entrepreneurship 5th year electrical and computer

lecture

1. 
Target group: 5
th
year Electrical and
Computer Engineering students.
By Moti M. (MSc)
Course: Entrepreneurship for
Engineers

2. Chapter One
Introduction to
Entrepreneurship

3. Chapter Overview
Introduction to Entrepreneurship
WhatisEntrepreneur,entrepreneurship
Theroleofinnovationandentrepreneurship
Thecommercializationprocess

4. 1.1. Meaning of an entrepreneur and
Entrepreneurship
Whatisanentrepreneur?
•Entrepreneurreferstoapersonwhoestablishes
his/herownbusinesstomakingprofit.
•Entrepreneurisacombinationofthethinkerand
doer.
•Entrepreneuristheownerofthebusinesswho
enjoysthepositionofanemployer.
•Entrepreneursareinstrumentsofchange.
•Entrepreneurstaketherisksnecessaryin
producinggoods&services.

5. Kinds of Entrepreneurs:
1.Innovatingentrepreneursarecharacterizedby
smallofinnovativeness.Itsensenewideas,new
technology,discoveringnewmarketsandcreating
neworganizations.
2.Adaptive(imitative)entrepreneursarecharacterized
byreadinesstoadoptsuccessfulinnovations
inaugurated(introduce)bysuccessfulinnovating
entrepreneurs.

6. Characteristics of Entrepreneurs:
Need for achievement
Willingness to Take risks
Self Confidence
Innovation
Desire for responsibility
Desire for immediate feedback
High level of energy
Future orientation
Skilled at organizing

7. Concept of Entrepreneurship
Theterm‘entrepreneur’and‘entrepreneurship’
thetwosidesofthesamecoin,conceptuallythey
aredifferent.
While‘entrepreneur’referstoaperson,
‘entrepreneurship’referstothefunction.
Entrepreneurshipistheprocessofcreating
somethingnewwithvaluebydevotingthe
necessarytimeandeffort.
Entrepreneurshipisthesetofactivitiesperformed
byanentrepreneur
Entrepreneurshipisthedynamicprocessof
creatingincrementalwealth.
Entrepreneurshipisahumancreativeact.

8. Benefits of Entrepreneurship
Create your own destiny
Make a difference
Reach your full potential
Reap impressive profits
Contribute to societyand to be recognized for
your efforts

9. Drawbacks of entrepreneurship
Limitedresource:-mostlystartsfromsmall
investment
Lackofexperience:-mostofentrepreneurshave
noexperienceandthismayleadtoinefficiency
Disagreementbetweenmember:iftheownerof
entrepreneurismorethanoneperson,disagreement
betweenthemcanbecreated.Thisdisagreement
canlimittheoperationofthebusiness.
Uncertaintyofincome:-openingandrunninga
businessprovidenoguaranteethatanentrepreneur
willearnenoughmoneytosurvive

10. Ten Deadly Mistakes of Entrepreneurship
a)Management mistakes
b)Lack of experience
c)Poor financial control
d)Weak marketing efforts
e)Failure to develop a strategic plan
f)Uncontrolled growth
g)Poor location
h)Improper inventory control
i)Incorrect pricing
j)Inability to make the “entrepreneurial transition”

11. Putting Failure into Perspective
•Entrepreneursarenotparalyzedbytheprospect
offailure.
•Failure–anaturalpartofthecreativeprocess.
•Successfulentrepreneurslearntofail
intelligently.

12. Avoiding the Pitfalls of
Small Business Failure
Know your business in depth
Develop a solid business plan
Manage financial resources
Understandfinancial statements
Learn to manage people effectively
Keep in tune with yourself

13. Creativity and Innovation
Whatiscreativity?
Creativityisthinkingnewthings
Creativityistheabilitytodevelopnewideasandto
discovernewwaysoflookingatproblemsand
opportunities.
Whatisinnovation?
Innovationisdoingnewthings
Innovationistheabilitytoapplycreativesolutionsto
thoseproblemsandopportunitiesinordertoenhance
people’slivesortoenrichsociety
Entrepreneurship=creativity+innovation
•Commercializingorextractingvaluefromideas

14. From Creativity to
Entrepreneurship

15. Four Distinct Types Of Innovation
•Invention -creation of a new product, service
or process
•Extension -expansionof a product, service or
process
•Duplication -replication of an already existing
product, service or process
•Synthesis -the combination of existing
concepts and factors into a new formulation

16. Pillars Of Innovation
1.ProductInnovation:-involvestheintroductionofa
newgoods/servicesthatissubstantiallyimproved.
2.ProcessInnovation:-involvestheimplementationof
anewimprovedproductionordeliverymethod.
3.MarketingInnovation:-developmentofnew
marketingmethodswithimprovementinproduct
designorpackaging,productpromotionorpricing.
4.Organizationalinnovation(socialinnovation):-
involvesthecreationofneworganizationsorbusiness
practices
5.BusinessModelInnovation:-involveschangingthe
waysofbusinessisdoneintermsofcapturingvalue.

17. Forms of Entrepreneurship
Individual Entrepreneur: An individual who started,
acquired, or franchised his or her own independent
organization
Intranpreneur:-whodoesentrepreneurialworkwithin
largeorganizations.Inlargeorganizations,thetop
executivesareencouragedtocatchholdofnewideasand
thenconvertthemintoproductswithintheframeworkof
organizations.
Entrepreneurial Organization:-An organization can
create an environment in which all of its members can
contribute in some fashion to the entrepreneurial function

18. Anyone–regardlessofage,race,gender,
color,nationalorigin,oranyother
characteristic–canbecomeanentrepreneur.

19. 
10Q U 4 Ur
attention!!!