Entrepreneurship: Is It for Me?
Agenda <ul><li>Who Is an Entrepreneur? </li></ul><ul><li>Why Do Entrepreneurs Matter? </li></ul><ul><li>Why Do You Want to...
Who Is An Entrepreneur?
Definition of an Entrepreneur <ul><li>A person who organizes,operates and assumes the risk for a business venture. </li></ul>
Definition of an Entrepreneur <ul><li>Academic / investment banker definition </li></ul>
Definition of an Entrepreneur <ul><li>Entrepreneur Magazine </li></ul>
About the Small Business Marketplace <ul><li>businesses with   fewer than 100   employees </li></ul><ul><li>Nearly  27 mil...
Classic Entrepreneurs
Classic Entrepreneurs
Classic Entrepreneurs
Poll <ul><li>Who do you think of when you hear the word entrepreneur? </li></ul>
Famous Entrepreneurs <ul><li>Mary Kay Ash  - Most Outstanding Woman in Business in the 20th Century </li></ul><ul><li>Ben ...
Questions
Why Do Entrepreneurs Matter?
Driving Economic Growth and Prosperity <ul><li>There is a strong correlation  between national economic  growth and the le...
Reinvigorating the Economy During Downturns <ul><li>Stock market correction </li></ul><ul><li>Corporate scandals </li></ul...
Becoming the Big Businesses of Tomorrow   <ul><li>900:1  </li></ul><ul><li>Employ 50% of workforce. </li></ul><ul><li>U.S....
Questions
Why Do You Want To Be an Entrepreneur?
Poll <ul><li>Why do you want to be an entrepreneur? </li></ul>
Reasons for Becoming an Entrepreneur <ul><li>You will be your own boss </li></ul><ul><li>Hard work and long hours directly...
Questions
What Traits Do Entrepreneurs Have?
Poll <ul><li>What do you think it takes to be an entrepreneur? </li></ul>
Entrepreneurial Traits
Entrepreneurial Traits
Entrepreneurial Traits
Entrepreneurial Traits
Entrepreneurial Traits
Entrepreneurial Traits
Entrepreneurial Traits
Entrepreneurial Traits
Entrepreneurial Traits
Entrepreneurial Traits <ul><li>Gutsy </li></ul><ul><li>Resourceful </li></ul><ul><li>Creative problem solvers </li></ul><u...
Words to Live By <ul><li>Ray Kroc, Founder McDonalds Corporation   “If you work just for money, you’ll never make it, but ...
Ten Questions to Ask Yourself <ul><li>Are you willing and able to bear great  financial risk? </li></ul><ul><li>Are you wi...
Five More Questions to Ask Yourself <ul><li>How well do you get along with different personalities? </li></ul><ul><li>Do y...
Questions
The Bad and  The Ugly of Entrepreneurship
Small Business Failure Rate <ul><li>Number of failures after  the first year </li></ul><ul><li>50% </li></ul>Source: Small...
Why Businesses Fail <ul><li>Lack of experience  </li></ul><ul><li>Insufficient capital (money)  </li></ul><ul><li>Poor loc...
Questions
Is Entrepreneurship For You?
Identify Your Reasons For Starting a Business <ul><li>This is personal journey </li></ul><ul><li>There are no right  or wr...
The Essential Ingredients <ul><li>The business idea </li></ul><ul><li>Capital </li></ul><ul><li>Entrepreneurial traits </l...
Personal Assessment <ul><li>Appraise of your personal skills and education </li></ul><ul><li>Size up your business knowled...
Determine the Additional Support You’ll Need <ul><li>Take classes </li></ul><ul><li>Join industry groups </li></ul><ul><li...
Suggested Reading <ul><li>Entrepreneur’s Tool Kit: Tools and Techniques to Launch and Grow Your New Business,  Harvard Bus...
Set Your Own Direction
Questions
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Entrepreneurship Is It For Me

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Find out which entrepreneurial characteristics serial entrepreneur, Geri Stengel, thinks must be part of your nature versus the ones you can learn.

