Podcast
Questions and Answers
The project life cycle consists of initiation, planning, execution, monitoring & controlling, and closure.
The project life cycle consists of initiation, planning, execution, monitoring & controlling, and closure.
True
Marketing strategies are unrelated to financial projections.
Marketing strategies are unrelated to financial projections.
False
Income statements, cash flow statements, and balance sheets are essential components of financial projections.
Income statements, cash flow statements, and balance sheets are essential components of financial projections.
True
Opportunity recognition is a phase in the project life cycle.
Opportunity recognition is a phase in the project life cycle.
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Effective project management requires monitoring and controlling phases to ensure project success.
Effective project management requires monitoring and controlling phases to ensure project success.
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Entrepreneurship primarily focuses on maximizing profits without concern for societal impact.
Entrepreneurship primarily focuses on maximizing profits without concern for societal impact.
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A comprehensive business feasibility analysis should include an assessment of marketing strategies.
A comprehensive business feasibility analysis should include an assessment of marketing strategies.
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Opportunity recognition in entrepreneurship involves identifying a market gap or unmet consumer needs.
Opportunity recognition in entrepreneurship involves identifying a market gap or unmet consumer needs.
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In project management for entrepreneurship, the planning phase is less important than the execution phase.
In project management for entrepreneurship, the planning phase is less important than the execution phase.
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An entrepreneurial mindset is characterized by risk aversion and a preference for stability.
An entrepreneurial mindset is characterized by risk aversion and a preference for stability.
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Small business development can create employment opportunities.
Small business development can create employment opportunities.
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Avoiding confrontation is encouraged for entrepreneurs to succeed.
Avoiding confrontation is encouraged for entrepreneurs to succeed.
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First-time entrepreneurs often fund their own ventures.
First-time entrepreneurs often fund their own ventures.
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The value of a network is insignificant for entrepreneurs.
The value of a network is insignificant for entrepreneurs.
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Having clarity of vision is a crucial consideration for entrepreneurs.
Having clarity of vision is a crucial consideration for entrepreneurs.
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A little luck plays no role in entrepreneurial success.
A little luck plays no role in entrepreneurial success.
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Job descriptions are not necessary for effective project management in entrepreneurship.
Job descriptions are not necessary for effective project management in entrepreneurship.
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Understanding the market is crucial for opportunity recognition in entrepreneurship.
Understanding the market is crucial for opportunity recognition in entrepreneurship.
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Study Notes
Entrepreneurship and Project Management
- Principle of Entrepreneurship and project management, Lecture 01 by Amr Al-Awamry
- Instructor: Amr Al-Awamry, Assistant Professor, Electrical Department, Benha Faculty of Engineering, Benha University, Egypt
- Instructor is IEEE Counselor for Benha Student Branch- Benha University
- Instructor has +20 years experience in Embedded and IoT Systems
- Instructor is a Certified Mentor from The Next Society (TNS)
- Instructor has judged many competitions (IbTIECar,EED,MIE, Egypt IoT challenge)
- Instructor's website: www.awamry.com
Introduction to Entrepreneurship
- Entrepreneurship is a way of thinking, reasoning, and acting that is opportunity obsessed, holistic in approach, and leadership balanced
- Entrepreneurship is not an art or a science; it's a "to do" (Peter Drucker)
- Entrepreneurship is a lifestyle, a mindset, and a way to live a life with greater purpose and meaning
- Types of Entrepreneurship:
- SME (Small and Medium Enterprises): Local needs, small size, geographically distributed, job creation, quick revenues
- IDE (Innovation driven): Global needs, risky, grow faster if successful
- Social:
- Unemployment rates in Egypt (data provided): Data on unemployment rates from July 2016 to January 2019 (figures shown in a graph)
- What is an Entrepreneur? Someone who is capable and willing to develop, organize and manage a business along with all its risks in order achieve profit
Defining Entrepreneur
- Entrepreneur is derived from the French word "entreprendre", meaning 'to take in-between' or to get a piece of the action from both sides or coming and going
- Different translations of the word Entrepreneur in Arabic (terms listed)
Is the Entrepreneur Born or Made?
- Entrepreneurs aren't born; characteristics can be developed.
- Don't wait for opportunities, create them.
How to Self-Evaluate Your Entrepreneurial Characteristics
- Entrepreneurs don't need to be rocket scientists or create large tech companies.
- It takes someone with an idea and passion to bring it to the market.
Benefits of Entrepreneurship
- Entrepreneurs make decisions and are their own boss (control schedule)
- Successful entrepreneurs can provide financial support for themselves and families
- It can provide prestige and status, and builds equity.
- This equity can be retained, sold, or passed to the next generation
Potential Drawbacks of Entrepreneurship
- Administration
- Competition
- Loneliness
- Irregular income
- Work schedule
The Power of "Small" Business
- Small business development leads to employment opportunities
- Stimulates the free enterprise sector
- Supports women and their household spending
- Develops local economic leadership
- Stimulates regional growth through the use of local, suppliers, and sub-contractors;
Deadly Mistakes of Entrepreneurship
- List of 10 deadly entrepreneurial mistakes: Examples listed (e.g., lack of clarity of vision, not understanding the need for organizational charts, confusing vision with sellable idea, etc.)
How to Avoid Pitfalls
- Stick with the business area you know
- Learning is critical, not success or failure
- Management team is important
- Value your network
- Don't drop out of school (unless appropriate)
- First-time entrepreneurs usually fund their own ventures
- Seek advice cautiously from investors
- Be willing to take risks
- Commitment to both time and effort involved
###Course Logistics
- Website: https://www.awamry.com/courses/uhs201
- Office Hours: Tuesday 10:00 AM to 12:00 PM
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Description
Explore the foundational principles of entrepreneurship and project management as presented in Lecture 01 by Amr Al-Awamry. This quiz will test your understanding of entrepreneurship as a mindset and a lifestyle, along with its various types and approaches to leadership. Prepare to gain insights into effective project management strategies as well!
