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

2. 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

3. 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

4. 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

5. 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

6. 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

7. 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

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

9. 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

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

11. 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.

12. Organizing and Time Management
I just wish I had more time

13. 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

14. 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

15. 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

16. 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

17. 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

18. 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

19. Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship