Entrepreneurship

bb Primer_
Sequence1

Dr. Hassan Ashraf

Entrepreneurship _ CU Islamabad _ Wah Campus _ Civil Engineering
Department _ Class of 2023 1
Solar Roof by Tesla

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Solar Roof by Tesla

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Solar Roof by Tesla

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Solar Roof by Tesla

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Warranty and Specs

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 Tesla as an example
https://www.tesla.com/solarroof
https://www.tesla.com/powerwall

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Powerwall by Tesla

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Powerwall Specs

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 The importance of details

The devil is in the details.

Always remember never shoot the answer without analyzing the whole scenario, especially when the answer is
required in a written form.
Please understand the importance of details.
Those who will work out details before pronouncing a verdict will be undoubtedly the Triumphant Kings.

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A powerful way of conveying your message

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 Animation a powerful tool

Need to go onto the weblink to show the animation.

https://www.tesla.com/powerwall

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 An important quote
Nothing that sends you to the grave with a smile on your face
comes easy. Work hard doing what you love. Find out what gives
you energy and improve on it. Betty Coster.

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 The Definition of Entrepreneurship
• The most basic idea associated with the concept of entrepreneurship
is that of value creation.
• Some scholars argue that the typical notions such as alertness to
opportunity, creativity, and determination are also very common in
describing people such as inventor, artists, corporate executives and
other social actors.
• Therefore, in the light of the previous argument, it becomes pertinent
to have a definition of entrepreneurship that differentiates this notion
with others.

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 The Definition of Entrepreneurship
According to French economist

• Entrepreneur is an individual who “ shifts economic resources out

of an area of lower and into an area of higher productivity and
greater yield.”

• The definition of French Economist typically points out towards the

importance of value creation. One who involves himself in the
process of value creation is an entrepreneur.

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 The Definition of Entrepreneurship
A very famous and renowned Austrian economist Joseph
Schumpeter also contributed to the notion of entrepreneurship.
Entrepreneurial spirit provides ground to identify a commercial
opportunity – whether a material, product, service, or business – and
organizes a venture to implement it. According to him a successful
entrepreneurship provides basis for other entrepreneurs to act upon
the idea.

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 The Entrepreneurial Mind

• Into the attitudes and behaviors

• Entrepreneurs are anchored by certain attitudes and behaviors as
well as by the “chunks” of experience, skills, know-how, and
contacts they possess.

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 Six Important Themes

Commitment
and
Determination

Motivation to
Leadership
Excel

Themes
Creativity,
Self-reliance, Opportunity
and ability to Obsession
adapt

Tolerance of
Risk,
Ambiguity,
and
Uncertainty

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 Commitment
Theme Attitude or Behavior
Commitment and • Tenacity and decisiveness, able to
determination decommit/commit quickly
• Discipline
• Persistence in solving problems
• Willingness to undertake personal sacrifice
• Total immersion

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 Leadership
Theme Attitude or Behavior
Leadership • Self-starter; high standards but not perfectionist
• Team builder and hero maker; inspires others; treat
others as you want to be treated
• Share the wealth with all the people who helped to
create it; integrity and reliability; builder of trust;
practices fairness
• Not a lone wolf
• Superior learner and teacher
• Patience and urgency

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 Opportunity Obsession
Theme Attitude or Behavior
Opportunity • Having intimate knowledge of customers’ needs
obsession
• Market driven
• Obsessed with value creation and enhancement

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Tolerance of risk, ambiguity, and uncertainty
Theme Attitude or Behavior
Tolerance of risk, • Calculated risk taker
ambiguity, and
• Risk minimizer
uncertainty
• Risk sharer
• Manages paradoxes and contradictions
• Tolerance of uncertainty and lack of structure
• Tolerance of stress and conflict
• Ability to resolve problems and integrate
solutions

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 Motivation to Excel
Theme Attitude or Behavior
Motivation • Goal-and results orientation; high but realistic goals
to excel
• Drive to achieve and grow
• Low need for status and power
• Interpersonally supporting (versus competitive)
• Aware of weaknesses and strengths
• Having perspective and sense of humor

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 Importance of Commitment
• President and founder of cuisinarts Inc reflects on the importance
of commitment and persistence by saying that entrepreneurs
come in all flavors, personalities, and degree of ethics, but one
thing they have in common is that they never give up.

• Apart from being persistent entrepreneurs have a strong desire to

complete their jobs. In essence they have strong problems
solving skills with further qualities such as tenacity, discipline and
persistence which make their problem solving skills apart from
rest of the stock.

