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What does the concept of entrepreneurship date back to?
What does the concept of entrepreneurship date back to?
What is NOT a component of the process of entrepreneurship?
What is NOT a component of the process of entrepreneurship?
According to the definition of entrepreneurship, what is the goal of entrepreneurship?
According to the definition of entrepreneurship, what is the goal of entrepreneurship?
What is NOT true about entrepreneurship?
What is NOT true about entrepreneurship?
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What is an example of companies that made people think entrepreneurship is easy?
What is an example of companies that made people think entrepreneurship is easy?
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Who provided the definition of entrepreneurship mentioned in the content?
Who provided the definition of entrepreneurship mentioned in the content?
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What is a characteristic of creativity?
What is a characteristic of creativity?
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What is a benefit of an enterprise for the entrepreneur?
What is a benefit of an enterprise for the entrepreneur?
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What is a common problem of an enterprise?
What is a common problem of an enterprise?
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What is a method to start up an entrepreneurship?
What is a method to start up an entrepreneurship?
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What is a type of business incubator?
What is a type of business incubator?
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What is a benefit of acquiring a franchise?
What is a benefit of acquiring a franchise?
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What is an advantage of purchasing an existing enterprise?
What is an advantage of purchasing an existing enterprise?
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What is a disadvantage of purchasing an existing enterprise?
What is a disadvantage of purchasing an existing enterprise?
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What is the main difference between a small enterpriser and an entrepreneur?
What is the main difference between a small enterpriser and an entrepreneur?
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What is a common misconception about small enterprises among Egyptian youth?
What is a common misconception about small enterprises among Egyptian youth?
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What is the main goal of an entrepreneur?
What is the main goal of an entrepreneur?
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What is a characteristic of an entrepreneur?
What is a characteristic of an entrepreneur?
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What is a trait of a self-actualized person?
What is a trait of a self-actualized person?
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What is a difference between a manager and an entrepreneur?
What is a difference between a manager and an entrepreneur?
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What is a characteristic of an entrepreneur in terms of thinking?
What is a characteristic of an entrepreneur in terms of thinking?
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What is a characteristic of an entrepreneur in terms of controlling?
What is a characteristic of an entrepreneur in terms of controlling?
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What is a characteristic of an entrepreneur in terms of events?
What is a characteristic of an entrepreneur in terms of events?
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What is a characteristic of an entrepreneur in terms of thinking about the future?
What is a characteristic of an entrepreneur in terms of thinking about the future?
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What is one of the benefits of electronic business?
What is one of the benefits of electronic business?
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What is one of the criteria to make a new idea?
What is one of the criteria to make a new idea?
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What is one of the techniques to develop the ability to generate creative ideas?
What is one of the techniques to develop the ability to generate creative ideas?
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What is the purpose of a strategic plan?
What is the purpose of a strategic plan?
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What is one of the contents of a plan?
What is one of the contents of a plan?
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What is one of the establishment decisions?
What is one of the establishment decisions?
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What is one of the procedures provided for enterprise establishment?
What is one of the procedures provided for enterprise establishment?
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What is one of the sources of ideas?
What is one of the sources of ideas?
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What is a decision needed for acquiring resources in an enterprise?
What is a decision needed for acquiring resources in an enterprise?
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What is the primary focus of a professional manager?
What is the primary focus of a professional manager?
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What is the term for the process of assigning tasks to personnel?
What is the term for the process of assigning tasks to personnel?
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What are the 4 Ps of the Marketing package?
What are the 4 Ps of the Marketing package?
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Who is likely to buy a product?
Who is likely to buy a product?
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What is the primary benefit of adopting a marketing philosophy?
What is the primary benefit of adopting a marketing philosophy?
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What is the final phase of an enterprise?
What is the final phase of an enterprise?
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What is essential for an entrepreneur to become a professional manager?
What is essential for an entrepreneur to become a professional manager?
