Entrepreneurship I

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

This quiz covers the basics of entrepreneurship, including its history, definition, and key concepts.