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 Diff b/w Management and Leadership
Management
Creating Planning and Budgeting-
an agenda establishing detailed steps
and timetables for
achieving needed results,
and then allocating the
resources necessary to
achieve these results.
Leadership
Establishing direction-
developing a vision of the
future, often the distant
future, and strategies for
producing the changes
needed to achieve that
vision
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 Importance of Human Network
Management Leadership

Developing a Organizing and staffing – Aligning people-

human establishing some structure
network for for accomplishing
achieving the requirements, staffing that
agenda structure with individuals,
delegating responsibility and
authority for carrying out the
plan , providing policies and
procedures to help guide
people, and creating
methods or systems to
monitor implementation
communicating the
direction by words
and deeds to all
those whose
cooperation may be
needed to influence
the creation of teams
and coalitions that
understand the vision
and strategies, and
accept their validity

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 Execution
Management Leadership
Execution Controlling and problem Motivating and inspiring-
solving – monitoring energizing people to
results versus plan in overcome major political,
detail, identifying bureaucratic, and resource
deviations, and then barriers to change be
planning and organizing satisfying very basic, often
to solve these problems unfulfilled needs

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 Tesla as an example
Management Leadership
Outcomes Produces a degree of Produces change, often to
predictability and order, a dramatic degree, and
and has the potential of has the potential of
consistently producing key producing extremely
results expected by useful change
various stakeholders.

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 Impediments to Entrepreneurship
• Invulnerability
• Being Macho
• Being antiauthoritarian
• Impulsivity
• Outer control
• Perfectionist
• Know it all
• Counter dependency

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 Basis to Entrepreneurship
• Do what gives you energy- have fun
• Figure out how to make it work.
• Say “can do,” rather than “cannot” or “maybe.”
• Tenacity and creativity will triumph
• Anything is possible if you believe you can do it.
• If you don’t know it can’t be done, then you will go ahead and do it.
• The cup is half-full, not half-empty.
• Be dissatisfied with the way things are – and look for improvement.
• Do things differently.
• Don’t take a risk if you don’t have to – but take a calculated risk if it’s
the right opportunity for you.

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 Importance of Experience
• All successful entrepreneurs have to undergo the process of
experience accumulation before launching their own ventures

• Very famous example includes:

• Steve Jobs of Apple Computers [ Steve Jobs and Steve Wozniak

both managed to have some good amount of hands on
experience before they both vowed to launch their own company]

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 Why experience is necessary?

Experience Creation of social network

Build up of confidence to run the

Experience
show

Means to acquire the necessary

Experience
learning curve

Experience Build up of image necessary to

win investors’ confidence
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 Importance of Early Years in Profession
It is safe to argue that the first ten years can flip the entrepreneur’s
success. Why? Because:
1) If an individual fails to accumulate right experience in the first 10
years of his life then the odds of entrepreneurial venture’s
success are not in his favor.
2) If he has not worked hard in these formative years, it will be
highly likely that he will be regarded in the industry as such and
therefore will find difficult to convince potential investors for
extremely important investments.
3) Most importantly he will not have “Self-Efficacy”.

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 Apprenticeship
• Living and working closely to other entrepreneurs provides an
opportunity to enhance one’s odds to successfully venture into
entrepreneurship.
• Entrepreneurship is all ‘learning by doing’.

• “Knowing what to prepare for, where the windows for acquiring the
relevant exposure lie, how to anticipate these, where to position
oneself, and when to move on can be quite useful.” (Tillerson,
1999)

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 Mental Model of an Entrepreneur
• Businesses fail; successful entrepreneurs learn.
• It is easier to beg for forgiveness than to ask for permission in the
first place.
• Make opportunity and results your obsession – not money.
• Money is a tool and a scorecard available to the right people with
the right opportunity at the right time.
• Making money is more fun than spending it.
• Make heroes out of others – a team builds business; an individual
makes a living.
• Take pride in your accomplishment - its contagious!

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 Mental Model of an Entrepreneur
• Sweat the details that are critical to success
• Integrity and reliability equal long-run oil and glue.
• Make the pie bigger – don’t waste time trying to cut smaller slices
• Play for the long haul – it is possible to get rich quickly
• Don’t pay too much – but don’t loose it!
• Only the lead dog gets the change of view
• Success is getting what you want: Happiness is wanting what you
get.

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 bb

Thank You

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