Entrepreneurial Capital

Lecture 3
HUMAN CAPITAL &
CULTURAL CAPITAL

Iwan Kahfi, MEM MBA

 AGENDA

1. Group Presentation & Class Discussion on

Djarum Group (Hartono Brothers) -
Human Capital
2. What is Human Capital?
3. Personality Factors, Experience &
Education factors in HC
4. Personal Capital Canvas
5. What is Cultural Capital?
6. Reminder Final Group Assignment & Next
Week Group Presentation on Social
Capital (Chairul Tanjung / CT Corp)
 CASE STUDY HUMAN CAPITAL
GROUP PRESENTATION & CLASS DISCUSSION
 Team Presentation
Please open file ppt

Presentation #1 Human Capital at PT Djarum

By Team 6: Shania, Abbytha, Kevin Jo

Presentation #2 Human Capital at PT Djarum

By Team 9: Ahi, Felix, Elber

Presentation #3 Human Capital at PT Djarum

By Team 8: Tommy, Juve, Marvin
 Points for Discussion
• Di awal kisah, modal Human Capital apa yang menjadi
kekuatan/kelemahan Hartono Brother/PT Djarum? Bisnis apa
yang dilakukan saat awal berdiri?
• Bagaimana Hartono Brother/PT Djarum mendapatkan tenaga
kerja (recruitment & selection) di organisasi bisnisnya?
• Bagaimana Hartono Brother/ PT Djarum membangun human
capital (people development) di organisasi bisnisnya?
• Apa sajakah investasi pendidikan/pelatihan yang dilakukan
Hartono Brother/ PT Djarum?
• Apa modal kompetensi dan pengetahuan yang ada di
kelompok usaha Hartono Brother/PT Djarum?
• Bagaimana Hartono Brother/PT Djarum membangun Cultural
Capital yang ada di organisasinya?
 Points for Discussion
• Bagaimana awal Hartono Brother melakukan ekspansi usaha
dan membeli saham perusahaan lain?
• Siapa anggota keluarga yang disiapkan menjadi key person di
perusahaan tersebut?
• Apa yang menjadi kelemahan/kekuatan human capital
perusahaan baru saat dibeli Group Djarum?
• Apa sajakah usaha Djarum untuk mengelola dan
mengembangkan human capital perusahaan baru tersebut
setelah pengalaman dalam usaha di PT Djarum?
• Apa yang menjadi keunikan perusahaan baru tsb dalam
mengelola human capital dibanding perusahaan
lain/kompetitor?
• Apa budaya yang paling menarik dari perusahaan non-rokok?
 Points for Discussion
• Bagaimana Hartono Brother/ Group Djarum mengelola
Human Capital di organisasi bisnisnya? Apa dampaknya
bagi lingkungan sekitar & ekonomi negara?
• Apa pembelajaran penting perjalanan human capital dari
kisah Hartono Brother/Group Djarum?
• Apa saran-saran yang bisa diberikan ke Hartono
Brother/Group Djarum untuk mengembangkan bisnisnya
dari aspek human capital mengingat portfolio usaha sudah
beragam ke depannya?
• Apakah ada pemanfaatan human capital antara dan dari
bisnis yang berbeda di Group Djarum?
• Jika Anda menjadi Hartono Brother, apa strategi human
capital yang akan dilakukan 10-20 tahun yang akan
datang?
 AGENDA

1. Group Presentation & Class Discussion on

Djarum Group (Hartono Brothers) -
Human Capital
2. What is Human Capital?
3. Personality Factors, Experience &
Education factors in HC
4. Personal Capital Canvas
5. What is Cultural Capital?
6. Reminder Final Group Assignment & Next
Week Group Presentation on Social
Capital (Chairul Tanjung / CT Corp)
 Human Capital:
Experience & Education

 Learn also from other entrepreneur business

experience: local and international
 What have you learn from your own business
experience (Business Creation, Business
Development, ComDev2) related to Human
Capital?
 If you want to develop your business further,
what are the challenges in terms of Human
Capital aspects?
 What is Human Capital?

Human Capital is skills and

knowledge that individuals
acquire through investment in
education, on the job training,
other types of experience and
individuals personality required in
entrepreneurial context.

It is a compendium of all traits and abilities that make

human beings economically productive in a society
(Shanahan and Tuma, 1994:746)
 What is Human Capital?

