Promoting Entrepreneurship

Free Seminar for Myanmar B2B Management Magazine 2nd Anniversary held on September 13, 2014 at National Theatre of Yangon, Myanmar, facilitated by Prof. Dr. Aung Tun Thet

1. Promoting Entrepreneurship Prof.Dr.Aung Tun Thet

2. “The best way to predict the future is to create it.” Winners never quit Quitters never win

3. Opportunities Emerging in many sectors P otential to transform Myanmar Young people strike out on their own - self-employed ‘Domino effect’

4. Business people “ satisfy needs” Entrepreneurs “ create needs ”

5. Government Promote entrepreneurship Newer approaches Proactive policies

6. Entrepreneur Creator Destroyer

7. “All Swans Are White”

8. Entrepreneur I nnovator implements change Five manifestations: Introduction of new/improved good Introduction of new method of production Opening of new market Exploitation of new source of supply Carrying out new organization

9. Entrepreneurs See world differently Envision future better than others Seize opportunities that go unnoticed Perceive and accept risks differently Exceptional mind-set

10. Blue Ocean Strategy

11. Innovative Economics Prof. Joseph Schumpeter

12. Promoting Entrepreneurship Policy Challenges

13. Promoting Entrepreneurship Route to development Involved in micro and small enterprises (MSE)

14. Entrepreneurs “Persons who are ingenious and creative in finding ways that add to their own wealth, power, and prestige”. Resource and process where individuals utilize opportunities in market through creation of new business firms

15. Entrepreneurship Innovation, risk-taking and arbitrage Self- employment Business ownership New start-ups

16. Entrepreneurship Crucial factor in development and well-being of societies Results Lower unemployment rates Adopt innovation Structural changes in economy New competition

17. Entrepreneurship Distinction between motivations “Necessity” entrepreneurs “Opportunity” entrepreneurs

18. Entrepreneurship matter for Development Structural transformation from low-income, traditional economy to modern economy Creating new firms outside household Absorbing surplus labour from traditional sector Providing innovative intermediate inputs to final-goods producing firms

19. Entrepreneurship matter for Development Greater specialization in manufacturing Raising productivity and employment in both modern and traditional sectors Employment growth substantial Contribution to female empowerment

20. Being Entrepreneurs Non-pecuniary returns Independence Positive change in lifestyle Sense of achievement Higher levels of job satisfaction

21. Designing Policies Complicated Three questions: S hould entrepreneurship be supported? Can entrepreneurship be supported? What is the most effective means of support?

22. Government Cannot raise supply or quantity of entrepreneurship Influence allocation of entrepreneurial ability “Get the institutions right” P rotection of property rights Well-functioning legal system Maintain macroeconomic and political stability Competitive tax rates

23. “Entrepreneurial Economy” Creativity and innovation flourish Liberalized private-sector economy Knowledge, policies focused on formation and function of regional clusters and linkages with rest of economy

24. Government Limitations in dealing with growing number of global challenges: Climate change Insecurity Violent conflict and terrorism Migration Vulnerability to financial and economic shocks

25. Social Entrepreneurship

26. Social Entrepreneurship Contributions to improve welfare of communities Socially-oriented entrepreneurial activities Spectrum of entrepreneurship

27. Social Entrepreneurship T ied with creating social value Not personal profit P assion of social mission + Business-like discipline, innovation, and determination

28. Characteristics Addressing critical social problems Dedication in improving well-being of society

29. Social Entrepreneurs Individuals with innovative solutions to society’s most pressing social problems Visionaries R ealists

30. Definition M ission-driven individual Uses entrepreneurial behaviours to deliver social value to less privileged Entrepreneurially oriented Financially independent, self-sufficient, or sustainable

31. Typology Unique characteristics of Profit-oriented entrepreneur Characteristics common to both types Unique characteristics of Social Entrepreneur High achiever Risk bearer Organizer Strategic thinker Value creator Holistic Arbitrageur Innovator Dedicated Initiative taker Leader Opportunity alert Persistent Committed Mission leader Emotionally charged Change agent Opinion leader Social value creator Socially alert Manager Visionary Highly accountable

32. Boundaries of Social Entrepreneurship Distinction between social entrepreneurship and other non-entrepreneurial, mission-driven initiatives Do not extend to philanthropists, social activists, environmentalists, companies with foundations, socially responsible organizations Needed and valued but not social entrepreneurs

33. Social Entrepreneurs Operate within boundaries of two business strategies: Non-profit with earned income strategies H ybrid social and commercial entrepreneurial activity to achieve self-sufficiency Organization both social and commercial Revenues and profits generated improve delivery of social values

34. Social Entrepreneurs For-profit with mission-driven strategies Social-purpose business Performing social and commercial entrepreneurial activities simultaneously to achieve sustainability Organization both social and commercial Financially independent Founders and investors benefit from personal monetary gain

35. Entrepreneurship Spectrum NON-PROFIT FOR-PROFIT Mission-Driven Strategies Earned Income Strategies Dependency Self-Sufficiency Sustainability MISSION GROWTH ENTREPRENEURS SOCIAL ENTREPRENEURS PROFIT GROWTH

36. Social Entrepreneurship Flourished significantly at practical level Social Innovations

37. “ You have to accept whatever comes, and the only important thing is that you meet it with the best you have to give. ”

38. Thank You!

39. THANK YOU!