Entrepreneurship

Entrepreneurship is the development of a business from the ground up to coming up with

an idea and turning it into a profitable business. Entrepreneurship also called the process of
creating something new with value by devoting the necessary time and effort, assuming the
accompanying financial, psychic, and social risks, and receiving the resulting rewards of
monetary and personal satisfaction and independence.
The people that handle the business, they called an entrepreneur. An entrepreneur is
someone who organizes, manages and assumes the risks of a business or enterprise. An
entrepreneur is an agent of change. When the market value generated by this new combination of
resources is greater than the market value these resources can generate elsewhere individually or
in some other combination, the entrepreneur makes a profit. People become an entrepreneurs
because want to be own boss, pursue their own ideas and realize financial rewards. The
characteristic of successful entrepreneur must have high initiative, concern for quality of work,
self-confident and good business strategies. That had a challenges in an entrepreneurship
environment that entrepreneur must faced it and for advantages is had personnel satisfaction and
challenge also gain more income. For disadvantages of entrepreneur is that will occur high risk,
long hours working time and had hard work. Simplified for this topic about entrepreneurs is the
entrepreneurs are motivated by money and make it firm that called business.
Second topic in entrepreneurship is business opportunity screening are recognition is
considered the first critical step in starting a new business. Entrepreneur screening environment
has strength and weakness factor, it based on opportunities for example global economic or
business trend and for threats such as government policy or initiatives. In new ventures there has
step to select the new ventures, for step 1 is identify customers needs and wants, step 2 is
screening environment, evaluating self, community and society, value and culture of the potential
target group, step 3 is analyze specific opportunities which are feasible to venture and last step is
select one which is suitable to the entrepreneur and develop business concept.
Identifying customer needs and wants is based on products and services that something
basic which customer or people must have. Second step for new ventures is more to analyze
based on environment, self from entrepreneur and community. Analyzing the feasibility of

opportunities by entrepreneur to know the legal perspective, market competition level, funding,
logistic and risks level. Last step is analyze viability it start from new venture selected goes to
prepare details business plan then execute plan and lastly had to monitor and improvement. High
risks always occur in business and entrepreneur must faced it based on business risk or financial
risk, for example uncontrolled risk such as economy recession and for financial about loan.
Business rules and supports is important in a firm of business because it must to know
business entities Malaysian law, rules and regulations business, identify strength and weakness in
business, register business formation and understand the business supports and assistances
needed. Business in Malaysia can be register within four Acts, and there is Business Registration
Act 1956 (Amendment 1978) and procedures of business registration 1957, Companies Act
1965, Cooperation Act 1948 and Parliament Act or State Ecatment Act. Business registration act
has two types there is sole proprietorship and partnership.
Sole proprietorship is simple business and own by one person. For partnership business is
one or more person to carry out a business with a view to making profits. Permit is important to
company because it is one of procedures and legal aspects. In permit has a letter of authority,
transportation license and for foreign workers. Every machinery and equipment in factory has
procedures and legal aspects, also for pollution control. For company that produces material or
fabric product, it has legal aspects in trademark protection, pattern protection and copyright for
writers or composers to protect businesses. Many partition business support in Malaysia to
support entrepreneur is extension services, advisory services, financial assistance, research and
development, technical assistant, marketing assistance, infrastructure assistance, and information
assistance. All of business support it come from government agencies and it will guide new
company or entrepreneur.