Principle of Entrepreneurship and Project Management Lecture 1 PDF

1 Principle of Entrepreneurship and project management Lecture 01 by Amr Al-Awamry  Amr Al-Awamry 2 Entrepreneurship 101 ◻ Assistant Professor, Electrical Department ,Benha Faculty of Engineering, Benha University, Egypt. ◻ IEEE Counselor for Benha Student Br...

1 Principle of Entrepreneurship and project management Lecture 01 by Amr Al-Awamry  Amr Al-Awamry 2 Entrepreneurship 101 ◻ Assistant Professor, Electrical Department ,Benha Faculty of Engineering, Benha University, Egypt. ◻ IEEE Counselor for Benha Student Branch- Benha University ◻ +20 years experience in Embedded and IoT Systems ◻ Certified Mentor from The Next Society (TNS) ◻ Judge in many competitions such as IbTIECar,EED,MIE, Egypt IoT challenge ,….. and more ◻ Website: www.awamry.com ◻ #‫دﻛﺘﻮر_ﻋﻠﻲ_ﻣﺎ_ﺗﻔﺮج‬ 3 4  Table of Contents 5 Entrepreneurship 101 What is entrepreneurship? Defining the entrepreneurial mindset. Identifying opportunities: Recognizing market needs and gaps. Idea generation and creativity: Brainstorming and innovation techniques. Assessing feasibility: Market research, competitive analysis, and SWOT analysis. Legal and regulatory considerations: Business structures, intellectual property. Defining the value proposition: What makes your business unique? Target market and customer segmentation: Identifying your ideal customer. Marketing and sales strategies: Reaching and engaging your target audience. Operations and logistics: Planning for production, delivery, and customer service. Financial projections: Developing income statements, cash flow statements, and balance sheets.  Table of Contents Cont 6 Entrepreneurship 101 Project life cycle: Initiation, planning, execution, monitoring & controlling, and closure. Project scope management: Defining and managing project deliverables. Project time management: Developing schedules, Gantt charts, and critical path analysis. Project cost management: Budgeting, cost estimation, and cost control. Project risk management: Identifying, analyzing, and mitigating potential risks. Project quality management: Ensuring project deliverables meet quality standards. Project communication management: Effective stakeholder communication strategies. Project procurement management: Sourcing and managing external resources. Leading and motivating project teams: Building high-performing teams. Agile project management: Iterative and flexible approaches for dynamic projects. Lean startup methodology: Applying lean principles to minimize waste and maximize efficiency.  CH1: Introduction to Entrepreneurship 7 Entrepreneurship 101 1. The World of Entrepreneurship 2. What is an Entrepreneur? 3. The Word Entrepreneur in the Arab Heritage 4. The Benefits of Entrepreneurship 5. The Potential Drawbacks of Entrepreneurship 6. Entrepreneurship drivers 7. Starting a Business from Scratch 8. The Power of “Small” Business 9. The Deadly Mistakes of Entrepreneurship 10. How to Avoid the Pitfalls 11. Success Stories  1. The World of Entrepreneurship 8 Entrepreneurship 101 Entrepreneurship: a way of thinking, reasoning, and acting that is: ▪ Opportunity obsessed ▪ Holistic in approach, and ▪ Leadership balanced 9 Entrepreneurship 101 10 Entrepreneurship 101 Entrepreneurship is a lifestyle, a mindset, a way to live a life with greater purpose and meaning.  Types of Entrepreneurship 11 Entrepreneurship 101 Entrepreneurship SME - Local needs Social - Small size IDE - Geographically distributed (Innovation driven) - Job creation - Global needs - Quick revenues - Risky - If they make it, they tend to grow faster  Unemployment rates in Egypt 12 Entrepreneurship 101 13 Entrepreneurship 101 What is an Entrepreneur ? Someone who got the capacity and willingness to develop, organize and manage a business along with any of its risks in order to make a profit. Entrepreneur Entrepreneurship 101 The word “Entrepreneur” is derived from the French "entreprendre" which means 'to take in-between' - meaning to get a piece of the action from both sides, or coming and going.  Businessman Vs. Entrepreneur 16 Entrepreneurship 101 Businessman Entrepreneur 1. Starts a business from an existing idea or concept Starts a business from his own unique idea or concept 2. Has many business rivals His business rival is himself ? 3. Focuses on competition Focuses on cooperation 4. Traditional Innovative and revolutionary 5. Stays safe Risk taker and accountable 6. Worried Excited 7. Profit oriented People (i.e., employee, customer, public) oriented 8. Has an active income or profit Has a passive income or profit 9. A market player A market leader 10. Has not yet achieved financial freedom Has achieved financial freedom 17 Entrepreneurship 101 Features and Characteristics of an Entrepreneur  The Entrepreneur: A Distinctive Profile 18 Entrepreneurship 101 Visio eliance n l f - R Se Energy Confidence Entrepreneurs Tole – People who n c e of risk their time, ran money, and o l era inty Fail ce of T c erta other resourcesure to start and U n manage a business. 19 Entrepreneurship 101 Are there any common features between Entrepreneurs despite the differences in time and location? Yes, an Entrepreneur should have the characteristics and features of a Leader, Initiator, Inventor, Planner, Definitive, Risk taker, Confident, Committed, Time Oriented, Curious and Flexible. 20 Entrepreneurship 101 Most importantly, be persistent (never ever give up) 21 Entrepreneurship 101 The Word Entrepreneur in the Arab Heritage  Entrepreneur Entrepreneurship 101 The word “entrepreneur” has been translated in the dictionaries and administrative literatures into the following Arabic terms: ‫ﻋﺼﺎﻣﻰ‬ self-reliant, ‫ ﻣُﺒﺎدر‬the initiator, ‫ راﺋﺪ اﻋﻤﺎل‬the work leader, ‫ ﻣُﻠﺘﺰم‬the committed, ‫ ﻣُﻨﻈﻢ‬the organizer, ‫ ﻣُﻘﺎول‬the contractor, ‫ ﻣُﺨﺎطﺮ‬the risky, ‫ طﻤﻮح‬the ambitious, ‫ ﻣُﺨﻄﻂ‬the planner, ‫ ﻣُﺮوج‬the promoter, ‫ﺻﺎﺋﺪ‬ ‫ اﻟﻔﺮص‬the hunter of opportunities, ‫ ﺻﺎﻧﻊ اﻟﻔﺮص‬the maker of opportunities, ‫ ﻣُﺒﺪع اﻧﺘﺎج‬the creative producer.  Entrepreneurship 101 Is the Entrepreneur born or made? There is no need to be born as an Entrepreneur, but more importantly to have the virtues and characteristics of an entrepreneur. For example, don't wait to catch business opportunities. You have to create them out of nothing. It is time to be the 'opportunity' maker.  How to self-evaluate your entrepreneurial characteristics? 24 Entrepreneurship 101 ❖ It is time to think different about what it means to be an entrepreneur. The myth is that you have to be a rocket scientist and grow a technology company to be the next Facebook or Google. ❖ Startups do not need to be very sophisticated or change the world. They just need someone with an idea and the passion to take that idea into the market place. http://preneur-masr.com/quiz-preneur-masr/ 25 Entrepreneurship 101 The Benefits of Entrepreneurship  The Benefits of Entrepreneur: 26 Entrepreneurship 101 ▪ Entrepreneurs make the decisions and at the end of the day they are their own boss. They decide what time is for work and what time is for play. ▪ Successful entrepreneurs are able to provide financial support for themselves and their families. Sometimes they earn more (or even a lot more) than normal employees. ▪ It offers a certain prestige or status as being someone responsible, who has a vision, passion and dedication for an idea. ▪ The entrepreneur has the opportunity to build equity, which can be kept, sold, or passed on to a younger generation. 27 Entrepreneurship 101 The Potential Drawbacks of Entrepreneurship Entrepreneurship cons Entrepreneurship 101 Some of the entrepreneurship cons are: ADMINISTRATION COMPETITION LONELINESS NO REGULAR INCOME ? WORK SCHEDULE 29 Entrepreneurship 101 The Power of “Small” Business  Small business development may lead to Entrepreneurship 101 ❖ Create employment opportunities ❖ Stimulate a strong free enterprise sector ❖ Assist the poorest of the poor ❖ Support woman and their household spending ❖ Develop local skills for socio-economic leadership ❖ Stimulate regional growth through the use of local suppliers and sub-contractors ❖ Encourage long-term economic growth and expansion 31 Entrepreneurship 101 The Deadly Mistakes of Entrepreneurship The Ten Deadly Mistakes Entrepreneurs Make That Destroy Their Profits, Morale and Reputation: Entrepreneurship 101 1) Do Not Have Clarity of Vision 2) Do Not Create Core Values for Their Company and Employees 3) Do Not Understand the Need for an Org Chart 4) Do Not Create Job Descriptions 5) Confusing a Passionate Idea for a Sellable Idea 6) Do Not Pay Them Money 7) Do Not Know Their "Keep the Doors Open Figure" 8) They Suffer from Shinny Penny Syndrome 9) Don't Understand the Value of Giving Away "Ownership" of the Company 10) They Avoid Confrontation 33 Entrepreneurship 101 Entrepreneur’ hands on work responsibilities 34 Entrepreneurship 101 How to Avoid the Pitfalls How to Avoid the Pitfalls : Entrepreneurship 101 1- Stick with the business area you know 2- It’s the learning; not success or failure that makes the difference 3- The management team is critical 4- A little luck never hurts 5- Don’t discount the value of your network 6- Dropping out of school is not recommended 7- First-timers usually fund their own venture 8- Advice from investors is not worth much 9- Willingness to take a big risk 10- Huge time and effort commitment  Course Logitics 36 Entrepreneurship 101 ◻ Website: https://www.awamry.com/courses/uhs201 ◻ Office Hourse: Tuesday : 10:00 am to 12:00pm