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EntrepreneurshipCPD Course
Dr. Syed Mustafa Ashraf Executive Director
mustafa.syed@nfrd.orgEnterprise Development Group
National Foundation for Resource Development
7th
April 2012 Islamabad
mailto:syed@nfrd.orgmailto:syed@nfrd.org
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CPD Course Description
This CPD Unit will introduce the conceptsof entrepreneurship and lay thefoundation for developing the necessary
skill set to explore entrepreneurial
.
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opportunities in order to
Create Value And Serve Society
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CPD Course GOALS
• To Identify Entrepreneurship As A Career AndLifestyle Option
• To Increase Self Awareness, Especially Work Ethic
• To Develop A Mindset For Business And Develop
.
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Confidence
• To Leverage Engineering Knowledge To IdentifyGaps And Opportunities For Innovation
• To Build On Business Skills Such As Marketing And Accounting
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CPD Course Outcomes
After completing this CPD Course, one should be able to:
• Explain the nature of entrepreneurship
• Develop an entrepreneurial perspective by recognizing
entrepreneurial opportunities .
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• Know the value of a business plan and be able to seekhelp to develop one
• Set up a business organization through leveraging• Assemble the Core Team
• Identify the sources of capital for a business venture
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Do You Know This Institution?Do You Know This Institution?
25,600 • Companies Worldwide
3.3 m • People Employed
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$2 trillion • Annual Sales Revenue
11th • Largest World Economy
2006 Data
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How About This Institution?How About This Institution?
34,700 • Companies Worldwide
4.4 m • People Employed
.
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$2.5 trillion • Annual Sales Revenue
9th • Largest World Economy
2010 Data
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Entrepreneurship Definitions
• Knight (1921) Profits From Bearing Uncertainty And Risks
• Cole (1952) Purposeful Activity To Initiate And Develop AProfit-oriented Business
• Mcclelland (1961) Moderate Risk Taking
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• Casson (1982) Decision And Judgments About TheCoordination Of Scarce Resources
• Gartner (1985) Creation Of New Organizations
• Stevenson Et Al (1989) The Pursuit Of OpportunityWithout Regard To Resources Currently Controlled
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Common Elements In Definitions
• Creativity And Innovation
• Resource Gathering And The Founding Of .
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n conomic rganization
• The Chance For Gain (Or Increase) UnderRisk And Uncertainty
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Common Elements Defined
• Creation: A Founding And An Origin
• Innovation: A New Way Of Doing Something
• Economic Organization: An Organization Whose
Purpose Is To Allocate Scarce Resources To Create Value .
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• Risk: Variability Of Outcomes Or Returns
• Uncertainty: Degree Of Confidence In The Estimates Of
How The World Works; Of The Causes And Effects Of The
Environment
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Entrepreneurship
• The Creation Of An Innovative Economic
Organization For The Purpose Of Gain Or
Growth Under Conditions Of Risk And
Uncertaint
.
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• New Venture Creation
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Resource Based Definition
• Entrepreneur Uses Resources That Areo Rare
o Valuable
oHard To Duplicate
oHave No Good Substitutes
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To Obtain A Sustainable Competitive Advantage
“The Nature And Quality Of The Resources, Capabilities And
Strategies The Entrepreneur Possesses And Can AcquireWill Directly determine the Long-term Success”
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Who is an Entrepreneur ?
Previously NowSmall Business Founder True Entrepreneur
Boss Leader
Lone Ranger Networker
Secretive Open
Self-reliant Inquisitive
.
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Off the Cuff Business Planner/Strategist
Snap Decisions Consensus Builder & InformedDecision Maker
Overwhelmingly Male Gender is a Non IssueSuccess Due to Idea Success Due to Execution
Knows the Trade Knows the Business
Technology for Automation Technology for Innovation
Earning a living Creating Value & Wealth 12
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New Entrepreneurs
• Aware & Active Academia
• Mid Career Professionals & Executives
• Talent From Downsized Companies .
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• ar y e rees
• Quest For Status
• Control Over Personal Life
• Local Need Analysis & Solution
• Globalization Opportunities
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Dimensions of New EnterpriseDimensions of New Enterprise
Individual
Characteristics
.
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Environment Organization
Constraints
New
Enterprise
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The Individual
• Psychological, Sociological And Demographic
Characteristics
• .
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, ,
Training
• Character & Professionalism
• Personal Integrity
• Ethics
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Ethical Behavior
• Any business decision that creates value for thecustomer by matching quality and price
– Provide valid data about product and service
– Enable customer to make a free and informed choice .
