Entrepreneurship

Entrepreneurship Anyone know what this is or what an entrepreneur does?

Anyone know what this is or what an entrepreneur does?

Entrepreneurship Entrepreneurship the process of identifying, developing, and bringing a vision to life. The vision may be an innovative idea, an opportunity, or simply a better way to do something. The end result of this process is the creation of a new venture, formed under conditions of risk and considerable uncertainty Entrepreneur A person who organizes, operates, and assumes the risk for a business venture.

Entrepreneurship

the process of identifying, developing, and bringing a vision to life. The vision may be an innovative idea, an opportunity, or simply a better way to do something. The end result of this process is the creation of a new venture, formed under conditions of risk and considerable uncertainty

Entrepreneur

A person who organizes, operates, and assumes the risk for a business venture.

Spanish Anyone know the Spanish translation of the following terms: Entrepreneurship Entrepreneur

Anyone know the Spanish translation of the following terms:

Entrepreneurship

Entrepreneur

Spanish Entrepreurship espíritu emprendedor Entrepreneur empresario

Entrepreurship

espíritu emprendedor

Entrepreneur

empresario

Joseph Schumpeter Austrian economist who pioneered the category 1950- an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation First person to develop theories on entrepreneurship relating them to the field of economics Entrepreneurs necessary for economic growth

Austrian economist who pioneered the category

1950- an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation

First person to develop theories on entrepreneurship relating them to the field of economics

Entrepreneurs necessary for economic growth

Becoming an Entrepreneur Offer a product or service Can be a totally new concept or merely improve an already existing one Examples? Assist a business that performs the latter

Offer a product or service

Can be a totally new concept or merely improve an already existing one

Examples?

Assist a business that performs the latter

Walt Disney What makes this man an entrepreneur?

What makes this man an entrepreneur?

Walt Disney Started Disney Brothers’ Studio in about 1925 First office was based out of his uncle’s garage in Hollywood Started making cartoon film “shorts” Evolved into full-length cartoon films Branched into producing live-action films 1955- Mickey Mouse Club- jumping into TV 1966- Began planning for Disney World

Started Disney Brothers’ Studio in about 1925

First office was based out of his uncle’s garage in Hollywood

Started making cartoon film “shorts”

Evolved into full-length cartoon films

Branched into producing live-action films

1955- Mickey Mouse Club- jumping into TV

1966- Began planning for Disney World

Walt Disney His achievements have led to: EPCOT Center The Magic Kingdom Countless other parks in Florida, California, and Across the World The Disney Channel Toon Disney

His achievements have led to:

EPCOT Center

The Magic Kingdom

Countless other parks in Florida, California, and Across the World

The Disney Channel

Toon Disney

Sam Walton What makes this man an entrepreneur?

What makes this man an entrepreneur?

Sam Walton Started the first true Wal-Mart in Rogers, Arkansas in 1962 Today, Wal-Mart is the world’s largest retailer and employs 1.5 million people worldwide

Started the first true Wal-Mart in Rogers, Arkansas in 1962

Today, Wal-Mart is the world’s largest retailer and employs 1.5 million people worldwide

Other Entrepreneurs Oprah Winfrey Steve Jobs Jim Henson Ray Kroc Donald Trump Benjamin Franklin Martha Stewart Coco Chanel George Forman Jenny Craig Henry Ford Michael Dell

Oprah Winfrey

Steve Jobs

Jim Henson

Ray Kroc

Donald Trump

Benjamin Franklin

Martha Stewart

Coco Chanel

George Forman

Jenny Craig

Henry Ford

Michael Dell

More Entrepreneurs Bill Gates Rupert Murdoch Estee Lauder Mary-Kate & Ashley Olson Ted Turner PT Barnum Milton Hershey JW Marriott Eli Whitney John Deere Alexander Graham Bell

Bill Gates

Rupert Murdoch

Estee Lauder

Mary-Kate & Ashley Olson

Ted Turner

PT Barnum

Milton Hershey

JW Marriott

Eli Whitney

John Deere

Alexander Graham Bell

Entrepreneurs Can you name some entrepreneurs?

Can you name some entrepreneurs?

Market Opportunity First and foremost, there must be a demand for the product or service How useful is it? Is it desired or needed? Must offer something that people are willing to spend their hard-earned money on Name some products that are desired Name some products that are not desired Demand, desire, and need all translate into profitabilty Without profitability, there is no product and no company

First and foremost, there must be a demand for the product or service

How useful is it? Is it desired or needed?

Must offer something that people are willing to spend their hard-earned money on

Name some products that are desired

Name some products that are not desired

Demand, desire, and need all translate into profitabilty

Without profitability, there is no product and no company

Getting Started You must first must obtain the funding necessary in order to become entrepreneurs Venture capital allows you to start the business or develop the product Venture capitalists (those who fund entrepreneurs) give their money in return for any or all of the following: Share in profits- indicates some level of ownership Share in management- indicates some level of ownership Percentage of sales Repayment with interest (lenders)

You must first must obtain the funding necessary in order to become entrepreneurs

Venture capital allows you to start the business or develop the product

Venture capitalists (those who fund entrepreneurs) give their money in return for any or all of the following:

Share in profits- indicates some level of ownership

Share in management- indicates some level of ownership

Percentage of sales

Repayment with interest (lenders)

What’s Required Risk- putting your life, money, reputation, and time on the line Literally, success or failure can make or break you Due to the uncertainty of many circumstances aside from your own personal management (variables) Name some variables

Risk- putting your life, money, reputation, and time on the line

Literally, success or failure can make or break you

Due to the uncertainty of many circumstances aside from your own personal management (variables)

Name some variables

Characteristics of an Entrepreneur Can you name some characteristics that an entrepreneur must possess?

Can you name some characteristics that an entrepreneur must possess?

Building for the Future You will become the entrepreneur Holy Hot Sauce Tomorrow we will go over how an entrepreneur markets their product Will begin developing a marketing concept for your Holy Hot Sauce product

You will become the entrepreneur

Holy Hot Sauce

Tomorrow we will go over how an entrepreneur markets their product

Will begin developing a marketing concept for your Holy Hot Sauce product

Review What’s an entrepreneur? What’s the Spanish word for entrepreneurship, entrepreneur? Who pioneered the concept of entrepreneurship? What must you identify before developing a product or service? What’s the goal of becoming an entrepreneur? What do we call someone who funds an entrepreneur? What’s one major downfall to becoming an entrepreneur?

What’s an entrepreneur?

What’s the Spanish word for entrepreneurship, entrepreneur?

Who pioneered the concept of entrepreneurship?

What must you identify before developing a product or service? What’s the goal of becoming an entrepreneur?

What do we call someone who funds an entrepreneur?

What’s one major downfall to becoming an entrepreneur?