Lecture 5 Business Opportunities Dr. Hatem Elaydi ECOM 5368 Engineering Management (Entrepreneurship & ework) Islamic University of Gaza Sep 5, 2016

Identifying business opportunities Massaging old ideas Generating new ideas Researching A business venture must be right for the entrepreneur and it must be right for the marketplace. Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Massaging old ideas Can you improve its design? Can you improve its productions? Can you improve its distributions? Can you make it faster or safer or quieter? Can you make it automatic? Can you make it lighter, foldable, thinner or stronger? Can you make it adjustable or reversible? Can you make it more convenient or less expensive? Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Generating new ideas Brainstorming with group of people employing group lateral thinking Take 10 minutes to think of product or service Generating ideas (each person think of 20 ideas) Discuss, expand or modify each idea (no judgment) Analyze each idea for merit and select the best for further consideration Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Researching Research library and government agencies for business sources for ideas Business and trade associations Trade shows/conventions/ inventors show Hobbies Government agencies Yellow pages Newspapers and magazines Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Establish Personal and Business Goals Most people aim at nothing in life … and hit it with amazing accuracy Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Goals A goal is a statement of what you want to do or achieve By achieving your goals, you will satisfy your needs and wants Setting and achieving goals is living life by design. Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Elements of setting goals Personal Positive Written Specific Challenging Realistic Time oriented Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Steps for establishing a goal Define the goal Overcome obstacles Create a support group Acquire skills and knowledge Develop a plan of action Objective: I need to look good Strategy: I will lose 10 kg Tactics: I will eat 500 calories less per a day and I will exercise enough to burn 500 extra calories per day. Picture the benefits. Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Elements of commitment Results Barriers Trying Wanting Hoping Waiting Choice vs “have to’s” 100% Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Whatever you can do, or dream you can, begin it Whatever you can do, or dream you can, begin it. Boldness has genius, power and magic in it.

Organizing and Time Management I just wish I had more time

Self-management techniques Selectivity: concerned with identifying those parts of work that are obsolete and then throwing them away. Delegation: delegating the necessary parts of our job that we have already mastered to others. Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Efficiency guidelines Set goals Focus on tasks List and rank tasks Identify deadlines and schedules Delegate Develop routine Use meetings effectively Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Techniques to overcome procrastination Be alert and develop a clear picture of tasks Set specific goals Talk to someone about your task Begin with pleasant parts of the task Create a team Set a deadline Make your work fun Use “to Do” list Reward yourself Chart your progress Go public with your task Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Handling interruptions Make an appointment when it is more convenient Have open door” during certain time periods Stand up to talk to visitors Ask for some time, then meet where you can control time Move desk so not easily seen Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Using a calendar Remember purpose of a calendar Check morning and night Make appointment with self for important things Enter all new appointment Plan a week at a time Use only one calendar Use a pencil Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Using an appointment book Give details of activities Maintain one month at a time Record notes and expenses Confirm all appointments Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship