Entrepreneurship - Opportunity Recognition - 2187 Words

Curtin University of Technology Metropolitan Campus Sem 2, 2012 Entrepreneurship 300 Literature Review Component 1: Opportunity Recognition Student Name: Mohd Fikri Bin Kamarudin Student ID: 15146339 Tutor s Name : Ms Nava Krishnan Day amp; Tutorial Time : Tuesday(12-4pm) Date Submitted : 14th August 2012 1.0 Introduction Entrepreneur and Company Background – Frezawa Engineering Sdn Bhd The entrepreneur that will be interview for this project is Mr Kurian Zachariah, founder of Frezawa Engineering Sdn Bhd; one of the major engineering firms in Malaysia which specializes in Airfield (Airport) Ground Lighting System and Power Supply System. Mr Kurian was born in December, 13th 1961 and had graduated in Diploma in†¦show more content†¦For example, the introduction of smart phones and tablets to the market. Furthermore, entrepreneurs also considered society’s knowledge and awareness as one of the sources. The development of new knowledge would enhance awareness in the society. Therefore, entrepreneur used society’s awareness and created solution to the problems. Research conducted on sample group of Panel Study of Entrepreneurial Dynamics concluded that 53% of entrepreneur respondents would take great advantage from introduction of new knowledge to the market. Butler, Doktor and Lins (2012, 54) stated entrepreneurs likely taken opportunity regardin g health and environmental awareness such as pollution and disease. In addition, entrepreneurs also depend on market trends and structure as a source of opportunity. Entrepreneurs studied growing trends in the market and implied related strategy to enter the market. Entrepreneurs focused on trends and demands to ensure profits and success. However, showed different view compared to other research reports. St-Jean and Tremblay (2011, 67) was less focused on these sources but emphasized on facts that entrepreneurs depends on external environmental factors such as politic, economy, and social environment as the major source of opportunity. D’Souza, Rodney, and Schenkel (2011, 85) implied that entrepreneurs take advantage of the current environmental crisis such as economy downfall, riot, and social crisis to create business opportunities. A streamShow MoreRelatedCan Entrepreneurship Be Taught1355 Words   |  6 Pages†¢ Can we teach entrepreneurship and bring some entrepreneurial awareness and changes among individuals. Give evidence Approach in answering the Question †¢ Definition of Entrepreneurship †¢ Entrepreneurship education †¢ Approaches to teach entrepreneurship †¢ Conclusion The concept of entrepreneurship There is no universal agreed definition of entrepreneurship. However, Entrepreneurship is defined differently by different scholars. Schumpeter (1934) defines Entrepreneurship as a person’s abilityRead MoreThe Effects of Dam Construction on the Environment, A Literature Review930 Words   |  4 Pagesand economic impacts to the affected areas and communities, the implementation of such project may give birth to new socio-economic opportunities with high entrepreneurial values. It is almost a truism in entrepreneurship research that the entrepreneurial process begins at a basic level with the discovery of opportunities (Shane Venkataraman, 2000). Opportunities are new means-ends frameworks, whereby a variety of new goods, services, raw materials, markets, and organizing methods can be introducedRead MoreThe Difference Between An Entrepreneur And A Business Owner1681 Words   |  7 Pages an interesting idea could transform itself to be a business opportunity if an entrepreneur is keen to. In fact, an entrepreneur could be a small business owner (SBO); however, not every SBO could be seen as an entrepreneur. This essay develops the understanding of the difference between an entrepreneur and a business owner as well as entrepreneurial self-efficacy and its relations of one’s performance. The study of entrepreneurship was first brought out by Schumpeter (1934), his work had sum upRead MoreRole of Entrepreneurship in Economic Development1047 Words   |  5 PagesRole of Entrepreneurship in Economic Development Entrepreneurship: Entrepreneurship is the attempt to create value through recognition of business opportunity, the management of risk taking appropriate to the opportunity and through the communicative and management skills to mobilize human financial and material resources necessary to bring a project to fruition. According to A. H. Cole, Entrepreneurship is activity of an individual, undertaken to initiate, maintain or aggrandize profit byRead MoreIndividual Level And Systemic Level Of Opportunity Recognition1511 Words   |  7 PagesIntroduction Recognizing opportunities is a process that is necessary and will never be avoided by entrepreneurs that are looking to create value for their stakeholders. In order to understand more about the definition of opportunity recognition, it will be sensible to first get to know the meaning of opportunity. According to (Baron, 2006) â€Å"Opportunity can be interpreted as a perceived means of generating economic value such as profit that has not been exploited and is not currently exploited byRead MoreThe Theory Of Entrepreneurship As A Key Lever For Growth Restoration And Job Creation1134 Words   |  5 Pagesan entrepreneurship-friendly environment, which continues to constrain Greece’s ability to emerge from the crisis. To overcome these difficulties, Greece must embrace entrepreneurship as a key lever for growth restoration and job creation, in the absence of career alternatives and in pursuit of national competitive advantages (Endeavor (2010). The Theory of Entrepreneurship Ahmad and Hoffmann (2008), summarise the role of entrepreneurship from different perspective; defining entrepreneurship asRead MoreThe Potential Drawbacks Of Entrepreneurship1404 Words   |  6 Pagesthe potential drawbacks of entrepreneurship. These drawbacks are rarely known or considered by individuals wanting to own a business (Kirby, 2003). They therefore blindly step into the world of entrepreneurship and suffer from the effects of these drawbacks which they did not know of or expect. Importance of this research This paper will be of great use and importance to those who want to own a business because it gives a holistic view of the world of entrepreneurship stating its advantages butRead MoreA Study On Female Entrepreneurs1487 Words   |  6 Pagesopen new ventures and also coping with the entrepreneurial system in the UK. Initially, women want to be part of the entrepreneurship activities and studies shows that the rate of women entrepreneurs is increasing (Brush et al, 2006). Gender discrimination is no longer a taboo in this twentieth century (Butler, 2003). 1.1 Research background In today’s business world, entrepreneurship is fundamental for the whole society and businesses (Blundel and Lockett, 2011). There is a considerable interestRead MoreEntrepreneurship Is The Process Of Starting A Business Or Other Organization1136 Words   |  5 PagesEntrepreneurship is the process of starting a business or other organization. The entrepreneur develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure. Entrepreneurship operates within an entrepreneurship environment. The word entrepreneur is French and, literally translated, means â€Å"between-taker† or â€Å"go-between.† The definition of entrepreneurship has evolved over time as the world’s economy has changed as well. In 1934, SchumpeterRead MoreThe Motivation For Entrepreneurs, And The Definition Of Entrepreneur1190 Words   |  5 Pagessuch as, history of entrepreneurship, the influence of social and educational background, positives and negatives of entrepreneurship, characteristics of entrepreneurs etc. All of these come together to paint a full picture and give clear insight into the motivations of an entrepreneur. However, as the economy continues to change with new technology, so does the role and demands and the role of an entrepreneur. With this new technology, comes more opportunities for entrepreneurship and emphasising on