Entrepreneurship Theory & Concepts
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Questions and Answers

Which organization is NOT listed as a provider of technical assistance for businesses?

  • Malaysian Agricultural Research and Development Institute (MARDI)
  • Malaysian Palm Oil Board (MPOB)
  • United Nations Development Programme (UNDP) (correct)
  • SIRIM Berhad

What is one form of financial assistance specifically aimed at entrepreneurs?

  • Advertising subsidies
  • Soft loan (correct)
  • Employee benefits
  • Market research grants

Which of the following facilities is NOT part of the infrastructure available for businesses?

  • Telecommunication services
  • Free industrial zones (FIZ)
  • Legal advisory services (correct)
  • Electricity and water supply

What triggers the emergence of a business opportunity according to the content?

<p>Presence of unfulfilled needs and wants (B)</p> Signup and view all the answers

Which is an example of a responsibility of the entrepreneur?

<p>Discovering and implementing business ideas (A)</p> Signup and view all the answers

Which of these is NOT a type of financing available for entrepreneurs?

<p>Hard loan (D)</p> Signup and view all the answers

Which of the following entities is grouped under manpower development and training facilities?

<p>Ministry of Human Resource (C)</p> Signup and view all the answers

What is the primary function of the Employment Act 1955?

<p>Protect employee rights (C)</p> Signup and view all the answers

What is a disadvantage of starting a new business?

<p>High project implementation cost (B)</p> Signup and view all the answers

Which of the following is NOT an advantage of buying an existing business?

<p>Lower capital investment (A)</p> Signup and view all the answers

In SWOT analysis, which of the following is considered an external threat?

<p>Economic recession (C)</p> Signup and view all the answers

Which element is NOT part of the Business Model Canvas?

<p>Employee retention (D)</p> Signup and view all the answers

What is included in the internal environment of a business?

<p>Company culture (D)</p> Signup and view all the answers

Which of the following statements accurately reflects a SWOT opportunity?

<p>Market expansion in South Asia (C)</p> Signup and view all the answers

What is a key component of customer relationships in the Business Model Canvas?

<p>Automated services (D)</p> Signup and view all the answers

Which of the following is a disadvantage of buying an existing business?

<p>Conflicts with existing employees (D)</p> Signup and view all the answers

What is one of the key characteristics that defines an effective entrepreneur?

<p>Concern for high-quality of work (D)</p> Signup and view all the answers

Which statement best describes the concept of Islamic entrepreneurship?

<p>Engagement in business must be seen as 'ibadah' (C)</p> Signup and view all the answers

What does the 'Initiative' competency entail for an entrepreneur?

<p>Taking actions beyond job requirements (A)</p> Signup and view all the answers

What is one of the primary reasons entrepreneurship is important?

<p>It creates job opportunities (D)</p> Signup and view all the answers

Which of the following is NOT a requirement for obtaining a manufacturing license?

<p>Verification of employee performance (A)</p> Signup and view all the answers

Which competency involves seeking information to achieve business objectives?

<p>Information-seeking (D)</p> Signup and view all the answers

How does entrepreneurship contribute to business steadfastness?

<p>By fostering adaptability (B)</p> Signup and view all the answers

Which regulatory approval relates directly to ensuring business premises are safe for operation?

<p>Approval for certificates of fitness for occupation (B)</p> Signup and view all the answers

What characterizes a problem that is considered 'solvable'?

<p>It can be solved in the near future with accessible resources. (A)</p> Signup and view all the answers

Which of the following is not an advantage to a franchisee?

<p>Complete freedom to innovate the business model. (A)</p> Signup and view all the answers

In the context of 'opportunity analysis process', which action is essential?

<p>Recognizing needs and wants to find solutions. (D)</p> Signup and view all the answers

What is a disadvantage for a franchisor?

<p>Competition through imitation of the business concept and model. (A)</p> Signup and view all the answers

Which of the following is an advantage of starting a business from scratch?

<p>Freedom to make one's own decisions. (A)</p> Signup and view all the answers

What does 'contextual' refer to in the definition of an attractive opportunity?

<p>A favorable regulatory and industry situation. (B)</p> Signup and view all the answers

One disadvantage of family business succession is:

<p>Unstructured early-stage business organization. (D)</p> Signup and view all the answers

Which factor is NOT critical when searching for business opportunities?

<p>Strict adherence to traditional methods. (B)</p> Signup and view all the answers

Flashcards

Entrepreneur

A person who starts and runs a business, transforming demand into supply.

Entrepreneurship

The process of establishing, growing, and developing businesses, from startups to ongoing concerns.

Islamic Entrepreneurship

Islamic principles guide business practices, emphasizing prosperity and 'ibadah' (good deed) above profit.

Personal Entrepreneurial Competencies (PEC)

Essential qualities for successful entrepreneurs, enabling effective business operations.

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Initiative

Taking actions exceeding job requirements, acting quickly and proactively.

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Sees and acts on opportunities

Identifying and capitalizing on potential business ventures.

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Business Regulations

Government requirements for setting up and operating a business (e.g., licenses, permits).

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Business Licenses and Approvals

Required permissions from governing bodies for starting or expanding a business, like manufacturing, or employing certain numbers of staff.

