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8/12/2019 Entrepreneurship for Engineers
1/22
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.
1 - 3
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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
1 - 5
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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).
1 - 6
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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
1 - 8
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THECULTURALDIVERSITYOFENTREPRENEURSHIP
Young entrepreneurs
Women entrepreneurs
Minority-owned enterprises
Part-time entrepreneurs
1 - 10
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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
1 - 11
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TENDEADLYMISTAKESOFENTREPRENEURSHIP
6. Uncontrolled growth
7. Poor location
8. Improper inventory control
9. Incorrect pricing
10. Inability to make the entrepreneurialtransition
1 - 12
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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.
1 - 13
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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)
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