business and entrepreneurship

Business and Entrepreneurship

By Muhammad Shakeel

Lecture 01Dated: 11th of Feb, 2016

1. Defining Entrepreneurship2. Why Entrepreneurship? Why Entrepreneurship as a Course?3. Glossary of Entrepreneur

Content:

PEntrepreneurship- Internal forces of a human that push him or her to succeed in a

consistent way and made him or her deliver positive/productive outcomes in a business

Defining Entrepreneurship

“Entrepreneurship is the process of designing, launching and running a new

business, i.e. a startup company offering a product, process or service. It has been defined

as the capacity and willingness to develop, organize and manage a business venture alongwith any of its risks in order to make a profit”

Defining Entrepreneurship

Ent

https://en.wikipedia.org/wiki/Entrepreneurship

- Gigantic Payoff- Huge Flexibility- Much Respect- Feed People (Help Society)- Can Fulfill Dreams

Some Successful Entrepreneurs:- Mian Mansha- Bill Gates- Malik Riaz- Steve Jobs- Mark Zuckerberg

Why Entrepreneurship

https://www.google.com.pk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwjS3_3Y4u3KAhWJBI4KHQGMBXUQFggtMAA&url=https://en.wikipedia.org/wiki/Mark_Zuckerberg&usg=AFQjCNFAalMWFZsrJiuu7Vzs-ctGUwtxaQ&bvm=bv.113943665,d.c2E

Glossary of Entrepreneurship

Entrepreneur

High Return

Leadership Skills

Risk Taker

Employer

Costs

Flexibility

Tasks

Has No Boss

Innovation

Risk Averse

Venture Capitalist

Stakeholders

Uncertainty

Heavy Weight PM

Light Weight PM

Lead Time

Shareholders

Value Addition

Craft Production

Organogram

Long Term

Projects

Assembly line

Productivity

Outsourcing

Material Flow

Training

HSE

Functional Managers

Facility Layout

Vendor Management

Learning for Today

LEFT BLANK INTENTIONALLY

1. Entrepreneur’s Personality Traits2. Aspect of Entrepreneurial Process3. Glossary of Entrepreneur

Content:

P- Effectuation- Cognitive Adaptability- Learn from Failure- Risk Taker- Challenge Taker- Can Carry and Cope with Uncertainty- Love Independence- Like Flexibility- Are Ethical

Personality Traits of Entrepreneurs

1. Identify & Evaluate the Opportunity2. Develop Business Plan3. Resources Required4. Manage the Enterprise

Aspect of An Entrepreneurial Process


Entrepreneur

High Return

Leadership Skills

Risk Taker

Employer

Costs

Flexibility

Window of Opportunity

Has No Boss

Innovation

Risk Averse

Venture Capitalist

Stakeholders

Uncertainty

Cognitive Adaptability

Quick Learner

Lead Time

Shareholders

Value Addition

Craft Production

Organogram

Long Term

Projects

Assembly line

Productivity

Outsourcing

Effectuate

Training

HSE

Functional Managers

Facility Layout

Vendor Management

Learning for Today


1. Proactive and Reactive Approach2. Business Ethics? What? Why? Ethics of Entrepreneur Vs Manager3. Glossary of Entrepreneurship

Content:

PProactive:- Far Sighted Outlook- Want to Avoid the Problems- Already Jotted Down the Solutions for Problems if Arise

Reactive:-Solution Follows after Problem Appears-Short Sighted Outlook-Can Give More Loss/Damage-May Uncontrollable Loss

Proactive Vs Reactive Approach

PEntrepreneurs:- Fair Use of Resources- Liable to more Stakeholders- Damage to Stakeholders and Shareholders more if Unethical Managers:-Less Ethical Responsibility-Ownership can enhance Ethics for Managers

Business Ethics of Entrepreneurs Vs Managers


Entrepreneur

High Return

Leadership Skills

Risk Taker

Employer

Costs

Flexibility


Has No Boss

Innovation

Risk Averse

Venture Capitalist

Stakeholders

Uncertainty


Quick Learner

Loss Orientation

Shareholders

Value Addition

Craft Production

Proactive

Self Efficacy

Assembly line

Productivity

Perceptions

Effectuate

Connections

HSE

Role Model

Strategy

Vendor Management

Learning for Today


1. Advice on EntrepreneurshipClick Here

2. Passion3. New Entry

Sustainable Competitive Advantage

4. First Mover Advantage and Disadvantage5. Glossary of Entrepreneurship

Content:

https://www.youtube.com/watch?v=QoqohmccTSc

PProactive:- Far Sighted Outlook- Want to Avoid the Problems- Already Jotted Down the Solutions for Problems if Arise

