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EntrepreneurshipCPD Course
Dr. Syed Mustafa AshrafExecutive Director
[email protected] Development Group
National Foundation for Resource Development
7th April 2012 Islamabad
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CPD Course Description
This CPD Unit will introduce the conceptsof entrepreneurship and lay thefoundation for developing the necessaryskill set to explore entrepreneurialopportunities in order to
Create Value And Serve Society
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This CPD Unit will introduce the conceptsof entrepreneurship and lay thefoundation for developing the necessaryskill set to explore entrepreneurialopportunities 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
Confidence• To Leverage Engineering Knowledge To Identify
Gaps And Opportunities For Innovation• To Build On Business Skills Such As Marketing And
Accounting
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• To Identify Entrepreneurship As A Career AndLifestyle Option
• To Increase Self Awareness, Especially Work Ethic• To Develop A Mindset For Business And Develop
Confidence• To Leverage Engineering Knowledge To Identify
Gaps 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• Analyze the environment for entrepreneurship• Know the value of a business plan and be able to seek
help 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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After completing this CPD Course, one should be able to:• Explain the nature of entrepreneurship• Develop an entrepreneurial perspective by recognizing
entrepreneurial opportunities• Analyze the environment for entrepreneurship• Know the value of a business plan and be able to seek
help to develop one• Set up a business organization through leveraging• Assemble the Core Team• Identify the sources of capital for a business venture
4
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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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3.3 m
$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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4.4 m
$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
• 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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• Knight (1921) Profits From Bearing Uncertainty And Risks
• Cole (1952) Purposeful Activity To Initiate And Develop AProfit-oriented Business
• Mcclelland (1961) Moderate Risk Taking
• 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 OfAn Economic Organization
• The Chance For Gain (Or Increase) UnderRisk And Uncertainty
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• Creativity And Innovation
• Resource Gathering And The Founding OfAn Economic Organization
• 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• Risk: Variability Of Outcomes Or Returns• Uncertainty: Degree Of Confidence In The Estimates Of
How The World Works; Of The Causes And Effects Of TheEnvironment
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• 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• Risk: Variability Of Outcomes Or Returns• Uncertainty: Degree Of Confidence In The Estimates Of
How The World Works; Of The Causes And Effects Of TheEnvironment
9
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Entrepreneurship
• The Creation Of An Innovative EconomicOrganization For The Purpose Of Gain OrGrowth Under Conditions Of Risk AndUncertainty
• New Venture Creation
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• The Creation Of An Innovative EconomicOrganization For The Purpose Of Gain OrGrowth Under Conditions Of Risk AndUncertainty
• New Venture Creation
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Resource Based Definition
• Entrepreneur Uses Resources That Areo Rareo ValuableoHard To DuplicateoHave No Good Substitutes
To Obtain A Sustainable Competitive Advantage
“The Nature And Quality Of The Resources, Capabilities AndStrategies The Entrepreneur Possesses And Can AcquireWill Directly determine the Long-term Success”
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• Entrepreneur Uses Resources That Areo Rareo ValuableoHard To DuplicateoHave No Good Substitutes
To Obtain A Sustainable Competitive Advantage
“The Nature And Quality Of The Resources, Capabilities AndStrategies The Entrepreneur Possesses And Can AcquireWill Directly determine the Long-term Success”
11
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Who is an Entrepreneur ?Previously Now
Small Business Founder True EntrepreneurBoss LeaderLone Ranger NetworkerSecretive OpenSelf-reliant InquisitiveOff the Cuff Business Planner/Strategist
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Off the Cuff Business Planner/StrategistSnap Decisions Consensus Builder & Informed
Decision MakerOverwhelmingly Male Gender is a Non IssueSuccess Due to Idea Success Due to ExecutionKnows the Trade Knows the BusinessTechnology for Automation Technology for InnovationEarning a living Creating Value & Wealth
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New Entrepreneurs
• Aware & Active Academia• Mid Career Professionals & Executives• Talent From Downsized Companies• Early Retirees• Quest For Status• Control Over Personal Life• Local Need Analysis & Solution• Globalization Opportunities
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• Aware & Active Academia• Mid Career Professionals & Executives• Talent From Downsized Companies• Early Retirees• Quest For Status• Control Over Personal Life• Local Need Analysis & Solution• Globalization Opportunities
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Dimensions of New EnterpriseDimensions of New Enterprise
IndividualCharacteristics
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Environment Organization
Constraints
NewEnterprise
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The Individual
• Psychological, Sociological And DemographicCharacteristics
• Experience, Knowledge, Expertise AndTraining
• Character & Professionalism• Personal Integrity• Ethics
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• Psychological, Sociological And DemographicCharacteristics
• Experience, Knowledge, Expertise AndTraining
• 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– Generate customer commitment to the product and the
organization that provided it
‘The Only Sustainable Competitive AdvantageThat Any Business Has Is Its Reputation’
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• 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– Generate customer commitment to the product and the
organization 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 Dreams4. Communicate with People and Show You Care5. Appreciate and Recognize People for Their Efforts and
Results6. Celebrate Your Own and Others’ Accomplishments7. Listen to Others and Learn from Their Ideas8. 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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1. Commit to Achieving Success and Always BePassionate
2. Share Success with Those Who Have Helped You3. Motivate Yourself and Others to Achieve Your Dreams4. Communicate with People and Show You Care5. Appreciate and Recognize People for Their Efforts and
Results6. Celebrate Your Own and Others’ Accomplishments7. Listen to Others and Learn from Their Ideas8. Exceed Expectations of Customers and Others9. Control Expenses and Save Your Way to Prosperity10. Swim Upstream, Be Different and Challenge the Status
Quo17
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Environment
