Entrepreneurship

1. Joseph Alois Schumpeter (1883 – 1950)
Schumpeter brief the entrepreneurship is an activity or process of commercializing the innovation by using the resources, organize talent and provide leadership.
2. Peter Drucker (1909-2005)
Drucker said entrepreneurship is like the role of entrepreneur where he finding, collecting, combining and using the available resources. In his own words, he said, “resources to produce result, must be allocated to opportunities rather than to problems”. In other words we can say that the available resources should be use effectively and efficiently in producing goods toward opportunity. He adds, the entrepreneurship occur when the using of resources lead to progressive opportunities.
3. Robert Ronstadt
Ronstadt said the entrepreneurship is a way to accumulate wealth. To accumulate wealth, individuals face an uncertain risk in term of equity, time and career commitment in producing and commercializing goods and services. In producing and commercializing goods and services, entrepreneur should use necessary skills and resources so that the output has a high value and quality.

Entrepreneur

1. Richard Cantillon (1680 – 1734)

Richard Cantillon is an economist who contributes his brilliant idea in classical school. He wrote “Essai sur la nature du commerce en general” in year 1755. He is the first person who use the term of entrepreneur. In his essay, he argues how important the role of entrepreneur in economic activity is. He defined the entrepreneur as a person or businessmen who purchase goods (stock) at particular price and resell it to gain a profit. “Resell it to gain a profit” bring them to risk. That risk refers to the probability of profit or loss do they get. The uncertain of return do they get encourage them to make a good decision in obtaining and using resources to increase the probability to gain a profit.

He adds, the entrepreneur always seeking the opportunities in the market to spread their business further.

2. Adam Smith (1723 – 1790)

Adam Smith is the farther of economic. His most popular book is Wealth of Nation. In his essay sometime he uses the word “enterpriser” to explain about entrepreneur. He advocates the entrepreneur as a person who evaluate the information of industrial organization, then take the best information as an opportunity to success in business activity. Entrepreneur is the role of industrialist. He adds the entrepreneur able to see future needs. In other words, he is able to identify the prospect of demand for goods and service.

3. Jean Baptists Say (1767 – 1832)

He wrote the essay “A Treatise on Political Economic” in year 1845. In his essay, he argues the factors of production are not just land, labor and capital. The factors of production include entrepreneur. Overall the factors of production are four which are land, labor, capital and entrepreneur. An entrepreneur, he said, has the ability to create new pattern of business. This new pattern of business is likes awareness to the society of what really they need. The entrepreneur will able to fulfill society’s need by using the available resources.

4. Joseph Alois Schumpeter (1883 – 1950)

Schumpeter said the dynamic economic is depend on the existence of innovation. He believes that the innovation comes from entrepreneur. He defined an entrepreneur as a person who always comes with the new combination of available resources as well as introducing the new innovation. He pioneers in introducing new product, new process, and new pattern of business which not even one people think about it before. These new product, new process, and new pattern of business are actually creating the opportunities. The entrepreneur is the reason of technology blooming.

Regarding to the definition of entrepreneur from the four economists above, we can say that the entrepreneur is a person who no fear of risk, sensitive with opportunities, able to predict the future society’s needs, and comes with new business and innovation

THE LOOK EAST POLICY

The Look East Policy was launch on 8th February 1982 by, former Prime Minister YAB Tun Dr Mahathir Mohamad. This policy is all about the study of some good example from Japan and Korea. Malaysia will try to orientate that good idea with the environment and the Malaysian culture.

The rational of this policy is, Japan and Korea is the two developed country and shows the rapid progress in several field especially the automobile sector. Therefore, Malaysia can pick that good idea and try to use it practically for the country development. It also can be a good reference to upgrade the system of management and development for public sector and also private sector.

The objective of this policy is to upgrade the system of management and development and to generate the society to behave the value and ethic of progressive, dynamic and positive to develop the country. Below are the value and ethic which is state in this policy :
• Hardworking an discipline in working
• Nationalism and faithful to the nation and employer
• “Majority first” and not selfish
• Focus on productivity and quality
• Working as a team work and there is no gap between executive and the worker.
• Working for the long term return not the short term return

To accomplish this policy, government has set the suitable strategies. First, create a close relationship and cooperate with the two countries especially in economy development programme, Industrial programme, education programme, Executive development programme, Research and Development programme and management. The example of the programme under this policy are :-

1. The change of structure

• The introduction of punch card
• The using of name tag
• Establish the team who responsible in quality control (QCC)
• “Open Office” concept
• The introduction of counter service
• The centralization of utilities bill’s payment.
• Introducing the manual filing system
  

2. The change of behavior

• Give the best service
• The concept of clean, efficient and responsible
• Byword leadership
  

3. Practices and Courses

• The Programe of mechanical, technical and industrialization
• Education Programme
• Executive Development Programme
• Industrial Relationship Programme
• Entrepreneur Programme
  

The conclusion is, this policy is a good idea to upgrade the system of management and development to Malaysia. It also can be the basic formula to generate the dynamic and progressive society. One of the main impact from this policy that we can see right now is Malaysia able to produce national automobile likes PROTON. It is like an honour for Malaysian because Malaysia is able to produce it own national car.