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Study Notes
Entrepreneurship I
- The concept of entrepreneurship dates back to the 18th century and means "a person starts a private business".
- Entrepreneurship involves creating something creative or innovative that has value and represents a risky opportunity by properly exploiting available resources to achieve long-term material and moral gains.
- The process of entrepreneurship has several components, including:
- The creative process
- Dedication
- Taking risks
- Strategic planning
- Managing and leadership
- Monitoring and evaluation
- Entrepreneurship is a long and difficult journey that requires learning, seriousness, and hard work, contrary to the misconception that success is immediate.
Importance of Entrepreneurship
- Entrepreneurship is important for:
- Developing individual skills
- National economy
- Fundamental motivation to change the culture of society
- Entrepreneurship leads to:
- Independence
- Opportunities for excellence
- Profit
- Confidence and respect in the community
- Creating other job opportunities
- Entrepreneurship also:
- Creates wealth
- Creates new economic activities
- Improves national income
- Activates production
- Encourages competition with foreign business
Types of Enterprises
- There are several types of enterprises, including:
- Industrial
- Commercial
- Service
- Electronic
- Misconceptions about small enterprises among Egyptian youth include:
- Technical expertise is the first requirement for success
- Small size is an obstacle for creativity
- Inability to carry out marketing due to lack of financial resources
- No marketing plan is needed at the start of any business
- Women are less capable of managing small businesses
Entrepreneur
- An entrepreneur is anyone who takes the risk of venturing with a new idea to make profits with no guarantee of success.
- An entrepreneur finances, plans, supervises, and takes risks to gain profits and financial independence.
- Entrepreneurs create wealth, have a high level of creativity and innovation, and have a major impact on humanity.
Entrepreneur vs. Manager vs. Technician
- Entrepreneurs create work, managers manage work, and technicians do the work themselves.
- Entrepreneurs have a dream, live in the future, and create alternatives, while managers have a system, live in the past, and organize alternatives created by entrepreneurs.
- Entrepreneurs think to create and imagine, while managers think to solve problems, and technicians think that thinking is a waste of time.
Characteristics and Special Traits of Entrepreneurs
- Entrepreneurs have several characteristics and special traits, including:
- Technical competence
- Mental ability
- Human relations
- High achievement
- Independence
- Curiosity
- Risk-taking
- Persistence
- Non-conformism
- Self-actualization
- Creativity
- Making use of the experience of others
- Self-actualization characteristics include:
- Perceiving reality efficiently
- Being problem-centered
- Being highly creative
- Being concerned with the welfare of humanity
- Having a democratic attitude
- Having strong moral/ethical standards
Entrepreneurship II
- Benefits of an enterprise for the entrepreneur include:
- Independence
- Financial gains
- Community service
- Job security
- Family employment
- Solving challenges
- Common problems of an enterprise include:
- Sales fluctuation
- Competition
- Increased responsibilities
- Financial losses
- Relation with employees
- Laws and regulations
- Risk of failure
Methods to Start Up an Entrepreneurship
- Important methods to start up an entrepreneurship include:
- Joining a business incubator
- Acquiring a franchise
- Purchasing an existing enterprise
- International business
- E-business
- Joining a business incubator provides appropriately equipped production and administration units for a rental value.
- Acquiring a franchise provides the right to use a famous trade mark, benefit of the success of the trademark, extensive training, technical support, and marketing.
Generating the Entrepreneurial Idea
- Criteria to make a new idea include:
- Market factors
- Competitive advantage
- Economic viability
- Enthusiasm and persistence
- Possibility of turning into a business model
- Sources of ideas include:
- An item needs to be fulfilled
- Listening to people
- Idea close to hands
- Mechanisms for crystallizing ideas include:
- Mind mapping
- Brainstorming
- Six thinking hats technique
- Canvas business model
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Description
This quiz covers the basics of entrepreneurship, including its history, definition, and key concepts.
