Lecture 2_The Importance & Factors.pptx

2. All Rights Reserved Fundamentals of Entrepreneurship © Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 2 Objectives The objectives of this chapter are to:  provide better understanding of the importance of entrepreneurship in a free market economy.  describe important factors that affect individual inclination and interest towards entrepreneurship.

3. All Rights Reserved Fundamentals of Entrepreneurship © Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 3 Learning Outcomes At the end of this chapter, students should be able to:  gain an understanding of the importance of entrepreneurship in a free market economic setting so that they will be able to think critically whenever entrepreneurial development is discussed  learn some background factors that affect a person’s inclination and interest towards entrepreneurship

5. All Rights Reserved Fundamentals of Entrepreneurship © Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 5 Entrepreneurship teach us to…  Creates opportunity  Ensures social justice  Instills confidence  Stimulates the economy  Take risks  Fail and to continue  Become creative, resourceful and innovative

7. All Rights Reserved Fundamentals of Entrepreneurship © Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 7 The Importance of Entrepreneurship  One of the main functions of entrepreneurial initiatives and activities are: – to provide products and services to the society (customers) that will add value and enhance the quality of their life. – create great impact on society in terms of products, employment opportunities and other economic multiplier effects to the local and national economy. – bound to be more productive, competitive and prosperous – to produce output that are of higher quality, cheaper and better service delivery to serve customer’s needs.

9. All Rights Reserved Fundamentals of Entrepreneurship © Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 9  Promote research and development - Entrepreneurship is innovation and hence the innovated ideas of goods and services have to be tested by experimentation.  These are enablers that provide opportunities for individuals and organization to progress and move up the social and economic ladder in society.  The whole process helps to create wealth and prosperity to a nation. The Importance of Entrepreneurship (cont.)

17. All Rights Reserved Fundamentals of Entrepreneurship © Oxford Fajar Sdn. Bhd. (008974-T), 2013 1– 17  Legal Factors – regulatory framework – flexibility and adaptability of the law and other legal rules governing the business activities in a country. Factors Affecting Entrepreneurship

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