WET100001 - TOPICS REVIEW

TOPIC 1: 

**BASIC CULTURELIZATION OF ENTREPRENEURSHIP**

In topic 1, we learn about the concept and development of entrepreneurship. There are 4 importance of entrepreneurship:

•       Catalyst for change and growth of national economy
•       Give rise to successful individuals
•       Develop and expand higher level of culture
•       Entrepreneurs create wealth, encourage wealth distribution and contribute to economic well-being

Concept learns:

 Entrepreneur: pioneer of successful business activities.

Attributes in entrepreneur

•   General perspective: By Kao (1991)

a)      Commitment, determination and strong-will

b)      Success and growth oriented

c)       Opportunity and objective oriented

d)      Initiative and responsible

e)      Continuous decisions 

•   Islamic perspective: by Mohd Salleh et al.,(2005)

a)      High needs and dedication

b)      Right intentions

c)       Knowledgeable and skillful in business

d)      Responsible to all

e)      Prudent and frugal in using resources

TOPIC 2: 

**SELF-COMPETENCY ANALYSIS**

In this topic, we learn about two main things which are self-develop entrepreneurship abilities and exhibit attributes of entrepreneurship.

Self-competency analysis of entrepreneurial abilities consists of:

• Initiative
• View & grab opportunities
• Steadfast
• Information seeking
• Focused on quality work
• Commitment to agreements
• Efficiency-focused
• Systematic planning
• Solving problems
• Self-confidence
• Iron-willed
• Instill confidence in others

This topic also tells us about 5 types of power to use power strategies: legitimate power, reward power, penalty power, expert power, referent power and failure factors of entrepreneurs.

TOPIC 3:

 **ENTREPRENEURIAL ETHICS**

Topic 3 teaches us the understanding on the concept of divine acceptance in business. In the eyes of Islam, entrepreneurship is:

•   Manufacturing/ service business to seek for legal providence
•   Manufacturing, distribution, agriculture and services sector
•   High status
•   9/10 divine providence comes from business and ‘fardhu kifayah’

We also learn about entrepreneurial ethics and business culture. In Islamic view (Syumul), the entrepreneurial ethics are:

•     Abide with agreement
•     Falsehood and ads misrepresentations
•     Correct measurements
•   For destruction of over-supplies: do not waste and destroy
•   Best management practices, fair and responsible
•     Fair to workers: Welfare, wages and comfortable workplace

TOPIC 4: 

**CREATIVITY AND INNOVATION**

In topic 4, we learn about aspects of creativity and innovation and approach towards thinking creatively and innovatively. There are 4 steps in creative process which are assimilation of knowledge, incubator, ideas and assessment & implementation.

Definitions:

• Creativity: unique development and answer/response to expected problems (Schemerhorn, Hunt & Osborn, 2003).
•  Innovation: approach towards creating a new product, process or service in an improved manner and not resting on laurels (Kinicki & Williams, 2003).

It is important to develop creative ideas because we need to use thinking skills innovatively & exploit ideas to develop concrete business planning and to view the environment in a topsy turvy way & approach problems as business opportunities.

Techniques to generate creative and innovative ideas:

•            More ideas are better
•            Accept all ideas
•           Use other groups’ ideas
•          Criticism or evaluation are not allowed
•          Implement DO IT (Define Problem, Open Mind, Identify solution, Transform)
• 
  

Strategies to encourage creativity and innovativeness:

•       Determine ability & self-competency
•       Change perceptions (problems -> opportunities)
•        Reward cultural change towards creativity & innovativeness
•       Willing to accept failure

TOPIC 5: 

**BUSINESS OPPORTUNITIES**

In topic 5, we learn about business opportunities. What situations will contribute to business opportunities and what are the solutions. Based on the definition given by Bajoyai Badai (2000), opportunity refers to new ideas generated via innovative process by establishing a new business and developing new products or services.

Situations contribute to business opportunity	Solutions
a)      Customers requiring new products/services solving their problems or needs b)      Existing products/services not able to solve problems or fulfill their needs	a)      Identify strength b)      Minimize weaknesses c)       Use opportunities d)      Less the threats

Besides that, this topic teaches the environmental and market factors and how to evaluate and choose viable that is profitable in business opportunities. Some of the environmental and market factors are demographic change, psychographic change, import and export data based on demand & supply and provision of local and technological resources. There are 3 steps in evaluating business opportunities:

Process of identifying, evaluating and choosing opportunities

•    Analyze environment and market with understanding of customer needs
•    Evaluating of self-competency, societal needs and analyze business ideas
•    Choose business opportunities and set up a business structure