Entrepreneur

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By Dr. Lauren Talia, DBA

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Entrepreneur

  1. 1. EntrepreneurDr. Lauren Talia, D.B.A.National UniversityApril 23, 2013“Entrepreneurship is a derivative of the French world “entreprendre,” whichmeans “to undertake, to pursue opportunities, to fulfill needs and wantsthrough innovation.”
  2. 2. Isn‟t America Great?We are Nation of Entrepreneurs! Young and old, Americans start businesses at animpressive rate, always willing to take a chanceon creating our own futures. Why? Because few things are as satisfying as adollar (or two) earned on your own, by your ownideas, talents, and efforts from start to finish. The opportunity to create, to grow, to flourish, isembedded in us as a people.Weekend Entrepreneur:101 Great Ways to Earn Extra Cash, PG 21Michelle Anton & Jennifer Sander, 2006Entrepreneur Press, Feb 27, 2006Foreword by Dr. Laura Schlessinger
  3. 3. The Downside of Business There are more than 16 Million small-business ownersin the United States, most of whom began theirbusinesses with dreams of increased freedom,autonomy, and wealth. Over 80% of small-businesses fail within the first fiveyears.Jesus, Entrepreneur: Using Ancient Wisdomto Launch and Live Your Dreams, xxviBy Laurie Beth JonesRandom House Digital, Inc., Dec 18, 2007
  4. 4. Small-Businesses Entrepreneurs Create jobs, and have a significant impact on theeconomic growth of the entire world. Entrepreneurs make a difference. They touch people‟slives. Its simple-and profound-as that. I‟m lookingforward to welcoming you to the club.The Reluctant Entrepreneur:Turning Dreams Into Profits, Page 7By Michael MastersonJohn Wiley & Sons, Jun 26, 2012
  5. 5. Weekend EntrepreneurSome of the best businesses for weekend entrepreneursinvolve using what you have-free time and strong back-tohelp out the folks who lack either. Busy workingcouples, retired folks with less than perfect health, there arethousands of people in your own town who could benefitfrom having a willing person to help out on weekends.Weekend Entrepreneur: 101 Great Ways toEarn Extra Cash, PG 21Michelle Anton & Jennifer Sander, 2006Entrepreneur Press, Feb 27, 2006Foreword by Dr. Laura SchlessingerTell me and I’ll forget’ show me and I may remember; involve me and I’llunderstand.” Chinese Proverb
  6. 6. Extra Income www.groovejob.com www.coolworks.com www.snagjob.com www.craiglist.com www.careerbuilder.com www.glassdoor.com www.dice.com www.usajobs.com www.simplyhired.com www.indeed.com www.linkedin.com www.jobbing.com www.monster.com www.linkup.com www.twitjobsearch.com www.juju.comWeekend Entrepreneur: 101Great Ways to Earn Extra Cash, PG 35Michelle Anton & Jennifer Sander, 2006Entrepreneur Press, Feb 27, 2006Foreword by Dr. Laura SchlessingerWant extra income and working for extra work?