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Entrepreneurship Is It For Me

  1. 2. Entrepreneurship: Is It for Me?
  2. 3. Agenda <ul><li>Who Is an Entrepreneur? </li></ul><ul><li>Why Do Entrepreneurs Matter? </li></ul><ul><li>Why Do You Want to Be an Entrepreneur? </li></ul><ul><li>What Traits Do Entrepreneurs Have? </li></ul><ul><li>Is Entrepreneurship for You? </li></ul><ul><li>Set your own direction </li></ul>
  3. 4. Who Is An Entrepreneur?
  4. 5. Definition of an Entrepreneur <ul><li>A person who organizes,operates and assumes the risk for a business venture. </li></ul>
  5. 6. Definition of an Entrepreneur <ul><li>Academic / investment banker definition </li></ul>
  6. 7. Definition of an Entrepreneur <ul><li>Entrepreneur Magazine </li></ul>
  7. 8. About the Small Business Marketplace <ul><li>businesses with fewer than 100 employees </li></ul><ul><li>Nearly 27 million small businesses </li></ul><ul><li>98% of all firms </li></ul><ul><li>No employees: three quarters </li></ul><ul><li>Predominantly service businesses </li></ul><ul><li>53% home-based and 3% franchises </li></ul><ul><li>Annually nearly 640,000 start </li></ul>Source: Small Business Bureau
  8. 9. Classic Entrepreneurs
  9. 10. Classic Entrepreneurs
  10. 11. Classic Entrepreneurs
  11. 12. Poll <ul><li>Who do you think of when you hear the word entrepreneur? </li></ul>
  12. 13. Famous Entrepreneurs <ul><li>Mary Kay Ash - Most Outstanding Woman in Business in the 20th Century </li></ul><ul><li>Ben & Jerry's - The Men Behind the Ice Cream </li></ul><ul><li>Lorenzo Borghese : The Bachelor Prince, the Cosmetics Entrepreneur </li></ul><ul><li>Richard Branson - The Rebel Billionaire and the Ultimate Multipreneur </li></ul><ul><li>Coco Chanel - As Bold and Distinctive as Her Signature Fragrance </li></ul><ul><li>Simon Cowell – Music Mogul Millionaire </li></ul><ul><li>Michael Dell : Innovator of the Personal Computer Industry </li></ul><ul><li>Walt Disney - The Man Behind the Mouse </li></ul><ul><li>Debbi Fields - Founder of Mrs. Fields Cookies </li></ul><ul><li>Henry Ford - Founder of Ford Motor Company and Manufacturing Assembly Line Innovator </li></ul><ul><li>Bill Gates - Windows on Wealth </li></ul><ul><li>Hugh Hefner : The Ultimate Lifestyle Entrepreneur </li></ul><ul><li>Howard Hughes : The Aviator, The Innovator, The Billioniare </li></ul><ul><li>Wayne Huizenga Biography </li></ul><ul><li>Jenna Jameson - From Porn Princess to Media Mogul </li></ul><ul><li>Ingvar Kamprad - IKEA Founder and One of the World's Richest Men </li></ul><ul><li>Estée Lauder - Making Beauty Into Big Business </li></ul><ul><li>Harvey Mackay - &quot;Mr. Make Things Happen” </li></ul><ul><li>Adam Osborne – Creator of the First Portable Computer </li></ul><ul><li>Anita Roddick - Redefining Business As We Know It </li></ul><ul><li>Donald Trump - Billionaire Real Estate Tycoon and Host of The Apprentice </li></ul><ul><li>Madame C. J. Walker - First Female African-American Millionaire </li></ul><ul><li>Oprah Winfrey - About.com Readers' Most Admired Entrepreneur </li></ul>http://entrepreneurs.about.com/od/famousentrepreneurssz/Famous_Entrepreneurs_SZ.htm
  13. 14. Questions
  14. 15. Why Do Entrepreneurs Matter?
