entrepreneurship for engineers

8/12/2019 Entrepreneurship for Engineers

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Course Title: Entrepreneurship for Engineers

Course Number: EENG 5108

Credits 3

Pre-requisites : Senior Standing Semester 10

Status of Course: Compulsory


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Who is an

entrepreneur?Defining The Entrepreneur

From our perspective:

Any individual who seesand actsupon an opportunity

This includes introducing a new product or service,

identifying new markets, or putting a twiston an existing

product, process or service

Also, includes the raising of capital, taking the risk and

controlling the new venture

Embodies creativity, and determination

By assembling various resources, s/he takes risks and

creates a venture from an idea, hobby, or simply a dream.


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WHATISANENTREPRENEUR?

Formal definition

One who creates a new business in the face of

risk and uncertainty for the purpose of achieving

profit and growth by identifying opportunities and

assembling the necessary resources to

capitalize on them.

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RELATIONSHIPB/WENTREPRENEUR,

ENTREPRENEURSHIPANDENTERPRISE

Enterprise

Business organization that is formed and which provides goods

and services, creates jobs, contributes to national income,

exports and overall economic development

Entrepreneur

A men or women who establish and manage their own

Enterprise.

Entrepreneurship

The process involved in creating and starting an Enterprise


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CHARACTERISTICSOFENTREPRENEURS

Desire for responsibility

Preference for moderate levels of risk

Confidence in their ability to succeed

Desire for immediate feedback

High level of energy

Future orientation

Skilled at organizing

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ENTREPRENEURSHIP

One characteristic of entrepreneurs stands out:

Diversity!

Anyoneregardless of age, race, gender, color, nationalorigin, or any other characteristic can become anentrepreneur (although not everyone should).

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ENTREPRENEURVS. MANAGER

An entrepreneur starts a venture then a manager takes

over to organize and co-ordinate continuous production

Entrepreneur

An entrepreneur is involved with the

start-up processAn entrepreneur assumes financial,

material and psychological risks

An entrepreneur is driven by perception

of opportunity

An entrepreneur initiates change

An entrepreneur is his own bossAn entrepreneur gets uncertain reward

Manager

A manager runs the business over a

long period of timeA manager does not have to bear

risks

A manager manages by the

resources he currently possesses

A manager follows rules &

procedures

A manager gets fixed rewards and

salary


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BENEFITSOFENTREPRENEURSHIP

The opportunity to:Create your own destiny

Reach your full potential

Reap impressive profits

Contribute to society and to be recognized for

your efforts

Do whatyou enjoy and to have fun at it

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THECULTURALDIVERSITYOFENTREPRENEURSHIP

Young entrepreneurs

Women entrepreneurs

Minority-owned enterprises

Part-time entrepreneurs

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TENDEADLYMISTAKESOFENTREPRENEURSHIP

1. Management mistakes

2. Lack of experience

3. Poor financial control

4. Weak marketing efforts

5. Failure to develop a strategic plan

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TENDEADLYMISTAKESOFENTREPRENEURSHIP

6. Uncontrolled growth

7. Poor location

8. Improper inventory control

9. Incorrect pricing

10. Inability to make the entrepreneurialtransition

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PUTTINGFAILUREINTOPERSPECTIVE

Entrepreneurs are notparalyzed by the prospect offailure.

Failure a natural part of the creative process.

Successful entrepreneurs learn to fail intelligently.

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BORNORMADE?

Who is an

entrepreneur?

The Entrepreneur

Say the answer is, YES, then once we identifythe main characteristics we can simply say, if we

have them, fine, no others need to apply

We could start spotting talent in kindergartenand stream them

Is inborn talent an absolute requirement?

YES


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BORNORMADE?

Say the answer is,NO, one does not have to be born

with talent, it can be learned, then schools could teach

anyone

Who is an

entrepreneur?

The Entrepreneur

NO

It would become a profession like engineering or

medicine

The answer lies somewhere in-between.

Talent plus education seems to be the way.


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ENTREPRENEURSV. INTRAPRENEURS

Entrepreneurs are people that noticeopportunities and take the initiative to mobilizeresources to make new goods and services.

Intrapreneurs also notice opportunities and takeinitiative to mobilize resources, however theywork in large companies and contribute to theinnovation of the firm.

Intrapreneurs often become entrepreneurs.


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Entrepreneur Intraprenuer

1. Entrepreneur is employer 1. Intraprener is employee

2. Independent in operation 2. Depends on the organization toimplement his ideas.

3. Bears all the risk involved in

enterprise.

3. Does not bear all the risk.

4. Exhibits higher need for

achievement.

4. May not have high need achievement

5. Profit is the reward. 5. Attractive salary, promotion &

incentives are the reward.

6. May not have formal

qualification.

6. Should have some professional or

technical qualification.

7. Do not have any boundary foroperations.

7. He has to operate within theorganisational policies.


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Creation of self employment and to cut back thedependency of potential employment of new workers in

government sectors.

Streamline of the private sector and encourage the inclusion

of new technology that is less labor dependent. Increase in the national outputs which in turn lead to greater

and stronger economic growth.

Laying the seed bed for creating new entrepreneurs in

various new technologiesActing as a catalyst to nurture intrapreneurs in a business

organization.


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CONCLUSION

Entrepreneurs:Are an important part of the free enterprise

system

Are a diverse and talented group of people

Represent a cross-section of society as a whole

Are able to enhance the profitability of theirbusinesses through acquiring additional

knowledge and experience


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A pessimist sees the difficulty in every opportunity; anoptimist sees the opportunity in every difficulty.

(Sir Winston Churchill)

entrepreneurship for engineers

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