Entrepreneurship can be described as a process of action an entrepreneur undertakes to establish his enterprise. It is the ability to create and build something from practically nothing. It is an attitude of mind to seek opportunities, take calculated risks and derive benefits by setting up a venture. It comprises of numerous activities involved in conception, creation and running an enterprise. We all know what entrepreneurship is. It is the cover-all-bases, create-from-whole-cloth style of leadership that must be exercised in order to establish or re-launch a new business entity and achieve sustainable success doing so. Some people mistakenly believe the central theme of entrepreneurship is the great big idea, but there have been plenty of game-breaking ideas that have been brought into the commercial landscape only to fall flat and fail miserably. Given the choice, I would much rather take hold of a somewhat pedestrian, but defensible, business idea or opportunity and support it with a market-winning strategy and near-perfect execution. There have been plenty of highly successful businesses built and sustained for the long-term on products and services that are nether revolutionary or exclusive. I’ll take a good idea and perfect execution every time over a great idea and marginal execution. Who is an ENTREPRENUER?
An entrepreneur is a person who starts an enterprise. He searches for change and responds to it. A number of definitions have been given of an entrepreneur- The dictionary defines an entrepreneur as “one who organizes, operates and assumes the risk for a business venture.” The true entrepreneur is one who embarks on a business venture knowing that he may end up poorer than when he started! That is risky, but therein lies the thrill and the lure for the entrepreneur. Maybank which was started by an individual Mr. Khoo Teck Puat. In 1960, Khoo restarted his career in banking by founding Malayan Banking (now commonly known as Maybank) with a few partners in Kuala Lumpur. To be an Entrepreneur you have to accept financial risks and undertake new financial ventures. The word derives from the French "entre" (to enter) and "prendre" (to take), and in a general sense applies to any person starting a new project or trying a new opportunity. The economists view him as a fourth factor of production along with land labour and capital. The sociologists feel that certain communities and cultures promote entrepreneurship like for example in India we say that Gujaratis and Sindhis are very enterprising. Still others feel that entrepreneurs are innovators who come up with new ideas for products, markets or techniques. (http://en.wikipedia.org/wiki/Maybank)
FUNCTION OF AN ENTREPRENUER
As an Entrepreneur working in an organization like Maybank . You have to perceive opportunity, plan, organize resources, and oversee production, marketing, and liaison with officials. Most importantly you have to innovate and bear risk. After my research and the points I gathered during lectures and tutorials on this topic, I find the following to be the main functions of an entrepreneur: *INNOVATION
*INITIANTES BUSINESS ACTIVITY:
*RISK AND UNCERTAINTY BEARING:
According to the research I made regarding Maybank policies. An entrepreneur performs the function of risk and uncertainty bearing. Every decision pertaining to development of new products, adapting new technologies, opening up new markets involves risk. Decision-making in an environment of uncertainty requires anticipation of risk. Profit is said to be the reward for anticipating and taking such risks. However it impertinent to mention that the entrepreneur is not a gambler, he only takes calculated risks. An entrepreneur develops the art of decision-making under conditions of uncertainty as a matter of survival. Thus the...