1 Al-Madinah International University Faculty of Finance and Administration Bachelor of Business Administration Qualities and Skills Course Code: BBUS1013 ENTREPRENEURSHIP Lecturer: Prof. Dr. Kamal Tawfiq Hattab

Topics: Topic 1 : Entrepreneurship Topic 2 : Inside the Entrepreneurial Mind Topic 3 : Theories of Entrepreneurship Topic 4 : Developing from Others Experiences Topic 5 : Technology Entrepreneurship Topic 6 : Preparing a Business Plan Topic 7 : Presenting a Business Plan Topic 8 : Starting a New Business Topic 9 : Intellectual Properties Topic 10 : Entrepreneurship from an Islamic Perspectives

3 ENTREPRENEUR DEFINITION In most definitions of entrepreneurship there is a consensus that we are talking about a pattern of behavior include the following: 1 - initiative. 2 - the organization and reorganization of the social and economic techniques to convert the sources and conditions to be more practical. 3 - accept the risk or loss.

4 For the economist, the organizer is the person who brings resources, labor, raw materials and all other property, which is also the person providing the innovations and new systems to work.

For the psychologist, such a person is motivated by certain factors, may have been the need to obtain something, or experience or achievement, or perhaps to escape the power of other individuals have been seen as organized by the philosopher capitalist as someone who creates wealth for others, too, where he can exploit the riches of effectively and reduce the rate of waste, and provide job opportunities for workers with him, and despite the fact that both of these definitions look at the entrepreneurs from the perspective of variable bit but all of which symbolizes the same things regeneration and management, creativity, wealth and risk.

6  generally we can say that there is difficulty in agreeing on a precise definition of the term structured, but more terms comprehensive as in the words of Jeffrey Timmons (author of Mind Organizer): Organizer is a person succeeds to make something of value from nothing and it requires enthusiasm and a vision and a commitment to lead others to implement this vision, as well as to prepare to assume the risks of doing this work

7  The adopted definition :  Entrepreneurship, as a field of business, seeks to understand how opportunities to create something new (e.g, new products or services, new markets, new production processes or raw materials, new ways of organizing existing technologies) arise and are discovered or created by specific individuals, who then use various means to exploit or develop them, thus producing a wide range of effects.

Reasons Behind the Establishment of Small Business

You can classify these causes into three main sections 1.personal qualities 2.cultural influences

Personal Qualities There is considerable disagreement on the subject of a personal organizer, some such as Drucker believes that individuals can be taught to become organizers, others feel the impossibility of any points some of them to be a good idea to present a lot, but individuals who carry them out rare (good ideas are common, the people who can implement them are rare).

Personal Qualities Overall, despite the lack of complete agreement for the attributes most important for the entrepreneur, the most frequently cited of which include the following :  Motivation: motivation is (mental and physical) to achieve success and accomplishing the tasks of an absolute choice and on your terms private.

Personal Qualities  Trust: an abiding faith in your abilities and your chances for success.

Personal Qualities  Willingness to risk: willingness to sacrifice security your own, as the need arises in order to achieve your goals.

Personal Qualities  The ability to make decisions: skill necessary to analyze complex situations and to reach results that make your business successful, as well as to prepare for the initiatives in conditions that may not be submitted by others.

Personal Qualities Skills of Human Relations: the ability of its articles of others and encouraging dealings, trust and loyalty.Skills of Human Relations: the ability of its articles of others and encouraging dealings, trust and loyalty.

Personal Qualities  Communication Skills: the talent for self- expression, and understanding of others and share ideas,

Personal Qualities  Technical Capacity: Experience required to produce goods and provide services that are running the company.

Personal Qualities  Other factors: the need for tangible rewards, the need to establish something for your family, the desire for independence, as well as to satisfy the aspirations.

