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Entrepreneurship 1

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  • 1. Entrepreneurship Introduction, Varna Economic University April 1 st , 2009 By Fred Westenberg, managing director, Ingenieursbureau Westenberg B.V. / BGConsult EOOD [email_address]
  • 2. Content
    • Today: Entrepreneurs, YOU
    • Next 2 lessons: Feasibility, Structure, Juridical matters, Money, Juridical entity, Social security, Other security, Administration, Personnel, Business plan, Management
  • 3. Life is about
    • Creating value
    • Taking calculated risks
    • Listening to your heart
    • Realizing your aspirations
  • 4. So is …….
    • Entrepreneurship
  • 5. Are entrepreneurs unique?
  • 6. Some defined their lives
  • 7. Some changed the world
  • 8. Some are still in school
    • Anshul Samar
    • Age: 13
    • Does homework regularly
    • Plays Computer games
    • Fights with his sister
    • Also an entrepreneur ……..
    • CEO Elementeo www.elementeo.com
    • Anshul invented a board game called Elementeo, to teach kids about chemistry.
  • 9. Some are in college
    • Mark Zuckerberg
    • Age: 22
    • Hangs out with girlfriends
    • Lives in a rented apartment
    • Drives a bicycle
    • Also an entrepreneur ……….
    • CEO Facebook www.facebook.com
  • 10. Some sold garbage (still became millionaire)
    • Tom Zsaky
    • Age: 27
    • Coolest entrepreneur of the year (acc. to Inc.com)
    • CEO TerraCycle www.terracycle.net
    • makes fertilizer using worms
    • Revenue 5 million dollar
  • 11. Some started at home
    • Jared Isaacman
    • Age: 23
    • CEO United Bank Card
    • Transaction processing company. Manages 45.000 clients daily
    • Revenue 58 million dollar
  • 12. Some save lives
    • Elizabeth Holmes
    • Age: 21
    • CEO Theranos ( www.theranos.com )
    • Deals with nanotech & micro fluids. Saves lives from adverse drug reactions
  • 13. Some teach at Varna Economic University
    • Fred Westenberg
    • Age: 47
    • Nominated for Entrepreneur of the Year Harderwijk, Holland 2009
    • Westenberg Holding (since 1993)
    • Main Activity: Engineering, Real Estate
    • BGHold (since 1998)
    • Main Activity: IT, Real Estate
  • 14. So what’s next???
    • D.S.M.J.F.Y. 1 ?
    • OR
    • N.J.J.G. 2 ?
    • 1 Doing the Same Monotonous Job For Years
    • 2 No Job Just Gaming
  • 15. OR …..
    • Wanna Join the elite league of entrepreneurs?
  • 16. IF SO ………
    • Keep ‘em open
  • 17.
    • Entrepreneur:
    • “ one who organizes, manages, and
    • assumes the risks of a business.”
    • Entrepreneurs:
    • Are risking: Reputation, Money, Time
    • Are not gamblers, but take calculated risks
    • Calculate risks and try to set odds in their favor
    • Transfer risk to others
    • Limit risks by careful definition of the ends and control over the means
    It’s all about Risks
  • 18. Entrepreneurs born or created?
      • Alert
      • Neurotic
      • Creative
      • Decisive
      • Easily bored
      • Flair
      • Independent
      • Innovators
      • Leaders
      • Achievers
      • Risk-taking propensity
      • Self-confidence
      • Self-motivation
      • Self-realizing
      • Versatile
      • Source: McCelland (1961)
  • 19.
    • Are Decisive Decision Makers
    • Love What They Do
    • Want to be Master of their Financial Destiny
    • Are Organized, Independent and self-confident
    • Are hard workers
    • Can take criticism and rejection
    • Have specialized business ability from experience or education
    • Are determined and persistent
    • Can find people to shore-up Weaknesses. Are good judges of talent and character
    • Can see how all the parts fit together
    • Willingness to sacrifice
    • Emotional stability & optimism
    • Low need for status
    • Objective approach to interpersonal relationships
    • Intuitive decision taking/making
    • Creative problem solving
    • Ability to conclude deals
    • Strategic Thinking
    • Project Management
    • Time management
    • Persuasion
    • Selling
    • Negotiating
    • Leadership skills
    • Inheritance of Tradition
    Character(ization) entrepreneurs
  • 20. … Get Rich!!!
    • In 1892, 84% of America’s 4,047 Millionaires were Entrepreneurs
    • Source: American Economy , Stanley Lebergott
    • Now, 7 million have incomes > $100k
    • But, only 4 million Millionaires in US!
    • 86% accumulated their wealth in one generation
    • Only 14 % Inherited their money
    • Source: Millionaire Next Door , Stanley and Danko
  • 21. Millionaires …. (1/2)
    • Live WELL below their means
    • Allocate time efficiently, in ways conducive to building wealth – plan for $$ future, not which car to buy
    • Want financial independence more than social status
    • Parents did NOT provide economic outpatient care
    • Adult children are economically self-sufficient
  • 22. Millionaires …. (2/2)
    • Proficient in targeting economic opportunity
    • Are entrepreneurs applies for 2/3 of Millionaires
    • Are rarely in sexy businesses
    • Chose right occupation
    • They made their money doing WHAT THEY LIKE
    • Source: Millionaire Next Door , Stanley and Danko
  • 23. BUT ….. It comes with a price (Failures)
    • Marriage
    • Hours
    • Stress
    • Lawsuits
    • Financial
  • 24. Do you have what it takes?
    • Find your
    • passion!!!!!!!!!!
  • 25. Stephen Covey – 7 habits
  • 26. Be pro-active!
    • Re-active
    • I can’t help it
    • This is how I am
    • He makes me so angry
    • I would never be able to do that
    • I have to …
    • If only I could …
    • Pro-active
    • Let’s see if there are alternatives
    • I can do it differently
    • I control my own emotions
    • I can choose
    • I prefer that
    • That is what I am going to do
  • 27. Concern vs Influence
    • Be pro-active
    • Concern yourself with the things you can influence
    • Your influence will increase
    • Concern yourself with more things
    • Your influence will increase even more
    • The sky is the limit
  • 28. Everything is created twice
    • Design a house
    • Decorate your house
    • Plan a trip
    • What about your life?
    • Write your personal mission statement … your personal business plan
  • 29. Personal Mission Statement Start with “the end” in mind!!!!! Social activities Work Friends Family Results Contribution Type Activities
  • 30. Time management matrix
    • IV Waste (Avoid)
    • Trivia, busywork
    • Junk mail
    • Some phone messages/email
    • Time wasters
    • Escape activities
    • Viewing mindless TV shows
    • III Deception (Avoid)
    • Interruptions, some calls
    • Some mail & reports
    • Some meetings
    • Many “pressing” matters
    • Many popular activities
    Not-important
    • II Quality & Personal Leadership (Focus)
    • Preparation/planning
    • Prevention
    • Values clarification
    • Exercise
    • Relationship-building
    • True recreation/relaxation
    • I Necessity (Manage)
    • Crisis
    • Medical emergencies
    • Pressing problems
    • Deadline-driven projects
    • Last-minute preparations for scheduled activities
    Important Not-urgent Urgent

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