Introduction to Entrepreneurship

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Questions and Answers

What role does the individual hold at Benha University?

  • Chief Judge
  • IEEE Counselor (correct)
  • Graduate Mentor
  • Head of IoT Systems

How many years of experience does the individual have in Embedded and IoT Systems?

  • 15 years
  • 20 years
  • 10 years
  • Over 20 years (correct)

Which organization has certified the individual as a mentor?

  • The Next Society (correct)
  • World IoT Forum
  • Tech Innovators Alliance
  • IEEE

In which of the following competitions has the individual participated as a judge?

<p>IbTIECar (D)</p> Signup and view all the answers

What is one of the competitions specified where the individual acted as a judge?

<p>Egypt IoT Challenge (A)</p> Signup and view all the answers

What is the main focus of project scope management?

<p>Defining and managing project deliverables (A)</p> Signup and view all the answers

Which technique is primarily associated with project time management?

<p>PERT analysis (B)</p> Signup and view all the answers

What is included in project cost management?

<p>Budgeting and cost control (D)</p> Signup and view all the answers

Which of the following is a tool used for project time management?

<p>Gantt charts (B)</p> Signup and view all the answers

What is the primary objective of critical path analysis in project management?

<p>To determine the longest path of scheduled tasks (A)</p> Signup and view all the answers

What are the primary financial projections a business should develop?

<p>Cash flow statements, income statements, and balance sheets (C)</p> Signup and view all the answers

Which component is NOT part of the project life cycle?

<p>Budgeting (A)</p> Signup and view all the answers

In which stage of the project life cycle is project planning primarily conducted?

<p>Planning (C)</p> Signup and view all the answers

What is primarily evaluated using a cash flow statement?

<p>The company's liquidity and cash management (A)</p> Signup and view all the answers

What is the correct sequence of the project life cycle phases?

<p>Initiation, planning, execution, closure, monitoring &amp; controlling (B)</p> Signup and view all the answers

Flashcards

Embedded and IoT Expert

A person with extensive experience in embedded systems and the Internet of Things (IoT).

Certified Mentor

A person who has received formal training and certification in guiding and supporting others through various stages of development.

Competition Judge

A person who evaluates and assesses the quality of projects or ideas in competitions.

IEEE Student Branch

A branch of the Institute of Electrical and Electronics Engineers (IEEE) that focuses on student activities and development.

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IEEE Counselor for Benha Student Branch

A specific IEEE branch operating within Benha University.

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Project Initiation

The initial stage of a project where the idea is conceived and a feasibility study is conducted.

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Project Planning

The planning phase involves defining project objectives, creating a detailed plan, and allocating resources.

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Project Execution

The execution phase involves putting the project plan into action and accomplishing the tasks.

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Project Monitoring & Controlling

In this stage, progress is tracked, deviations from the plan are addressed, and corrective actions are taken.

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Project Closure

Project closure involves formally ending the project, documenting lessons learned, and releasing resources.

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Project Scope Management

Defining and controlling the deliverables of a project, ensuring the project meets its goals.

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Project Time Management

Creating a timeline for project tasks, using tools like Gantt charts to visualize dependencies and sequence.

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Project Cost Management

Managing the financial resources allocated to a project, including budgeting, cost estimation, and controlling spending.

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Gantt Chart

A visual representation of project tasks and their dependencies, showing the order and duration of each task.

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Critical Path Analysis

Identifying the longest path of dependent activities in a project, determining the shortest possible project duration.

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Study Notes

Introduction to Entrepreneurship

  • Entrepreneurship is a way of thinking, reasoning, and acting that is opportunity obsessed, holistic in approach, and leadership balanced.
  • It encompasses moving from ideas to innovation to realization.

Amr Al-Awamry's Background

  • Assistant Professor, Electrical Engineering Department, Benha Faculty of Engineering, Benha University, Egypt
  • IEEE Counselor for Benha Student Branch- Benha University
  • 20+ years of experience in Embedded and IoT Systems
  • Certified Mentor from The Next Society (TNS)
  • Judge in various competitions (e.g., IbTIECar, EED, MIE, Egypt IoT challenge)
  • Website: www.awamry.com

Entrepreneurship: A Definition

  • Entrepreneurship involves developing, organizing, and managing a business with associated risks geared towards profiting.

Entrepreneur vs. Businessman

Feature Businessman Entrepreneur
Business Origin Existing idea Unique, self-developed idea
Rivalry Many rivals Self as primary rival
Focus Competition Cooperation and revolution
Approach Traditional Innovative
Risk Tolerance Avoids risk Risk taker
Financial Status Active income Active or passive income(leader)
Financial Freedom Has not achieved financial freedom Has achieved financial freedom

Entrepreneur Characteristics

  • Visionary
  • Energetic
  • Confident
  • Self-reliant
  • Risk-taker
  • Definitive
  • Committed
  • Time-oriented
  • Curious
  • Flexible

Defining Entrepreneurship

  • Key feature: persistence (never giving up).
  • Entrepreneurs often are not born with the character, but rather develop their characteristics for the role.
  • Don't wait for opportunity but rather create it.

Types of Entrepreneurship

  • SME (Small and Medium-Sized Enterprise): Focuses on local needs, small size, geographically distributed, job creation, and quick revenues.
  • IDE (Innovation Driven): Focuses on global needs, risky, and tends to grow when successful.
  • Social Entrepreneurship: Aims to tackle social issues.

Practical Considerations:

  • Unemployment rates in Egypt fluctuated between July 2016 and January 2019.
  • The power of small businesses in regard to job creation, enterprise stimulation, and economic growth.
  • Deadly mistakes of entrepreneurship, such as lack of vision, poor employee/organization structure, mistaken idea implementation, poor handling of employee/financial management.
  • Avoiding pitfalls in business.

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