Human Capital refers to the skill and knowledge of

human beings. It is the stock of competencies,
knowledge, social and personality attributes,
including creativity, embodied in the ability to
perform labor so as to produce economic value.
(Michael Parkin, 2012)

https://www.youtube.com/watch?v=y1sueM_jhSk
https://www.youtube.com/watch?v=XahgbNIMklA
FACTORS OF HUMAN CAPITAL DEVELOPMENT

Education
On the Job Training
Manpower Planning
Health and Nutrition

TYPES OF HUMAN CAPITAL

Biological capital POSITIVE SUM CAPITAL

Knowledge capital (add to worlds economy)

Track record capital ZERO SUM CAPITAL

Social capital (wealth for oneself)
 Role of Human Capital

 Country develops if the human capital is

developed.

 Improve quality life.

 Create positive attributes.

 Eradication of social backwardness.

 Education and Human Capital
 Education is extensively regarded as a route to economic
prosperity being the key to scientific and technological
advancement.
 Education today is inseparable from the development of
human capital.
 It plays a pivotal role in human capital formation and a
necessary tool for sustainable socio-economic growth.
 Education also combats unemployment, confirms sound
foundation of social equity, awareness, tolerance, self
esteem, and spread of political socialization.
 It raises the productivity and efficiency of individuals and
thus produces skilled manpower capable for leading the
economy towards the path of economic development.
Personal Capital & Human Capital
PERSONAL FACTORS
This refers to socio-demographic profile
of the entrepreneur – which are
influenced by his or her family,
educational background and work
environments – and his or her
entrepreneurial skills (e.g. propensity to
assume risk, tolerance for hard work,
managerial capacities and creativity)

Entrepreneurs are innovation driven and always ready to

challenge conventional business knowledge.
How do you measure your
Personal Capital?

How do you
measure each of
entrepreneurial
character?
ENTREPRENEURIAL CHARACTERISTICS
Ability fo adapt to change
ability to identify and create business from the
opportunities offered by change and benefit
from the new openings

Internal locus of control

they believe that the future is within their
control, and that they are responsible for their
own success

Product/Service driven
aside meeting customer needs,
entrepreneurial ventures are highly motivated
in business because of uniqueness of their
products
 ENTREPRENEURIAL CHARACTERISTICS
Opportunity driven
they dont continue on the same line of
business for a long time, they always seek
ways to expand their business scope

Innovation focuses
it is not the ability to start a business, but
strength of its innovativeness

Value creation
the performance of actions that increase the
worth of goods, services or even a business
 ENTREPRENEURIAL CHARACTERISTICS

Calculated risk taker

a chance of exposure to loss or injury
that might be undertaken after its
advantages and disadvantages have
been carefully taken into account

Proactive
react to market changes, follow the
trend and deal with the changes or
difficulties as it happens or before it
happens
 Self-Efficacy
Self-efficacy : a person’s belief in his or her abliity to succeed in a specific
situation (Bandura (1994)
High Level of Self-efficacy
View challenging problems as situation to
be mastered
Develop stronger interest in the activities
in which they become involved
Create a deeper sense of commitment to
their activities and interests
Recover rapidly from setbacks
Lower level of self-efficacy
Think that challenging tasks are
beyond their abilities
Avoid difficult tasks
Lose confidence in their personal
abilities
Emphasize negative outcomes and
personal failures
 PERSONAL CAPITAL
EDUCATION
& TRAINING EXPERIENCE

KNOWLEDGE
CHARACTER

PERSONAL
CAPITAL
MOTIVATION CAPACITY FOR
& DREAM RELATIONSHIP

SKILLS

What must be included in each part and how do you

measure it?
 PERSONAL CAPITAL
Action oriented
Passionate High energy
level

Flexible CHARACTER Self confident

High need for Willing to take

achievement calculated risk
Self reliant and
independent

How do you measure it?

 PERSONAL CAPITAL

Business
Acumen
Intellectual Management
Capacity Know How

KNOWLEDGE Technical
& EXPERTISE Capabilities

Strategic
Thinking Cognitive
Mindset
Market /
Industrial
Knowledge

How do you measure it?

 PERSONAL CAPITAL
Relationship
Capability
Networking &
Lobbying Negotiation

Social
Financial SKILLS Approach

Ethics Leadership
Capabilities
Managerial
Capabilities

How do you measure it?

