1. 1.Entrepreneur-as a person who organizes, operates
1
8.entrepreneurial process
pose problems, such as being sabotaged and the
process innovation-changes in the ways in whoch
Oppurtunity analysis -> business planning ->
fact that it is difficult to penetrate a controlled
things are created n delivered
gathering resources -> implementation -> scaling n
market
position innovation-changes in the context in
high entrepreneurial characteristics
harvesting
capital requirements-capital is required to
which the product/services are intreduced
3.Technopreneur-an entrepreneur whose business
9.technopreneurship process
finance investment in fixes assets and working
paradigm innovation-changes in the underlying
involves high technology
Idea generation -> idea screening -> concept testing
capital
mental models which become the framework of
4.similiars entrep & technopre-able to determine
-> business analysis -> prototyping -> test marketing
risks-is something that is uncertain and is
risk n has the courage to take risk, independent and
commercialization -> monitoring n evaluation
related to success and failure
self-confident, likea challege, hardworking n
11.Internal environment-structure-culture-resoucer
--business risks-transferable risks, controllable
invention-the act of creating a new product,
tenacious, nor easily discouraged, has a strong
12.external environment
risks, uncontrollable risks
services or process that is totally novel n untried
--financial risks-liquidity level, loans, credit, foreign
extension-new use or a different application of
exchange
already existing product llin, services or process
government organizations, government agencies
4.selecting the best business opportunity
duplication-creative replication of an existing
with more freedom to exploit their skills
macro/general environment – economy,
-to minimize the business risks, an entrepreneur
concept
-(i) has the same skills but stills needs to abide by
technology, social culture, politics&legislation
needs to assedd, evaluate n review the first three
synthesis-the combination of existing concepts n
steps before making the decision to venture into a
factors into a new formulation or use
& assumes the risks for a business venture
2.Intrapreneur-individual in organizations who have
sense of sekf-worth
micro/industril environment-customers,
5.Differences entrep& intrap –
competitors, suppliers, financial institutions, non-
skills n experiences-(e) has the same skills but
2
company’s policies n producers
environment – (e) has to face the micro and
business.
prospeperity
mocro environment such as goverment employees,
14.Creativity –imperstive in responding to the
competitiors n others - (i) has to face the micro
what the organization does
20.types of innovation-
21.importance SME
4
complex shallenges in a dynamic business
central theme towards achieving sustainable
environment which is often full of non-routine
economis growth
problem – the ability to produce work work that is
play an important role in the country overall
novel, high in quality and apporopriate
production network
15.process of creativity-
the potential to contribute substantially to the
the company each time he/she makes mistakes
1.knowledge accumulation-to compile all relevent
company
Attitude towards status –(e) perceives that the
information n investigations, this involves reading,
Can provideda strong fundation for the growth of
n macro environment plus the corparate
recovery
economy
cycle
environmnt
failures & mistake – (e) is held accountable for all
recession
depression
mistake made by the company –(i) is sheltered by
corparate symbol is of utmost importance –(i) is
13.process of identifying, evaluating & selecting a
willing to sacrifice status in order to succeed.