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Technical Assistance

Support provided by organizations like MARDI, MPOB, and SIRIM to entrepreneurs, offering expertise in research, technology, and innovation.

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Marketing Assistance

Support provided by agencies to entrepreneurs in promoting and selling their products or services.

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Industrial Estate

Designated areas with infrastructure and utilities designed to accommodate businesses, often focused on specific industries.

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Financial Assistance for Entrepreneurs

Funds provided through loans, grants, or other financial instruments to help entrepreneurs establish or expand their businesses.

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Soft Loan

A loan offered to entrepreneurs with favorable terms, often with lower interest rates or more flexible repayment periods.

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Venture Capital

Investment made by specialized firms in early-stage companies with high growth potential.

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Manpower Development

Programs and initiatives aimed at improving the skills and knowledge of the workforce, particularly for entrepreneurs and their employees.

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Employment Act 1955

A law that sets out minimum standards for employment in Malaysia, covering areas like working hours, wages, and termination.

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Attractive Opportunity

A business opportunity that presents a solvable problem, has a current need, is important to customers, is profitable, and has favorable context.

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Opportunity Analysis Process

A process that involves searching and finding business opportunities. It focuses on identifying needs, wants, and problems to find solutions.

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Franchising Advantages (Franchisee)

Lower business risks as the franchisee shares risks with the franchisor. Benefits of economics of scale.

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Franchising Advantages (Franchisor)

The franchisor can expand their business by recruiting new franchisees. Benefits of economics of scale.

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Franchising Disadvantages (Franchisee)

Limited freedom and flexibility to manage the business as the franchisee must follow the franchisor's rules.

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Franchising Disadvantages (Franchisor)

Competition from imitations of the franchisor's business concept and model.

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Family Business Succession Advantages

Freedom and flexibility in decision making, high potential for success due to commitment, and good business environment exposure for family members.

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Family Business Succession Disadvantages

Unstructured early organization, limited finances, and difficulty finding the right successor.

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Starting a New Business

Building a business from scratch, requiring entrepreneurs to choose a location, acquire equipment, and handle initial setup.

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Buying an Existing Business

Acquiring a pre-established business, inheriting its assets, customers, and network.

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SWOT Analysis

Analyzing a company's strengths, weaknesses, opportunities, and threats to identify strategic advantages.

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Internal Environment

Factors within a company that influence its performance, like resources, employees, and processes.

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External Environment

Elements outside a company that can impact its operations, including legal, economic, and technological trends.

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Customer Segments

Groups of customers with similar needs and buying behaviors.

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Value Proposition

The unique benefits or values offered to customers, explaining why they should choose your product or service.

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Channels

The ways a company communicates with and reaches its target customers, delivering its value proposition.

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Study Notes

Entrepreneurship Theory & Concept

  • Entrepreneurship is a process of transforming demand into supply
  • Entrepreneurship involves setting up & developing a business, as well as expanding existing ones.

Importance of Entrepreneurship

  • Symbol of business steadfastness
  • Creates job opportunities
  • Creates new ventures & small businesses

Personal Entrepreneurial Competencies (PECs)

  • Key characteristics entrepreneurs need to perform effectively
  • Includes: initiative, seeing & acting on opportunities, persistence, information seeking, & concern for quality/efficiency.

Islamic Entrepreneurship

  • Entrepreneurs are Khalifahs (stewards)
  • Business is a form of ibadah (good deed/worship)
  • Profit is not the sole purpose but fulfilling societal needs

Business Regulations Support System

  • Approval & licensing processes from relevant agencies
  • Infrastructure facilities (industrial estates, licensed manufacturing warehouses, electricity, water, transportation etc)
  • Other business support systems (technical assistance, marketing assistance, advisory services)
  • Manpower development (training facilities, vocational training councils)
  • Financial assistance for entrepreneurs (types of financing, agencies)
  • Employment policies (Employment Act 1955, employer provident fund, social security)

Business Opportunity

  • Introduction: Discovering, screening, & implementing business ideas/opportunities, identifying opportunities from situations that need to be resolved
  • Emergence of Opportunity: Product/services are not in existence or already exist but fail to satisfy customers or unmet needs
  • Attractive Opportunity: Solvable, timely, important, profitable and contextual

Business Formation

  • Acquiring a franchise: Lower business risks, economies of scale
  • Starting from scratch: Freedom to decide, choose location, equipment
  • Buying an existing business: Proven track record, loyal customers, established networking
  • Family business succession: Freedom and flexibility, potential monetary success, family members' experience

Business Tools

  • SWOT Analysis: Analyzing strengths, weaknesses, opportunities, and threats.
  • Business Model Canvas: Building blocks for business models (customer segments, value propositions, channels, customer relationships, revenue streams, key activities, key resources, key partnerships, and cost structure.)

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Related Documents

Theorie & Concept of Entrepreneurship PDF

Description

This quiz explores the fundamentals of entrepreneurship, including the process of transforming demand into supply and the importance of entrepreneurship in creating job opportunities. It also covers personal entrepreneurial competencies and the role of Islamic principles in business. Prepare to test your knowledge on these key concepts and regulations that support entrepreneurship.

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