked. The entrepreneur recognizes things that others have failed to recognize - that there is a chance waiting to be grabbed. It is the alertness of the entrepreneur that leads him or her to recognize what others and even the entrepreneur himself may earlier have failed to notice.

Observe that entrepreneurs do not own a specific knowledge that others do not possess. What the entrepreneurs possess are rather a sense of stumbling upon what is around the corner. Hence, to find their way, entrepreneurs look for many windows and make quick decisions, albeit sometimes they need to move slowly toward their target. After some time, they have to see which way the wind is blowing.

Many myths surround entrepreneurs, such as those relating to the high level of risk that presents a new project, the significance of the business plan, and the reliance on venture capital. Whereas, it is said that entrepreneurs take uncalculated risks to start their companies, in actual fact many entrepreneurs when they start out do not have much to lose, and they have an uncanny ability to persuade others such as employees, investors, suppliers and landlords – to share their start-up risks. It is also a common view that entrepreneurs have a well-researched, well-conceived strategic plan when they start their companies. Vice-versa, what allows most entrepreneurs to be successful in their new set out is their flexibility to change. Setting up a new business is like jumping from a rock to rock up a stream rather than building a bridge from scratch. Companies develop a tight constructed business plan when they are ready to seek outside investments. That all entrepreneurs rely on venture capital to support their business is a third myth. Most entrepreneurs start with their own money and money from friends and family and only took to venture capital when they need to capitalize on their success, usually in the later stages of growth.

The more developed an entrepreneur’s skill, the better able he is to grow and sustain his business. It all began with entrepreneurship skills; not a collection of tools. The purpose of this assignment is to impart an understanding and the importance of the enhancement of entrepreneurial skills and personal qualities with supporting proof by linking to wealthy entrepreneurs in Malaysia and the world.