3 Me: – Personal – Education – Professional Now you: – Background (personal, professional) – Entrepreneurship goals – What you want from this class INTRODUCTION
4 M Y B ACKGROUND - E DUCATION AND W ORK Education zB.S.S in Economics (Hons.) yChittagong University, Bangladesh. z M. S.S in Economics y Chittagong University, Bangladesh Master (by research, FBA) yNational University of Malaysia z Ph.D (FBA) y National University of Malaysia Positions: zLecturer: Faculty of Business Administration, Universiti Tun Abdul Razak, z Research Assistant: National University of Malaysia and International Islamic University of Malaysia z Research Officer: RMIT University, Australia z Lecturer, SWIN (current)
5 M Y B ACKGROUND - R ESEARCH Publications zJournal Publications yPublished/accepted: 12 yIn progress: 5 zConference papers: 8
6 A. 88% students agreed that Mr. Islam has a thorough knowledge of the unit. B. 88% students agreed that Mr. Islam has responded helpfully to questions C. 88% students agreed that Mr. Islam has made the requirements for assessment clear D. 88% students agreed that Mr. Islam showed genuine concern for students E. 88% students agreed that Mr. Islam used real world examples in his teaching F. 75% students agreed that Mr. Islam communicates information and ideas clearly and effectively. G. 75% students agreed that Mr. Islam has encouraged me to develop analytical skills H. 63% students agreed that Mr. Islam taught in a way that provides motivation and inspiration to learn. MY TEACHING AT SWIN STUDENT EVALUATION (Business Modeling and Analysis): SEMESTER 2, 2010
7 BAR Chart
8 Student Comments: 1.One thing that i like the most of sir Mazharul Islam is that he always keep the student's level of understanding in mind and he teaches accordingly but that doesn't means that the rest of the teachers don’t keep this thing in mind 2.He was a good teacher, but somehow his accent is bit difficult to be understood. He tries his best to explain the material, but somehow, i think he needs to prepare more so that he wont give any misleading information 3.Sometimes I feel difficult to understand his speaking although this is not his fault. His explanation is not clear, may be this is the problem of myself. STUDENT EVALUATION: SEMESTER 2, 2010 (Cont.)
9 –Redesign the lecture/tutoring materials (with real world examples, work example and video clips). –To avoid difficulties of understanding of my speaking, I will speak slowly, I will repeat explanation if needed, I will not go further until you understand everything, we do interactive session for better understanding, I will gradually grab Australian pronunciations. –Conduct a mid-semester class survey –Follow up discussion at every Monday and Friday from 11.30am to 1.00pm –Introduced class tests in place of few assignment to make the requirement for assessment clear. –To provide global example and practices, I will Link the lecture content with latest research –Real life assignment/project ACTION PLAN
10 Develop an effective sustainable business plan for a new venture. Construct and analyse a precise business model for a new venture. Assess the timing and amount of financial needs. Estimate risks and expected returns Evaluate alternative new venture strategies (e.g. equity vs. debt) and determine the valuation of a venture. Understand the institutions and sources of finance for new venture. Build pro forma financial statements based on sound assumptions and perform sensitivity analysis. Unit Overview - Objectives
11 Lectures (interactive) Tutorials – Group work – Case(s) – video(s) Unit Overview - Learning Methods
12 Individual assignments – Participation (5%) – Class test (25%) – final exam (30%) Group assignments – Poster presentations (Develop analytical skills) – Group presentations (20%) – Written report (20%) Unit Overview - Assessments
13 Recommended textbook – Bygrave, B & Zacharakis A (2008), Entrepreneurship, 2 nd Edition, Hoboken, NJ, Wiley & Sons. Recommended Readings: – Stevenson, H.H. et al. (2007). New Business Ventures and the Entrepreneur, Sixth Edition, New York, NY, McGraw- Hill/Irwin. – Ross, Stephen A. et al Essentials of Corporate Finance, McGraw-Hill Irwin, Sydney, Australia. Blackboard: Content under ‘Learning Material’ – Lecture slides (On Blackboard one week before lecture) – Tutorial content (e.g. Case studies) External links on Blackboard Unit Overview - Course Materials
14 Individual Read any assigned readings before the lecture or tutorial. Attend and participate in all lectures and tutorials. Take notes and ask questions. Attempt to do coursework ahead of time and ask for help if needed. Apply what you are learning as much as possible in every steps of your life. Group Study in groups outside of class. Hold regular meetings when everyone can attend. Critically analyse content, not individuals. Elect a group member to edit the written report and slideshow for spelling, grammar, flow, etc. Recommendations