  15. 16. Driving Economic Growth and Prosperity <ul><li>There is a strong correlation between national economic growth and the level of national entrepreneurial activity </li></ul><ul><ul><li>By creating new jobs at a faster rate than larger companies </li></ul></ul><ul><ul><li>By developing new products and services </li></ul></ul><ul><ul><li>By changing processes and approaches to the way things are currently being done </li></ul></ul><ul><li>Source: Global Entrepreneurship Monitor </li></ul>
  16. 17. Reinvigorating the Economy During Downturns <ul><li>Stock market correction </li></ul><ul><li>Corporate scandals </li></ul><ul><li>Terrorist attack </li></ul><ul><li>Through war </li></ul><ul><li>Significant natural disasters </li></ul>
  17. 18. Becoming the Big Businesses of Tomorrow <ul><li>900:1 </li></ul><ul><li>Employ 50% of workforce. </li></ul><ul><li>U.S. small business 3 rd GDP. </li></ul><ul><li>Small businesses important to Dell, Amex, Staples, etc. </li></ul><ul><li>Of the eight million customers UPS serves around the world each day, most are small businesses.” </li></ul><ul><li>Small Business IS Big Business </li></ul>
  18. 19. Questions
  19. 20. Why Do You Want To Be an Entrepreneur?
  20. 21. Poll <ul><li>Why do you want to be an entrepreneur? </li></ul>
  21. 22. Reasons for Becoming an Entrepreneur <ul><li>You will be your own boss </li></ul><ul><li>Hard work and long hours directly benefit you, rather than increasing profits for someone else </li></ul><ul><li>Earning and growth potential are far greater </li></ul><ul><li>A new venture is as exciting as it is risky </li></ul><ul><li>Running a business provides endless challenge and opportunities for learning </li></ul>
  22. 23. Questions
  23. 24. What Traits Do Entrepreneurs Have?
  24. 25. Poll <ul><li>What do you think it takes to be an entrepreneur? </li></ul>
  25. 26. Entrepreneurial Traits
  26. 27. Entrepreneurial Traits
  27. 28. Entrepreneurial Traits
  28. 29. Entrepreneurial Traits
  29. 30. Entrepreneurial Traits
  30. 31. Entrepreneurial Traits
  31. 32. Entrepreneurial Traits
  32. 33. Entrepreneurial Traits
  33. 34. Entrepreneurial Traits
  34. 35. Entrepreneurial Traits <ul><li>Gutsy </li></ul><ul><li>Resourceful </li></ul><ul><li>Creative problem solvers </li></ul><ul><li>Agile and flexible </li></ul><ul><li>Have a fire in the belly </li></ul><ul><li>Are risk tolerant, can deal with uncertainty, and are resilient </li></ul><ul><li>Are willing to sacrifice </li></ul><ul><li>Have technical expertise </li></ul><ul><li>Have luck on their side </li></ul>
  35. 36. Words to Live By <ul><li>Ray Kroc, Founder McDonalds Corporation “If you work just for money, you’ll never make it, but if you love what you’re doing and you always put the customer first, success will be yours.” </li></ul><ul><li>Bill Gates, Founder /Chairman Microsoft “Success is a lousy teacher. It seduces smart people into thinking they can’t lose.” </li></ul><ul><li>Oprah Winfrey, TV Talk Show Host, Producer, Founder Harpo Productions </li></ul><ul><li>“ Luck is a matter of preparation meeting opportunity.” </li></ul>
  36. 37. Ten Questions to Ask Yourself <ul><li>Are you willing and able to bear great financial risk? </li></ul><ul><li>Are you willing to sacrifice your lifestyle for potentially many years? </li></ul><ul><li>Is your significant other on board? </li></ul><ul><li>Do you like all aspects of running a business? </li></ul><ul><li>Are you comfortable making decisions on the fly with no playbook? </li></ul><ul><li>What's your track record of executing your ideas? </li></ul><ul><li>How persuasive and well-spoken are you? </li></ul><ul><li>Do you have a concept you're passionate about? </li></ul><ul><li>Are you a self-starter? </li></ul><ul><li>Do you have a business partner? </li></ul>Source: Kelly K. Spors , So, You Want to Be an Entrepreneur, The Wall Street Journal, 23 February 2009