  7. 7. American DreamIs a state-of-being that promises nirvana, fulfillment and ameaningful retirement. It is an illusion. America the land of opportunity and growth. Where little to no capital is needed to start business.Transitioning from Employee to Entrepreneur:A Road Map for Aspiring Entrepreneurs, Page 10Marvin L Storm“By recording your dreams and goals on paper, you set in motion the processof becoming the person you most want to be.” –Mark Victor Hansen,www.markvictorhansen.comEmployee to Entrepreneur5/28/2007
  8. 8. WHAT IS AN “AccidentEntrepreneur”A Person who never expected to be self-employed orthought of herself or himself as an entrepreneur. Accidental entrepreneurs don‟t set out to beentrepreneurs. An entrepreneur is not born with ability of being his/herown boss. Is usually not comfortable by selling products orservices, at first. Upcoming entrepreneurs realize they need to learn whatthey don‟t already know. Everything they can in regards to his/her business. In orderto make his or her business a success.The Accidental Entrepreneur: The 50 Things I WishSomeone Had Told Me About, PG 1By Susan Urquhart-BroAmacom Div American Management AssociationMay 26, 2008 printed United States of America
  9. 9. 7 Questions to Ask BeforeYou Start a Business1. What is your motivation forbecoming an entrepreneur?2. What is your background andexperience at work?3. What strategies and tactics willyou use to find leads?4. How will you address the threebig challenges ofMoney, Product and Pricing thatevery new business faces?5. What course of action will youtake to make your businesssuccessful?6. What are you going to do tomarket yourself?7. How long will you stay involved inyour business before you receive aconsistent revenue stream?Article Source: http://EzineArticles.com/3084814
  10. 10. Competition is Healthy! Great entrepreneurs have always benefited from toughlife experiences. Our competitors often force us to levels we would nothave reached on our own. Where would Steve Jobs andApple computers be without Bill Gates, and vice versa?Ben Franklin: AmericasOriginal Entrepreneur, PG 31By Blaine McCormickEntrepreneur Press, Jul 8, 2008Action may not-always bring happiness, but there is nohappiness without action.–Benjamin Disraeli, former British Prime Minister
  11. 11. Rocky Balboa InspirationalSpeechhttp://www.youtube.com/watch?v=D_Vg4uyYwEk“You‟ll never achieve your dreams if they don‟t become goals.” –Anonymous
  12. 12. Starting your ownBusiness, Questions1. Do I have to quit my job? –NO.2. Do I have to be a single twenty-something? –NO.3. Do I have to travel? –Depends and Optional.4. Do I need to be born rich? –Absolutely Not.5. Do I need to be an Ivy League Graduate?-Nope.6. Do I need capital to start business? –No.7. Do I need good credit? –No.8. Do I need to be hungry for successful?-YES!The 4-Hour Workweek:Escape 9-5, Live Anywhere, and Join the New RichPG 33-35 By Timothy FerrissRandom House Digital, Inc.Apr 24, 2007
  13. 13. Silicon Valley“The thousands of engineers and managers inSilicon Valley represent 16 additional jobs. It isthis 1 to 16 multiplier. Yet an even higher ratiois that for the entrepreneur to jobs created.This ratio may be 1 to 500, or 1 to 1000. Eachnew spin-off, if it grows to any size, maycreate jobs for hundreds, if not thousands, ofemployees in the new firm”.-Larson and Rogers, Silicon ValleyFever, 1986
  14. 14. Entrepreneurs Found inBroadly Three Worlds General Business-New ventures as they start and grow. Corporate Sector-Established, often large, organizations. The community-including the voluntary sector.The Entrepreneurs in Focus:Achieve Your Potential, Page 3By Bill K. Bolton, John Thompson,& John L. Thompson, 2003Cengage Learning EMEA, 2003The only happy people I know are the ones who are working well atsomething they consider important. –Abraham Maslow
  15. 15. Most New VenturesFail-Usually for Good Reasons The founders launch without being truly committed totheir success. Entrepreneurs becomes convinced that a lousy businessidea is brilliant, or because he/she doesn‟t understandthe market he‟s targeting. The Leaders don‟t hire the right people or offer the bestpeople a good reason to join the venture. The founders don‟t know how to communicateeffectively, or don‟t adapt to take advantage of newopportunities.The Intelligent Entrepreneur:How Three Harvard Business School GraduatesLearned the 10 Rules ofSuccessful Entrepreneurship, Page 3By Bill Murphy, JrMacmillan, Oct 12, 2010
