Session 1&2: LRA 203 Entrepreneurship & Innovation - An Overview

Session 1&2
LRA 203
Entrepreneurship & Innovation – An overview
Egypt Japan University Of Science & Technology | EJUST
SESSION RULES
 1. Be committed to the group you belong to.
 2. Registration for this course is a compulsory for attendance.
 3. No Mobile is allowed within the session hall .

ASSESSMENT
 Mid term Exam 60
 Project and presentation 60
 Final Exam 80
About this course
 Learn about entrepreneurship and the role of the entrepreneur
 What makes startups successful
 How to create a successful startup
 How to finance your startup and approach investors
 Innovation management
Course style
 Actual workshop
 Teamwork style
 Hands-on and practical experience
 Actual venture planning

LRA 203
Entrepreneurship & Innovation

THE ENTREPRENEURIAL MIND-SET
 Entrepreneurial Mind-Set
 Describes the most common characteristics associated with successful entrepreneurs as well as the elements
associated with the “dark side” of entrepreneurship.
 Who Are Entrepreneurs?
 Independent individuals, intensely committed and determined to persevere, who work very hard.
 They are confident optimists who strive for integrity.
 They burn with the competitive desire to excel and use failure as a learning tool.
2–7
OUTLINE OF THE ENTREPRENEURIAL ORGANIZATION
Imagination
Willingness
Flexibility to accept
risks
2–8
ENTREPRENEURSHIP THEORY
 Entrepreneurs cause entrepreneurship.

 Entrepreneurship is a function of the entrepreneur:
 Entrepreneurship is characterized as the interaction of skills related to inner control, planning and goal setting, risk taking,
innovation, reality perception, use of feedback, decision making, human relations, and independence.
THE DARK SIDE OF ENTREPRENEURSHIP
 The Entrepreneur’s Confrontation with Risk
 Financial risk versus profit (return) motive varies in entrepreneurs’ desire for wealth.
 Career risk—loss of employment security
 Family and social risk—competing commitments of work and family
 Psychic risk—psychological impact of failure on the well-being of entrepreneurs

2–10
TYPOLOGY OF ENTREPRENEURIAL STYLES
2–11
Source: Thomas Monroy and Robert Folger, “A Typology of Entrepreneurial Styles:

Beyond Economic Rationality,” Journal of Private Enterprise IX(2) (1993): 71.
OVERLAP BETWEEN MORAL STANDARDS AND LEGAL
REQUIREMENTS
Ethical
Dilemmas
REASONS FOR UNETHICAL BEHAVIORS OCCUR
Greed
A reliance on other social Distinctions between

institutions to convey and activities at work and
reinforce ethics activities at home
Survival Lack of a foundation

(bottom-line thinking) in ethics
ENTREPRENEURSHIP
 Entrepreneurship refers to an individual or a small group of partners who

strike out on an original path to create a new business
 Entrepreneurial pursuits often involve innovation ….. What innovation is ?

Innovation
 Innovation is the practical implementation of ideas that result in the

introduction of new goods or services or improvement in offering goods or
services.
 Innovation is doing things differently
Can you name some different types of innovation?

INCREMENTAL CHANGE VS. DISRUPTIVE INNOVATION: WHAT’S THE DIFFERENCE?
Incremental innovation is small, modular

change that takes place slowly over time,
and allows for a gradual development of
the product and its marketplace.
One example of incremental innovation

would be Coca Cola. From the initial
formula containing illicit substances to Diet
Coke to the current-day product with a
variety of flavor offerings.
Disruptive Innovation
 Disruptive innovation refers to the

innovation that transforms expensive
or highly sophisticated products or
services—previously accessible to a
high-end or more-skilled segment of
consumers—to those that are more
affordable and accessible to a broader
population. (C: Investopedia)
Disruptive Innovation
 one of the most recognizable examples

of recent disruption is Netflix. You could
always rent movies and old TV shows via
Blockbuster, but Netflix was the first to
turn its offering into an on-demand
subscription model, accessible at any
time , any where with any device from the
comfort of our own homes.
 Changing the market and ultimately
putting Blockbuster out of business.
Types of innovations
# Innovation Type Description

