Entah laa

MBBC3033 Entrepreneurship Session II 2021/2022

CHAPTER INTRODUCTION TO
ENTREPRENEURSHIP
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LEARNING OBJECTIVES

At the end of this chapter, you will be able to:
1. Define the terms ‘entrepreneur’ and ‘entrepreneurship’.
2. Explain the differences between an entrepreneur and a small

businessman.
3. Discuss the types of entrepreneurs.
4. Explain the risks of being an entrepreneur.
5. Explain the importance of entrepreneurship.
6. Discuss the entrepreneurship development in Malaysia.

1.1 INTRODUCTION

1.1 INTRODUCTION

In present business environment, entrepreneurship is an important enabler in
supporting the sustainable economic growth of a country. The significant role of
entrepreneurs in the economy has been widely acknowledge as they create new
enterprises, drive and shape innovations, speed up structural change in the
economy and introduces new forms of competition. This chapter will give an
understanding of entrepreneurship and its salient issues that are important in this
current economy.

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1.2 ENTREPRENEUR AND ENTREPRENEURSHIP

Although the terms ‘entrepreneur’ and ‘entrepreneurship’ have been in use for more
than two centuries, there is still no universal definition. There are various views on
who is an entrepreneur and what entrepreneurship is. Among the definitions given
by management scholars and practitioners are as follows:

1.2.1 Entrepreneur
The term ‘entrepreneur’ originates from the French word ‘entreprende’ which means
‘to do something’ (Swedberg, 2000) or ‘to undertake’ the risk of a new enterprise
(Kuratko and Hodgetts, 2001). This term was first introduced by Richard Cantillon in
1775 and he referred entrepreneur as economic agents who have the foresight and
willingness to take advantage of realized and unrealized profit opportunities through
buying and selling activities, thus assumes accountability for the inherent risks
(Blaug, 2000).

Adam Smith (1776) described entrepreneur as a person that has the ability
to foresee potential through changes in the economy and to take advantage of the
opportunities thereby created. Joseph Schumpeter (1930) on the other hand
described entrepreneur as ‘a sociologically distinct individual who is a creative and
resourceful innovator as well as an agent of change’. According to Schumpeter
(1930), sources of motivation for entrepreneur include profit making, desire to prove
one’s superior capability over others, and the pleasure in creating and getting things
done.

The Oxford English Dictionary defines an entrepreneur as ‘a person who sets
up a business or businesses, taking on financial risks in the hope of profit’. The
Encyclopedia Americana defines an entrepreneur as ‘a businessman who takes
risks to combine the factors of production such as capital, labor, and raw materials,
and accepts the rewards through the profit made by the market value of his
products’. Meanwhile, Webster’s Dictionary defines an entrepreneur as ‘an
individual who manages an economic activity, specifically in sponsoring, owning,
managing, and bearing the risks of a business’.

The term ‘entrepreneur’ was widely used in Malaysia in 1970s after the
implementation of the New Economic Policy (NEP). In short, entrepreneurs are
individuals who discover market needs and launch new firms to meet those needs.
They are risk takers who provide an impetus for change, innovation, and progress

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in economic life. They build businesses that provide jobs and thereby improve the
standard of living and quality of life of the people and thus contribute to the nation’s
economic progress. Table 1.1 below shows other definitions of entrepreneurs by
other scholars:

Table 1.1 Definitions of entrepreneur

Author Definition

An entrepreneur is a person making new combinations causing

Schumpeter (1934) discontinuity. The realization of new combinations may include a
new product or a quality of a product, a new method of production,

finding a new source of raw materials or reorganization of the

industry.

Hoselitz (1960) An entrepreneur is a person who buys at a price that is certain and
sells at a price that is uncertain.

Leibenstein (1968) An entrepreneur is a person who owns all the necessary resources
to produce and launch on the market a product which responds to

a market deficiency.

An entrepreneur is a person who perceived the existence of profit

Kirzner (1985) opportunities and initiated some actions to complete the

unsatisfactory current needs.

Bygrave and Hofer An entrepreneur is a person who perceives an opportunity and

(1991) creates an organization to follow it.

1.2.2 Entrepreneurship
The term entrepreneur and entrepreneurship are related to each other. While
entrepreneurship refers to an entrepreneurial process, entrepreneur refers to the
individual that executes the process. Entrepreneurship is the process of seeking
business opportunities under condition of risk. Entrepreneurship refers to the
process of creating something new of value by devoting the necessary time and
effort, assuming the accompanying financial, physical and social risks, and receiving
the resulting monetary rewards, personal satisfaction and independence (Zimmerer
and Scarborough, 2008).