Cultural Influences  The desire to create a new project or a new company depends on the culture of the individual and his family and his school and his peers, the culture that appreciates the individual who is a new company successful, producing a number of new companies over what is produced by a culture that does not provide a sufficient appreciation, for example, culture U.S. encourages individuals to be masters of themselves in the work and open the door to individual opportunity and success in work and earn money. And Japanese culture for example, organized help to continue and complete the work despite the difficulties it faces, and all these things are components of the process of organizing projects.

20 There are several factors enable, such as: Government: the government contributes to this process by providing the infrastructure that supports the new project, or through low taxes imposed on the creation of new companies, States which impose high taxes on individuals hinder the process of creating new companies where they can not gain a good addition to the financial the existence of financial risk, psychological and social as well. What makes a new company to be possible:

21 Background: It must be structured, the projects also have the background that enables him to create a new project, knowledge obtained by the individual through education or previous work experience feel that the regulator has the possibility to create and manage a new project. What makes a new company to be possible:

22 Marketing: There must be a proper market for the good new addition to the systematic knowledge of the affairs of marketing so that it can plan how the new product packaging, and pricing, distribution, and promotion of a way that guarantees success in the marketplace. What makes a new company to be possible:

23 Presence of individuals have created their own business and achieved success as organizers is one of the most influential factor in making the establishment of new firms is possible. Seeing someone succeed in doing what makes it easy to imagine the same person is doing the same, but better, of course. What makes a new company to be possible:

24 Provide the necessary financial resources to create a new project, and although most of the money comes from the individual's personal savings and the assumption, friends, and relatives, there is a need in most cases, the seed money to create work. What makes a new company to be possible:

25 The study of entrepreneurship is very important in this day not because of their assistance to the organizers to meet their personal, but because of the economic role played by new projects and the process operates as a bridge up between innovation and application, not only as a means to increase national income by providing new job opportunities, also considered Many economists, led by Marshall organized an important component of production (some considered the fourth element after the land, labor and capital), given that these three elements needed for those who organized and make decisions, especially with regard to the identification of production, quantity, and this is the role of the organizer. The role of entrepreneurship in economic development:

The Effects of the Community:  There are many companies that were established by individuals, retirees, or individuals who have left their previous employment due to transmission of a family to live in a new place, or by individuals who have been separated from their work, also to complete the study and obtain a degree may be a reason for the establishment of new companies, for example, a person who does not get a job after completion of study (bachelor's or master) have tended to create a company of its own, in some cases may be forced immigrants to other countries to establish their own business with them, especially if they apply incentive language and skills required by employers in these countries.

Advantages and Disadvantages

Advantages of owning Small Business:  Independence: it is you who has the authority to take decisions and, as head work, Bhozatk authority to direct all the activities of this work.

Advantages of owning Small Business:  Creative freedom: without the restrictions imposed through policies developed and the need to pass through the channels, the ideas and talents can be expressed freely.

Advantages of owning Small Business:  profits: the greater the success of your business the more money you raised, while the salaries of employees based in general on the adoption of the budget and the high cost of living, your income is linked to your performance directly.

Advantages of owning Small Business:  Job security: As you own your own business, it can not be a Iqaltk or laid off or forced to retire.

Advantages of owning Small Business:  pride: "You feel good comes from knowing that you built your own company and turned it into a successful operation of the self through your own efforts.

Disadvantages of owning Small Business:  risk investment: If the failed job, it's possible to lose your investment in bulk.

Disadvantages of owning Small Business:  Personal sacrifice: You may have organized to work for long hours (especially in the early days of the founding of work) in order to achieve success, which could affect his relationship with his family and friends.

Disadvantages of owning Small Business:  income volatility: Instead of ensuring access to regular salary, you are dependent on the income is subject to the vagaries of the business.

Disadvantages of owning Small Business:  Responsibility: The freedom to make decisions involving the burden of responsibility for these decisions, if something fails, you are ultimately responsible. As you always face pressure to satisfy your customers and pay the salaries of workers and meet the demands of creditors.