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Full name and IC No: SAUW TEIK LOOI 840310-07-5430 Date: 9-3-2018

Tutor Marked Assignment (TMA)

Semester/Year 2st
semester/Jan 2018
Student’s Name SAUW TEIK LOOI
Student’s ID No: 041170497
Course Code BBM 001/03
Course Title Entrepreneurship Development
Class Code 4EN21
TMA No: TMA1
No. of pages of this TMA 7
(including this page)

Tutor NG TEIK HIANG

Course Coordinator LALITHA A/P RAMASAMY
DIPLOMA OF EARLY CHILDHOOD EDUCATION

BBM 001/03

Entrepreneurship Development

Name: SAUW TEIK LOOI

Student ID: 041170497
Lecturer’s name: NG TEIK HIANG
Date of submission: 9 MARCH 2018
1a) An entrepreneur is a person who sets up a business, assumes on financial risks and
uncertainty in the hope of profit and responsible for the ideas which can make the business go
successful. They have full power and authority of the business and also exercise the power as the
head of the company on employees and workers who work for the company. An entrepreneur
can earn profits which are highly uncertain and not fix, and needs to possess qualities and
qualification like high achievement motive, originality in thinking, foresight, risk and bearing
ability. Meanwhile, a Manager just has to render his duties and responsibilities and does not bear
any risks involved in enterprise. He or she will take care of all the ongoing activity of the
business and makes sure each and every department undertakes suitable measures to run the
business smoothly. A manager gets salary as remuneration for the work performed by him or her.
Moreover it is mandatory for the manager to be well equipped and knowledgeable in a
management theory in order to managed the company in a stable manner. Commented [o1]: Acceptable explanation of both term.

1b) Three contribution of entrepreneur to the society are Developing New Sources of Materials, Commented [o2]: 3 contributions identified and explained.

Introducing new technologies, new industries and new products and Creating Employment.
Firstly, Entrepreneurs are innovative and they always persist on discovering new sources of
materials in order to improve their business, because entrepreneurs never satisfy with traditional
or existing sources of materials. In every business, those who can expand new sources of
materials enjoy a comparative advantage in terms of supply, cost, customer loyalty and quality.

Secondly, every year new technologies, new industries and new products are introduced by
entrepreneurs. When starting a new venture, entrepreneurs commonly look for new ways they
can help the world and intended to satisfy human needs in a more convenient and pleasant way.
This generally takes the form of an innovative product or service. When entrepreneurs come up
with new product ideas, they are actually advancing mankind into a new way of living. For
example, our mobile phone. Nowadays, everywhere we go, we can see peoples always holding
their mobile phone to stay connected. The usage of mobile phone is getting higher and higher as
people used it frequently to send an e-mail, to make a call, to send a messages through an apps
eg WeChat, Whatsapp,to named few, to make or record a video call and etc. Human life is
increasingly advanced with new technology. New technologies enable entrepreneurs to diversify
their products to fulfill and to serve diverse human needs and wants.

Finally, Creating Employment in most countries is the private business sector such as factories,
service industries, agricultural enterprises and some small businesses. In the process of creating
new companies and opening new businesses, entrepreneurs require assistance from others. This
means they will need to hire people with required skills. Thus, this leads to generating
employment in the economy. More jobs there are, the more people with income certainly lead to
more spending power. This will resulting high demand in goods and services, which in turn
stimulates production and the more production means generates more employment. This will
helped to decrease the chances of unemployment and national crimes.
2a) Entrepreneurial skills combined a range of technical, management and personal skills, ability
to turn an idea into action. It includes creativity, innovation and risk-taking, as well as the ability
to plan and manage projects in order to achieve objectives. Entrepreneurial skills also provide
benefits regardless of whether a person sees their future as starting a business.
2b) Three qualities of a successful entrepreneur are Willingness to make sacrifices and assume
risks. A new venture is full of difficulties, unexpected and unanticipated problems. In such harsh
environment, an entrepreneur will be always ready to sacrifice his or her time, energy and
resources in order to carry out the venture and to make it success. They discipline themselves to
take action and to carry out the decisions they have made. They move fast and they get quick
feedback from their actions. If they find they have made a mistake, they quickly self-correct and
try something else.
The second qualities are Hard Work. Successful entrepreneurs are hard workers who love what
Commented [o3]: Entrepreneurs need to have certain skills to
manage entrepreneurship activities.
They must have skills in communicating effectively; listening
actively, working with people and helping others work together.
They must also be able to honour their promises. An
entrepreneur’s consistency in words and actions is related to his or
her reliability, predictability and good judgment in handling a
business. Inconsistencies between words and actions will decrease
the level of trust that stakeholders such as business partners and
investors have in an entrepreneur. In other words, entrepreneurs
must have integrity and honesty. To increase their chances of
success in business, entrepreneurs need to develop the following
skills. a. Technical skills
b. Human skills
c. Conceptual skills
d. Administrative skills

they do. As for them, work isn’t simply ‘work’ it’s their life even if they have to spend like Commented [o4]: 3 qualities explained satisfactorily.

fifteen hours in their office. And that doesn’t mean that they are workaholic or are married to
their jobs as they set boundaries, and know how to work hard and work smart.

The third qualities are Leadership. Successful entrepreneurs are natural leader and generally have
strong leadership qualities. They are good at managing all aspect of their professional and
personal lives. They have the ability to make major decisions and make right decisions. They can
provide guidance and good advice for others as they have excellent communication skills to
interact with others. They are people-oriented which can manage to get a group of people to
work towards common goals while getting the best out of them. They are respected by their
peers and they are also self-motivate. A successful leader actively seeks our problems and has
the ambition to fix them.

3a) Two types of personalities that have been identified in entrepreneurs are Self-Confidence. Commented [o5]: 2 types of personalities described clearly.

As an entrepreneur who is confident about his or her own capacity and self-potential does not ask
question about whether they can succeed or whether they are worthy of success. He or she is a
risk taker because they are confident with the knowledge that they will make his or her
businesses succeed. An entrepreneur had an open-minded, therefore him or her willing to try
even though if they fail, they realize that every event and situation is a business opportunity and
from that he or she can gain benefit or experiences from others. They have the ability to look at
everything around them and focus it towards their goals. When evaluating risk, a successful
entrepreneur will ask himself or herself ‘what will I do if this venture doesn’t pay off?’

The second types of the personalities are Proactive. Entrepreneurs are more responsive and try to
shape or influence the environment. They are always in search of business opportunities.
Entrepreneur will always be ready to present proposals without having fear being ridiculed by
others or even being rejected. They will also make an effort to identify and find business
opportunities in order to expand their businesses. And they will always be ready to take action or
be preparing with a solution when they are facing with risks or problems. Besides that, they will
be ready to make changes because they have the confidence that the changes will determine the
direction of the business venture to be better.

3b) S.W.O.T is an acronym that stands for Strengths, Weaknesses, Opportunities and Threats. Commented [o6]: Manage to apply SWOT analysis.

S.W.O.T analysis is a tool for analyzing a business and its environment and also the first stage
which can helps marketers and new entrepreneurs to focus on key issues. Two strengths that my
preschool centre will provide are Good Facilities and Safety. As an educator, it is important to
provide children with good facilities for their development. Good Facilities like spacious hall for
activities and functions, canteen, computer room, art room, indoor play areas and outdoor
playground. For example, every competition and celebration will be organized at the hall, as it
can accommodate numbers of people. And for the computer room, children are able to explore
and learn technology and meanwhile for the art room, children are able to be more relaxed and
promote their patience and creativity. Secondly, Safety is the serious consideration of every
parent. Therefore, to ensure that every child in our preschool is safe, the security guard will only
allowed car that with a preschool sticker to enter our compound. And if any parent needs to enter
the compound, they have to register, and get the pass.

There are also weakness that my preschool may face, such as High Fees and Experienced but
Lack with Professional Certification. Because of the facilities, high consuming in electricity,
maintenance, man power, equipments and others caused my preschool center to charge high fees.
Nowadays, most parent care and mind with the qualification of an educator, and as for most of
our educator are experienced but they are lack with professional certificate. That resulting some
parents might doubtful to enroll their children to my preschool center.

4) The internet and technology are important tools for entrepreneur as it is the fastest way to Commented [o7]: Manage to explain with appropriate example
from own centre.
reach for the results, to get connected and to complete tasks with a minimum time spend.
Methods have been developed for processing everyday business activities easily. Without the
advent of technology, routine tasks would otherwise have taken and enormous amount of time
and specialization. Undoubtedly, the computer represents the top technology development in the
last century as it relates to businesses today, both large and small. Advances in the field of
technology have created a vast number of business opportunities.
In this era, peoples are easily getting connected with each other by using communication apps,
such as Whatapps, WeChat, Messenger, Line and etc which need the internet service. For
example, my preschool center get connected with parents with an apps known as CommApp.
Through this apps, parents can easily communicate with the teachers and keep themselves
updated on what their children are learning in school. This CommApp consists of many modules
that will be gradually released for use. For example, message and class news, the teachers can
communicate with the parents of individual student and with the class respectively. Besides that,
by using social media like Facebook, we created our preschool group which involved not only
teachers but parents too by sharing children’s activities photos and videos. During our preschool
center organizing an event or activities like story-telling, singing, painting and sports day, we
will records it and save it to a hard copy then show it on the graduation day for the purpose to
attract and promote our preschool.

5a) Opportunity to achieve financial rewards, opportunity to build equity which can be passing
on to their next generation or even to sell the business in the future, time flexibility, and etc are
the few reason that motivates people to become entrepreneurs. Besides that some might be want
to build more creativity in their work and become as an owner of the business, no one can
prevent them for doing things that they want to.

b) Three marketing strategies that I would consider when starting my preschool business are Commented [o8]: Able to suggest 3 relevant marketing
strategies.
Advertising in local newspaper, flyers and banners, Establish information through social media
sites and Host an open house. Firstly, using advertising methods, like distribute some flyers and
business cards, I will go to promote my preschool to a place where the parents are likely to bring
their small children like public place ( shopping malls ), the local communities center, designated
playground or park and etc.

Secondly, with the power of social media eg Facebook, I will establish information about my
preschool as it is also the fastest, easiest and cheaper way for me and for parent to find and reach
out more details. It is a way to promote upcoming events, enrollment dates or special recognition
my preschool receives.

Thirdly, instead of going out and looking for parent of small children, I will host an open house
to attract parent to visit my preschool. Activities like summer fair with a bounce house face
painting and etc which will attract the interest of children to learn, to experience the fun and play
along with other children. This is a great way for parent to know more about my preschool center
by asking a question face to face rather than through phone.
Bibliography
Alton, L. (2015, August 12). The 5 Motivations That Drive People to Choose Entrepreneurship.
Entrepreneur Network .

Berry, T. (2016). What Is a SWOT Analysis? Bplans .

Faldyn, C. (2014, July 22). THE ADVANTAGES OF TECHNOLOGY IN THE LIFE OF AN ENTREPRENEUR. The
Entrepreneurs Library .

Shawiza, V. (2017, August 25). Important Roles of Entrepreneurship in a Society.