The Austrian economist, Israel Kirzner, made popular the notion of
entrepreneurship as being a possibility to recognize profit opportunities (Klein,
2008). According to Pleter (2005), the entrepreneurs are business people who build
(start), develop and manage a business, risking time, efforts and money to this

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purpose. The entrepreneurship as a concept refers to an ability of the individual to
put into practice an idea possessing some qualities such as creativity, innovation,
risk taking, and ability to plan and manage the activities in view of fulfilling the
proposed goals.

The study of entrepreneurship includes the study of entrepreneurial behavior,
as well as the dynamics of business set-up, expansion, and development. There are
numerous theoretical and empirical studies which consider attributes like risk taking,
innovation, the need of development and the managerial competence are important
qualities for the entrepreneurship (Karlsson et al., 2004). The entrepreneurship
might be involved in an economic function, as bearer of uncertainty, as distributor of
resources or as innovator. It might also refer to certain behaviour, inherent
characteristics, creation of new organizations or the role of an owner or manager of
a company. Table 1.2 below shows other definitions of entrepreneurship by other
scholars:

Table 1.2 Definitions of entrepreneurship

Author Definition

Cole (1968) The entrepreneurship is an activity dedicated to initiation,
maintenance and development of a profit oriented business.

The entrepreneurship is an innovation act who presupposes the

Drucker (1985) endowment of the existing resources with the capacity of

producing wealth.

Gartner (1985) The entrepreneurship is the creation of new organizations.

Hisrich and The entrepreneurship is the process of creating something
Peters (1989) different, with value, by allotting the necessary time and effort,
presupposing the taking of financial, social and physical risks, and

obtaining monetary rewards and personal satisfaction.

Stevenson et al. The entrepreneurship is following an opportunity irrespective of

(1989) the existing resources.

Kaish and Gilad The entrepreneurship is first of all a discovery process and
(1991) secondly is the process of acting on an opportunity of lack of
balance.

Herron and The entrepreneurship is a set of behaviours which initiate and

Robinson (1993) manage the re-allotment of economic resources and whose purpose

is the creation of value by these means.

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1.3 DIFFERENCES BETWEEN AN ENTREPRENEUR AND A
SMALL BUSINESSMAN

In the study of business management, it is noted that all entrepreneurs are
businessmen but not all businessmen are entrepreneurs. A small businessman has
the characteristics of an entrepreneur; however those characteristics are at a lower
level compared to those of an entrepreneur.

a. Time
An entrepreneur has unlimited time in his life. He is too busy in his business by
engaging in many activities like studying customer needs and wants, identifying and
implementing strategies to meet those needs and wants, developing and improving
new or current products or services, and discovering new markets for business
development. On the other hand, a businessman only spends time buying and
selling products or services.

b. Nature of job
An entrepreneur is always flexible and adaptable to change. This is because in this
current era, the business environment and external factors like economy,
technology, and social-demographic factors change very rapidly. Thus, an
entrepreneur always change and refine his products and services, strategies, and
market in order to survive in the industry. Meanwhile, since a businessman only buys
and sells others’ products or services, he faces competition as an ordinary challenge
which makes him rigid in adapting to changes.

c. Decision making
An entrepreneur makes his own decision and uses his creativity to venture into new
areas that have not been tested. He takes it as a challenge for his self-development
and career advancement. A businessman, on the other hand, normally follows the
decisions made by others and invests only in tested and proven markets.

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d. Effort and commitment
An entrepreneur exerts high and continuous effort and commitment for his business.
He always keeps himself updated with current and future development in technology
so as to improve and sustain his business. Meanwhile, a small businessman has a
low level of effort and commitment. This is because he only involves in buying and
selling available products or services in the market, thus not attracted to changes
and technological breakthroughs.

e. Risk taking
An entrepreneur takes moderate risks by calculating the costs and benefits in any
decision making. A small businessman is usually a low risk taker. This is because
he just involves in buying products or services available in existing market at a lower
price and sells at a higher price.

f. Goal
An entrepreneur engages in business activities for personal satisfaction and self-
accomplishment. In contrast, a small businessman engages in business activity
solely for profit maximization that is to gain profit so that he can support his living
and family. Table 1.3 below summarizes the differences between an entrepreneur
and as small businessman.

Table 1.3 Differences between an entrepreneur and a small businessman

Characteristics Entrepreneur Small businessman

Time Unlimited Limited
Nature of job Flexible Rigid in adapting to

changes

Decision making Makes own decision Follow decision made by
others

Effort and commitment Continuous Low

Risk taking Moderate Low

Maximizes self-potential by Profit maximization

Goal utilizing available

opportunities

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1.4 TYPES OF ENTREPRENEUR
There are several types of entrepreneur. Different types have different personalities
and styles.

a. Intrapreneur
An intrapreneur is an entrepreneur within a large organization with high
entrepreneurial characteristics who takes direct responsibility in turning an idea into
a profitable finished product through assertive risk-taking and innovation using his
own initiative and creativity.

b. Copreneur
Copreneur refers to an organization that encourages and teaches employees to be
entrepreneurs. If an employee idea is approved, he will be allowed to undertake
entrepreneurial projects within the corporation or form a new business as a
subsidiary of the parent company. Management will finance research and
development of the project while sharing equitable partnership arrangement with the
employee. This is often associated with large organizations like Johor Corporation
in Malaysia which have budgets for research and development.

c. Technopreneur
A technopreneur is an entrepreneur who is technology savvy and produces products
and services using his expertise in the respective technology. Among the area of
technology that can be exploited are information technology, hardware and software,
e-commerce, pharmaceutical, health, bio-technology and others. Steve Jobs,
Michael Dell, and Bill Gates are examples of successful technopreneurs in the
information technology based industry. Les Copaque Production which produces
multimedia product that is Upin and Ipin belongs to a Malaysian technopreneur.

d. Social entrepreneur
A social entrepreneur is an entrepreneur that recognizes a social problem, and uses
entrepreneurial principles to organize, create and manage a venture to make social
change. This type of entrepreneur exists in social enterprises, non-government-
oriented (NGO) organizations, and charitable organizations. Social entrepreneur is
more concerned with achieving social return on investment (ROI) rather than

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financial ROI. Examples of social entrepreneurs are Bill Gates of Microsoft, Mark
Zuckerberg of Facebook, and Datuk Yunus Pathi (a founder of Rumah PENGASIH
Malaysia, a Rehab Centre which provides treatment services for those suffering from
substance abuse such as drugs, chemicals, and alcohol).

e. Cyberpreneur
A cyberpreneur is an entrepreneur who runs a business in cyberspace by using the
internet. A cyberpreneur needs a great idea and a good connection to the internet.
This type of entrepreneur does not need offices and extensive staff to run the
business, thus can save cost on that aspect.

f. Agripreneur
An agripreneur involves in entrepreneurial activities in the agriculture sector such as
planting and producing agriculture products for consumption or for further
processing, or in other areas in the supply chain such as the downstream activities
of packaging.

g. Infopreneur
The term “infopreneur” is a combination of information entrepreneur. Business
Dictionary defines an infopreneur as a “business person who collects information
from several sources and combines it into novel ways to serve the readers’ needs”.
H. Skip Weitzen (1996), who is the founder of the term infopreneur defines
infopreneur as “a person who gathers, organizes, and disseminates information as
a business venture as a valued-added service”. In short, an infopreneur refers to an
entrepreneur who utilizes information as commodity for sale.

An infopreneur sells information to those who want to use the information as
a business strategy or just for marketing and promotional activities. Information
products are offered in a variety of formats including books, e-books, special reports,
audio formats, videos, workbooks, tips booklets, and virtually any method in that can
deliver information. Among successful infopreneurs are Joan Stewart and Dottie
Walters. Joan Stewart is a publicity expert that produces over 100 special reports
and audio recordings of the teleconferences that she hosts. Dottie Walters on the
other hand is the author of "Speak and Grow Rich" and several other books, and the
founder of www.SpeakandGrowRich.com. In addition to her published books, Dottie
sells audio programs, subscriptions to "Sharing Ideas," her magazine for speakers,

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and weekend-long seminars.

h. Edupreneur
An edupreneur is entrepreneur that set up educational institutions privately with aim
to make profit. Owners of tuition centers, pre-schools and private colleges are
edupreneurs.