Business opportunity
6.Differences entrep & technopre–
1.identifying customers’ needs n wants
3
discussing with other working in the same field
new industries
2.incubation-individuals will try to get rid problems
22.defining SME-sometimes viewed as enterprise
and lets their subconscious minds work on it
engaged in trading activities oa r retail store selling
likes to compete – like to innovate
needs-something that is basic in life such as the
3.ideas-individuals will think something unrelated to
customer goods - As a business enity that is
is a pioneer – is part of a team
necessities of food, clothingn shelter
the business or problems
neither owned by the publis nor listed on the stock
is able to do many things at once – is able to do
wants-the craving for something that is far
4.evaluation n implementation- an entrepreneur will
exchange
many things at once but choose to delegate and
better than the basic items, shaped by one’s
transform the idea into reality. This is an
23.characteristics of small business –ownership,
has a greater vision
lifestyle, level of education, purchasingpower and
extremely difficult phase because it requires
management, resources, organiational structure,
a creative n has dreams n goals – is innovative n
personality
courage, self-regualation, hign confidence n
flexibility of change, firm age, annual revenue
24.advantages os small business
has a greater vision
2.environmental scanning, self-evalution n
perseverance
likes to work for him/herself and be in control –
community values/norms
16.how to generate creative ideas-brainstorming,
very low cost n on a part time basis’well-suited to
like to be the one to control innovation n be part
environmental scanning- can help identify a
forced analogy, do it, mind mapping n nominal group
internet marketing
of an evolution
business oppurtunity –micra n macro
17.characteristics of creative individuals-
Change is scrucial in business n particulary small
entrepreneur are dedicated to their business
self evalution- experience-knowledge n skills –
passionate, take calculated risks, high sell, open
business n not being teid to any bureaucratic
financial institution – intrest – networking
minded, brave to try new things, determined & goal
proprietors tend to be intimate with their
directed
customer n clients which resault in greater
7.characteristics of successful entrepreneur
a successful entrepreneur is motivated by
3.screening of business opportunities
personal n family considerations
legality-entrepreneur must make sure that the
18.Innovations-is ability to apply creative solutions
accountability n maturity
a desire for independence n strong sense of
business opportunity that he is going to
to those problem and opportunities in order to
Many people desire to make their own decision,
initiative are usually characteristics of a
undertake is legal
enchance peolple lives or enrich society
successful entrepreneur
monopolistic power n level of competition-
19.dimensions of innovation-
entrepreneur are dedicated to their business
entrepreneur must select a business opportunity
product innovation-changes in the things which an
planning-the ongoing process of developing the
successful entrepreneurs react quickly to
which is not already monopolized by an individual
organization offers
business mission n objective n determaining how
change
or a group of people, as this type of business will
take their own risks n reap the rewards
25.management functions
they will be accomplished –is the function of the
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2. management of systematically making decisiob
law n taxes-company law, contract law
methodology used to ecquire service n retain
staeholders confidence =identify the right way of
about goals to be achieved and activities or
information technology
customers
managing the business =identify the main
actions needed to achieve these goals that an
individual, a group, a work unit or the overall
32.components of the business model
29.types of business establishments in Msia
competitors
value proposition
38.who needs BP
organization
sole proprietorship : solely owned by one person,
market segment
management team
organizing-is establishing the internal
where management rests on that person whose
value chain structure
employees
organizational structure of the organization –
liability is unlimited.
revenue generation n margins
suppliers
also includes staffing
o Advantages : -easy to manage besause the
position in value network
customers
bankers or creaditors
leading – inclueccing people’s behaviour through
owner can make decisions by himself –east to
competitive strategy
motivation, communication, group dynamics,
form and dissolve with minimum formalities –
33.business model canvas
leadership n discipline
the owner pays income tax based on his total
key patners, key activities, key resources,
individual income
value propositions, customer relationship,
executive summary
channel, customer segments, cost structure
introduction to the company :
controlling- is a four-step [rocess of establing
performance standards based on the firm’s
o Disadvantages : -limited source of capital that
stakeholders
39.coponents of a BP
objevtives, measuring n reporting actual
could limit the business activities –liability is
performance, comparing the two and taking
limited. –the owner is solely responsible for
34.types of business models for technology
- business project background
corrective or preventive action as necessary
carrying out all the tasks, therefore, a lot of
ventures
-project location
26.management level
revenue streams
–company background
frontline managers
27.entrepreneurial skills
technical skills-the ability to perform a
bricks n clicks business model
-factory building
business.