1. Profit Model How you make money
2. Network Connections with others to create value
3. Structure Alignment of your talent and assets
4. Process Signature of superior methods for doing your work
5. Product Performance Distinguishing features and functionality
6. Product System Complementary products and services
7. Service Support and enhancements that surround your offerings
8. Channel How your offerings are delivered to customers and users
9. Brand Representation of your offerings and business

10. Customer Engagement Distinctive interactions you foster
TYPES OF INNOVATIONS
Successful entrepreneur
 Ambition : to provide excellent

products and services to customers
 Enthusiasm a feeling of excitement

and active interest.
 Teamwork
 Creativity
 Decision-making
 Perseverance: persistence in
doing something despite difficulty.
Entrepreneurial Characteristics
 Passion: positive feelings experienced by engagement in entrepreneurial activities
 Resilience: ability to successfully navigate through crises, setbacks, or challenges.
 Ability to adapt and change : Entrepreneurship is an iterative process; successful

entrepreneurs must be adaptable.
 Decisive: an entrepreneur has to make difficult decisions and stand by them
 Ability to understand different fields

Growth
 Would you like to have 10 M EGP today ?
or
1 pound that double its value every day for 1 month?

 Entrepreneurship
perspective in Egypt
 Career
 Media
 Status
Source: Global entrepreneurship monitor GEM Report – Egypt, 2017

 Entrepreneurship Perception in Egypt
 Opportunities
 Capabilities
 Failure
 Intentions
Source: Global entrepreneurship monitor GEM Report – Egypt, 2017

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Session 1&2

 1. Be committed to the group you belong to.

 2. Registration for this course is a compulsory for attendance.

 3. No Mobile is allowed within the session hall .

 Mid term Exam 60

 Project and presentation 60

 Learn about entrepreneurship and the role of the entrepreneur

 What makes startups successful

 How to create a successful startup

 How to finance your startup and approach investors

 Hands-on and practical experience

 Actual venture planning

Entrepreneurship & Innovation

 Who Are Entrepreneurs?

 They are confident optimists who strive for integrity.

 Entrepreneurs cause entrepreneurship.

 The Entrepreneur’s Confrontation with Risk

 Career risk—loss of employment security

 Family and social risk—competing commitments of work and family

 Psychic risk—psychological impact of failure on the well-being of entrepreneurs

Source: Thomas Monroy and Robert Folger, “A Typology of Entrepreneurial Styles:

A reliance on other social Distinctions between

Survival Lack of a foundation

 Entrepreneurship refers to an individual or a small group of partners who

 Entrepreneurial pursuits often involve innovation ….. What innovation is ?

 Innovation is the practical implementation of ideas that result in the

 Innovation is doing things differently

Can you name some different types of innovation?

Incremental innovation is small, modular

One example of incremental innovation

 Disruptive innovation refers to the

 one of the most recognizable examples

# Innovation Type Description

8. Channel How your offerings are delivered to customers and users

9. Brand Representation of your offerings and business

 Ambition : to provide excellent

 Enthusiasm a feeling of excitement

 Passion: positive feelings experienced by engagement in entrepreneurial activities

 Resilience: ability to successfully navigate through crises, setbacks, or challenges.

 Ability to adapt and change : Entrepreneurship is an iterative process; successful

 Decisive: an entrepreneur has to make difficult decisions and stand by them

 Ability to understand different fields

 Would you like to have 10 M EGP today ?

1 pound that double its value every day for 1 month?

Source: Global entrepreneurship monitor GEM Report – Egypt, 2017

Source: Global entrepreneurship monitor GEM Report – Egypt, 2017

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