FSPQ 0012
CO-CURRICULUM
(ENTREPRENEURSHIP)
WEEK 2 LECTURE 2
TOPIC 2: DESCRIPTION OF
ENTREPRENEURIAL CHARACTERISTICS
Prepared by:
Siti Nur Shahida, AFHEA
PPI, UTMSPACE
LEARNING OBJECTIVES
• To discuss the types of entrepreneurs.
• To discuss the personal traits and competencies of
successful entrepreneurs.
• To list and explain the risks of being an entrepreneur.
• To differentiate the differences between an entrepreneur
and a small businessman.
INTRODUCTION
As entrepreneurs, each of them is different and
unique. The categorization of entrepreneurs is
based upon the functions and roles of
entrepreneurs in their respective organisation.
Being an entrepreneur requires much more than
just big ideas. To be a successful entrepreneur,
one must possess a unique set of traits, skills
and characteristics.
Running a business is difficult due to the risk
factors involved in it. The changes in the business
environment happen all the time and this puts a lot
of pressure on entrepreneurs to improve their skills
and battle risks at the same time.
TYPES OF ENTREPRENEURS
Intrapreneurs Technopreneurs Cyberpreneurs
Social
Edupreneurs Infopreneurs
Entrepreneurs
Lifestyle
Agripreneurs
Entrepreneurs
INTRAPRENEURS
• Also referred to as “inside entrepreneur”.
• Employees within a company who use
entrepreneurial skills to develop new
products, services, or processes, driving
innovation from within the organization.
• For example:
The creators of several Hollywood movie
franchises, including Shrek and
Madagascar encourages all staff
regardless of job title to be part of the
filmmaking process by sending in their
own ideas.
Ken Kutaragi, a Sony employee,
developed the idea for the PlayStation.
His initiative within the company led to
the creation of a new product line that
became highly successful.
TECHNOPRENEURS
• Also called as “technology
entrepreneurs”.
• Entrepreneurs who focus on technology-
based ventures, often involving the
development of new technologies or the
application of existing technologies in
innovative ways.
• For example:
Steve Jobs, Bill Gates, Michael Dell
are examples of successful
technopreneurs in the information
technology.
Elon Musk, founder of companies
like Tesla and SpaceX, is a prime
example of a technopreneur. He has
driven innovation in electric vehicles
and space exploration.
CYBERPRENEURS
• Entrepreneurs who conduct their
business primarily online, leveraging the
internet to reach customers and manage
operations.
• For example:
Jeff Bezos, founder of Amazon, started
an online bookstore that grew into one
of the largest e-commerce platforms in
the world.
EDUPRENEURS
• Entrepreneurs focused on educational
products and services, aiming to innovate
and improve educational outcomes through
new methodologies, technologies, or
content.
• For example:
Salman Khan, founder of Khan Academy,
created a non-profit educational
organization that provides free online
educational resources to students
globally.
INFOPRENEURS
• Entrepreneurs who specialize in
information products and
services, such as e-books, online
courses, webinars, and other
knowledge-based offerings.
• For example:
Tim Ferriss, author of "The 4-
Hour Workweek," offers
various information products,
including books, podcasts, and
online courses, sharing
knowledge on productivity and
lifestyle design.
SOCIAL ENTREPRENEURS
• Individuals who create and lead ventures aimed at
addressing social, cultural, or environmental
issues, combining business strategies with social
mission goals.
• For example:
In 2006, Blake Mycoskie started TOMS after
responding to a crisis while travelling in South
America where he had seen so many children
with no shoes.
Su Seau Yeen formed Simply Cookies in 2014
for single mothers to have the opportunity to do
baking and she also conducted culinary classes
for children.
Muhammad Yunus, founder of Grameen Bank,
pioneered the concept of microfinance and
microcredit, providing small loans to
impoverished entrepreneurs to help them start
businesses.
AGRIPRENEURS
• Entrepreneurs in the agricultural sector
who develop innovative solutions and
businesses related to farming,
agribusiness, and sustainable
agriculture.
• For example:
Kola Masha, founder of Babban
Gona, an agricultural enterprise in
Nigeria that provides smallholder
farmers with the resources and
training needed to increase their
productivity and income.
LIFESTYLE ENTREPRENEURS
• Entrepreneurs who create businesses that align
with their personal passions and lifestyle goals,
often prioritizing work-life balance over traditional
business growth metrics.
• For example:
Christine Ng, founder and owner of
christyng.com. She had a passion for shoes
and wanted to be a shoe designer when she
was older. When she was 24, she started
christyng.com as a side business but her
gorgeous shoes soon went viral on social
media.
Pat Flynn, founder of Smart Passive Income,
built a business around his lifestyle by
creating content and products that help others
create passive income streams, allowing him
to maintain a flexible work-life balance.
PERSONAL TRAITS OF ENTREPRENEURS
Persistence
Self-
Independence and Creativity
Confidence
Determination
Risk taking Perseverance
Organised and
Visionary and Tolerance and Hard
Goal Oriented
for Failure Work
Honesty and
Commitment
Honour
ATTITUDE, SKILLS AND KNOWLEDGE
REQUIRED BY ENTREPRENEUR
ATTITUDE SKILLS KNOWLEDGE
Motivated Decision-making Law
Confident Problem-solving Management
Self-starter Negotiation Economics
Responsible Communication Accounting
Risk-Taker Creativity Ethics and Values
Diligent Teamwork Business
Mentally and Management Cross-cultural
Physically Fit Studies
Information-seeker Technical Project
Management
ENTREPRENEUR CHARACTERISTICS
• A review of the literature related to entrepreneurial
characteristics reveals the existence of a large number
of factors that can be consolidated into a much smaller
set of profile dimensions.
PERSONAL ENTREPRENEURIAL
COMPETENCIES (PEC)
The term “Entrepreneurial competencies” is referred to as
the key characteristics possessed by successful
entrepreneurs in order to perform the entrepreneurial
functions effectively.
Entrepreneurial competencies can be observed from the
entrepreneur’s attitude, internal life values or his insistence
to perform with excellence.
In 1985, McClelland and McBer developed a set of
instruments to measure entrepreneurial inclinations.
• A set of 13 competencies was identified from cross-cultural
study groups of successful entrepreneurs.
• The set was called Personal Entrepreneurial Competency.
13 PERSONAL ENTREPRENEURIAL
COMPETENCIES
Initiative and Opportunity Information
Persistence
Responsible Orientation Seeker
High Degree of
Concern for
Commitment Efficiency Systematic
High Quality
towards Work Orientation Planning
Work
Agreements
Problem Self-
Assertiveness Persuasion
Solving Ability Confidence
Use of
Influence
Strategies
COMMON CHARACTERISTICS OF
SUCCESSFUL ENTREPRENEURS
Product and
Passion for the Tenacity
Customer
business Despite Failure
Focused
Execution
Risk Takers Action-Oriented
Intelligence
Always Seeking
to Improve
ACTIVITY 1: IDENTIFY CHARACTERISTICS OF
MALAYSIAN ENTREPRENEURS
Task to be done in 15 minutes and presented:
1. Identify at least 2 successful Malaysian entrepreneurs
that you are familiar with.
2. Briefly explain their main business.
3. Describe the qualities of these entrepreneurs with
relevant examples.
Be prepared to present your findings to the group.
RISKS OF BEING AN ENTREPRENEUR
Uncertainty of Risk of Losing the
Income Entire Investment
Long Hours and
High Stress Level
Hard Work
Difficulty in
Obtaining Customer Discouragement
and Loans
Complete
Responsibility
RISKS OF BEING AN ENTREPRENEUR
DIFFERENCES BETWEEN AN
ENTREPRENEUR AND A SMALL
BUSINESSMAN
ENTREPRENEUR BUSINESSMAN
Idea Generation Focuses on innovative and Typically works with established
unique ideas, aiming to create ideas, providing existing
something new or disrupt an products or services within a
existing market. known market.
Entrepreneurs often seek to The primary focus is on
solve problems or meet sustaining and growing a
unfulfilled needs with creative business based on existing
solutions. models and customer demands.
Business Types Often engages in start-ups, Generally involved in traditional
technology ventures, and businesses such as retail
high-growth potential stores, service providers, or
businesses. local enterprises.
These businesses can scale These businesses tend to have
rapidly and have the potential a steady, moderate growth rate
for significant impact. and serve local or niche
markets.
DIFFERENCES BETWEEN AN
ENTREPRENEUR AND A SMALL
BUSINESSMAN (CONT.)
ENTREPRENEUR BUSINESSMAN
Risk Propensity High risk tolerance. More risk-averse.
Entrepreneurs are willing to
take substantial risks for the
potential of high rewards. They
invest in unproven ideas and
new markets, understanding
that failure is a possibility.
They invest in unproven ideas They prefer to invest in proven
and new markets, business models with predictable
understanding that failure is a outcomes, focusing on minimizing
possibility. risks and ensuring steady, reliable
returns.
Market Orientation Often market disruptors, they Oriented towards serving
focus on creating new markets established markets and
or significantly altering existing maintaining customer
ones. They aim to establish a relationships. Their approach is
strong brand presence and more about consistent service and
capture a significant market satisfying a steady customer base
share quickly. rather than disrupting the market.
DIFFERENCES BETWEEN AN
ENTREPRENEUR AND A SMALL
BUSINESSMAN (CONT.)