• Opportunities In The Form of Resources• People• Technology• Money
• Acquire Resources And Combine Them WithThe Ones Already Present to Deliver Value
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• Opportunities In The Form of Resources• People• Technology• Money
• Acquire Resources And Combine Them WithThe Ones Already Present to Deliver Value
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Constraints or Threats
• Competition• Government Influences• Political Environment• Socio-Economic Conditions
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• Competition• Government Influences• Political Environment• Socio-Economic Conditions
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Economic Organization
• Value Propositiono Drive And Motivation Embodiment
• Cultivate Form And Structureo Functional Level Strategies
• Find Entry Wedges Or Pointso To Penetrate Or Create A Market
• Build Isolating Mechanismso To Protect Its Positions
• Define Cultureo Determines Performance & Quality
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• Value Propositiono Drive And Motivation Embodiment
• Cultivate Form And Structureo Functional Level Strategies
• Find Entry Wedges Or Pointso 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-Basedo 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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• Transcendento Philosophical – Concerns The Function Intended
• Product-Basedo Product Or Service Attribute Held In High Regard
• User-Basedo 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 QualityPerspectives To Be Able To Make DecisionsBased On The Current Situation
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Entrepreneur Must Understand All QualityPerspectives To Be Able To Make DecisionsBased On The Current Situation
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Be a Dynamic Entrepreneur!
• Find Your Strengths• Dream Big Dreams• Mistakes Will Happen• Persistence Pays Off• Hire People for Their Values• 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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• Find Your Strengths• Dream Big Dreams• Mistakes Will Happen• Persistence Pays Off• Hire People for Their Values• 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
• As an entrepreneur, you will need a plan to– Avoid Pitfalls– Achieve Your Goals– Build A Profitable Business
Is Entrepreneurship For You?
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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
• As an entrepreneur, you will need a plan 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-something — research shows that their
average age is 40 !
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Typical first-time entrepreneur is not a 20-something — research shows that their
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• Sales and Marketing Plan• Practical Organizing of your Business• Business Development Strategy• Budgets• Financing Options
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• Business Concept• Personal Resources and Objectives• Product/Service• Market Description/Analysis• 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– CEO Focus, Skills and Understanding– Team Quality
• Organizational Issues– Corporate Culture Alignment with Enterprise– Team Culture Alignment with Enterprise
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• Business Issues– Understand the process of building a business– Team, Resources & Market Pain must intersect!
• Personal Issues– 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– Product & Technology Leadership
• Best Service– Customer Focus
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• Best Total Cost– Operational Excellence
• Best Products– Product & Technology Leadership
• Best Service– Customer Focus
Maintain Standards across All Aspects, EXCEL in one!
There is Substantial Support NetworkThere is Substantial Support Network
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National Initiatives
Business Support Organizations
Entrepreneurship Development Centers atUniversities
Business Incubators
Networking Forums
Business Plan Competitions
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Business Support Organizations
Entrepreneurship Development Centers atUniversities
Business Incubators
Networking Forums
Business Plan Competitions
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Business Support Organizations
o NFRD
o Small & Medium Enterprise Development Authority
oWomen Entrepreneurs Information Network
o Industrial Information Network
o Technology Upgradation & Skill Development Company
o Trade Development Authority of Pakistan
o Pakistan Horticulture Development & Export Board
o Pakistan Dairy Development Company
o Livestock & Dairy Development Board
o Pakistan Industrial Development Corporation (PIDC)
o Pakistan Software Houses Association for IT & ITES (P@SHA)
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o NFRD
o Small & Medium Enterprise Development Authority
oWomen Entrepreneurs Information Network
o Industrial Information Network
o Technology Upgradation & Skill Development Company
o Trade Development Authority of Pakistan
o Pakistan Horticulture Development & Export Board
o Pakistan Dairy Development Company
o 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 Centerso NFRDo NUSTo Superior Universityo NUMLo IBAo LUMSo IMSo NWFP - UETo SUITo KUSTo Bahauddin Zakariya Universityo PAF - Karachi Institute of Economics & Technologyo Mohammad Ali Jinnah Universityo University of Management & Technology (UMT) Center for Entrepreneurship and
Innovation (CENTIN)o University of Veterinary & Animal Science
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o NFRDo NUSTo Superior Universityo NUMLo IBAo LUMSo IMSo NWFP - UETo SUITo KUSTo Bahauddin Zakariya Universityo PAF - Karachi Institute of Economics & Technologyo Mohammad Ali Jinnah Universityo University of Management & Technology (UMT) Center for Entrepreneurship and
Innovation (CENTIN)o University of Veterinary & Animal Science
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Business Incubators
• NFRD• TIC - This is an initiative of NUST at
Islamabad• Askari Commercial Enterprises An AWT
initiative for the benefit of retired ArmyOfficers
• E-Magine Group• PSEB Smart Plug & Play Incubator• Saif Center for Innovation
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• NFRD• TIC - This is an initiative of NUST at
Islamabad• Askari Commercial Enterprises An AWT
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• Entrepreneurship Pakistan Conference• All Pakistan Entrepreneurs Exchange• TAN: Tech Angel Network• Pakistan Private Equity and Venture Capital
Association of Europe
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• NFRD• OPEN Pakistan• TiE Pakistan• Entrepreneurship Pakistan Conference• 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• 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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• 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• 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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NFRD
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NFRDNational Foundation for Resource Development
Enterprise Development Group
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NFRD
• Building Bridges, Bridging Gaps• Integrated Approach (Complete EcoSystem)• Concept Developed 2005-2006• First Institute Started 2006• Enterprise Development Started 2007• Integrated System & Linkages are Growing!