  16. 16. Successful Entrepreneur Find a Niche Choose a Good Name Be Clear What you are trying toachieve Get a Mentor Do proper Research Find a business that can bescaled up Protect your ideas Make sure the numbers add up Build a strong Team around you Get your timing right Test your commitment Learn to love technology Think twice before parting withequity Don‟t assume your customers willfind you Think Big Make it easy for luck to strike Learn how to sell Start NetworkingYou Can Do It Too: The 20 Essential ThingsEvery Budding EntrepreneurShould Know, Page Vii-ViiiKogan Page Publishers, Apr 3, 2010
  17. 17. Jack Welch CEO of GE in1981 Jack Welch was determined to make General Electric(GE) the most competitive company in the world. He would do this by creating a business where people werenot afraid to use their imitative and try out new ideas, andwhere only their own personal abilities and standards wouldbe ceiling for their endeavors. More recently, he commented that he always wanted tocreate a fast, flexible, and adaptable small businessculture inside a large, established industrial corporation.Crainer, Business The Jack Welch Way, 2011
  18. 18. “Success is notin what youhave, but whoyou are.” –BoBennet“Mother love is the fuel that enables a normal human being to do theimpossible.” –Marion C. GarrettyThe best time to plant a tree is 20-years ago; the second-best time is today. –Chinese Proverb“Goals that are notwritten down are justwishes.” Anonymous
  19. 19. Rules that Change theRules1. Retirement is Worst-Case-Scenario Insurance.2. Interest and Energy are Cyclical.3. Less is not Laziness.4. The Timing is Never Right.5. Ask for Forgiveness, Not Permission.6. Emphasize Strengths, Don‟t Fix Weaknesses.7. Things in Excess become their Opposite.8. Money alone is not the Solution.9. Relative income is more important than absolute income.The 4-Hour Workweek:Escape 9-5, Live Anywhere, and Join the New RichPG 33-35 By Timothy FerrissRandom House Digital, Inc.Apr 24, 2007
  20. 20. Goal-Setting1. The goals shift from ambiguous wants to defined steps.2. The goals have to be unrealistic to be effective.3. It focuses on activities that will fill the vacuum createdwhen work is removed. Living like a millionaire requires doing interesting thingsand not just owning enviable things.The 4-Hour Workweek: Escape 9-5,Live Anywhere, and Join the New RichPage 54, By Timothy FerrissRandom House Digital, Inc.Apr 24, 2007“Logic will get you from A to B. Imagination will take you everywhere.” –Albert Einstein
  21. 21. System Reset1. What would you do if there were no way you could fail?2. Drawing a blank?3. What does “being” entail doing?4. What are the four dreams that would change it all?5. Determine the cost of these dreams and calculate yourTarget Monthly Income (TMI) for both timelines.6. Determine three steps for each of the four dreams in justthe 6-month timeline and take the 1st step now.The 4-Hour Workweek: Escape 9-5,Live Anywhere, and Join the New RichPG 56 By Timothy FerrissRandom House Digital, Inc.Apr 24, 2007
  22. 22. Learn to Eye Gaze1. Focus on one eye and be sure to blink occasionally soyou don‟t look like a psychopath or get your BLANKkicked.2. In conversation, maintain eye contact when you arespeaking (Its easy to do while listening).3. Practice with people bigger or more confident thanyourself.The 4-Hour Workweek:Escape 9-5, Live Anywhere, and Join the New RichPG 33-35 By Timothy FerrissRandom House Digital, Inc.Apr 24, 2007
  23. 23. You are Limitless-MotivationShort-Versionhttps://www.youtube.com/watch?feature=player_embedded&v=oXJ1FZKwI7cLong-Versionhttp://www.youtube.com/watch?v=WTFnmsCnr6gCivilization had too many rules for me, so I didmy best to rewrite them. –Bill Cosby
  24. 24. “To be nobody but yourself in aworld which is doing its best, nightand day, to make you everybodyelse means to fight the hardestbattle which any human being canfight; and never stop fighting”.–E.E. Cummings
  25. 25. Vision Creates Commitment I am committed to my vision, which means my visioncreates focused action, which fosters risk taking andexperimentation. A good example is how Bill Gates had the vision of personalcomputer in every home. At the time this seemed completelyunreasonable but his commitment to his vision createdpossibilities, and action.Release Your Inner Entrepreneur:Fresh Thinking for New Business Ventures, Page 10By Ben Botes, John B. VinturellaLulu.com, Oct 30, 2006“To strive, to seek, to find, and not to yield”. –Alfred, Lord Tennyson, “Ulysses”.
