Kuratko and Hodgetts (2001) mentioned that “we are having entrepreneurial revolution in this twenty first century”. This is the period where entrepreneurs will grow like mushroom after the raining season. On the other hand in Malaysia, according to department of statistic (2009) the number of people who become entrepreneurs have shown a reducing trend since 1982 to 2008 where it had gone down to 20.9% from 25.1%. This shows that many people prefer to work with private sector or government rather than becoming entrepreneurs.
To increase the number of the people to become entrepreneurs especially the Bumiputra(native people), the government has launched many schemes and mechanism to increase their numbers. Education institution has been use as one of the mechanism to promote entrepreneurship to the student in middle and tertiary education. The creations of entrepreneurs are important because they have been proven to contribute to economy wealth and job creation (Turker and Selcuk, 2008). In 1999, Audretsh and Thurik conducted research on past data from 1984 to 1994 regarding the relationship between entrepreneur and job creation issue. The result showed that there is a positive relationship between the two where the number of job rate increases when the number of entrepreneurs increased. In Malaysia entrepreneurship course was started to be introduced in some universities in mid 90’s (Cheng et al.d, 2010). Then in 2007, Ministry of Higher Education made a policy that entrepreneurship course became a compulsory subject to all students in the universities irrespective of whatever faculties ,to encouraged more development of entrepreneurs from the university(Ministry of High Education Malaysia, report 2010). With this policy, universities have become the center to foster entrepreneurship. However unlike the situation in the west, here in Malaysia the situation is different where the number of people who actually become entrepreneur is small compared to the number of people who have taken the course. This is totally difference in other countries. In the United States, for instance, many of the graduates form companies after and during their universities. In the west the impact of the entrepreneurship education have been well known as mention by Ayers (2004) where the “graduates from Massachuset Institute of Technology have created more than 4000 companies”. In Harvard more than 50% of the students have involved in venture business (Anjan,2005). Similar effect also had happen in early research in Europe (Harhoff, 1999) .All these situations indicate that entrepreneurship can be taught through education.
Many things have changed from the 1950s, including entrepreneurship. Technology has made the option of becoming an entrepreneur accessible to almost anyone. However, we are beginning to see a decline in entrepreneurs in the United States, this is due to large companies who seem to be spreading all over the United States and into other countries like a wildfire. The big start to entrepreneurs becoming popular was after World War two when Americans were no longer worrying about the future and instead could see something better. That is why entrepreneurship took off in the 1950’s, it had progressed for many years creating new jobs and opportunities but recently we have come to a drop in opportunities for people seeking to be entrepreneurs.
The American Revolution occurred because of Great Britain's failure to adjust to conditions brought on by the growth and development of the colonies, and by the aggravation of a breakdown in the political and economic harmony that existed between the colonies and their mother country.
This essay will examine three major stepping stones towards Revolution, and explaining why these major aspects in the development from separate British colonies towards an American perspective. England, France, and Spain were fighting for the New World’ territories, overseas trading routes, and goods. In order to be the most active role in the battlefield, William Pitt, who led the government of Great Britain, had spent large sums of money leaving the new king with a massive war debt. In addition, the Great Britain had to continue to maintain the stability of the country’s financial and well-equipped armed forces to protect the empire they had won. So, George III chose to impose revenue raising taxes rate on the colonies. Unfortunately, the
There has been a large amount of attention paid to the subject of entrepreneurship in the last few years; mainly because most people have chosen to go from working for somebody else, to be their own bosses and work for their dreams. Nevertheless, many still wonder what is entrepreneurship and what is that sets entrepreneurs apart from other regular business owners. At first, it seems both concepts do not differ much from each other since they both start up and run businesses and assume risks to pursue opportunities; however, there are certain traits that difference them.
Entrepreneurship for social change: Is the U.S. doing enough to encourage and support sustainable social innovation?
"Entrepreneurs who start and build new businesses are more celebrated than studied. They embody, in the popular imagination and in the eyes of some scholars, the virtues of "boldness, ingenuity, leadership, persistence and determination." Policymakers see them as a crucial source of employment and productivity growth. Yet our systematic knowledge of how entrepreneurs start and grow their businesses is limited. The activity does not occupy a prominent place in the study of business and economics.
