Entrepreneurship Introduction Contents Developing business Ideas Entrepreneurship Skills & characteristics Enhancing creativity Business planning Market feasibility Technical Feasibility Information collection Questionnaire design Franchising. Instructor Dr. Ibrahim El Ghanam (DBA, Ph. D) Professor Egyptian Banking Institute California Coast University Advisor, Egyptian Banking Institute, Central Bank of Egypt Facebook facebook/acu.october Email acuegypt@gmail Ground Rules Attend before 9.30 am for 2 hours. Mobiles are closed (NOT silent). Questions at the end of the lecture Late assignments will be degraded 2 marks of 10. Assignments sent by email/facebook will be confirmed as received. NO Chats – Side talks –food or beverages. 1 marks bonus for an extra paper (max. 3)\ 3 for research. Penalty for class nonconformance 5 marks. Student Assessment Participation (Attendance) 5% Quiz 5% Assignments (10) 10% Research paper 10% Mid-Term Exam 30% Final Exam 40% Assignment Format 2 papers (average) Font face : Arial or Tahoma Font size: 12 body text, 14 for subtitles 1 ½ line spacing Assignments Topics Developing business Ideas Enhancing creativity Business planning Market feasibility Technical Feasibility Information collection Questionnaire design Franchising. Research Format 12 papers (average) + cover page Font face : Arial or Tahoma Font size: 12 body text, 14 for subtitles 1 ½ line spacing Introduction & summary or conclusion Hard and soft copies. Developing and Validating Business Ideas Objectives By the end of this session, you will be able to describe: Sources of business ideas Techniques to validate Business Ideas Methods to improve your business idea Develop an action plan to develop your business idea. Importance Ideas generation Is the starting point of business development Business success is requires a match between entrepreneur and his business idea Good ideas can be easily funded, and attract partners to support in other business areas As business matures, you may need to develop it by new business ideas. If your business plan is not feasible, you may need to re-generate a business idea Business plan requires time and cost, so it is better to validate the idea before going to a complete BP. Ideas vs. Opportunities There is a difference between ideas and opportunities. Idea – a thought or concept for a product or service.; the “light bulb moment.” Opportunity – a need, want, problem or challenge that might be satisfied by an Entrepreneurial venture. What comes first, an idea or opportunity? Sometimes an Entrepreneur will identify a problem, see an opportunity, and then come up with an idea to take advantage of the situation. When the opportunity arrives first and you think of an idea to fill it, it is called market-pulled entrepreneurship. Market Pulled Entrepreneurship Example: You notice that more and more people are locking their keys in their car. You are pretty sure that if there was some way to keep a spare car key close to the car people would invest in the it...this is a problem with a market. You think about it for months, and one day as you attach a note to your fridge you think, “I’ve got it!” and create a magnetic key holder for the underbelly of automobiles. When an Entrepreneur comes up with an idea first and then attempts to find an opportunity for it, it is referred to as product or service driven entrepreneurship. Product/Service Driven Entrepreneurship Example You have the best recipe for bread in the world! You search the city trying to find the best market (opportunity) for your bread and decide on local cafes and coffee shops. Potential Sources of Business Ideas Skills, interests, Expertise, and hobbies Products and services needed in the local area Development of an existing product or services Changes in community attitudes or behavior Unsatisfied Needs Existing problems Relationships with produces of specific product or services Available resources in the local area Developing a Business Idea Developing a Business Idea from Things Around you Developing a Business Idea from Your Skills Developing a Business Idea from Problems Around You What is Ideas Validation You have good understanding of the business The business is suitable for your skills and drives You believe there is a need for the business You believe you can obtain needed resources Ideas Validation System Approach Ideas Validation MAIR Model Motivation Ability Idea/market Resources Action Plan Developing Business Idea Summary By the end of this session, you became able to describe: Sources of business ideas Techniques to validate Business Ideas Methods to improve your presentation of business idea Develop an action plan to develop your business idea.
Posted on: Thu, 20 Mar 2014 07:19:29 +0000