  26. 26. Shared Vision CreatesLong-Term Results People never focus on the long-term because theyhave to; only because they want to. For example, Cathedral builders of the middle agesneeded to work together. They often took 300 years tocomplete the Cathedral. That meant 300 years of vision.Take minute and refer back to the earlier examplesprovided of entrepreneurs who made it. What role did visionplay in their ventures? Where would they be without thisvision?Release Your Inner Entrepreneur:Fresh Thinking for New Business Ventures, Page 10By Ben Botes, John B. VinturellaLulu.com, Oct 30, 2006
  27. 27. Why are Visions soPowerful? Visions are valuable because they are products of themind and the heart working together. Vision are very compelling, very motivating. They are notan escape from reality. They allow us to create it! Theyprovide a magnetic pull. Visions integrate our sense of purpose and our valueswith the picture of how to accomplish.Release Your Inner Entrepreneur:Fresh Thinking for New Business Ventures, Page 11By Ben Botes, John B. VinturellaLulu.com, Oct 30, 2006“Goals in writing are dreams with deadlines.” –Brian Tracy www.briantracy.com
  28. 28. Personal Questions forValue and Vision What is your dream? Is your business opportunityworth pursing? How do you want your life tolook to others? How would you like to be withother people? What is meaningful about yourdream? What is the great thing aboutthis dream? Do you automatically findanything negative about thisdream if yes, what? What are the fears you haveabout this dream? What stops you from being upto the challenge? Do you have the support fromothers to pursue this dream? What does that tell you aboutyourself?“Formal education will make you living; self-education will make you afortune.” –Jim RohnRelease Your Inner Entrepreneur:Fresh Thinking for New Business Ventures, Page 11By Ben Botes, John B. VinturellaLulu.com, Oct 30, 2006
  29. 29. Written Goals What the desired result is. By when it will be accomplished. How progress will be measured along theway. (And when it will be measured.) What action steps are expected to be taken. Who is responsible for what actions and forthe goals overall.Release Your Inner Entrepreneur:Fresh Thinking for New Business Ventures, Page 17By Ben Botes, John B. VinturellaLulu.com, Oct 30, 2006
  30. 30. Elon MuskElon Musk was born in South Africa and became amultimillionaire in his late twenties when he sold his start-upcompany, Zip2, to a division of Compaq Computers. He wenton to more early success launching PayPal via a 2000 merger,Space Exploration Technologies Corp. (SpaceX) in 2002, andTesla Motors in 2003. Musk made headlines in May 2012 whenSpaceX launched a rocket that would send the first commercialvehicle to the International Space Station.Risk Takers: Elon Musk helped create PayPal, built America‟sfirst viable fully electric car company, started the nation‟sbiggest solar energy supplier, and may make commercialspace travel a reality in our lifetime.Elon Musk. Entrepreneur. (2013). BLOOMBERG L.P. Retrieved Apr 23, 2013 fromhttp://www.businessweek.com/videos/2011-09-30/elon-musk-entrepreneurElon Musk. (2013). The Biography Channel website. Retrieved 02:15, Apr 23, 2013, fromhttp://www.biography.com/people/elon-musk-20837159.
  31. 31. Elon MuskCo-founding PayPal, Tesla & SpaceX PayPal http://www.youtube.com/watch?v=c_A6OOzndt8 What is Tesla http://www.youtube.com/watch?v=QweNsLesMrM http://www.youtube.com/watch?v=2rQM1_sJYNE Tesla Financial Guarantee http://www.youtube.com/watch?v=twC1d-HEfJw SpaceX http://www.youtube.com/watch?v=svzXxuQIKlc http://www.youtube.com/watch?v=BqCELhkXtsY http://www.youtube.com/watch?v=t84Ih8bJo6s
  32. 32. Michael Dell Born on February 23, 1965, in Houston, Texas, Michael Dell showedan early interest in technology and gadgets. At the age of 15, he purchased an early Apple computer in order to take itapart to see how it worked. In college, he started building computers and selling them directly topeople, focusing on strong customer support, and cheaper prices. It was in college that Dell found the niche that would become hisboom. The PC world was still young and Dell realized that no company had triedselling directly to customers. Bypassing the middleman and the markups,Dell tapped his savings account for $1,000 and started building and sellingcomputers for people he knew at college. His emphasis, however, wasntjust on good machines, but strong customer support and cheaper prices.Soon, he had accounts outside of school and it wasnt long before Delldropped out and focused all his efforts on his business. Michael became the youngest CEO ever to earn a ranking on theFortune 500.Interview with Michael Dell: http://www.youtube.com/watch?v=NcGfnxA-eF4Michael Dell. (2013). The Biography Channel website. Retrieved Apr 23, 2013, from http://www.biography.com/people/michael-dell-9542199.