In the documentary “Call of the Entrepreneur,” three successful entrepreneurs, Brad Morgan, Frank Hanna, and Jimmy Lai, are presented to explain their views on entrepreneurship and in turn leadership. Brad Morgan is the owner of a million dollar dairy and compost company, Frank Hanna is a merchant banker in New York City, and Jimmy Lai is the founder of Giordano department stores and Next Media. A central theme of the documentary is how each of these businessmen displays the characteristics of persistence, patience, and perseverance to overcome frustrating obstacles and become successful. The film defines entrepreneurship and explains how the entrepreneur responds positively to consumer demands and is able to organize and direct others toward a goal only the entrepreneur can see. The film shows that though some entrepreneurs are driven by greed and some are not, the ones that are successful are answering the needs of consumers.
Corporate Entrepreneurship can be seen as the process whereby an individual or a group creates a new venture within an existing organization, revitalizes and renews an organization ,or innovates. Zahra’s(1986) definition of corporate entrepreneurship suggests a formal or informal activity aimed at creating new businesses in established firms through product and process innovations and market developments,whereas sathe(1985) defines corporate entrepreneurship as a process of organizational renewal. Corporate Entrepreneurship has emerged as a much needed ingredient contributing towards the growth of any organization under a changing business environment.
Entrepreneurship incorporates unconstrained imagination and a readiness to settle on choices without strong information. The entrepreneur may be driven by a need to make something new or assemble something unmistakable. As new ventures have low achievement rates, the business person should have impressive tirelessness. Because of this, the entrepreneur may have the best risk of achievement by concentrating on a business sector corner either too little or too new to have been commanded by built up organizations.
Nowadays, entrepreneurship becomes most popular career, where our government encourages our graduated student to involve in business so that unemployment will not happen in our country. Policymakers, academics, and researcher agree that entrepreneurship is a vital route to economic advancement for both developed and developing economics (Zelealem et al., 2004). Entrepreneurship has many types for example small business and others. Today small business, particularly the new ones, is the main vehicle for entrepreneurship, contributing not just to employment, social and political stability, but also to innovation and competitive power (Thurik & Wennekers, 2004).
The success of a business is greatly dependent on its entrepreneur. An entrepreneur is someone who takes the financial risk of starting and managing a new business venture. In order to be a successful entrepreneur, one must be ready to take a risk and invest one’s own savings into a business. The job requires that the individual be ambitious and committed to working hard in order to achieve the set targets. A successful entrepreneur is able to multi-task and communicates effectively with people, possessing leadership qualities such as confidence and motivation. The individual must play the role of constant motivator and inspire employees to improve their work performance, whilst ensuring a comfortable environment for the employees to work in. According to Schumpeter (1982), an entrepreneur is more of a ‘heroic’ than an ‘economic’ figure; his motivation should not solely be monetary, rather stemming more from inspiration and ambition.
Many people dream of becoming entrepreneurs someday. But it made me realize that there other factors that needs to be taken into consideration. We need to ask ourselves are we ready to take the challenge to the outside world. Not everyone have the vision, innovation and creativity to become an entrepreneur. The individual must have a positive attitude and accept the responsibility, have discipline to meet their goals, and take action when the opportunity presents itself. Many prefer a job security and rely on a weekly paycheck, while entrepreneurs will take risks and doesn 't have that luxury to know the amount of their income.
Entrepreneurship is a key driver of our economy, wealth and the majority of jobs are created through entrepreneurship, and it also helps and educates people in terms of growth and realizing opportunities (Nolan, 2003). Entrepreneurship is also seen as one of the important contributing factor to local development (Nolan, 2003).
This paper examines the myths associated with what it takes to be an entrepreneur, the profiles and the common characteristics among these successful entrepreneurs.
What are the steps to be a good entrepreneur? Write your suggestion and recommendation based on your observation and experience in Malaysia.