What is entrepreneurship?

The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.

In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and increasingly competitive global marketplace.

Notable Quotable

Wealthy Investors vs. Wealthy Entrepreneurs

"There are more entrepreneurs than investors on the Forbes list of wealthiest people, but that doesn't mean entrepreneurship is necessarily a better wealth builder than investing. There's a selection bias in that entrepreneurs have much more concentrated asset allocation, often having nearly all of their net worth tied up in their own company (and usually not able to sell it very quickly), whereas investors are more diversified. Also, for every entrepreneur who strikes it big there are many others who completely fail, so the list is not a good guide to where the most wealth is being created."

- Tom Murcko

Go Here!

1.   Entrecomp : The Entrepreneurship Competence Framework, Margherita, Panagiotis, Godelieve Van, 2016. Retrieved from http://publications.jrc.ec.europa.eu/repository/bitstream/JRC101581/lfna27939enn.pdf
  

2.    http://www.isca.in/IJMS/Archive/v5/i9/8.ISCA-RJMS-2016-080.pdf

3.    http://gvpesquisa.fgv.br/sites/gvpesquisa.fgv.br/files/arquivos/tonelli_-_women_entrepreneurs_discussion_about_their_competencies_pdf.pdf

Factor of Competencies of Woman Entrepreneur.

1. Opportunity-seeking and initiative
   Entrepreneurs seek opportunities and take the initiative to transform them into business situations.
2. Persistence
   When most people tend to abandon an activity, successful entrepreneurs stick with it.
3. Fulfilling of commitments
   Entrepreneurs keep their promises, no matter how great the personal sacrifice.
4. Demand for quality and efficiency
   Entrepreneurs try to do something better, faster, or cheaper.
5. Calculated risk-taking
   Taking calculated risks is one of the primary concepts in entrepreneurship.
6. Goal-setting
   This is the most important competency because none of the rest will function without it. Entrepreneurs set goals and objectives that are meaningful and challenging.
7. Information-seeking
   Entrepreneurs gather information about their clients, suppliers, technology, and opportunities.
8. Systematic planning and monitoring
   Systematic behavior means acting in a logical way. Planning is deciding what to do. Monitoring means checking.
9. Persuasion and networking
   Entrepreneurs influence other people to follow them or do something for them.
10. Independence and self-confidence
    Entrepreneurs have a quiet self-assurance in their capability or potential to do something.

Reference: http://thewaywomenwork.com/2012/04/10-competencies-of-successful-women-entrepreneurs-in-developing-countries/

5 HR MODEL

1. The hard and soft HRM models:
Storey distinguished between the ‘hard’ and ‘soft’ versions of HRM. He wrote that: ‘The hard one emphasizes the quantitative, calculative and business-strategic aspects of managing human resources in as “rational” a way as for any other economic factor. By contrast, the soft version traces
its roots to the human-relations school; it emphasizes communication, motivation and leadership.’
However, it was pointed out by Keenoy that ‘hard and soft HRM are complementary rather than mutually exclusive practices’. Research in eight UK organizations by Truss indicated that the distinction between hard and soft HRM was not as precise as some commentators have implied. Their conclusions were as follows.

2. Contextual model of HRM:
The contextual model of HRM emphasizes the importance of environmental factors by including variables such as the influence of social, institutional and political forces that have been underestimated in other models. The latter, at best, consider the context as a contingency variable. The contextual approach is broader, integrating the human resource management system in the environment in which it is developed. According to Martin-Alcázar: ‘Context both conditions and is conditioned by the HRM strategy.’
A broader set of stakeholders is involved in the formulation and implementation of human resource strategies that is referred to by Schuler and Jackson as a ‘multiple stakeholder framework’. These stakeholders may be external as well as internal and both influence and are influenced by strategic decisions.

3. The matching model of HRM:
Fombrun proposed the ‘matching model’, which indicated that HR systems and the organization structure should be managed in a way that is congruent with organizational strategy. This point was made in their classic statement that: ‘The critical management task is to align the formal structure and human resource systems so that they drive the strategic objectives of the organization’. Thus they took the first steps towards the concept of strategic HRM.

4. European model of HRM:

Brewster described a European model of HRM as follows:
● environment – established legal framework;
● objectives – organizational objectives and social concern – people as a key resource;
● focus – cost/benefit ts analysis, also environment;
● relationship with employees – union and non-union;
● relationship with line managers – specialist/line liaison;
● role of HR specialist – specialist managers – ambiguity, tolerance, flexibility.

The main distinction between this model and what Brewster referred to as ‘the prescribed model’ was that the latter involves deregulation (no legal framework), no trade unions and a focus on organizational objectives but not on social concern.

As set out by Maybe the characteristics of the European model are:
● dialogue between social partners;
● emphasis on social responsibility;
● multicultural organizations;
● participation in decision-making;
● continuous learning.

5. The 5-p’s model of HRM:
Philosophy: Expressed in statements defining business values and culture. It expresses how to treat and value people.
Policies: Expressed as shared values and guidelines. Policies establish guidelines for action on people related business issues and HR programs.
Programs: Articulated as human resource strategy. These coordinate efforts to facilitate change to address major people related business issues.
Practices: For leadership managerial and operational role practices motivate needed role behaviors.
Processes: For the formulation and implementation of other activities these define how activities are carried out.

1)Mac Chung Lynn

       Mac Chung Lynn is the CEO and founder of Nando’s Singapore and Malaysia, a South African food chain. She discovered the brand by eating in a Nando’s store in London while pursuing architecture. When Mac brought in the international Nando’s chain to Malaysia 16 years ago, many sceptics foretold her business would last no more than a few years in the local dining scene. A believer that hard work comes first and that there is no room for failure, Mac, who was trained as an architect, drove the business all the way to success. In year 2008 alone, Nando’s Malaysia raked in RM 48 million in revenue.

        Realizing that advertising and marketing is a very important part in any business, Mac had her company collaborate with Creative Juice and since then, Nando’s Malaysia is also known for its cheeky and witty advertisements.

     Today, the brand definitely has plenty to crow about, with 75 over restaurants nationwide in Kuala Lumpur, Penang, Malacca, Johor, Selangor, Negeri Sembilan, Perak, Kelantan, and other country. Plus a few new outlets in Singapore. Mac believes that as people grow increasingly health-conscious, Nando’s will be a preferred name for those seeking healthier dining options.

     Other than nurturing her business, Mac also engages and supports emerging artists and students to come up with Nando’s inspired art pieces as part of the brand’s global art initiative.

       She was also handpicked for the new season of Life Inspired's original series Tastemakers, which recognises the entrepreneurial achievements of innovative business personalities from Malaysia, Singapore and Indonesia.