This paper attempts to explain the significance of being entrepreneur among youth In Malaysia In this era. First highlight the definitions and concepts of entrepreneur as well as entrepreneurship. Secondly, it shall share several factors that change one thought by making their first step in entrepreneurship. In this paper, we shows view among scholars whether the genetic can carry high Impact to the success of one as entrepreneur.
In this paper, we will be discussed and give guidance in how one can successfully startup their business as an amateur or new comer In entrepreneurship. Consequently, in running their business, we also remind entrepreneur about the challenges that most of new comers in business world face so that they can make themselves be prepared and aware of those things to be concerned on In the early stage of business. Finally a conclusion, we tend to encourage youth to involve entrepreneurship and take opportunities that have been given by our government in their initiatives.
Keywords: young entrepreneur, hybrid entrepreneur, entrepreneurship, business Introduction In Malaysia, the competitive environment to find a Job among young generation have caused some of them may be risk unemployed. Their mentality to only rely to be career people either working with government and private sectors must change gradually especially between the intellectual youth who graduate from established university. Since with their intelligent they can actually find various creative ways to startup their business and become self-employed.
Recently, our government show their fully support and encouragement for local citizen to become entrepreneur cause they realize that to become high income country, one of the best ways is through initiate many businesses particularly on the one that have uniqueness and can be commercialese to International level. This is part of government strategies to ensure our country vision to become developed country in 2020 in less than 7 years from now will be achieved. The Star in July 22, 2013 reported Malaysia’s unemployment is on the rise, with the seasonally adjusted unemployment rate at 3. % In May compared with 3% In April and 3% a year ago. The Statistics Department said on Monday the number of unemployed persons increased in May by 35,800 persons (8. 9%) to 439,4000 against 403. 6000 in April. The number of employed persons decreased by 80,900 (0. 6%) to 13. 04 million persons. L Based on this data, it is obviously our youth must consider to be self-employed rather than become burden to the country when they cannot contribute to our economy development In addition to that, today, most of our graduates have to pay for the education loan like PPTP upon graduation.
The opportunity offered by government should be taken by our young generation as the 1 OFF tartar their business in term of training in different kind of businesses they interested in as well as the initial capital. However, the awareness of our local youth especially among Bumpier to get involve in business still in small number even though recently, it is significant increasing gradually. Therefore, as information provider who has responsibility to changing our society to think and act like people in developed countries, information professional must know how to nurture knowledge culture in the society.
The best example shown by people in developed countries hen they always enthusiasm to gain knowledge and learn new things in life, at the same time know how to leveraging these advantages to improve their life continuously. Objective We hope the information we provide here can be guidance for who intended to be entrepreneur. It also can give quick reference for reader and inspire them to be successful entrepreneur.
The information available in this pathfinder very significant to reader as outburst of passion for those who want to start their business and can be as eye opener for young generation to not Just focus on looking for a Job to be successful person in their life. Who is an entrepreneur? According to Chris Oakley OBEY, chairman of web Design Company, Chapter Eight, an entrepreneur sees an opportunity which others do not fully recognize, to meet an unsatisfied 1 Unemployment on the rise in Malaysia. Oily 22, 2013). The Star. Retrieved on November 5, 2013 from http://www. Hester. Com. My/Business/Business-News/ 2013/07/22/complemented-on-the-rise-in-Malaysia. Asps demand or to radically improve the performance of an existing business. They have unquenchable self-belief that this opportunity can be made real through hard work, ointment and the adaptability to learn the lessons of the market along the way. They are not diverted or discouraged by skepticism from ‘experts’ or from those from whom they seek backing and support, but willing to weigh all advice and select that which will be helpful.
They are prepared not Just to work seriously hard but to back their Judgment with personal investment at a level which will cause problems if they are wrong about the opportunity. They understand that achievements are the result of team work and know how to choose the necessary blend of talents and inspire them with their vision. The Concept of Entrepreneurship Basically an entrepreneur is a person responsible for setting up a business or an enterprise. He has the initiative, skill for innovation and who looks for high achievements. He is catalytic agent of change and works for the good of people.
He puts up new green field projects that create wealth, open up many employment opportunities and leads to growth of other sectors. 3 Definition of Entrepreneur The word “entrepreneur” is derived from a French root _ Entrepreneur’, meaning, “to undertake”. The term “entrepreneur” seems to have been introduced into economic hurry by Cannelloni (1755) but Say (1803) first accorded the entrepreneur prominence. Associating it clearly with innovation. Trucker’s definition of entrepreneurship, namely a systematic, professional discipline, brought a new level of understanding to the domain (Manure Sultan, Rue & Beseecher 1995:526).
