Department of Mechanical Engineering

Business Development &

Entrepreneurship
Instructor
Engr. Waheed Gul
MSc. Mechanical Engineering (Dynamics & Control)
PhD (Automation & Control) in progress
Cell # +923008363243,+923481359349
Email: waheedciel@gmail.com
 Learning Objectives
Department of Mechanical Engineering

 Definition of Business & Entrepreneurship

 Who is Entrepreneur?

 Entrepreneurship Practices

 Difference b/w Entrepreneur & Entrepreneurship

 What is Entraprenurship?

 Difference b/w Entrepreneur & Entrapreneur

 Role of Entrepreneurship in Economic Development

 Project (Case Study) (20 % marks)

 Business
Department of Mechanical Engineering

 Is the activity of making one's living or making money by

producing or buying and selling products (such as goods and
services).
Business
 Any activity or enterprise entered into for profit.

 Occurs when a person or organization profits by providing

goods or services in exchange for money.

​
 Entrepreneur & Entrepreneurship
Department of Mechanical Engineering
 The word entrepreneur originates from the French word,
entrepreneur, which means "to undertake" In a business
context, it means to start a business. Or Innovation, Risk
Taking, Skills, Vision.

 A Person who innovates visual ties and realizes the ideas

Entrepreneur of creating a Venture.

 An entrepreneur is someone who develops a business

model, acquires the necessary physical and human capital
to start a new venture, and operationalizes it and is
responsible for its success or failure.

 The Merriam-Webster Dictionary presents the definition

of an entrepreneur as “one who organizes, manages, and
assumes the risks of a business or enterprise”.
 Entrepreneur & Entrepreneurship
Department of Mechanical Engineering
 Is the process of starting a business or an organization for
profit or for social needs. 

 Is the process of designing, launching and running a new

business, which is often initially a small business.

Entrepreneurship  A function of creating something new, organizing,

coordinating and undertaking risk and handling economic
uncertainty.

 An activity of an individual or group of associated

individuals undertaken to initiate, maintain and enhance
profit by production of goods and services.
 Entrepreneurship Practices
Department of Mechanical Engineering

Entrepreneurship is neither Science nor Art but is knowledge base practice

 The use of Initiative and Innovation. 

Three (3) Practices  The ability to take responsible risk.

 The use of entrepreneurial or management

ability that ensures establishment.

​
 Difference b/w Entrepreneur &
Department of Mechanical Engineering
Entrepreneurship
 He is the Person who owns the venture. 
Entrepreneur  It is the individual (noun).
 He is the person who programs the ideas.
 It can be termed as Risk-Taker.
 He is the creator of an idea.

Entrepreneurship
 The Process of owning the venture. 
 It is the characteristics of an individual.
 It is the art of formulating the visions into realistic outcomes.
 Willingness to assume risks in economic activity.
 Process of creating something new.
 Entrapreneurship
Department of Mechanical Engineering

 Entrepreneurship within an existing organization or business structure.

 Intrapreneurship can also bridge the gap between science and the
marketplace.

 It is the practice of using entrepreneurial skills without taking on the

risks or accountability associated with entrepreneurial activities.

 It is practiced by employees within an established organization using a

systemized business model.
 Entrapreneur
Department of Mechanical Engineering

 An entrepreneur within the boundaries of the organisation.

 An employee of a large organisation, who has the authority of:

1. Initiating creativity and innovation in the company’s products,
services and projects.
2. Redesigning the processes, workflows and system with the objective
of transforming them into a successful venture of the enterprise.
 The intrapreneurs believe in change and do not fear failure, they
discover new ideas, looks for such opportunities that can benefit the
whole organisation takes risks, promotes innovation to improve the
performance and profitability, resources are provided by the
organisation. 
 The job of an intrapreneur is extremely challenging; hence they are
appreciated and rewarded by the organisation accordingly.
 Key Difference b/w Entrepreneur &
Department of Mechanical Engineering
Entrapreneur
 An entrepreneur is defined as a person who establishes a
new business with an innovative idea or concept.
 An entrepreneur is intuitive in nature.
Entrepreneur  An entrepreneur uses his own resources, i.e. man, machine,
money, etc.
 An entrepreneur raises capital himself.

 An employee of the organisation who is authorised to

undertake innovations in product, service, process, system, etc.
is known as Intrapreneur.
Entrapreneur  An intrapreneur is restorative in nature..
 An intrapreneur the resources are readily available, as they
are provided to him by the company.
 An intrapreneur does not need to raise funds himself; rather
it is provided by the company.
 Key Difference b/w Entrepreneur &
Department of Mechanical Engineering
Entrapreneur
 An entrepreneur works in a newly established company. 
 An entrepreneur is his own boss, so he is independent to
take decisions. 
Entrepreneur  He is capable of bearing risks and uncertainties of the
business.
 The entrepreneur works hard to enter the market
successfully and create a place subsequently.

 An intrapreneur is a part of an existing organisation.

 intrapreneur, who works for the organisation, he cannot take
independent decisions.
Entrapreneur  The company bears all the risks.
 Intrapreneur, works for organization-wide change to bring
innovation, creativity and productivity.
 Role of Entrepreneurship in Economic
Department of Mechanical Engineering
Development
1. Wealth Creation
& Sharing

2. Create Jobs

3. Balanced Regional
Development
4. GDP & Per
Captia income
5. Standard of
living
6. Exports

7. Community
Development
 Case Study / Research Papers
20 % Marks
Department of Mechanical Engineering

1. Modeling of Digital Entrepreneurship Structure for the

Development of Pakistan economy

2. Modeling of Entrepreneurship education & Training in Pakistan /

Entrepreneurship education and training needs to be developed in
Pakistan

3. The Social, Physiological and economic dimensions of entrepreneurship in

Pakistan
4. The Current status and Future development of entrepreneurship in Pakistan
Department of Mechanical Engineering