Partners in Entrepreneurship King Saud University -- Kent State University Partners in Entrepreneurship Survey of Entrepreneurship Class 1 Introductions and Business Plan

Instructor Introduces Self surv of entSurvey of Entrepreneurship Instructor Introduces Self Name Title Background in Teaching / Entrepreneurship Home Family Countries Visited Interests Instructor Notes: Use the slide as a guide to help the students understand what you will be asking them to do. Instructor Guide

surv of entSurvey of Entrepreneurship Student Introduction Please introduce yourself and talk about the following topics: 1.Your Name. 2. The area where your home is located. 3. What University area of study you planning. 4. Your family (parents, brothers and sisters). 5. Have you traveled to any other countries? 6. What do you think “Entrepreneurship” is? Student Introductions Please introduce yourself and talk about the following topics: 1.Your Name. 2. The area where your home is located. 3. What University area of study you planning. 4. Your family (parents, brothers and sisters). 5. Have you traveled to any other countries? 6. What do you think “Entrepreneurship” is? 5 Instructor Notes: Get them talking about themselves by standing up and answering the information on the slide. Instructor Guide 5

Entrepreneurship: A Working Definition Individuals exploiting new value-creating opportunities by way of various means to produce a wide range of effects Note: Entrepreneurship is messy – No hard and fast rule: by definition it’s always changing.

surv of entSurvey of Entrepreneurship An Entrepreneurial Model   Opportunity Recognition: develop initial idea into opportunity. Concept Development: translate opportunity into a workable plan. Resource Development and Acquisition. Launch and Growth. Harvest or Growth. An Entrepreneurial Model Opportunity Recognition: develop initial idea into opportunity. Concept Development: translate opportunity into a workable plan. Resource Development and Acquisition. Launch and Growth. Harvest or Growth. 7 Instructor Notes: Concept: as a commercial or social benefit or application. The slide describes actions to convert the opportunity identified into a viable, profitable business with an impact. Review slide content: Opportunity Recognition: develop initial idea into opportunity. Concept Development: translate opportunity into a workable plan. Resource Development and Acquisition. Launch and Growth. Harvest or Growth. 7 7 7 Instructor Guide 7

surv of entSurvey of Entrepreneurship Entrepreneurial Model Fully Developed Plan Concept Instructor Notes: When a seed breaks the surface of the ground it becomes a sprout. If you clear the soil around the sprout and put a little fence around it you are helping the germ of an idea grow. The clearing of the soil and fencing is what we call “Developing” an idea into a Concept. During our semester we will be helping you develop your germ of an idea into a concept and into a fully developed business plan. Idea Instructor Guide

surv of entSurvey of Entrepreneurship Entrepreneurial Success Factors Entrepreneurial Success Factors Risk taking Initiating Self confident Overachieving Fast acting Infectious Enthusiasm Persevering Risk taking Initiating Self confident Overachieving Fast acting Infectious Enthusiasm Persevering 9 Instructor Notes: Read and give comments based on your own experience. Risk Taking – takes courage Initiating – makes things happen, not just talks about them. Takes charge, does what is necessary to get things done.. Meets commitments and goals. Self –confident – internal confidence translates to ‘belief’ in the business. Overachieving – burning desire to reach goals. Driven to exceed beyond what is expected. The ‘X Factor’: what drives entrepreneurs to work harder than necessary. Fast acting – driven to make things happen quickly. If tomorrow, why not today? Ability to act, rather than wait, is key. Infectious enthusiasm – stems from a strong belief in the business and helps to motivate others. Provides strength to ride with inevitable ups and downs during the start up phase. Persevering – press on during tough times. If at first you don’t succeed, try, try again. Instructor Guide 9

surv of entSurvey of Entrepreneurship Entrepreneurial Success Factors Managing vs. micromanaging Inventive Strategically creative Leading vs. Micromanaging Inventive Strategically creative 10 Instructor Notes: Read and give comments based on your own experience. Leading vs. Micromanaging – Entrepreneurs need to be visionaries and also managers. Micro-managers want to control all decisions and supervise all operations, but the leader knows you can only develop people through letting them participate in decision making as they progress Inventive – creates new products or services to tap into new market needs. Often takes the contrarian approach: if people want to buy A, let’s make B. Sees out-of-the-box opportunities, and brings them to life. Strategically creative – innovative in the area of business processes. Brings new distribution, sales, marketing, production or financial models to an existing industry. Surveys the product/service ecosystem and sees opportunities for improvement. Entrepreneurship takes creativity, invention and trial-and-error. Instructor Guide 10

surv of entSurvey of Entrepreneurship The Entrepreneur’s Career The Entrepreneur’s Career Best Small Businesses to Start U.S. News profiles 15 cutting-edge businesses Best Small Businesses to Start U.S. News profiles 15 cutting- edge businesses 11 Instructor Notes: Open the web sites containing ideas for possible businesses currently being recommend in the US. Read them and give comments based on your own experience. Instructor Guide 11

surv of entSurvey of Entrepreneurship Careers for Entrepreneurs Careers for Entrepreneurs Career Counselor Athletic Trainer Computer Services Energy Auditing Export Manager Financial Adviser Freelance Web Writer Athletic Trainer Career Counselor Computer Services Energy Auditing Export Manager Financial Adviser Freelance Web Writer 12 Instructor Notes: Open the web sites containing ideas for possible businesses currently being recommend in the US.   Read them and give comments based on your own experience. Instructor Guide 12

surv of entSurvey of Entrepreneurship Careers for Entrepreneurs Careers for Entrepreneurs Going Global Firm Higher Education Services Home Healthcare Online Art Dealer Online Consignment Online Farmers' Market Outsourcing Manager Tutor Going Global Firm Higher Education Services Home Healthcare Online Art Dealer Online Consignment Online Farmers' Market Outsourcing Manager Tutor 13 Instructor Notes: Open the web sites containing ideas for possible businesses currently being recommend in the US.   Read them and give comments based on your own experience. Instructor Guide 13

surv of entSurvey of Entrepreneurship 01_Homework Read and complete in-class Handouts See: 1-1_H and 1-2_H Read Mariotti text Chapter 2: The Business Plan. Read web links from slides 6, 7, and 8. Quiz for Small Business Success Instructor Notes: Tell students to complete handouts and save them, as they will be retaken at the end of the course to see any differences. Read and complete in-class Handouts See: 1-1_H and 1-2_H 1-1_H has no scoring rubric – it is designed as a discussion piece. As students ask questions, instructors will have to use their entrepreneurship experience to answer the questions and stimulate further discussion. Read Mariotti text Chapter 2: The Business Plan. Read web links from slides 6, 7, and 8. Instructor Guide

Questions The instructor should ask: “What other questions or comments do you have regarding the class material or assignments?” Alternately, “Questions and comments can be written and given to the instructor, or slid under the office door. Be sure the instructor’s name is on the paper, so that it gets to the correct person.”