Lecture 3 The entrepreneurial process

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Lecture 3 The entrepreneurial process Dr. Hatem Elaydi ECOM 5368 Engineering Management (Entrepreneurship & ework) Islamic University of Gaza Aug. 31, 2016

The entrepreneurial process Entrepreneurship is the process of recognizing and seizing opportunities in the marketplace. Entrepreneurs are the pioneers on the frontiers of business Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Learning opjectives Learning tasks: Define entrepreneurship (brainstorming) Describe the elements of entrepreneurship (review/lecture) Describe small business management (review/lecture) Describe characteristics of excellence (lecture) Describe self-assessment of entrepreneurial characteristics (lecture) Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Elements of entrepreneurship Innovation and change Freedom Challenge Creativity Struggle Opportunity Personal growth Self sufficiency Scarcity of resources Legality Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Characteristics of entrepeneur Respond to all challenges Learn from mistakes Take personal initiative Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

What it takes to begin an entrepreneurial venture Identify a success goal or vision for the business. Risk time and money. Plan, organize and follow through. Work hard and do what it takes for success. Put in the effort to develop good relation with customers, employees, suppliers, bankers and others. Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

The characteristics of excellence First impression Knowledge Flexibility Sensitivity Enthusiasm Self-esteem Focus Humour Creativity Risk Honesty and ethics Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Areas of selfassessment Taking calculated risks Independence Achievement Tolerance for uncertainty Initiative Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Discovering the right business opportunity Self-assess your characteristics. Determine personal and business objectives. Identify a suitable business opportunity. Complete a feasibility study. Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Work activities Please fill in the following questionnairs Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship