Chapter 1 the foundation of entrepreneurship (lecture 1 & 2)


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  • Chapter 1 the foundation of entrepreneurship (lecture 1 & 2)

    1. 1. The Foundations of Entrepreneurship The Foundations of Entrepreneurship
    2. 2. What is an Entrepreneur? A person who start and operates a business taking on financial risk to do so. An entrepreneur is one who organizes a new business in the hopes of making a profit. A person who organizes and manages any busines s, usually with considerable initiative and risk.
    3. 3. Entrepreneur is a person who starts an enterprise. The process of creation is called entrepreneurship. or Turning ideas into marketable products
    4. 4. Definition for engineering students • So entrepreneur is a person who start and operates a business by using engineering skills with business management/ entrepreneurial skills. 6 Engineer Entrepreneurship a technical professional /engineering skills entrepreneurial/ business management skills He must be able to integrate •Business management skills with •with engineering/technical skills
    5. 5. Entrepreneurial/ business management skills 7 New or revised product/ service idea Managing business portfolio Financial Plan Marketing plan Advertising, sales, Distribution channels management Leadership skills Organizing and Managing People. Employees compensation and reward system Risk Management Quality management …………………………..
    6. 6. Entrepreneur and Entrepreneurship Entrepreneur Entrepreneurship Organizer Organization Decision maker Decision Making Innovator Innovation Motivator Motivation Creator Creation Leader Leadership Manager Management Planner Planning Communicator Communication Administrator Administration
    7. 7. Why Study Entrepreneurship? Scientists and engineers who want to lead companies need to know how to back up ideas with business management/ entrepreneurial skills. You will learn the complex business processes involved in commercialization. You learn how to make trade-offs among features, benefits, price, markets, and business operations You learn how to adapt to uncertainty and change You learn techniques for managing people
    8. 8. Characteristics of Entrepreneurs Desire for responsibility Willingness to accept risk, Confidence in their ability to succeed High level of energy Future orientation Skilled at organizing Flexibility
    9. 9. Expectations from an Entrepreneur An entrepreneur should be willing and able to convert a new idea or invention into a success innovation, be able to develop new markets of customers and buyers, discover new sources of materials, mobilize capital resources (land, machines, buildings, money, humans), introduce new technologies, products and services. 13
    10. 10. Distinction Between An Entrepreneur And A Manager - An entrepreneur start a business where a manager provides his services…….. - An entrepreneur is the owner of the organization and he bears all the risk and uncertainties… - Entrepreneur’s objective is to establish, innovate and expand a business, where a manager implements the entrepreneur’s plans and ideas……… -An entrepreneur is faced with more income uncertainties as his income is contingent on the performance of the firm…….. - An entrepreneur deals with faults and failures as a part of learning experience where as a manager make every effort to avoid mistakes……..
    11. 11. Rewards of Being an EntrepreneurRewards of Being an Entrepreneur High degree of independence— freedom from constraints Get to use a variety of skills and talents Freedom to make decisions Accountable to only yourself Opportunity to tackle challenges Feeling of achievement and pride Potential for greater financial rewards
    12. 12. The cultural diversity of Entrepreneurship Young entrepreneurs Women entrepreneurs Minority-owned enterprises Immigrant entrepreneurs Part-time entrepreneurs Home-based businesses Family businesses
    13. 13. Nine Deadly Mistakes of Entrepreneurship 1. Management incompetence 2. Lack of experience 3. Poor financial control 4. Failure to develop a strategic plan 5. Uncontrolled growth 6. Poor location 7. Improper inventory control 8. Incorrect pricing 9. Inability to make the “entrepreneurial transition”
    14. 14. Benefits of Small Business Ownership The opportunity to: create your own destiny make a difference reach your full potential reap unlimited profits contribute to society and be recognized for your efforts do what you enjoy and have fun at it
    15. 15. Drawbacks of Small Business Ownership Uncertainty of income Risk of losing your entire investment Long hours and hard work Lower quality of life until the business gets established High levels of stress Complete responsibility Discouragement