The Faculty of Management, Professional Technology and Computers at the Egyptian Russian University provides important tips for creating a successful project

The Faculty of Management, Professional Technology and Computers at the Egyptian Russian University has provided important advice to small investors who are about to establish a successful entrepreneurial project and for those who are looking to establish small projects with low costs, from which they can achieve great profits, especially since most of them have talent, enthusiasm and motivation that can help them establish successful projects. This step comes from the perspective of the university’s enlightening role through the dissemination of scientific information of practical interest in society.

Dr. Tahera El-Sayed Himya, Dean of the Faculty of Management, Professional Technology and Computers at the Egyptian Russian University, explained that one of the most important steps for starting any successful small business is that the project maker must study his personal interests well, in addition to studying the market needs that may give him ideas, and he must remember that a good idea is a good opportunity only if it can meet the real market needs.

The Dean of the Faculty of Management, Professional Technology and Computers at the Egyptian Russian University clarified that the pioneering project does not require large sums of money, but it needs a good or new idea and insistence on success, regardless of the difficulties. Noting that the idea is the basic building block of any project, provided that you make sure that you will love to do this project and that your target customers are fully prepared to pay for the products and services that your project will provide, and this depends on the integrated study that you prepare for your project.

In the same context, Dr. Mona Moussa, the lecturer of business administration at the Faculty of Management, Professional Technology and Computers at the Egyptian Russian University, confirmed that in order for the idea to turn into a project for small investors based on the ground, this requires first: preparing a business model diagram, which is an analytical tool that can be used during the stage Planning to answer the following important questions: “What should we provide? To whom?”, before reaching the stage of preparing the feasibility study, which is concerned with answering whether the project is profitable or a loser if it is implemented with those data, and then writing an action plan that specifies how we will carry out the work and run it.

Dr. Mona Moussa revealed that the business model scheme for the small investor project consists of 9 basic elements that must be carefully identified, namely:

1- Suggested values: It is intended to specify all the benefits that interest the customer and that he can get from his acquisition of your product in exchange for the price he will pay to obtain this product. The real thing that this product offers.

2- Customer segments: You must determine who are the categories of customers that your project seeks to serve through the offer presented to them, and they are divided into segments based on the common characteristics of each segment, then target the appropriate segment and present the appropriate offer to it.

3- Channels: They mean all the methods and mechanisms used by the project to communicate the proposed values to the target customer groups.

4- Customer Relationships: What are the relationships that you will establish with each segment? Is it personal relationships such as face-to-face dealing with customers, or automated relationships such as relying on machines and systems that replace the employee to help customers such as automated teller machines, or relying on social networks to build lasting relationships with customers.

5- Sources of revenue: The sources of revenue must be determined, whether they are direct, such as those resulting from selling the product directly to the customer, or if they are indirect sources, such as revenues resulting from the advertisements published on your site?

6- Main Resources: What are the resources you need to start your project? And put it in the outline of the business model, such as human resources such as workers, material resources such as machines, and financial resources.

7- Basic activities: What are the main activities to operate the main resources, such as production operations, must be identified.

8- Cost structure: all costs needed by the core activities must be identified; to be done?

9- Key Partners: Who are the essential partners and suppliers that you want to rely on to make your business successful?