 Human Capital: Personality
Tolerance for ambiguity
Commitment
Calculated risk taker
Propensity of hard work
Good relationship capacity Drive Management Know
Business Acumen How
High energy level Perseverance Self discipline
Strategic Thinking
Flexible Passionate Action oriented Cognitive Mindset
EDUCATION & EXPERIENCE Intellectual Capacity
Self reliant and High need for achievement TRAINING
independent KNOWLEDGE & Technical
CHARACTER EXPERTISE Capabilities
Self confident
Independent Market / Industrial
Willing to take PERSONAL Knowledge
calculated risk CAPITAL
Enthusiasm
CAPACITY FOR
AMICA CHAIN MOTIVATION & RELATIONSHIP
DREAM

SKILLS

Social Approach
Negotiation
Networking & Lobbying
Relationship Leadership
Managerial Capability Capabilities
Capabilities Ethics Financial
 AGENDA

1. Group Presentation & Class Discussion on

Djarum Group (Hartono Brothers) -
Human Capital
2. What is Human Capital?
3. Personality Factors, Experience &
Education factors in HC
4. Personal Capital Canvas
5. What is Cultural Capital?
6. Reminder Final Group Assignment & Next
Week Group Presentation on Social
Capital (Chairul Tanjung / CT Corp)
 PERSONAL VALUE PROPOSITION
• After self analysis and draw your own capital mapping:
• What is your Personal Value Proposition?
• How you interact? (Capacity Relationship, Who you help, How they know
you and how you deliver)

PERSONAL HOW

VALUE YOU

PROPOSITION INTERACT?

• CREATE YOUR PERSONAL CAPITAL CANVAS

 PERSONAL CAPITAL CANVAS

Who you are & what you have How you How you interact
(Key Resources) help (Value (Customer Relationship)
Provided)
Education & Character Experience Capacity Who you help
Training Relationship

Knowledge & Motivation & Skills How they know How you
Expertise Dream you (Channel) deliver

What you give (Costs) What you get (Benefits)

 ERIC CHRISTIAN
PERSONAL CAPITAL CANVAS S1 BUSINESS 2014

Who you are & what you have How you How you interact
(Key Resources) help (Value (Customer Relationship)
Provided)
Capacity Who you help
• To deliver
 To deliver Relationship profesional
profesional • Personal assistance contribution to
Education & Character Experience contribution to • Remote service (mail,
organizations
 Independent  Marketing Executive skype)
Training  Competitive Digikidz Indonesia
organization
• Co-creation
• Klien bisnis
 SMAK 1 BPK • Keluarga
 Challenger  President SAC Prasmul • Self-service
Jakarta • Kolega bisnis
 Flexible  Tutor Statistics • Bos
 S1 Business  
Determined International student
Prasmul  Oppotunist Competition (Philippines,
 Energetic India, Taiwan, Malaysia,
 Optimistic Singapore)
 Confident  28 national competitions
 Small businesses

Knowledge & Motivation & Skills How they know How you
Expertise Dream you (Channel) deliver
 Communication • LinkedIN • Business card
 Entrepreneur  Public Speaking • Facebook • Emall group
• Business Acumen  Tech Startup  Negotiation • Instagram
 Digital Marketing  Leadership • Web / blog
expert  Sales Pitch • Competition
 Consultant  MS Office
 Digital Marketing
 English

What you give (Costs) What you get (Benefits)

• Satisfaction Social contribution
• Training on coding securities/stocks trading Reputation Salary, bonus
• mandarin course Non-refundable trips • Social security, retirement
• Training managerial courses Events • Income, property rights
• Postgraduate studies • Scholarships know other countries
Mario Pattan, Founder Wakatobi
 AGENDA

1. Group Presentation & Class Discussion on

Djarum Group (Hartono Brothers) -
Human Capital
2. What is Human Capital?
3. Personality Factors, Experience &
Education factors in HC
4. Personal Capital Canvas
5. What is Cultural Capital?
6. Reminder Final Group Assignment & Next
Week Group Presentation on Social
Capital (Chairul Tanjung / CT Corp)
 What is CULTURAL CAPITAL?

Cultural capital encompasses a

broad array of linguistic
competencies, manners,
preferences, and orientations.

Cultural capital is created when

values, traditions, beliefs and
language become the currency to
leverage other types of capital.

Some authors combine cultural

capital and social capital.
 What is CULTURAL CAPITAL?

Cultural capital is the accumulation of knowledge, behaviors, and skills

that one can tap into to demonstrate one's cultural competence, and
thus one's social status or standing in society.