Reactive:-Solution Follows after Problem Appears-Short Sighted Outlook-Can Give More Loss/Damage-May Uncontrollable Loss

Proactive Vs Reactive

New Entry


Entrepreneur

High Return

Leadership Skills

Risk Taker

Employer

Costs

Flexibility


Has No Boss

Innovation

Risk Averse

Venture Capitalist

Stakeholders

Uncertainty


Quick Learner

Loss Orientation

Shareholders

Value Addition

Market Knowledge

Proactive

Self Efficacy

SOM

New Market

Perceptions

Effectuate

Connections

HSE

Role Model

Strategy

DifferentiateProduct Maturity

Learning for Today


1. New Entry2. Should We Exploit New Entry or Not?3. First Mover Advantage and Disadvantage4. Glossary of Entrepreneurship

Content:

New Entry

1. Should We Exploit New Entry or Not?1. IS WINDOW OF OPPURTUNITY STILL OPEN?2. LEVEL OF INFORMATION ON NEW ENTRY (SOM, UNTAPPED MARKET,

MARKET NICHE)3. EXAMPLE: MOTOR BIKE SOM CALCULATION

Exploit New Entry or Not?

1. First Mover Advantage and Disadvantage1. PROS: LESS RIVALERY, LOCK CUSTOMERS/CHANNELS/PLACES, EXPERTISE2. CONS: HUGE ADS COSTS, UNCERTAIN CUSTOMERS, SCALABILITY ISSUES

First Mover Pros and Cons


Entrepreneur

High Return

Leadership Skills

Risk Taker

Employer

Costs

Flexibility


Has No Boss

Innovation

Risk Averse

Venture Capitalist

Stakeholders

Uncertainty


Quick Learner

Loss Orientation

Shareholders

Value Addition

Market Knowledge

Proactive

Self Efficacy

SOM

New Market

Perceptions

Effectuate

Connections

HSE

Role Model

Strategy


Learning for Today


1. Sources of New Ideas2. Trends3. Glossary of Entrepreneurship

Content:

Sources of New Ideas

- Consumers- Existing Products and Services- Distribution Channels- R and D- Federal Govt

1. Green Trend2. Clean Energy Trend3. Organic Orientation Trend4. Economic Trend5. Social Trend6. Health Trend7. Web Trend

Trends


Entrepreneur

High Return

Leadership Skills

Risk Taker

Employer

Costs

Flexibility


Has No Boss

Innovation

Risk Averse

Venture Capitalist

Stakeholders

Uncertainty


Quick Learner

Loss Orientation

Shareholders

Value Addition

Market Knowledge

Proactive

Self Efficacy

SOM

New Market

Perceptions

Effectuate

Connections

HSE

Role Model

Strategy


New Entry

Switching Costs

Lead Time of First

Mover

First Mover

Market Niche

Effectuate

Strategy

Learning for Today


Lecture 07Dated: 3rd of March, 2016

1. Methods of Generating New Ideas2. Innovations3. Glossary of Entrepreneurship

Content:

Methods of Generating New Ideas

- Focus Groups- Brainstorming- Brain writing- Problem Inventory Analysis

1. Break Through Innovations2. Technological Innovations3. Ordinary Innovations

Innovations:


Entrepreneur

High Return

Leadership Skills

Risk Taker

Employer

Costs

Flexibility


Has No Boss

Innovation

Risk Averse

Venture Capitalist

Stakeholders

Uncertainty


Quick Learner

Loss Orientation

Shareholders

Value Addition

Market Knowledge

Proactive

Self Efficacy

SOM

New Market

Perceptions

Effectuate

Connections

HSE

Role Model

Strategy


New Entry

Switching Costs

Lead Time of First

Mover

First Mover

Market Niche

Effectuate

Strategy

Learning for Today


Lecture 08Dated: 4th of March, 2016

1. Consumption Pattern2. Continuum for Classifying New Products3. New Product Classification System4. Glossary of Entrepreneurship

Content:

Consumption Pattern

Continuum for Classifying New Products

New Product Classification System


Entrepreneur

High Return

Leadership Skills

Risk Taker

Employer

Costs

Flexibility


Has No Boss

Innovation

Risk Averse

Venture Capitalist

Stakeholders

Uncertainty


Quick Learner

Loss Orientation

Shareholders

Value Addition

Market Knowledge

Proactive

Self Efficacy

SOM

New Market

Perceptions

Effectuate

Connections

HSE

Role Model

Strategy


New Entry

Switching Costs

Lead Time of First

Mover

First Mover

Market Niche

Effectuate

Strategy

Learning for Today


1. Industry and Market Info Sources in Pakistan2. International Vs National Vs Domestic Market3. Technology Environment Culture4. Glossary of Entrepreneurship