  37. 38. Five More Questions to Ask Yourself <ul><li>How well do you get along with different personalities? </li></ul><ul><li>Do you have the physical and emotional stamina to run a business? </li></ul><ul><li>How well do you plan and organize? </li></ul><ul><li>Is your drive strong enough? </li></ul><ul><li>Are you willing to get the training and help you need? </li></ul><ul><li>Source: Small Business Bureau </li></ul>Source: Small Business Administration
  38. 39. Questions
  39. 40. The Bad and The Ugly of Entrepreneurship
  40. 41. Small Business Failure Rate <ul><li>Number of failures after the first year </li></ul><ul><li>50% </li></ul>Source: Small Business Association
  41. 42. Why Businesses Fail <ul><li>Lack of experience </li></ul><ul><li>Insufficient capital (money) </li></ul><ul><li>Poor location </li></ul><ul><li>Poor inventory management </li></ul><ul><li>Over-investment in fixed assets </li></ul><ul><li>Poor credit arrangements </li></ul><ul><li>Personal use of business funds </li></ul><ul><li>Unexpected growth </li></ul><ul><li>Competition* </li></ul><ul><li>Low sales* </li></ul>Source: Michael Ames, Small Business Management *Gustav Berle, The Do It Yourself Business Book
  42. 43. Questions
  43. 44. Is Entrepreneurship For You?
  44. 45. Identify Your Reasons For Starting a Business <ul><li>This is personal journey </li></ul><ul><li>There are no right or wrong answers </li></ul>
  45. 46. The Essential Ingredients <ul><li>The business idea </li></ul><ul><li>Capital </li></ul><ul><li>Entrepreneurial traits </li></ul><ul><li>Education, expertise, skills and work experience </li></ul><ul><li>Social capital and network ties </li></ul><ul><li>Ongoing support through peer-to-peer help </li></ul>
  46. 47. Personal Assessment <ul><li>Appraise of your personal skills and education </li></ul><ul><li>Size up your business knowledge </li></ul><ul><li>Evaluate your decision making abilities </li></ul><ul><li>Identify your entrepreneurial skills </li></ul>
  47. 48. Determine the Additional Support You’ll Need <ul><li>Take classes </li></ul><ul><li>Join industry groups </li></ul><ul><li>Join networking groups </li></ul><ul><li>Network </li></ul><ul><li>Join peer-to-peer mastermind or CEO Roundtables </li></ul><ul><li>Read books and magazines on entrepreneurs and entrepreneurial techniques </li></ul><ul><li>Find a mentor or advisor </li></ul><ul><li>Use a coach </li></ul>
  48. 49. Suggested Reading <ul><li>Entrepreneur’s Tool Kit: Tools and Techniques to Launch and Grow Your New Business, Harvard Business Essentials </li></ul><ul><li>So, You Want to Be an Entrepreneur: First, answer these questions to see if you have what it takes http://online.wsj.com/article/SB123498006564714189.html#mod=article-outset-box </li></ul><ul><li>The Stuff of Entrepreneurs and Social Entrepreneurs: Do You Have What It Takes? http://ventureneer.com/vblog/stuff-entrepreneurs-and-social-entrepreneurs-do-you-have-what-it-takes </li></ul><ul><li>The Benefits of Starting a Business During a Recession : http://ventureneer.com/vblog/benefits-starting-business-during-recession </li></ul><ul><li>There Is Never a Bad Time to Start Up a Company: http://ventureneer.com/vblog/there-never-bad-time-start-company </li></ul>
  49. 50. Set Your Own Direction
  50. 51. Questions
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