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INTRODUCTION TO
ENTREPRENEURSHIP
PREPARED BY:
MR. LAI YENG CHAI
DEFINITION OF ENTREPRENEURSHIP
“A way of thinking, reasoning, and acting
that is opportunity obsesses, holistic in
approach, and leadership balance”
(Timmons, 1999)
“Creation of an innovative economic
organisation (or network of
organisations) for the purpose of gain or
growth under conditions of risk and
uncertainty.”
(Marc J. Dollinger,1999)
The attempt to create value through
recognition of business opportunity, the
management of risk taking appropriate to
the opportunity, and through the
communicative and management skills to
mobilise human, financial and material
resources necessary to bring a project to
fruition.
Kao (1991)
The process of creating something
different with value by devoting the
necessary time and effort; assuming the
accompanying financial, psychological,
and social risks; receiving the resulting
rewards of monetary and personal
satisfaction.
Hisrich and Peters (2002)
Profits from bearing uncertainty and
risk.
Knight (1921)
Uncertainty bearing…coordination of
productive resources…introduction of
innovations and the provision of
capital.
Hoselitz (1952)
Medium
Entrepreneur
Promoter
Low
Financial motivation
Creativity and Innovation High
Inventor Entrepreneur
Manager,
Promoter administrator
Low
Low High
Holistic Incrementality
BUSINESS
SUCCESS
Market linked
Commitment