Content:

1. SMEDA.ORG2. FBR.GOV.PK3. PEC.ORG.PK4. LCCI.COM.PK5. LBS.GOV.PK6. GOOGLE7. BUSINESS RECORDER

Market and Industry Info Sources in Pakistan

Motivation For Going Global

1. Social Structure2. Religion3. Political Philosophy4. Economic Environment5. Education6. Manners and Customs

Technology Environment Culture

Technology Environment Culture


Entrepreneur

High Return

Leadership Skills

Risk Taker

Employer

Costs

Flexibility


Has No Boss

Innovation

Risk Averse

Venture Capitalist

Stakeholders

Uncertainty


Quick Learner

Loss Orientation

Shareholders

Value Addition

Market Knowledge

Proactive

Self Efficacy

SOM

New Market

Perceptions

Effectuate

Connections

HSE

Role Model

Strategy


New Entry

Switching Costs

Lead Time of First

Mover

First Mover

Market Niche

Effectuate

Strategy

Learning for Today


1. Business Opportunity Recognition2. Product Life Cycle3. Cannibalize4. ECOMMERCE5. Glossary of Entrepreneurship

Content:

Business Opportunity Recognition

Product Life Cycle

1. WHEN A NEW PRODUCT START WATING EXISTING PRODUCT SALESIN THAT COMPANY2. WHEN A NEW PRODUCT WHICH IS MEANT FOR DIFFERENT MARKET

SEGMENT BUT START ATTACTING THE SEGMENTS OF EXISTING PRODUCT IN ANY COMPANY

Cannibalize

- Websites- Search Engine Marketing (SEO, SEM, Google Maps, Google+)- You Tube- Facebook Ads- Blogging- Facebook WebPages- Mass Emailing Products/Services to Customers

E-Commerce


Entrepreneur

High Return

Leadership Skills

Risk Taker

Employer

Costs

Flexibility


Has No Boss

Innovation

Risk Averse

Venture Capitalist

Stakeholders

Uncertainty


Quick Learner

Loss Orientation

Shareholders

Value Addition

Market Knowledge

Proactive

Self Efficacy

SOM

New Market

Perceptions

Effectuate

Connections

HSE

Role Model

Strategy


New Entry

Switching Costs

Lead Time of First

Mover

First Mover

Market Niche

Effectuate

Strategy

Learning for Today


1. Intellectual Property2. Businesses Need Lawyers3. Patents4. Trademarks5. Copyrights6. Licensing7. Glossary of Entrepreneurship

Content:


Entrepreneur

High Return

Leadership Skills

Risk Taker

Employer

Costs

Flexibility


Has No Boss

Innovation

Risk Averse

Venture Capitalist

Stakeholders

Uncertainty


Quick Learner

Loss Orientation

Shareholders

Value Addition

Market Knowledge

Proactive

Self Efficacy

SOM

New Market

Perceptions

Effectuate

Connections

HSE

Role Model

Strategy


New Entry

Switching Costs

Lead Time of First

Mover

First Mover

Market Niche

Effectuate

Strategy

Licensing

Copyrights

Trademark

Patent

Learning for Today


1. OPEX2. CAPEX3. BREAK EVEN ANALYSIS4. VARIABLE COST ANALYSIS5. Glossary of Entrepreneurship

Content:

1. OPEX IS OPERATIONAL EXPENSE IN FIRMS LIKE UTILITY BILLS, RAW MATERIAL EXPENSES, TRANSPORTATION CHARGES, SALARIES, ETC

2. CAPEX IS INVESTMENT IN ASSEST LIKE LAND, MACHINERY, INTELECTUAL PRPERTY, ETC FOR FUTURE RETURNS

OPEX AND CAPEX

BREAK EVEN ANALYSIS


Entrepreneur

High Return

Leadership Skills

Risk Taker

Employer

Costs

Flexibility


Has No Boss

Innovation

Risk Averse

Venture Capitalist

Stakeholders

Uncertainty


Quick Learner

Loss Orientation

Shareholders

Value Addition

Market Knowledge

Proactive

Self Efficacy

SOM

New Market

Perceptions

Effectuate

Connections

HSE

Role Model

Strategy


New Entry

Switching Costs

Lead Time of First

Mover

First Mover

Market Niche

Effectuate

Strategy

Licensing

Copyrights

Trademark

Patent

Learning for Today