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• Building Bridges, Bridging Gaps• Integrated Approach (Complete EcoSystem)• Concept Developed 2005-2006• First Institute Started 2006• Enterprise Development Started 2007• Integrated System & Linkages are Growing!
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Entrepreneurship EcoSystem
• Capacity Building– Integrated Education– Training– Skills Development– Career Counseling & Job Placement– Mentoring
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• Capacity Building– Integrated Education– Training– Skills Development– Career Counseling & Job Placement– Mentoring
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Entrepreneurship EcoSystem
• Enterprise Development– Business Information & Consultancy– Workshops, Seminars & Courses– Business Incubation– Business Opportunities
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• Enterprise Development– Business Information & Consultancy– Workshops, Seminars & Courses– Business Incubation– Business Opportunities
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Entrepreneurship EcoSystem
• Network Development– Independent Associated Group of Businesses– Academia-Business-Industry-Government
Linkages– International Linkages– Sales & Marketing Channels– Business Grid– Education Grid
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• Network Development– Independent Associated Group of Businesses– Academia-Business-Industry-Government
Linkages– International Linkages– Sales & Marketing Channels– Business Grid– Education Grid
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Business Resources
• Business Planning• Market Research• Feasibility Plans• Business Incorporation• Agreements & Contracts• Incubation• Market Access• Network & Linkages• Investments
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• Business Planning• Market Research• Feasibility Plans• Business Incorporation• 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 aNation
• Infrastructure, Tools and Support Environment isAvailable
• The Drive and Motivation of the Entrepreneur is theKey Ingredient
• Journey Itself is the Reward of Entrepreneurship!
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• Entrepreneurship is a viable and rewarding option• It is the back bone of Innovation, Creativity,
Sustained Advantage & Economic Well-Being of aNation
• Infrastructure, Tools and Support Environment isAvailable
• The Drive and Motivation of the Entrepreneur is theKey Ingredient
• Journey Itself is the Reward of Entrepreneurship!
"Indecision Is The Thief Of Opportunity" - Jim Rohn
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Thank You
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Thank You
Dr. Syed Mustafa AshrafExecutive Director
[email protected] Development Group
National Foundation for Resource Development
7th April 2012 Islamabad
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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 2nd
ed. Frederick, H; Kuratko D.F & Hodgetts, R.M. Publisher: CengageLearning.
• Entrepreneurship: Strategies and Resources by Marc J. Dillinger, ThirdEdition (Pearson Education)
• Thinking Like An Entrepreneur: by Peter I. Hupalo, HCM Publishing• 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.BL783
2002) Blackwell, E. (2002).• Seven steps to a successful business plan. Coke, A. (2002). New York:
AMACOM (HD 30.28.CN74)
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• 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, ThirdEdition (Pearson Education)
• Thinking Like An Entrepreneur: by Peter I. Hupalo, HCM Publishing• 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.BL783
2002) Blackwell, E. (2002).• Seven steps to a successful business plan. Coke, A. (2002). New York:
AMACOM (HD 30.28.CN74)
47
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Reference Books• The basics of budgeting. Dickey, T. (1992). Los Altos, CA: Crisp
Publications• The successful marketing plan: A disciplined and comprehensive
approach. Hiebing, R. G., & Cooper, S. (2005). New York: McGraw Hill(HF 5415.13.HL81)
• Analyzing your competitor's financial strengths: how to evaluate keythreats and opportunities. Howell, S. (1993). Financial Times/PitmanPublishing Management Series (HD 41.HU91)
• 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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• 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 keythreats and opportunities. Howell, S. (1993). Financial Times/PitmanPublishing Management Series (HD 41.HU91)
• 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)
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