direct sales model
-existing machine/vehicle/equipment
Patnership : is a legal business entity with two or
franchise
-proposed machine/vehicle/equipment
more patners
freemium business model
-current capacity n projection capacity
o Advantages : -easy to set up with few
loyalty business models
-raw materials requirements/other
formalities –equity can be increased through
online auction business model
important inputs
enlisting additional patners –a lot of idea,
profesional open-source model
-production process
talents, and skills can be pooled for better
top-level
managers
middle-level
managers
time n effort need to be spent in managing the
servitization of products business model
-quality control n population
management
subscription business model
-technology transfer
o Disadvantages : -risks of personal clashes
online content business model
specialized task involving a particular method or
among patners –business liabiliti unlimited –if
process
no letter or agreement is made, unethical
conceptual n decision skills-to recognize complex
behaviour or misconduct may happen
-Grant chart
shared services n outsourcing(SSO)
marketing programs :
35.strategic (Business model innovation)
–general market aspect
the opportunity to address the needs of large
-compan’s target market
n dynamic issues-to examine the numerous and
limited company-private limited company –public
groups of potential customer who are shut out of
-benefits n customers value
conflicting factors that influence these issues
limited company –unlimited company
a market entirely
-market n competitor’s information
the oppurtunity to levrrage a brand-new
-Strenght n weakness or SWOT
technologywrapping the right business model
-growth strategis to compete with the
around it ir the oppurtunity to leverage a tested
competitor
5
nproblem
interpersonal n communication skills – very
important besause managers spend most of their
30.the role of a business model
time interacting with people –ability to create,
technology in a whole new market
-long term goals of company
through management, a climate n spirit conducive
Technical
business
economic
The oppurtunity to bring a job-to-be-done focus
to high performance –ability to uderstand the
Inputs
model
outputs
to a marketing-driven industry
-management team (company’s
to need to fend off ow-end-disruptors
organizations; director’s name n
to need to respond to a shifting basis of
background ; main staff name n
relationship among tasks n between the leader n
followers
28.other management competrncies needed
31.definition of business model
the plan implementation by a company to
competition
marketing-product management, pricing strategy,
generate revenue n make a profit from operation
promotion
a business decribes the rationable of how an
36.business plan (BP)- is a written document that
operations/production-manufacturing
organizations creates, delivers n captures value
serves as a blueprint n guide for a proposed
management, inventory control
32.different of business model n business plan
business project that any entrepreneur or
finance-managing cash flow, creadit n collection
business plan –a detailed document, typically 50
technopreneur intends to undertake
management
to 100 pages with a lot of financial prohjections
business model-the specific way the business
expects to make money, is a proprietary
background if different than above ;
=identify barriers to business =develop mission n
communications
6
37.importance of BP= as a performance tool
entrepreneurial management-problem solving,
employement of knowledge workers
justification
vision =increase opportunity for success =increase
-financial projections
7
40. Marketing Environment and the marketing mix
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3. Product strategy
o Packaging : the external container yhat holds
Product development process
and describe the product.c
o Labeling : the presentation of important
information on the package.
Pricing strategy : the value placed on the object
involved in an exchange between a buyer and
seller. Pricing is a key element in the marketing
mix because it relates directly to the generation
of revenue and profits. Methods to set price :
o Product classification : about how product is
o Cost-based pricing : based on the cost
used and why it is purchased determines how a
producing, distributing and selling the
product is classified (convenience product,
product.
shopping product, specialty product
o Value-based pricing : based on customer’s
o Product line n product mix : product line is a
distribution
o Physical distribution : all the activities
needed to move power products from
products to consumer
o Warehousing : involves designing operating
facilities to receive , store, and ship
products
o Materials handling : the physical handling and
movement of products in warehouse
operations and transportation.
Promotion strategy : to communicate with
individuals, groups and organizations to facilities
seller’s production cost.
treated as a unit of product
an exchange directly or indirectly.
o Competitors-based pricing :firms may set
o Product life cycle(PLC) :
market position
distribution –selective distribution –exclusive
perception of value rather than on the
group of closely related product that are
41. Three-step process in selecting and targeting a
o Intensity of market coverage : -intensive
o
o Push and pull strategies
their prices
Pricing objectives : -the maximization of profits
n sales –boosting market share –maintaining the
status quo – survival
Place strategy / distribution channel / marketing
step 1: a process of grouping customer which are
channel : a group of marketing prganization that
similiar enough that the same product or service
organise theflow of products from manufactures
will appeal to all of them
to final consumer.
o total market approach : a firm tries to appeal
to everone and assumes that all buyers have
similiar needs and wants
o concentration approach : a firm develops a
marketing strategy for a single market
o
o Brading : the process of assigning a name and
channel members to improve distribution
identifying product. A brand is a set of positive
channel relationship among manufactures and
or negative attributes that customer associate
with firm.
Supply chain management : creates between
intermediaries
o
Channels for customer products :
segment
o multi-segment approach : the firm aims its
o Advertising : step involved in putting
marketing activities at two or more market
together an advertisement
segments, developing a marketing strategy for
each market segment
o niche market : a place within a market segment
that represents a small group of customer with
similiar interests
step 2 : a specific group of individuals or whose
needs and wants a firm focuses its marketing
activities.
Step 3 : position is conserned with how the firm
-brand equity : term that denotes the set of
is situated relative to competitors.
assets n liabilities that are linked to a which
42. Marketing Strategy : 4P is the key to
enable it to raise a firm’s market value.
developing a marketing that meets the needs and
-co-branding : relationship between 2 or more
wants of the target market and creats long lasting
firms where promote each other’s brands.
relationship with customer. –product strategy –
-two main categories of brand : manufactured
price strategy –place strategy –promotion strategy
brands and private brands.