ENTREPRENEUR BUSINESSMAN
Strategic Role Visionary and strategist. Operational and managerial.
Entrepreneurs focus on long- They concentrate on the day-to-
term goals, scalability, and day operations, ensuring the
strategic growth. business runs smoothly and
efficiently.
They are heavily involved in Their strategy revolves around
setting the direction of the maintaining profitability and
company and steering it managing resources effectively.
towards innovation and
expansion.
Gives life to the business. His business gives him a living.
Entrepreneurs are passionate Small businessmen typically view
about their ventures, often their business as a means to
seeing them as extensions of provide for themselves and their
their vision and creativity. families.
They are driven by a desire to Their primary goal is to maintain a
innovate and make a significant stable income and ensure the
impact. business's sustainability.
DIFFERENCES BETWEEN AN
ENTREPRENEUR AND A MANAGER
ENTREPRENEUR MANAGER
Motive Entrepreneurs are typically Managers are typically motivated
driven by a desire to create by the efficient operation and
something new, solve a success of an existing business or
problem, or capitalize on an organization.
opportunity.
They are often motivated by a They may be driven by goals such
passion for their idea or vision as maximizing profits, increasing
and a desire for autonomy and efficiency, or achieving specific
independence. targets set by higher management.
Status Entrepreneurs often enjoy a Managers typically hold positions
high degree of autonomy and within an existing organizational
may hold positions of hierarchy.
leadership within their own
ventures.
Their status is often tied to the Their status and authority may
success and growth of their vary depending on their level within
ventures. the organization, with higher-level
managers often enjoying more
influence and prestige.
DIFFERENCES BETWEEN AN
ENTREPRENEUR AND A MANAGER
ENTREPRENEUR MANAGER
Motive Entrepreneurs are typically Managers are typically motivated
driven by a desire to create by the efficient operation and
something new, solve a success of an existing business or
problem, or capitalize on an organization.
opportunity.
They are often motivated by a They may be driven by goals such
passion for their idea or vision as maximizing profits, increasing
and a desire for autonomy and efficiency, or achieving specific
independence. targets set by higher management.
Status Entrepreneurs often enjoy a Managers typically hold positions
high degree of autonomy and within an existing organizational
may hold positions of hierarchy.
leadership within their own
ventures.
Their status is often tied to the Their status and authority may
success and growth of their vary depending on their level within
ventures. the organization, with higher-level
managers often enjoying more
influence and prestige.
DIFFERENCES BETWEEN AN
ENTREPRENEUR AND A MANAGER (CONT.)
ENTREPRENEUR MANAGER
Risk-bearing Entrepreneurs bear a significant While managers may bear some
amount of risk, as they often degree of risk related to the
invest their own capital and performance of the business or
resources into their ventures. organization they oversee, it is
generally less than that of
entrepreneurs.
They face the possibility of failure They typically do not invest their
and financial loss if their venture own capital and may have more
does not succeed. stability in terms of employment
and income.
Objectives Entrepreneurs often seek to Managers are primarily focused on
innovate, disrupt existing markets, executing established strategies,
and create value. achieving organizational goals, and
ensuring the efficient operation of
the business or department they
oversee.
Their objectives may include Their objectives are often aligned
achieving growth, expanding their with the broader goals of the
market reach, and establishing a organization.
sustainable business model.
DIFFERENCES BETWEEN AN
ENTREPRENEUR AND A MANAGER (CONT.)
ENTREPRENEUR MANAGER
Reward Entrepreneurs have the Managers may receive rewards
potential for significant financial such as salary, bonuses, and other
rewards if their ventures benefits based on their
succeed. performance and the success of
the organization.
They may also derive While the financial rewards may be
satisfaction from seeing their more predictable than those of
vision come to fruition and entrepreneurs, they may not have
making a positive impact on the same potential for wealth
their industry or community. accumulation.
REFERENCES
• Ariffin, S. & Hamidon, S. (2017). “Introduction to Entrepreneurship”.
Shah Alam: Selangor, Oxford Fajar Sdn. Bhd.
• Ariffin, S., Ab Wahab, I., & Hambali, Zarida (2013). “Fundamentals
of Entrepreneurship”. Shah Alam: Selangor, Oxford Fajar Sdn.
Bhd.
• Aman Shah, S. H., Sh’afie, S. Z., Teik Lan, C. S., Mokhtar, N. S., &
Mohamed, M. (2018). “Entrepreneurship”, 5th Ed., Shah Alam:
Selangor, Oxford Fajar Sdn. Bhd.
• Jamaludin, A., Mohd Yusoff, A.R., Mohd Rusli, M.H., Che Mat, S., &
Abdul Majid, Z. (2011). “Introduction to Entrepreneurship”.
Shah Alam: Selangor, Oxford Fajar Sdn. Bhd.