This accumulation was used to reinforce class differences, as

historically and very much still today, different groups of people have
access to different sources and forms of knowledge, depending on other
variables like race, class, gender, sexuality, ethnicity, nationality, religion,
and even age. (Bourdieu, 1986)

https://www.youtube.com/watch?v=5DBEYiBkgp8
Cultural capital exists in an EMBODIED STATE, in the sense that the
knowledge we acquire over time, through socialization and education,
exists within us.
The more we acquire certain forms of embodied cultural capital, like say
knowledge of classical music or hip-hop, the more we are primed to seek
and acquire more of it and things like it.
In terms of norms, mores, and skills--like table manners, language, and
gendered behavior--we often act out and display embodied cultural capital
as we move through the world, and we perform it as we interact with
others.​
Cultural capital also exists in an OBJECTIFIED STATE.
This refers to the material objects we own that might relate to our
educational pursuits (books and computers), jobs (tools and equipment),
how we dress and accessorize ourselves, the durable goods we fill our
houses with (furniture, appliances, decorative items), and even the food
we purchase and prepare.
These objectified forms both signal to those around us what kind of and
how much cultural capital we possess, and in turn, steward our continued
acquisition of it. As such, they also tend to signal our economic class.
Cultural capital exists in an INSTITUTIONALIZED STATE.
This refers to the ways in which cultural capital is measured,
certified, and ranked. Academic qualifications and degrees are prime
examples of this, as are job titles, religious titles, political offices, and
taken-for-granted social roles like husband, wife, mother, and father.
 AGENDA

1. Group Presentation & Class Discussion on

Djarum Group (Hartono Brothers) -
Human Capital
2. What is Human Capital?
3. Personality Factors, Experience &
Education factors in HC
4. Personal Capital Canvas
5. What is Cultural Capital?
6. Reminder Final Group Assignment & Next
Week Group Presentation on Social
Capital (Chairul Tanjung / CT Corp)
 Final Group Assignment

INTERVIEW ENTREPRENEUR

 Interview and content analysis: Capital Mapping of

entrepreneur who has more than 10 years
entrepreneurial experience - Presentation & Report
 Hal yang harus di explore adalah Entrepreneurial
Capital alumni tersebut dari Human, Personal,
Cultural Capital – Social Capital – Industrial Capital
dan Economic Capital pada saat ini di interview (saat
ini) dan membandingkannya pada saat usia 20 tahun.
 Setiap kelompok harus menyiapkan Paper dan
Presentasi di session ke 9
 Dikerjakan oleh KELOMPOK DI KELAS
 Group Assignment

INTERVIEW EXPERT KCB

GROUP ASSIGNMENT:
• Interview: Capital Mapping of Industry Expert
(collaborate with subject KCB) - Presentation & Report
• Setiap kelompok harus menyiapkan Paper dan
Presentasi di session ke 9
• Dikerjakan oleh KELOMPOK DI KELAS
 Group Pre-Hatching
(Pra Business Project)

PRE-HATCHING EXPO

GROUP PRE-HATCHING ASSIGNMENT:

• Team Capital Canvas for Pre-Hatching Presentation
(UAS) + Development Plan for 1 year
• Dikerjakan oleh KELOMPOK PRE-HATCHING (bisa
antar kelas, dibentuk sesuai dengan pilihan industri
dan mengikuti penilaian akhir KCB dan EC)
 Next Week
Group Assignment

 Desk Research and present the SOCIAL CAPITAL CASE STUDY 2

(for all groups) - FM will share journals for background theory
 Submit Paper:
a. min 5 pages - max 10 pages, exclude cover, references, and
attachment
b. Format A4, Normal Margin, single spacing
c. Write contribution for each individual in cover paper (scale 0-100%)
 Paper and Slide PPT (1 day before next week class at 11 PM) by soft
copy to FM. Example of File: EC Social Capital_ Nama kelompok _
Kelas_
(Submit to: Hardcopy/Email/Google Classroom/Moodle/Edmodo)
 2 or 3 Group Presentations
(15 minutes presentations, 10 minutes Q & A)
 DESK RESEARCH: USING CONTENT ANALYSIS TOOLS FOR CASE STUDY

CASE STUDY* FOR NEXT WEEK:

• Case 2 (Social Capital): Chairul Tanjung (CT Corp / Trans Media)