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– enerate customer comm tment to t e pro uct an t eorganization that provided it
‘The Only Sustainable Competitive AdvantageThat Any Business Has Is Its Reputation’
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Ten Best Rules
1. Commit to Achieving Success and Always BePassionate
2. Share Success with Those Who Have Helped You3. Motivate Yourself and Others to Achieve Your Dreams
4. Communicate with People and Show You Care .
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. pprec a e an ecogn ze eop e or e r or s anResults
6. Celebrate Your Own and Others’ Accomplishments7. Listen to Others and Learn from Their Ideas
8. Exceed Expectations of Customers and Others9. Control Expenses and Save Your Way to Prosperity10. Swim Upstream, Be Different and Challenge the Status
Quo
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Environment
• Opportunities In The Form of Resources• People
• Technology
• Money
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• Acquire Resources And Combine Them With
The Ones Already Present to Deliver Value
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Constraints or Threats
• Competition
• Government Influences
•
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• Socio-Economic Conditions
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Economic Organization
• Value Propositiono Drive And Motivation Embodiment
• Cultivate Form And Structureo
Functional Level Strategies .
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o To Penetrate Or Create A Market
• Build Isolating Mechanismso
To Protect Its Positions• Define Cultureo Determines Performance & Quality
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Quality is Critical to Success
• Transcendento Philosophical – Concerns The Function Intended
• Product-Basedo Product Or Service Attribute Held In High Regard
• User-Based .
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o User Preferences are Subjective
• Manufacturing-Basedo Conformance To Standards, Operational Excellence
• Value-Basedo In Terms Of Economic Value Delivered
• People-Basedo Quality Of Teamo Quality Of Decisions
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Entrepreneur – The Decision Maker
Entrepreneur Must Understand All Quality
Perspectives To Be Able To Make Decisions .
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ase n e urrent tuat on
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Be a Dynamic Entrepreneur!
• Find Your Strengths• Dream Big Dreams• Mistakes Will Happen
• Persistence Pays Off .
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• Spread the Wealth• Have Life Outside of Work
• Explore Venture Capital vs. Customer Funding• Know Your Customer • Customers Will Say What They Need
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Are You Ready?
Owning a business is the dream for many of us
Starting that business converts our dreams into reality
However, there is a gap between dreams and reality
Dreams can only be achieved with careful planning .
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• s an entrepreneur, you w nee a p an to
– Avoid Pitfalls
– Achieve Your Goals
– Build A Profitable Business
Is Entrepreneurship For You?
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Typical first-time entrepreneur is not a 20-
— .
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average age is 40 !
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Understand the Opportunity Space
EXISTING NEW
EXISTING
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NEW
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Planning your Start up Business
• Business Concept
• Personal Resources and Objectives
• Product/Service
• Market Description/Analysis .
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• Sales and Marketing Plan
• Practical Organizing of your Business
• Business Development Strategy
• Budgets
• Financing Options
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3 FATAL FLAWS
• Business Issues – Understand the process of building a business
– Team, Resources & Market Pain must intersect!
• Personal Issues .
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– CEO Focus, Skills and Understanding
– Team Quality
• Organizational Issues – Corporate Culture Alignment with Enterprise – Team Culture Alignment with Enterprise
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3 POWER POSITIONS
• Best Total Cost
– Operational Excellence
• Best Products .
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–
• Best Service
– Customer Focus
Maintain Standards across All Aspects, EXCEL in one!
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National Initiatives
Business Support Organizations
Entrepreneurship Development Centers at
Universities
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Business Incubators
Networking Forums
Business Plan Competitions
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Business Support Organizations
o NFRD
o Small & Medium Enterprise Development Authority
o Women Entrepreneurs Information Network
o Industrial Information Network
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o Technology Upgradation & Skill Development Company
o Trade Development Authority of Pakistan
o Pakistan Horticulture Development & Export Board
o Pakistan Dairy Development Companyo Livestock & Dairy Development Board
o Pakistan Industrial Development Corporation (PIDC)
o Pakistan Software Houses Association for IT & ITES (P@SHA)
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Entrepreneurship Development Centers
o NFRD
o NUST
o Superior University
o NUML
o IBA
o LUMS
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o IMS
o NWFP - UET
o SUIT
o KUST
o Bahauddin Zakariya Universityo PAF - Karachi Institute of Economics & Technology
o Mohammad Ali Jinnah University
o University of Management & Technology (UMT) Center for Entrepreneurship andInnovation (CENTIN)
o University of Veterinary & Animal Science
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Business Incubators
• NFRD
• TIC - This is an initiative of NUST atIslamabad
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•initiative for the benefit of retired ArmyOfficers
• E-Magine Group
• PSEB Smart Plug & Play Incubator
• Saif Center for Innovation
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Networking Forums
• NFRD
• OPEN Pakistan
• TiE Pakistan .
