International Islamic University Islamabad

Faculty of Engineering & Technology

Department of Electrical Engineering

Assignment Of Entrepreneurship

Name: Muhammad AFAQ

Reg # 265-FET/BSEE/F17
Submitted To: Sir Khalid Gill
Introduction:
What Is an Entrepreneur?
An entrepreneur is an individual who creates a new business, bearing
most of the risks and enjoying most of the rewards. The process of
setting up a business is known as entrepreneurship. The entrepreneur
is commonly seen as an innovator, a source of new ideas, goods,
services, and business/or procedures. Entrepreneurs play a key role in
any economy, using the skills and initiative necessary to anticipate
needs and bringing good new ideas to market. Entrepreneurship that
proves to be successful in taking on the risks of creating a startup is
rewarded with profits, fame, and continued growth opportunities.
Entrepreneurship that fails results in losses and less prevalence in the
markets for those involved.
How Entrepreneurship Works?
Entrepreneurship is one of the resources economists categorize as
integral to production, the other three being land/natural resources,
labor, and capital. An entrepreneur combines the first three of these to
manufacture goods or provide services. They typically create
a business plan, hire labor, acquire resources and financing, and
provide leadership and management for the business.

NOW WE WILL DISCUSS TWO ENTREPRENEURS

 Bill Gates
Entrepreneur and businessman Bill Gates and his business partner Paul Allen
founded and built the world's largest software business, Microsoft, through
technological innovation, keen business strategy and aggressive business tactics.
In the process, Gates became one of the richest men in the world.
Introduction: Bill Gates was born in Seattle to a father who was a leading
lawyer there and a mother who was part of a prominent banking family. So,
young Bill had no problem with social status and the family was not short of
money. However, there is evidence that Bill was driven by a joy of creativity.
As a boy, he was fascinated by computers and programming. He even managed
to convince his teachers to let him drop maths so that he could pursue
programming. At the age of 14, Bill and his school friend, (and future Microsoft
partner) Paul Allen , converted an Intel processor into a traffic counter and
earned $20,000 each for themselves. Six years later, in 1975, Paul talked Bill
into dropping out of Harvard and travelling halfway across the country to New
Mexico, in order to develop an interpreter of the BASIC programming language
for the new Altai microcomputer. This opportunity gave birth to Microsoft but
was clearly driven not by a desire to beat competitors but more by a love of
doing something new, with new technologies, in a new industry.
Within ten years, however, Microsoft was creating its own opportunities and
was on the path to becoming the $50 billion, 80,000 employee, multinational,
dominant force that it is today in computing. The big opportunity came in 1981,
when IBM turned to Microsoft to produce the operating systems for its new
personal computers. To meet the IBM deadline, Microsoft bought the rights to
an existing system for $50,000 and adapted it into the PC-DOS. Each IBM PC
sold included the Microsoft system yet Microsoft retained the rights to sell to
other customers. As clones of the IBM PC began to flood the market, they too
were mostly using the Microsoft disk operating system (MS-DOS). As the
money poured in, Microsoft stepped up its R&D so that it soon began to lead,
rather than follow, market developments. So, Bill moved from being something
in between an enthusiastic hobbyist, and a classical opportunity spotting
entrepreneur, into a thoroughly modern entrepreneur who savours the creating
of new opportunities. Bill now clearly enjoys being a winner.
Traits of the Bill Gates Leadership Style:
There are 6 clear traits that are a fundamental part of how Bill Gates approaches
the concept of leadership.
1. Focus
Knowing something is much different than having wisdom. Gates focuses on
the one thing he knows best, which is software, and then he makes it the best it
can become. He worked hard to dominate his industry, made execution a top
priority, and stuck with the skills that he considered to be his strongest.
2. Big Picture
Gates also takes a practical approach to setting goals. He has a big picture that
he keeps in mind. Instead of creating a vision that is unapproachable, Gates uses
a step-based approach to make progress toward his vision. It’s like trying to
walk up a staircase. With this leadership style, you’re taking one step at a time
instead of trying to jump from the bottom to the top.
3. Creativity
Instead of staying in a zone of comfort, Gates encouraged himself and his
people to embrace creativity. His leadership style works to empower people
because individual perspectives create new opportunities to explore ideas. many
people followed Gates because they knew he could help them transform
themselves into better leaders too.
4. Caring
Even though Gates is often listed as one of the richest people in the world, he is
also one of the most prolific givers to philanthropic causes in the world today.
In 2010, Gates (with Warren Buffett) promised to give away a majority of his
wealth. Over $28 billion has been donated to his foundation, with the goal of
giving away $90 billion in time. That caring attitude was also present in the
workplace, making sure people had the best possible opportunity to find success
if they wanted it.
5. Education
Bill Gates may have dropped out of school, but that doesn’t mean he ignores
what a good education is able to provide. Learning is a lifelong process under
his leadership style. There is always something new to learn every day if one is
willing to look for it in their life. Even after he helped to found Microsoft and
built it into a software empire, Gates was working on his public speaking skills,
his communication skills, and ways that he could improve social interactions
with others.
6. Passionate
Love Microsoft products or hate them, there is no denying the fact that Gates
put a lot of love into everything he did for the company. Even if the only thing
he needed to do was write a thank you note, you were guaranteed a message that
came straight from his heart. Like many leaders, the belief of Bill Gates is that
if something is worth doing, then it is worth doing to the best of one’s ability.
 Steve Jobs
Steve Jobs is an entrepreneurial legend. He famously started Apple in a garage
with co-founder Steve Wozniak in 1976 after dropping out of college. The tech
company has a market capitalization of $870 billion.
Introduction: Steven Jobs was born February 24, 1955, in San Francisco,
California, and was adopted by Paul and Clara Jobs. He grew up with one sister,
Patty. Paul Jobs was a machinist and fixed cars as a hobby. Jobs remembers his
father as being very skilled at working with his hands.
In 1961 the family moved to Mountain View, California. This area, just south of
Palo Alto, California, was becoming a center for electronics. Electronics form
the basic elements of devices such as radios, televisions, stereos, and computers.
At that time people started to refer to the area as "Silicon Valley." This is
because a substance called silicon is used in the manufacturing of electronic
parts.
As a child, Jobs preferred doing things by himself. He swam competitively, but
was not interested in team sports or other group activities. He showed an early
interest in electronics and gadgetry. He spent a lot of time working in the garage
workshop of a neighbor who worked at Hewlett-Packard, an electronics
manufacturer.
Jobs also enrolled in the Hewlett-Packard Explorer Club. There he saw
engineers demonstrate new products, and he saw his first computer at the age of
twelve. He was very impressed, and knew right away that he wanted to work
with computers.
While in high school Jobs attended lectures at the Hewlett-Packard plant. On
one occasion he boldly asked William Hewlett (1931–2001), the president, for
some parts he needed to complete a class project.Jobs had realized there was a
huge gap in the computer market. At that time almost all computers were
mainframes. Jobs and Wozniak had opened an entirely new market—personal
computers. Personal computers began an entirely new way of processing
information.By 1980 the personal computer era was well underway. Apple was
continually forced to improve its products to remain ahead, as more competitors
entered the marketplace. Apple introduced the Apple III, but the new model
suffered technical and marketing problems. It was withdrawn from the market,
and was later reworked and reintroduced.Jobs continued to be the marketing
force behind Apple. Early in 1983 he unveiled the Lisa. It was designed for
people possessing minimal computer experience. It did not sell well, however,
because it was more expensive than personal computers sold by competitors.
Apple's biggest competitor was International Business Machines (IBM). By
1983 it was estimated that Apple had lost half of its market share (part of an
industry's sales that a specific company has) to IBM.
Some Attributes Of Steve Jobs

