recognizes an opportunity and organizes and manages a bussines , assuming the
risk for the sake of potential return is called an Entrepreneur . According to
French economist, Jean- Baptiste, “An entrepreneur is an economic agent who
unites all means of production, the land of one, the labor of another and the
capital of yet another, and thus produces a product. By selling the product in
the market he pays rent on land, wages to labor, interest on capital and what
remains in his profit. He shift economic resources out of an area of lower and
into an area of higher productivity and greater yield”. Entrepreneurs put a
great deal of time and effort into launching their own bussineses. While
establishing a business, an entrepreneur may also pour all of their money into
it. They have to sacrifice to not buy new clothes or a fancy car, go on
vacation or spend much time with family and members.
2.0 BENEFIT OF BECOMING AN ENTREPRENEUR
not have to follow orders or observe working hours set by someone else. They
have control over their decisions.
Doing what we love
or hobby into business can be highly satisfying.
build income and wealth through their endeavors. Although income potential is
usually capped for employee, entrepreneurs are limited only by their own
imagination and tenacity.
If they know that
they are created something valuable can give entrepreneur a strong sense of
accomplishment. It can help them feel good about themselves and automatically
will increase their self-confidence.
decide how they can add value to their communities and the wider world.
3.0 CHALLENGES BECOMING AN ENTREPRENEUR
losing not only their money but also the financial investment of others.
They will face the
problems such as may not get support from family and friends and also have to
solve problems by themselves.
While owners have
control, they also have responsibility and cannot defer to someone else for
not guaranteed a set salary/permanent salary or benefits.They also have to set
up and fund their own retirement funds.
EXAMPLES OF SUCCESFUL ENTREPRENEURS IN MALAYSIA.
1. Tan Sri Syed Mokhtar Al-Bukhary
Al-Bukhary was born in Alor Setar, Kedah on 1951. His family hailed
from Hadhramaut, ?Yemen. This business leader has seven siblings
and he is the third child. His success story in business began by helping his
parents in cattle business around 1970.
wealth by The Forbes- RM 4.6 billion (7th richest in Malaysia)
of Al-Bukhary Group companies such as:
Malaysia Sdn Bhd.
Muamalat Sdn Bhd.
Gamuda Joint Ventures Sdn Bhd.
Nasional Sdn Bhd.
Scholarships to poor students (especially OIC students from International Islamic University Malaysia (IIUM)
Tuition (free tuition) to poor students throughout the country
c) Building the National Heart Foundation Headquarters,
a Hemodialysis Center in Kangar, Perlis and Johor
a) Contribution to the Lebanon Humanitarian Fund
b) Humanitarian mission to the victims of the Bam
2. Tan Sri Tony Fernandes
Tan Sri Tony Fernandes
was born in Kuala Lumpur on 30 April 1964. He was born into a mixed family of Goa (India) and Melaka. He was educated at The
Alice Smith School in Kuala Lumpur, Epsom College from 1977 to 1983, and then
at the London School of Economics. He worked very briefly with Virgin
Atlantic as an auditor, subsequently becoming the financial controller for
Richard Branson’s Virgin Records in London from 1987 to 1989
Estimate wealth- 345 Million USD.
Founder of Tune Group
CEO of AIR ASIA
Owners of Queens Park Rangers Football
Sri Robert Kuok (Estimate wealth-RM 54 billion)
Robert Kuok Hock Nien was born on 6 October 1923 in Johor Bahru, Johor. His father, Kuok Keng Kang, an immigrant from Fujian province, China,
formed Tong Seng & Company in Johor after obtaining his license from the
Sultan of Johor. He has managed Tong Seng as a famous company in the
distribution of rice, sugar and flour as well as general trading and cold
HOW ENTREPRENEURS TO THE ECONOMIC DEVELOPMENT OF A COUNTRY
Entrepreneurship plays the important role
in the economic growth and standard of living of the country. Entrepreneur’s
contribution to the economy is of immense value. It also can impact the
economy of a country in diverse ways. Usually, the role of an entrepreneur is of
much significance in generating products valuable for the comforts and
luxurious living of the people of a particular country. An economy is much
dependent upon the performance level of its entrepreneur. Here
are the important roles an entrepreneur plays in the economic development of a
Providing employment opportunities.
An entrepreneur by setting up various businesses and establishments is
generating employment in the economy. People need jobs. This is a main
contribution that an employer can make to provide income to an employee who can
meet their needs. All this will helping in augmenting our standards to a global
Investing in products and services people need.
has to invest in what is required for the economy. Economic progress will much
depend upon their contributions. Any entrepreneur will invest in products and services
which the people need. They will ensure a better life for the people. More
goods and services will be at their disposal.
Wealth Creation and Sharing
the business entity, entrepreneurs invest their own resources and attract
capital (in the form of debt, equity, etc.) from investors, lenders and the
public. This mobilizes public wealth and allows people to benefit from the
success of entrepreneurs and growing businesses. This kind of pooled capital
that results in wealth creation and distribution is one of the basic imperatives
and goals of economic.
Diversity in products and services
can provide various types of goods and services to the consumer. The latter has
much to choose from. A consumer after all would like to have a good bargain,
and if his or her choices are more than he or she can get these products or
services at reasonable rates. Also personal desires are met if there are
products and services to choose from. A person may like a particular type of
tie and he can perhaps locate it in his local market. His desire to purchase a
tie of his choice is thus met.
New technologies promote efficiency
The ability to
turn ideas into new products and services that people need is the fount of
prosperity for any developed country. Economic growth, generally speaking, is
driven by new technologies and their creative applications. Periods of rapid
innovation historically have been accompanied by periods of strong economic
growth. The impetus of innovation is the greatest natural resource of all: the human
mind. Creating innovative products and solutions requires an educated
population and an environment where collaborative work can take place. In
addition to being good for business, education increases workforce creativity
and quality of life.
Innovation happens where there is competition
In essence, there
is a positive feedback loop among innovation, entrepreneurship, and economic
development. New and growing businesses represent the principal sources of job
creation and innovative activity in an economy, two factors that generally
result in the rising standards of living for all.
Contributes to gross national product
The GNP of the
country is calculated based upon the total number of products and services
available in a respective country. The more products and services available the
higher the GNP. It indicates the economic prosperity of the country.