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• n repreneurs p a s an on erence
• All Pakistan Entrepreneurs Exchange
• TAN: Tech Angel Network• Pakistan Private Equity and Venture Capital
Association of Europe
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Business Plan Competitions
• NFRD (Future Plans)• TiE-Khudee, Business Plan Competition• MIT Club of Pakistan Enterprise Forum• Ministry of Youth Affairs "The National Business Plan Competition"• Shell Tameer • The Prince of Wales Pakistan youth entrepreneurship programme• British Council Youth Award
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• Young Leaders Entrepreneurship Summit• Kaavish• FAST University's NASCON• COMSATS• FATA Livelihoods Development Program
• P@SHA LaunchPad - for launching new ideas and startups• IBA INVENT-The Entrepreneurship Challenge• DISCOVER NUST Center of Innovation & Entrepreneurship• IDEAS Youth Entrepreneurship Summit• Business Ideas Competition FAST-NU• Pakistan Entrepreneurship Summit
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.
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National Foundation for Resource Development
Enterprise Development Group
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NFRD
• Building Bridges, Bridging Gaps
• Integrated Approach (Complete EcoSystem)
• Concept Developed 2005-2006 .
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• rs ns u e ar e
• Enterprise Development Started 2007
• Integrated System & Linkages are Growing!
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Entrepreneurship EcoSystem
• Capacity Building
– Integrated Education
– Training
– .
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– Career Counseling & Job Placement
– Mentoring
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Entrepreneurship EcoSystem
• Enterprise Development
– Business Information & Consultancy
– Workshops, Seminars & Courses
– .
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– Business Opportunities
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Entrepreneurship EcoSystem
• Network Development
– Independent Associated Group of Businesses
– Academia-Business-Industry-Government
Linka es
.
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– International Linkages
– Sales & Marketing Channels
– Business Grid – Education Grid
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Business Resources
• Business Planning
• Market Research
• Feasibility Plans
• Business Incorporation .
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• Agreements & Contracts
• Incubation
• Market Access
• Network & Linkages• Investments
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Conclusion
• Entrepreneurship is a viable and rewarding option
• It is the back bone of Innovation, Creativity,Sustained Advantage & Economic Well-Being of a
Nation .
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• Infrastructure, Tools and Support Environment is Available
• The Drive and Motivation of the Entrepreneur is the
Key Ingredient
• Journey Itself is the Reward of Entrepreneurship!
"Indecision Is The Thief Of Opportunity" - Jim Rohn
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.
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.
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Thank You
Dr. Syed Mustafa Ashraf Executive Director
mustafa.syed@nfrd.orgEnterprise Development Group
National Foundation for Resource Development
7th April 2012 Islamabad
mailto:syed@nfrd.orgmailto:syed@nfrd.org
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Reference Books
• Entrepreneurship: by Robert D. Hisrich, Michael P. Peters, Dean A.Shepherd, 6th Edition (McGraw Hill)
• Entrepreneurship: Theory, Process, & Practice. (2010). Asia-Pacific 2nded. Frederick, H; Kuratko D.F & Hodgetts, R.M. Publisher: CengageLearning.
• Entrepreneurship: Strategies and Resources by Marc J. Dillinger, Third
Edition (Pearson Education) .
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. ,
• Essentials of Entrepreneurship and Small Business Management,Thomas W. Zimmerer, Norman M. Scarborough, Pearson Education
• Launching new ventures: An entrepreneurial approach, Allen, K. R.(2003). Boston: Houghton Mifflin (HD 62.5.AD584 2003)
• How to prepare a business plan. London: Kogan Page (HD 30.28.BL7832002) Blackwell, E. (2002).
• Seven steps to a successful business plan. Coke, A. (2002). New York: AMACOM (HD 30.28.CN74)
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Reference Books
• The basics of budgeting. Dickey, T. (1992). Los Altos, CA: CrispPublications
• The successful marketing plan: A disciplined and comprehensiveapproach. Hiebing, R. G., & Cooper, S. (2005). New York: McGraw Hill(HF 5415.13.HL81)
• Analyzing your competitor's financial strengths: how to evaluate key
threats and opportunities. Howell, S. (1993). Financial Times/Pitman .
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.
• So you need to write a business plan! Osteryoung, J., & Denslow, D.(2003). Mason, Ohio: Thomson/South-Western (HD 62.5.OU87)
• Business planning: a comprehensive framework and process. Truitt, W.B. (2002). Westport, Conn: Quorum Books (HD 30.28.TV25)
• Invent business opportunities no one else can imagine. Turock, A.(2002). Franklin Lakes, NJ: Career Press (HD 30.28.TY364)
• The Business plan: a Deloitte Touche Tohmatsu guide to preparing asuccessful business plan. Dn: Hocken Library: Interim 1 Collection [Usein Library]
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