  33. 33. Andrew Carnegie Is known as the „steel king of America‟ was a businesstycoon who made his wealth largely from the steel industry.He was also a large-scale philanthropist whose life story isoften referred to as „rags to riches‟. Andrew Carnegie asked Napoleon Hill who was a journalistto conduct interviews of influential people in the hope to findout the common thing between them that had led them all tosuccess. This work was published after Andrew‟s death as „The Laws ofSuccess‟ in 1928 and then as „Think and Grow Rich‟ in 1937. Carnegie also contributed to various other periodicals such as„Triumphant Democracy‟ (1886), „The Gospel of Wealth‟(1889), „Round the World‟ (1884) and „The Secret of Business isthe Management of Men‟ (1903).Andrew Carnegie (2013). Famous Entrepreneurs website.Retrieved Apr 23, 2013, from http://www.famous-entrepreneurs.com/andrew-carnegie
  34. 34. Bill Gates The American Entrepreneur, philanthropist and one ofworld‟s richest people, Bill Gates is the former chiefexecutive and current chairman of Microsoft, the giant ofcomputer software companies. Bill Gates has played a major role in this success not onlybecause of his strategic thinking and outstanding talent but alsohis passion and strong determination. Gates dominated thecomputer industry because he saw things other players in thegame just couldn‟t. In an interview to Fiona Bruce from BBC for„The Money Programme‟ he said that that it wasn‟t just whatMicrosoft did, but what his rivals didn‟t do. Bill Gates has not only brought success to Microsoft but hascontributed so much more to the world with his innovativeideas and the desire to achieve his goals.Bill Gates (2013). Famous Entrepreneurs website.Retrieved Apr 23, 2013, from http://www.famous-entrepreneurs.com/bill-gates
  35. 35. J. W. Marriott J. W Marriott was the founder, Chairman and CEO of MarriottInternational, Inc. that is the world‟s biggest hospitality company thatlater became the largest food services and hotel chain turning him intoa billionaire. Marriott‟s portfolio includes a large range of lodging brands. MarriottInternational works and franchises several luxury hotels and resortssuch as the Marriott, JW Marriott, Autograph Collection, The Ritz-Carlton, Renaissance, Residence Inn, TownePlace Suites, AC Hotelsby Marriott, Courtyard, SpringHill Suites and Fairfield Inn and Suites.It also includes the Bulgari brand names, Grand Residences and theRitz Carlton Designation Club, Marriott Vacation Club. J.W Marriott died on 13th August 1985. With his hard work andcommitment to success Marriott turned his small beer stand to themost profitable and diversified companies in the world. At the time ofhis death Marriott International had 1400 restaurants and 143 resortsand hotels. He had annual earnings of 4.5 billion dollars in revenue.J.W. Marriott (2013). Famous Entrepreneurs website.Retrieved Apr 23, 2013, from http://www.famous-entrepreneurs.com/j-w-marriott
  36. 36. Warren Buffett Known as the „Miracle of Omaha‟, Warren Buffet is thechairman and chief executive officer of Berkshire Hathaway.He is one of the wealthiest people of the world and a highlysuccessful investor of the twentieth century. In 2008 Buffet was the ranked as the world‟s richest personand third richest in 2011. Listed in Time magazine‟s „mostinfluential people of the world‟, Buffet has made a mark forhimself due to his exceptional entrepreneurial skills. In April he was diagnosed with prostate cancer for which hewas treated successfully. Buffet‟s achievements have beenacknowledged with several honors. He was awarded thePresidential Medal of Freedom by President Barack Obama.Buffet was also termed as the most influential global thinkerin the 2010 report of Foreign Policy. According to Forbes hisnet worth is almost 62 billion dollars.Warren Buffett (2013). Famous Entrepreneurs website.Retrieved Apr 23, 2013, from http://www.famous-entrepreneurs.com/Warren-Buffett
  37. 37. Walter Elias „Walt Disney‟ Walter Elias „Walt Disney‟ laid the foundations of a magical,optimistic and whimsical world full of imagination manydecades ago that instantly won the audiences and the magicof his creation is still alive today. Walt had always wanted to start a theme park where childrencould enjoy with their families, take fun rides and see theirfavorite Disney characters. This dream became a reality in1955 with the opening of Disney Land Park that entertainsworldwide tourists. Walt planned another Disney Land whichhe could not see as the maker of the magical world died on15th December 1966 due to lung cancer. His brother Roycompleted the Walt Disney World which opened in 1971.Walt Disney (2013). Famous Entrepreneurs website.Retrieved Apr 23, 2013, from http://www.famous-entrepreneurs.com/Walt-Disney