1.5 RISKS OF BEING AN ENTREPRENUR
Among the risks of being an entrepreneur are as follows:

a. Uncertainty of income
There is no guarantee for entrepreneurs to have sufficient amount of money to
survive. Most entrepreneurship ventures commonly face loss in the first few years
of ventures. Without proper preparation and strategies business ventures are prone
to fail. Thus, entrepreneurs have to work hard for their business profit and
sustainability.

b. Risk of losing entire investment
Due to stiff competition in this era, failure rate among new ventures turns to be high.
It is reported that about 35 percent fail within two years of venture and 54 percent
shut down within four years.

c. Long hours and hard work
Setting up a business would require a lot of time, money, and effort in activities like
searching for a strategic location, purchasing machine, promoting products,
searching suppliers, hiring and training new workers, and developing contacts and
network. Entrepreneurs have to spend unlimited hours in their business dealings
without thinking of going for vacation.

d. High stress level
Entrepreneurs face high stress level in their entrepreneurial ventures. This is
because they have to put their effort to the maximum possible in order to develop
their business. They have to face all the challenges, be fast and proactive in dealing

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with changes and any possibilities. The current dynamic nature of the market and
environment lead to more burden and high stress level of entrepreneurs. Most
entrepreneurs make huge investment for their business. Some of them even
mortgage their personal assets to start business. Therefore, if their businesses fail,
they would have total financial loss. This creates high stress level in ensuring that
their business always survive and develop.

e. Difficulty in obtaining customers
Entrepreneurs would have to put effort heavily in order to attract and obtain
customers. They have to ensure that their products are unique and better than
competitors so as to please the customers. For that, they have to conduct market
survey in order to determine customers’ needs and wants and then cater to those
needs. This result to low profit in the early stage of business since most budgets is
allotted to advertisement and promotion.

f. Complete responsibility
Entrepreneurs have complete responsibility towards their business. They have to
make their own decision on any issues and problems affecting their business. They
often face difficulty in finding advisors that can help them in making critical business
decisions. To avoid this, entrepreneurs have to develop networks and find mentors
that can help them in business.

g. Difficulty in obtaining loans
New entrepreneurs often face difficulty in obtaining loans. This is because they do
not have historical records of their business, thus financial institutions do not have
confidence on them.

h. Discouragement
Entrepreneurs would face many challenges, obstacles, and problem in their
business venture. Many entrepreneurs feel discouraged in continuing their business
especially when they encounter failure several times. To be successful,
entrepreneurs have to always think positively, never give up, and always rebound
from disappointments.

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1.6 IMPORTANCE OF ENTREPRENEURSHIP
Entrepreneurship is important to help fulfilling an entrepreneur’s personal needs, as
well as helps to enhance the society and the national economy.

1.6.1 Self Development

a. Opportunity to enjoy and have fun
Most successful entrepreneurs choose to enter into a particular business field that
they have interest in. In other words, they turn their hobbies into a business venture.
Thus, they would greatly love, enjoy, and have fun in doing their job as entrepreneurs
for self-fulfillment and achievement.

b. Opportunity to control direction in life
Entrepreneurs would have their independence by owning a business that would give
them opportunity to achieve what they feel is important to them. They can do
whatever that they want to do in any ways that they think are the best. They have
complete freedom in creating their own destiny since by having entrepreneurship
venture they would have:

• Freedom and flexibility in carrying out jobs without any restrictions by systems
and regulations;

• Full responsibility for their jobs;
• Ability to maximize the benefits obtained from available opportunities;
• Ability to maximize resource utilization;
• Ability to determine standards and performance targets on their own.

c. Opportunity to maximize self-potential
Entrepreneurs find their business as an instrument for self-expression and self-
actualization. Therefore, involvement in the field of entrepreneurship can maximize
their knowledge, skills, and abilities. Most entrepreneurs are creative and innovative.
They are able to foresee opportunities and problems/threats and thus able to act
proactively in exploiting opportunities and avoiding problems/threats. They will
always challenge themselves and work hard to maximize their self-potential.

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d. Opportunity to obtain unlimited financial rewards
Maximizing profit is not the primary driving force for entrepreneurs. However, profit
is considered to be an important factor that proof entrepreneur’s success and
creativeness in dealing with business activities. Profit obtained can used by
entrepreneurs to grow and expand their business by doing activities such as opening
new branches or new factories, investing in latest technology, and aggressively
promoting their products.

Apart from that, profits achieved can increase employees’ confidence of the
business venture thus can boost their productivity and work performance. In
addition, profits also can increase creditors and suppliers confidence of the business
venture since profits obtained depict the ability of the entrepreneurs to pay and settle
any loans or credits.

