Assalamualaikum, welcome to my blog! First of all, before I even touch on the introduction, I would like to introduce myself. My name is Nur Aisyah binti Rosli, a DEC 5E student and I am glad to be given this task. I think this is an interesting way to grab students' attention to indulge in these types of academical intermediates. Furthermore, I think this course (Digital & Mobile Communication) itself is interesting for it brings many benefits to us, the students, in every way possible. Now, without further ado, let's get started!
Let me introduce you to my long lost love, Mr. Entrepreneurship. We didn't break up, we just want to keep things low. Well, enough with the crappy daydreaming. We are here to know more, to gain knowledge about Entrepreneurship. So, before we get into depth in Entrepreneurship, let us look at the definition first, shall we?
What is Entrepreneurship?
Entrepreneurship is defined as, "The process of seeking businesses opportunities under conditions of risk. Entrepreneurship also 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," [a]. For your information, "Entrepreneurship is a process, and the entrepreneur is an innovator who uses the process to challenge existing norms via combinations of new resources and methods in commerce," (Aman Shah & Soon Teik Lan, 2013). Moreover, "Entrepreneurship involves not only the process that leads to the setting up of a business entity but also the expansion and development of an ongoing concern. The study of entrepreneurship is concerned with the entrepreneurial behaviour, and the dynamics of business set up, expansion and development," (Aman Shah & Soon Teik Lan, 2013).
Those above are definitions from a book, Entrepreneurship, which is one of the subjects that I take for this semester. Despite the definitions taken directly from an Entrepreneurship book, I also have my own definition of Entrepreneurship. In my own words, Entrepreneurship is a venture where a respective person with interest in business wants to expand his or her business wider through proper procedures with entrepreneurial behaviour and strong will. It takes great passion to indulge oneself in Entrepreneurship. As for me, it is love at first RM. Yes, first RM. The greatest thing about indulging yourself in business is the cash, $$$ kaching kaching!
Types of Entrepreneurship
There are many characteristics of Entrepreneurship. Let's get to know them all!
According to Chand (n.d.), Entrepreneurship is an economy and dynamic activity because, "It involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilisation of scarce resources. Since this value creation activity is performed continuously in the midst of uncertain business environment, therefore, entrepreneurship is regarded as a dynamic force," [b]. Other than that, Chand (n.d.) said that Entrepreneurship is related to innovation as if, "Involves a continuous search for new ideas. Entrepreneurship compels an individual to continuously evaluate the existing modes of business operations so that more efficient and effective systems can be evolved and adopted. In other words, entrepreneurship is a continuous effort for synergy (optimization of performance) in organizations,". Furthermore, Entrepreneurship is also claimed by Chand (n.d.) as a profit potential because it is, "The likely level of return or compensation to the entrepreneur for taking on the risk of developing an idea into an actual business venture,". Last but not least, Chand (n.d.) said that Entrepreneurship is a risk bearing, "The essence of entrepreneurship is the ‘willingness to assume risk’ arising out of the creation and implementation of new ideas. New ideas are always tentative and their results may not be instantaneous and positive,".
Like any other ventures, Entrepreneurship also happens gradually. It also has stages or phases. The process is called as Entrepreneurial Process, as follows:
Aman Shah, S. H. & Soon Teik Lan, C. (2013). Entrepreneurship. Selangor, MY: Oxford Fajar Sdn. Bhd. [a]
Chand, S. (n.d.). Entrepreneurship: Characteristics,Importance, Types, and Functions of Entrepreneurship. Your Article Library. Retrieved August 23, 2015 from http://www.yourarticlelibrary.com/entrepreneur/entrepreneurship-characteristicsimportance-types-and-functions-of-entrepreneurship/5228/ [b]