15 Importance of NVF Definition of entrepreneur and entrepreneurship Characteristics found in successful entrepreneurs Business and social entrepreneurs Entrepreneurs and small-business owners Different types of risk entrepreneurs face Major causes of stress and the ways entrepreneurs can handle stress Sources of finance for NV Objectives of today’s session
16 55% business fail within 5 years Understanding of NVF will helps To make better decision To examine whether expected return is high enough to cover opportunity costs To make effective sustainable business plan To develop precise business model To build financial statement To measure risk and return To assess your original decision to enter whether you should continue or abandon. Importance of NVF course
17 Who is an entrepreneur? ‘A person who habitually creates and innovates to build something of recognised value around perceived opportunities.’ Bolton & Thompson, 2000 Entrepreneur is an innovator or developer who recognizes and grabs opportunities; convert those opportunities into marketable ideas; adds value through time, effort, money and skills and assumes the risks of the competitive marketplace to implement these ideas. Entrepreneur also called catalyst of economic change (Latest definition: Frederick& Kuratko 2010)
18 Business and social entrepreneurs … are different! Business entrepreneurs: -are driven by the profit motive. -seek growth and profits within the business. -are constant innovators -always are trying to capture larger market shares in the competitive marketplace. -always exploit innovative venture opportunities and create new market at home and abroad. Social entrepreneurs: -are driven by a mission to improve society -seek to find innovative ways to solve problems that can’t be addressed by either the market or the public sector.
19 Entrepreneurs and small businesses … are also different! Small business owners often: -operate in existing markets and never grow large -prefer a more stable and less aggressive approach to running these business. -Would rather exploit established markets
20 Characteristics of entrepreneurs Have a clear vision (Know where they want to go). Keep driving in pursuit of his/her goal and grow. Spot and Exploit Opportunity (Constant awareness of the opportunities that exist in everyday life). Don’t try to be all things, be famous for just one thing Uniquely optimistic, committed, and dedicated (these can help entrepreneurs to overcome obstacles and setbacks. Investors can measure these quality levels by willingness to mortgage their house, take a cut in pay, sacrifice family time and reduce their standard of living). Willing to take risks in order to create value (But they are not gamblers. They do everything to get the odds in their favour). Works creatively and innovatively to establish new resources or endow old ones with a new capacity Do everything for the purpose of creating wealth. Use sound judgement and planning. Strive for integrity and reliability (these two qualities are the glue and fibre that bind successful personal and help to build and sustain the trust and confidence). They use failure as a tool for learning (failure for them is a learning experience that will enable them to be even better. They don’t become disappointed, discourage, or depressed by a setback or failure). High tolerance of ambiguity (Uncertainties are of no concern to them). Have enough confidence in themselves (they don’t believe the success or failure of their venture will be governed by fate, luck, or similar forces. They believe these things happen due to their own actions). Seeking and using feedback (They have a strong desire to know how well they are doing and how they might improve their performance. Feedback is also central to their learning from their mistakes and setbacks). Taking initiative and personal responsibility (They always like to take the initiative in solving problem and put themselves in situations where they are personally responsible for the success or failure of the operation)
21 Entrepreneurship –A dynamic process of vision, change and creation –Application of energy and passion –Towards implementation of new ideas and creative solutions
22 Why be an entrepreneur?
23 Entrepreneurs and risk
24 Sources of stress
25 Questions on Video Clip 1.What challenges the Entrepreneurs face in getting fund from traditional sources especially during financial crisis and why? 2.What has been suggested by speaker to resolve this crisis? 3.What are the alternative sources funds Entrepreneur look into, why? 4.Are the situations similar in Australia? 5.What is the overall learning from the survey results reported in the video?