“ROLE OF ENTREPRENEURSHIP IN RAKHINE STATE”
Prof.Dr.Aung Tun Thet
9th Event of Better Future Better Myanmar 2015 Free Seminar Series
ECONOMY
Rice main crop (85% of total agricultural land)Coconut and nipa palm plantations also importantFishing major industryWood products Huge potential for petroleum and natural gas
productionTourism – cultural, recreationalKyaukphyu SEZ
ENTREPRENEURSHIP
Job creationNational incomeCapital formationBalanced regional developmentInnovationsEconomic independenceReducing unrest and social tension
COMMON CHARACTERISTICS
CommitmentDeterminationPerseveranceAchievementOpportunity orientation Initiative Internal locus of control
Tolerance for ambiguityCalculated risk takingTolerance for failureHigh energy levelCreativitySelf confidence IndependenceTeamwork
MOTIVATION
Idea Own boss Work Life Balance Financial Rewards Creative Others
Idea
Own Boss
FinancialRewards
Creative
Others
Work-Life Balance
TYPOLOGY
RecognizingOpportunities
PotentialEntrepreneurs
AssemblingResources
NascentEntrepreneurs
LaunchNew Venture
NewEntrepreneurs
Harvesting &Succeeding
EstablishedEntrepreneurs
ENTREPRENEURIAL PROCESS
IndividualAttributes
Environment
Opportunities
Discovery Exploitation
EXECUTION
INNOVATION PROCESS
Types Invention Extension Duplication Synthesis
SourcesUnexpected occurrencesProcess needs Industry & market changesDemographic changesKnowledge based
CREATIVE & INNOVATION
Sources of new ideas Consumers Existing companies Distribution channels Research & Development Government
Methods of generation ideas
BrainstormingFocus GroupsProblem analysis
ENTREPRENEURS
Creative Thinking + Systematic Analysis = SUCCESS
Seek out unique opportunities to fill needs and wants
Turn problems into opportunities Recognize problems, solutions
CRITICAL THINKING PROCESS
CreativeProcess
Incubation
Ideas
Evaluation &Implementation
KnowledgeAccumulation
FEATURES OF ENTREPRENEURSHIP
Economic Activity
Creative Activity
Innovation Function
Dynamic Process
Organizing Function
Risk-bearing Function
Gap filling Function
BASIC COMPONENTS
Technology
Finance
Sales & Marketing
• Men• Machines• Management• Methods
• Money• Materials
• Market
ENTREPRENEURSHIP
DEVELOPMENT CYCLE
Stimulatory
• Training & Education
• Publicizing opportunities
• Making information available
• Offering incentives & recognition
• Creating forum
Support
• Funds• Market linkages• Management• Technology• Information• Facilities
Sustaining
• Growth & Expansion
• Refinancing• Legal & Policy
Modifications
ASPECTS OF ENTREPRENEURSHIP
VentureFinancing
Social
Women&
Minority
Education
FamilyBusiness
Global
Youth
Corporate
GETTING OVER FEAR
Act with limited informationTrust your gutImagine worstRealize value of “Unscared”Just do it!
I AM AN ENTREPRENEUR
I believe anything is possible I see opportunity when others see impossibility I take risks I Create I Learn I Grow I Do
The world is a dangerous place
Not because of people who do
But because of those who look and do nothing
SOCIAL BUSINESS (SB)
Fall between traditional NGOs and for-profit companies
Like NGOs primary objective to create social impact
Operate like businesses Generate sufficient revenues to cover operating
costs
BASIC UNDERSTANDING
Applying business principles to social problems
Increase efficiency, effectiveness, and financial sustainability
SB
Focus on neediest, most underserved segments Generates enough revenue to be self-sustainingDo not depend on donations or other external
financial support Maximize value delivered to society not financial
value delivered to shareholders
7 PRINCIPLES OF SB
1. Business objective - overcome poverty, education, health, technology access and environment); not profit maximization
2. Financial and economic sustainability
3. Investors get back investment amount only; no dividend given beyond investment money
7 PRINCIPLES OF SB
4. When investment amount paid back, profit stays with company for expansion and improvement
5. Environmentally conscious
6. Workforce gets market wage with better working conditions
7. Do it with joy!