  38. 38. Larry Ellison With a net worth of 41 billion dollars Larry Ellison is America‟s third richest citizen. Hehas acquired his wealth from his software company „Oracle Corporation‟, in which heowns a 22.5% stake. Larry Ellison has the most exotic lifestyle. He owns several mansions, planes, yachtsand even islands. He announced in June 2012 that he intended to buy 98% of the Hawaiian Island ofLana‟i that is currently in the ownership of Castle and Cookie (David Murdock‟scompany). It will cost him around $500M to $600M. Since 2005, Ellison received a salary of $975k along with $6.5M in bonuses and otherbenefits of $955k. In 2007, these figures increased to a base salary of $100k, a bonus of $8.3M and othercompensation of $50M. By 2009, he earned a total of $56.8M. In the year 2000 he also became the world‟s richest person for some time. According toForbes, Ellison is the richest Californian. In 2010 he was included in Forbes list of billionaires as the 6th richest person of the worldand in 2012 he is the world‟s 8th wealthiest person. He signed the „Giving Pledge‟ in 2010 becoming one of the 40 billionaires who havesigned it.Larry Ellison. (2013). Famous Entrepreneurs website.Retrieved Apr 23, 2013, from http://www.famous-entrepreneurs.com/Larry-Ellison
  39. 39. Paul Newman The blue-eyed star of „Butch Cassidy and Sundance Kid‟, one of the greatestHollywood stars of the 20th century, Paul Newman, is also an inspiration to the newgeneration of entrepreneurs. To the new generation who are not quite aware of the height of his success in films,recognize him for „the guy who owns a food company‟. Newman founded „Newman‟sOwn‟ in 1982. It was a brand that had begun with homemade salad dressings andthen grew to a successful food chain. Newman decided to donate all profits of thischain, excluding taxes, to charity. The company has donated more than $300M tovarious charities all over the world since its establishment in 1982. An organic foods division of the company, named „Newman‟s Own Organics‟ startedin 1993 on the suggestion of his daughter which became a separate company in2003; its profits are still donated to charity. His food chain did not just have Newman‟s name but it gave the people a qualityexperience and that is what made it successful. One of Newman‟s beneficiaries is „Hole inthe Wall Camps‟ which are summer getaways for children with serious diseases. He wasalso one of the founding members of „Committee Encouraging Corporate Philanthropy‟which was established in 1999. This generous philanthropist, Magnetic Titan of Hollywood and highly successfulfood entrepreneur died at the age of 83 on 26th September 2008.Paul Newman. (2013). Famous Entrepreneurs website.Retrieved Apr 23, 2013, from http://www.famous-entrepreneurs.com/Paul-Newman
  40. 40. Donald Trump Donald Trump is an American business tycoon, author and TVpersonality. With his long list of accomplishments the billionaire hasearned great success and fame in the world of business as a real estatemogul. He has marketed the Trump name on many projects like the TrumpFinancial, Trump Sales and Leasing, Trump EntrepreneurInitiative, Trump Restaurants, Donald J. Trump Signature Collection(menswear line of accessories and watches), Donald Trump „TheFragrance‟, Trump „The Game‟ (a board game from 1989), TrumpSteaks, Trump Magazine, Trump Ice Bottled Water, Trump Golf andTrump Vodka. According to Forbes the financial worth of the brand„Trump‟ is $200M. He gets $1.5M for an hour of presentation that he gives at the LearningAnnex. He also owns the Miss Universe Organization. In 2003 he started producing and hosting the show „The Apprentice‟where his initial pay was $50K which has now increased to $3M perepisode. The „Forbes 400‟ listed Trump to have a net worth of $2B thatTrump claimed to be over $5B.Donald Trump. (2013). Famous Entrepreneurs website.Retrieved Apr 23, 2013, from http://www.famous-entrepreneurs.com/Donald-Trump
  41. 41. Questions,Comments, and orSuggestions

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