1.6.2 Family Development

a. Increase family income
Involvement in entrepreneurial venture whether it is on a full time or part time basis
can help in increasing family income.

b. Increase living standards
When income is increased, the family will have more purchasing power and ability
to have better homes, quality education, and health services.

c. Improves social status
Entrepreneurs that are successful in their business venture can become idol in the
eyes of the family members and society/community. This will increase their honor
and they will get respect by others.

1.6.3 Society/Community Development

a. Improves the lifestyle of the society
Entrepreneurship contributes to society by creating job opportunities and
continuously develops and produces goods and services that will add value and
enhance the quality of life of the society (customers).

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b. Opportunity to contribute to the society
Entrepreneurs commonly contribute a portion of their income to charities and for
Muslim entrepreneurs they can contribute in the form of zakat, infaq, or waqaf. This
helps increase the well-being of the society. To entrepreneurs, this is a kind of pay
back to the society (customers) for supporting their businesses.

c. Fulfills the unlimited needs and wants of the community
Entrepreneurs are agents that mobilize effective and efficient production technology,
increase labor productivity, and produce various products that are of high quality to
fulfill the needs and wants of society. Entrepreneurs always engage in research,
product development and improvement so as to constantly meet customers’
unlimited and changing needs and wants.

1.6.4 National Development

a. Produces products of high quality
Entrepreneurs always select the best approach in utilizing factors of production such
as land, capital, technology, information, and human resources through innovative
and creative production techniques. This helps in minimizing wastage in
entrepreneurial activities. In addition, entrepreneurial activities that operate in a
conducive and competitive environment create opportunities for entrepreneurs to
produce better products and services that add value to their customers.

b. Creates more job opportunities
Numerous small entrepreneurial initiatives have evolved into big organizations that
create great impact on society in terms of employment opportunities and other
economic multiplier effects to the local and national economy.

c. Catalyst to national development
Entrepreneurs are catalysts to national development since they are good at
identifying and capturing business opportunities within their countries and globally.
They are important enabler in supporting the sustainable economic growth of a
country. Entrepreneurship activities contribute to increase in national income
through tax revenues such as sales tax, import and export duties, and excise duties.

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With entrepreneurship, export of local products can be enhanced, thus the country’s
reliance on imported products can be reduced.

1.7 ENTREPRENEURSHIP DEVELOPMENT IN MALAYSIA

a. Pre-independence
Entrepreneurship existed in Malaysia ever since the era of the Malacca Sultanate
(1400 – 1500). During that time, the Bumiputera entrepreneurs are actively involved
in trading and business activities with local and foreign traders like the Arabs and
the Indians. However, Bumiputera entrepreneurship declined when the British
colonized the Malay Peninsular.

Under the British rule, they practiced ‘divide and rule’ system by segregating
Malaysian according to ethnic identities, social status, and economic status. This
was done to enable British to control the three major ethnic groups in Malaysia,
namely the Malays, Chinese, and Indian. The Malays were encouraged to settle in
rural areas with agricultural activities as their major occupation, whereas the Indian
were mainly settled in in rubber plantations work as labourers. The Chinese, on the
other hand received favourable treatment. They were involved in business and
trading activities by becoming shopkeepers and petty traders in the urban areas.

b. Post-independence - NEP
After independence, the government of Malaysia instituted the New Economic Policy
(NEP) (1971 – 1990) in 1970 as a response to the growing discontent about the
economic inequalities between the Malays and the other races (mainly Chinese).
Thus, the two-pronged objective of the NEP was to:

• Eradicate poverty by raising income levels and increasing employment
opportunities for all Malaysians irrespective of race;

• Accelerate the process of restructuring Malaysian society to correct economic
imbalances, so as to reduce and eventually eliminate the identification of race
with economic function.

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c. Post-independence - NDP
The National Development Policy (NDP) was introduced in 1990 covering ten years
period from 1991 to 2000. While continued to maintain the two basic strategies of
NEP, NDP also introduced several new dimensions. These include:

• Shifting the focus of the poverty eradication strategy to addressing hard core
poverty;

• Emphasising employment opportunities and rapid development of an active
Bumiputera commercial and industrial community as a more effective strategy to
increase Malay participation in the modern economic sector;

• Relying more on the private sector to achieve the restructuring objectives.