1. Have A Vision
Without a strong vision, Apple would not be where it is today. It would be hard
to become a successful leader without a clear vision for your company or
organization. Simply being able to kick off your startup is not enough. You
must be able to consistently plan for the long term.
2. Develop the Passion
Steve Jobs had both passion and self-confidence to turn his dream into a reality.
You need to love what you’re doing. Developing a strong passion for your work
helps you on the road to success in business.
3. Challenge the Limits of Your Employees
Another great leadership lesson from Jobs is to find the actual capabilities of
your employees. Leadership is not about ordering people around or micro
managing. You need to encourage employees to challenge themselves for
innovation and increased productivity.
This approach by Steve Jobs enabled his employees to explore their full
potential.
4. Follow Excellence, Not Money
Steve Jobs did not confine his efforts into making huge dollars from his ideas.
He was very much focused on coming up with exciting and unique innovations.
Rather than simply focusing on making money, you should focus on providing
quality services and products. This is essential to help turn your start up into a
well known brand.
5. Don’t Aim Below Perfection
Steve Jobs never compromised on perfection. Before the launch of the iPod,
Jobs went to get the headphone jacks entirely replaced. This is a clear example
that he would not settle for less.
6. Take Risks
As noted, Jobs’ necessity for perfection also made him a risk taker often. He
trusted his judgment and understood what people needed.
Keep in mind and remember these leadership lessons from Steve Jobs before
jumping into the business world.
They will help keep you on a progressive path and enable you to deal with
challenges effectively to help you create a successful brand.