Nowadays, the entry barrier to become ‘an entrepreneur’ has never been as low as it is today with the Internet being the way it is. When you do business online, you’re open 365 days a year. You don’t close your retail doors at all. According to Wikipedia, an entrepreneur is defined as “a person who starts, organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.” Rather than working as an employee, an entrepreneur runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale.
Young generation is an important asset to the economic development of a country. This is because they have a strong vitality that is needed for economic development. The Malaysian government, in order to create interest in entrepreneurship among youth, provides initial capital to start a venture. There are also an initiative had been launched by government to curb unemployment rate among graduates because many people in Malaysia involvement in entrepreneurship at the young age where this is an important for career development. Involvement of Malaysian people in entrepreneurship sector is rapidly increasing. They wanted to be involved in entrepreneurship because this activity will allows them to create values and provides them with the opportunity to turn their dreams into reality.
Entrepreneurship appears in different sizes. It can be found in large corporations as well as small retail shops. Entrepreneurship has been defined differently by different authors and individuals. According to Olufisayo (2010), “entrepreneurship is the capacity to create something new. However innovation cannot explain everything, since not all the people we tend to identify as entrepreneurs are exceptional innovators”. Innovation is not always a good thing, many innovations fail, and many innovations that eventually succeed fail to begin with because they are premature.
Besides, the respected economist, Mark Casson (2010) state that ‘an entrepreneur is what an entrepreneur does’. But what does an entrepreneur do? The classical literature suggests a variety of tasks, including ‘high-level’ activities like innovation and risk-taking, and also ‘low level’ activities such as spotting opportunities for arbitrage. While entrepreneurship can also define as “the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit” Online Business Dictionary. The most obvious example of entrepreneurship is the starting of new businesses.
In economics, entrepreneurship combined with land, labour, 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. From the above definition, we can conclude that entrepreneurship means different to different people. Entrepreneurship is the willingness, ability or capacity of an individual to seek out investment opportunities, to establish and run enterprises successfully and also the process of creating something new with value, by devoting the necessary time and efforts, assuming accompanying financial, psychological and social risks, and receiving the monetary rewards for monetary and personal independence.