To further enhance entrepreneurship development in Malaysia, in 1995 the
government of Malaysia establish Ministry of Entrepreneur Development. The
Ministry is supposed to act as the lead agency for the development of Bumiputera
entrepreneurs as well as to coordinate entrepreneurship activities in general. This
clearly shows the importance the government places upon the issue of
entrepreneurship and entrepreneur development.

d. Post-independence – NEM
The New Economic Model (NEM) is Malaysia’s economic framework, formulated by
National Economic Advisory Council (NEAC). This model’s aims are consistent with
the country’s vision 2020; to turn Malaysia into a developed nation by the year 2020
whose population enjoys a high quality of life with a high level of income resulting
from economic growth that is both inclusive and sustainable. NEM develops eight
strategic reform initiatives:

• Reenergizing the private sector;
• Developing a quality workforce and reducing dependency on foreign labour;
• Creating a competitive domestic economy;
• Strengthening of the public sectors;
• Transparent and market friendly affirmative action;
• Building the knowledge base infrastructure;
• Enhancing the sources of growth; ensuring the sustainability of growth.

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e. Post-independence – TN50
Transformasi Nasional 2050, or TN50, is a national development initiative spanning
the years 2020 to 2050. This initiative will be driven by clear 30-year goals and
targets, which are being developed via an inclusive and consultative process. The
general goal for TN50 is for Malaysia to become a top 20 country in the world by the
year 2050. TN50 adopts a bottom-up approach to foster a sense of belonging and
participation in the country’s development among the citizen of Malaysia. In the run
up to the unveiling of TN50 policy document set to be published in early 2020, a
series of discourse focused on youth and other segments have been held from the
year 2017 onwards to collect views from the public on what the Malaysian identity
should be in 2050.

In order to facilitate the realisation of TN50 initiatives and agenda, one of the
country’s development strategies is the development of entrepreneurship among
Bumiputera youths who will form the next generation of the nation’s corporate
leadership. This strategy is supported by the National Malaysian Youth Policy which
aims at empowering youths to fulfil their potential through entrepreneurship,
education and skills training, as well as sports and volunteerism.
In light of this, SME Corp. in 2014 implemented The Bumiputera Youth
Entrepreneurship (TUBE) Programme. The TUBE Programme, which is conducted
boot camp-style, aims to foster the entrepreneurial spirit among youths, enabling a
paradigm shift from being a job seeker to becoming a business owner; and
establishing resilience among youths in managing their own businesses.

Since its inception in 2014, TUBE has successfully produced a total of 1,436
young Bumiputera entrepreneurs of which 1,425 (99.2%) registered their businesses
with Companies Commission of Malaysia (SSM). In addition, the Programme has
created 3,862 job opportunities with total cumulative sales of RM38.6 million thus
far. In view of its outstanding achievement, starting from 2017, TUBE has been
upgraded and transformed into ‘Mega TUBE’ with aims to involve greater
participation from youths and strategic partners nationwide for entrepreneurship and
economic development of the country.

Figure 1.1 below summarize Malaysia’s key development eras after
independence period, which gives light also to entrepreneurship development of the
country:

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•New Economic Policy (NEP)
•"Eradicate absolute poverty irrespective of race and eliminating identification
1971 – 1990 of race by economic function"

•Vision 2020
1991 – 2020 •"To become a developed nation, in our own mould"

•Transformasi Nasional 2050
•"To become a top 20 nation in economic development, social advancement
2021 – 2050 and innovation"

The development of entrepreneurship, as both concept and activity, has been
growing in importance in Malaysia. The perceived importance of entrepreneurship
to the growth of Malaysia’s economy is evidenced by the sheer amount and variety
of supporting mechanisms and policies that exist for entrepreneurs, including
funding, physical infrastructure and business advisory services. List of agencies that
were formed to assist and support entrepreneurial activities in Malaysia is
highlighted in Chapter 7 (Business Support System).

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Discussion Questions

1. Describe briefly the term entrepreneur and entrepreneurship.
2. Contrast between an entrepreneur and a small businessman.
3. Describe social entrepreneur and highlight two examples of successful social

entrepreneurs in Malaysia.
4. Differentiate between a technopreneur and a cyberpreneur.
5. Describe any five risk of being an entrepreneur.
6. Discuss the importance of entrepreneurship for society/community development.
7. Discuss the scenario of entrepreneurship development in Malaysia.

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