EIN 6936 Design of Industrial Engineering Systems

1
EIN 6936Design of Industrial Engineering Systems

• Spring 2007
• Chin-Sheng Chen
• Florida International University

2
T1 Introduction

• Course objective
• Continuation of the EIN 6133 Enterprise Systems
  Engineering course
• Introduction to Entrepreneurship

3
What is an entrepreneur

• Entrepreneurial profile
• Desire for responsibility
• Preference for moderate risk
• Confidence in their ability to succeed
• Desire for immediate feedback
• High level of energy
• Future orientation
• Skill at organizing
• Value of achievement over money

4
What is an entrepreneur

• Additional characteristics
• High degree of commitment
• Tolerance of ambiguity
• Flexibility

5
Benefits of entrepreneurship

• Opportunity to create your own destiny
• Opportunity to make a difference
• Opportunity to reach your full potential
• Opportunity to reap unlimited profits
• Opportunity to contribute to society and be
  recognized for your efforts
• Opportunity to do what you enjoy and have fun at
  it

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The potential drawbacks of entrepreneurship

• Uncertainty of income
• Risk of losing your entire investment
• Long hours and hard work
• Lower quality of life until the business gets
  established.
• High levels of stress
• Complete responsibility
• Discouragement

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Whats feeding the entrepreneurial fire?

• Entrepreneurs as heroes
• Entrepreneurial education
• Demographic and economic factors
• 25-44 of age
• Shift to a service economy (39 in service, 20
  retailing)
• Technical advancements
• Independent life style
• E-commerce and the WWW
• International opportunities

8
Cultural diversity of entrepreneurship

• Young entrepreneurs
• Women entrepreneurs
• Minority enterprises
• Immigrant entrepreneurs
• Part time entrepreneurs
• Home-based business
• Family business
• Co-preneurs (co-owners)
• Corporate castoffs (laid off)
• Corporate dropouts

9
Deadly mistakes of entrepreneurship

• Management incompetence
• Lack of experience
• Poor financial control
• Failure to develop a strategic plan
• Uncontrolled growth
• Poor location
• Improper inventory control
• Incorrect pricing
• Inability to make the entrepreneurial transition
  (mgt. Skills in transit)

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How to avoid pitfalls

• Know your business in depth
• Develop a solid business plan
• Manage financial resources
• Understand financial statement
• Learn to manage people effectively
• Keep in tune with yourself (physically
  mentally)

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Inside the entrepreneurial mind

• Creativity
• A necessity for survival
• Can be taught
• Need to be imaginative, free spirited,
  entrepreneurial, instead of logica, narrow
  minded, and rigid
• Creating thinking
• Is there a better way?
• Innovation
• Entrepreneurship

12
Techniques for improving the creative process

• Brainstorming
• Mind mapping
• Rapid prototyping

13
Protecting your ideas

• Patents
• Trade marks
• Copy rights
• Protecting IP

14
Search for a competitive advantage

• The aggregation of factors that sets you apart
  from your competitors and gives it a unique image
  in the market.

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Strategic mgt. process

• Develop a clear vision and translate it into a
  meaningful mission statement
• Define the firms core competencies and target
  market
• Assess the companys strengths and weakness
• Scan the environment for significant
  opportunities and treats
• Identify the key factors for success in the
  business
• Analyze the competition
• Create company goals and objectives
• Formulate strategic options and select the
  appropriate strategies (cost, quality, response)
• Translate strategic plans into action plans
• Establish accurate controls