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4. o Public relations : refer to building good
Outputs : the accomplishment of production
recipents by obtaining favorable publicity,
49. Intellectual property (IP) : a legal field that
systems in the form of products or services.
relations with company’s various public
refers to creations of the mind such as
44. Productivity : the ratio of ouputs divided by the
building a good corparate image and handling or
heading off unfavorable rumours, stories and
events. –press release –media coverage –
articles –blogging –newsletter –conference –
community
42. Online marketing strategy
inputs
10
musical, literary and artistic works
–entrepreneurial commitment by a ventur
invention, which is a product or process that
champion –attainng credibility in the business
provides a new way of doing something, or
Productivity = output
input
environment –achieving sustainable returns
offers a new technical solution to a problem
51. Trademark : a sign which distinguishes the
within their respective markets
57. Spin-off: arguable and inconsistent, often
goods and services of one trader from those of
referring to any new, hihg technology or
another.
knowledge intensive company which intellectual
Functions of trademark : -origin function –
capital originates from a university or public
choice function – quality function – marketing
Multifactors Productivity = Output
function –economic function
(labour + Materials)
research instution
58. Licensing : contractual agreement between two
Important of trademark : -exclusive rights –
Flow chart : a graphical or symbolic
parties, the holder of the right or
legal evidence
45. Process Planning
licensor(seller) and the licensee(buyer),
52. Copyright : the exclusive right given to the
representation of a process
Work eligible for protection are : -literary
equipments, workers and other facilities used
authorizing the latter to use his right either
owner of a copyright for a specific period
Layout : refers to the arrangement of machine,
work –musical works –artistic work –films –
on the operations. Types of layouts :
exclusively or otherwise
sound recordings –broadcasts –deriative works
o Layouts based on product
53. Industrial design : the ornamental or aesthetic
o Layouts based on process
aspect of an article. The design may consist of
o Layout based on marketing
3D features such as the shape and
46. Material Requrement Planning
43. *Managing operations : crucial to make sure that
orientation phase –sustainability phase
4 critical junctures : -oppourtunity recognition
50. Patent : an exclusive right granted for an
Machine Productivity =number of tables
Processing time
8
framing phase –pre organization phase –re
configuration of an article or 2D features,
Materials management : an important
such as pattern and arnamentation
compenent of any production setup as materials
often form a high percentage of total cost of
Types : -3D features -2D features
54. Geographical indication : an indication where
the finished products or services
the goods are produced, where a given quality,
the business is able to produce goods or deliver
Step 1 : identify and list down the raw
reputation or other characteristics of the
services according to the specification, quality
materials required
goods is essentially attributable to their
and time determine by the customer
Step 2 : prepare to bill of materials
geographical origin.
*Operation Management : a set of activities that
Step 3 : calculate the quality of raw
creates value in the form of goods and services
materials required
by transforming inputs into outputs.
44. The transformation process
11
55. Commercialization : process of transforming
Step 4 : identify the supplier
new technologies into commercially seccessful
47. Capacity planning : the maximum output rate
products
can be achieved by a facility . the facility may
be an eatire organization, a division, or only one
56. General model of commercialization process
from a university to a firm
machine.
59. Factors Influencing Spin-Off Formation or
Licensing to Established Companies
Motivation of academic entrepreneur/The
Champion factor
Long term
Experience of the inventors that lead them
Medium term
to recognize opportunities
Short term
Spinn-off creation or licensing to estabilshed
48. Operation cost and cost per unit
companies : the role of funding
Inputs : wherever enities that go into a
transformation process to produce outputs
Transformation process : a process whereby
External funding
inputs are changed or mixed from one into
another form of outputs which can be a final
flow to produce the desired outputs.
Government funding
Operation cost = Direct materials cost + Direct
lobour cost + overhead cost
The effect of research funding
Spin-off companies go through 5 stages of
Cost per unit = Total Operation Cost (RM)
Total number of Output (Units)
Characteristics of technology that lead to
development :-research phase –opportunity
spin-offs or licensing to an established
company
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5. Early stage
Uncertain value and focus on existing
operations
Product development expertise
Ability to capture value
Time horizon
Scope of patent
Radicalness of technology
General purpose technologies
Industries where Spin-offs Occur
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