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ENTERPRISE &

ENTREPRENEURSHIP

DR MAZEN HAKIM

WHAT IS AN

ENTERPRISE?

Enterprise is the application of ideas

to practical situations for the purpose

of problem solving

• It requires to creatively think of solutions and to take affirmative action
• An enterprising individual would use:
  • Expression
  • Communication
  • Practical Action

WHAT IS

ENTREPRENEURSHIP?

Entrepreneurship is the application of enterprising skills for creating and growing new ventures

• Entrepreneurship: Schumpeter (1934) Innovation – New combinations of existing knowledge & resources Kirzner (1973) – Alert Individual – Alertness leads to valuable discovery Shane and Venkataraman (2000) ION Concept – Individual – Opportunity Nexus – Exploitation of Opportunities
• Intrapreneurship: Launching products and services within an existing organization

A PROMISING

NEW WORLD FOR

ENTREPRENEURS?

The world of tomorrow holds considerable promises for new entrepreneurs

1. Better Access to Customers
2. The Ability to Find Like-minded Partners
3. Good Access to Investment Finance
4. Favorable Economic Conditions
5. Government Policy to do Business

ENTREPRENEURSHIP

SKILLS –

ESTIMATING

Entrepreneurs need to develop the ability to judge potential outcomes of a chosen decision

• Estimation is fundamental for starting a business
  • Start-up Costs
  • Needed Equipment and Other Resources
  • Predicting 3-year Sales Forecasts
  • Costs & Expenses
  • Break-Even Analysis
  • Cash Flow Forecast
• Must be realistic
• Establish reference points (Richard Branson example)

ENTREPRENEURSHIP

SKILLS –

VETTING PARTNERS

It is the ability to find and include individuals into a new venture who will best fill in your knowledge and skill gaps

• It takes more than one individual to possess all the required range of skills (Technological and Personal)
• Much help exist in the background

ENTREPRENEURSHIP

SKILLS –

COMMUNICATING

It is about being able to articulate ideas

and relay well-formed arguments that

attract value to your enterprise will be

an important skill for success

Includes:

• Public Speaking
• Listening
• Writing Succinctly
• Behavioral Cues

ENTREPRENEURSHIP

SKILLS –

LEARNING

(TRIAL AND ERROR)

Entrepreneurs use their ability to solve problems by repeatedly trying out one solution after another iteratively, while eliminating errors and causes of failure

• On average, entrepreneurs fail twice at least before succeeding (?)
• Experiential Learning
• Protection from very large potential losses
• Can be exhausting and demotivating
• Requires Patience and Grit

ENTREPRENEURSHIP

SKILLS –

TECHNOLOGICAL

PROWESS

The idea is to access the impact of the use of science and technology for commercial problem solving Role of the entrepreneur:

• Devise solutions that bring efficiencies (doing things in a less expensive manner e.g., online ordering, e- governmental services
• Keep track of technological advancements in areas that interest you
• Technological research begets new ideas

ENTERPRISE &

ENTREPRENEURSHIP

THANK YOU

ANY QUESTIONS?