Sahara and Chairman (1999:12) identified two clusters of thought on the meaning of entrepreneurship. One group focused on the characteristics of entrepreneurship (e. G. Innovation, 2 Martin, Dan. (May 27, 2010). What entrepreneur brilliant definition. Businesses. Retrieved on November, 2, 2013 from http://www. Successions. Co. UK/blobs/Dan- martin/Dan-martin-editorials-blob/what-internationalization-definition 3 Entrepreneurs. (March, 2011). Studded. Com. Retrieved on November 3, 2013, from http://www. Studded. Com/essays/Entrepreneurs-641760. HTML growth, uniqueness) while a second group focused on the outcomes of entrepreneur (e. G. The creation of value). 4 Factor to be entrepreneur They are various reasons that cause someone decided to become entrepreneur. Founder of Open Me, a social greeting card company, Lily Potion has listed 10 best reasons after he received response from 20 entrepreneurs at Young Entrepreneur Councils in USA. 5 Here I would like to raise up important factors encourage someone to startup business. He states be self-employed like entrepreneurs give opportunity for them to do work in their own way without having pressure by others.
Hence, they can decide the work they like to do and when they want to do their work every day. This freedom as the booster that driving success for new entrepreneur when they able to be in charge of his/her destiny and have ability to set their own life. It is obviously prove that they have to manage time in their own way and he not bound to fix working hour like career people. Cooper (2011) states starting a new business is a strikingly solitary activity. Study shows between 50 and 60 percent of all new businesses are founded by a single individual. Most firms that have more than one founder are started by spouses or relatives (e. G. Mom and pop businesses), so that less than 10 percent of all new businesses are founded by teams of non-relatives. It remains unclear (and little studied) why entrepreneurs generally start firms alone. One obvious possibility is that entrepreneurs have distinctive preferences for working alone rather than in teams. Some people rather to be entrepreneur because f the autonomy reason when they simply want to avoid the daily grind that comes along with a career that isn’t self-sustaining. There are number of young entrepreneurs who tend to not work with other since the early time when they are have to responsible to earn money for their own.
Perhaps after from their observation on the way of life of career people or maybe they themselves have experience been employed before and find it cannot fulfill their satisfaction. Says Aaron Channeled, founder of Dottiness. Com and 4 November 3, 2013 from upped. Up. AC. AZ/thesis/available/ EDT-08242004-145802/… /chapters. PDF 5 Potion, Lily. February 19, 2013). 10 best reasons to be an entrepreneur. Inc. Com. Retrieved on October 29, 2013 from http://www. Inc. Com/lily-potion/lo-best-reasons- to-be-entrepreneur. HTML Dramatists Studios, “Fear of failure is what motivates me to keep going. I’m] scared of going back to corporate and being a robot again. ” Besides, push factor that cause someone to be entrepreneur is the sense of responsibility to people in their society. They initiate various ways whereas they have skill and knowledge on to eliminate any gap or weakness and overcome the problem to benefit of the society especially to their target customers. They are an individual who striving to put their effort on improve society in some meaningful way. Justine Begged, founder and president of Anaphoric World, explains: “[l love] knowing every action [l] take truly has a direct impact on the outcome of the business.
When you’re an employee… What you do has limited impact. When you’re running the company, each and every thing you do can make or break it. ” Trace Cohen, founder and president of Launch. It, says what drives him is seeing change. “My current and previous companies have all been about providing value to our users to enhance hat they are currently doing to either make it better or more efficient. ” Family also could lead someone to involve in business. It can happen when they find it is so difficult for them to spend time with their kids and spouse.
They think life is not Just about to be rich and use time only to generate money, but it is become meaningful if we make our love ones happy and that the reason to have wonderful life. On the other side, family background can influence someone to be entrepreneur. They were many studies did by academia on whether entrepreneur comes from genetic descent factor or can be nurtured. According to James V. Koch, the Professor Emeritus in Old Dominion University acknowledge in reading the genetic literature, he found that up to 60 percent of critical personality characteristics are heritable.
Significant portions of personality traits critical to entrepreneurs, like the willingness to take risks and the ability to tolerate ambiguity and uncertainty, are heritable. 6 In addition to the point above, financial freedom can cause someone decided to be entrepreneur. When face difficulty in life due to financial problem, one may think he or she may have to make paradigm shift in life in order to have betterment in life. Islam emphasize the advantage of entrepreneurship compare to other Job as mentioned by Prophet Muhammad in his width, “9/10 income is coming from the business. (Narrated by Third). Muslims who believe this words 6 Daley, Jason. (September 18, 2013). Are Entrepreneurs Born or Made?. Entrepreneur. Com. Retrieved on October 29, 2013 from http:// www. Entrepreneur. Com/article/228273 through strategic planning will not only can go out from financial problem but they especially in Malaysia. How to successfully startup a business? To start up a new business, one not required to have very detail and complicated equines plan. The most important thing is that person has courage to make first step to start their business even with the simple idea.
It is because in business world, one has to experience them how to do marketing, deal with people and convince them with their product or service. It is useless and wastes our time if we have business plan but we not able to work the planning. For entrepreneur, time has significant for them; the more they fully leverage their time endeavor to get money. Yet, the simple business plan with thorough roadman are still needed will be a guidance for entrepreneur to achieve their dream. As example, co-founder of Wobble. Com, back in 2006, co-founders David Russets, Chris Faint and Dan Velvet wanted an easy way to display their work on a website.
They weren’t satisfied with the available options, so they set about creating their own service. A year later their project was accepted into the startup incubator Y Combinatory, and Russets, Faint and Velvet dropped out of school to move to San Francisco. Fast-forward to present: 15 million people have created a site on Wobble, and 100 million people visit a Wobble site every month. The company has been profitable since the beginning of 2009 and currently employs 80 people. Russets cites analysis paralysis as the single biggest obstacle between a great idea becoming a successful business. Ђ?A lot of times, it’s more appealing for people to think about what they might be working on rather than actually start doing it,] he says. Your idea doesn’t have to be perfect -perfect is impossible. Instead of obsessing over every single detail, -?see where it goes, and then adapt it over time,l Russets advises. 7 However, knowledge is a key for everyone who wants to be success in life. For entrepreneur, to be success in their business, they must have knowledge about their reduce or service, the strategy as well as learn the mistakes did by other successful entrepreneur that can be a lesson for 7 Net’s, Laura. October 22, 2013). 5 Things You Have to Understand Before You Start a Business. Entrepreneur. Com. Retrieved on October 30, 2013 from http://www. Entrepreneur. Com/article/229529#kamikaze’s them. It is good if they have mentor who can teach and guide them in any specific area that they have chosen. Honest mentor are always willing to tell us how to do the things right and as amateur in business we must obey and accept their advice for our own benefit.
The wise entrepreneur are usually will invest their money to enhance their knowledge in business by attending seminar or any training courses which can assist them to improve their business skill and motivate them to continuously put their effort on their business. Indirectly, it is chance for him/her to meet and engage too many different types of people and sharing knowledge with them as well as create new network and expand business idea. As new comer in entrepreneurship, one can start with hybrid entrepreneur. As a beginner, it is safe route if they start do business while full time working. Volta et al. Trespassers start their enterprises while simultaneously working for wages. In the United Kingdom, for instance, the number of individuals who divide their working time between self-employment and wage work is larger than the number of -?puree entrepreneurs (Burke et al. , 2008). 8 While the reasons for hybrid entrepreneurship are diverse, a major reason is that entrepreneurs want to test the -?entrepreneurial waters by learning about an enterprise’s return potential or their fit to entrepreneurship (Volta et al. , 2010). 9 In Malaysia, sometimes will saw and met our co-workers who show us the products hey sell at our office.
As friend, at first time, most of us buy because of want to help our colleague but as time goes by with services and products we become their regular customer even more than that we may become agent promote their business. Indeed, that is one of the way how the business cans growth gradually. Hybrid entrepreneur feel more secure to do their business because if any possibility up and down business, they still receive monthly salary every month from their employer. Besides, looking for a way to launch your business with the minimum investment possible?
Then consider setting up shop in a home office rather than a commercial space. Working from home makes a lot of sense when you’re launching a business and have limited startup funds. In addition 8 Burke, A. E. , FitzRoy, F. R. , Nolan, M. A. , 2008. What makes a die-hard entrepreneur? Beyond the _employee or entrepreneur’ dichotomy. Small Business Economics 31, 93- 115. 9 Volta, T. B. , Delmarva, F. , Weinberg, K. , 2010. Hybrid entrepreneurship. Management science 56 253-269. To saving becloud bucks on operating expenses like rent and utilities, you’ll save on commuting costs and wardrobe expenses.
You may even be able to take a tax deduction equal to the percentage of your home that’s used as Business Central. 10 In Malaysia, most of the entrepreneur do start business from house is among housewives. It is because by doing business from home, they can spend more time and give attention to their family. Among the reason why housewives have initiate to be entrepreneur from home is want to help their spouse earning extra income for their family. Before, when a businessman decided to open a physical store he needed a place and then he should suit it for his business.
Additional to this he will need to hire people n order to serve it. If we add all this, the costs to start operations will be very high. However with online stores this is part of the past. Today with a small budget we can create an online store. Benefit we can mention with the fertilization of the store is that is much more inexpensive than a physical store. 11 Challenge faced by new entrepreneurs 2 Finances One of the biggest headaches for entrepreneurs involves dealing with finances. For new entrepreneurs, it’s often difficult to raise enough capital to start up their companies.
Even after the business is established, entrepreneurs have a hard time mall-business owners. Another issue that entrepreneurs face is they may struggle financially for quite some time before their business becomes profitable. In the meantime, entrepreneurs work long hours and for little to no pay. Time-Management Entrepreneurs are known for putting in long hours and Juggling many responsibilities. Therefore, it’s imperative that they have good time-management skills. Otherwise, entrepreneurs are apt to 10 The Pros and Cons of Launching Your Business From Home. (March 6, 2013). Entrepreneur. Com.