2006 Hispanic Intitiative- Entrepreneurship


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This is a presentation I created for the 2006 Hispanic Initiative to teach middle school and high school students about the importance of business. Each day, I introduced the students to business new topics, such as entrepreneurship, marketing, ethics, corporate social responsibility, and accounting/finance.

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2006 Hispanic Intitiative- Entrepreneurship

  1. 1. Entrepreneurship
  2. 2. Entrepreneurship <ul><li>Anyone know what this is or what an entrepreneur does? </li></ul>
  3. 3. Entrepreneurship <ul><li>Entrepreneurship </li></ul><ul><ul><li>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 </li></ul></ul><ul><li>Entrepreneur </li></ul><ul><ul><li>A person who organizes, operates, and assumes the risk for a business venture. </li></ul></ul>
  4. 4. Spanish <ul><li>Anyone know the Spanish translation of the following terms: </li></ul><ul><ul><li>Entrepreneurship </li></ul></ul><ul><ul><li>Entrepreneur </li></ul></ul>
  5. 5. Spanish <ul><li>Entrepreurship </li></ul><ul><ul><li>espíritu emprendedor </li></ul></ul><ul><li>Entrepreneur </li></ul><ul><ul><li>empresario </li></ul></ul>
  6. 6. Joseph Schumpeter <ul><li>Austrian economist who pioneered the category </li></ul><ul><li>1950- an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation </li></ul><ul><li>First person to develop theories on entrepreneurship relating them to the field of economics </li></ul><ul><li>Entrepreneurs necessary for economic growth </li></ul>
  7. 7. Becoming an Entrepreneur <ul><li>Offer a product or service </li></ul><ul><ul><li>Can be a totally new concept or merely improve an already existing one </li></ul></ul><ul><ul><li>Examples? </li></ul></ul><ul><li>Assist a business that performs the latter </li></ul>
  8. 8. Walt Disney <ul><li>What makes this man an entrepreneur? </li></ul>
  9. 9. Walt Disney <ul><li>Started Disney Brothers’ Studio in about 1925 </li></ul><ul><ul><li>First office was based out of his uncle’s garage in Hollywood </li></ul></ul><ul><ul><li>Started making cartoon film “shorts” </li></ul></ul><ul><ul><li>Evolved into full-length cartoon films </li></ul></ul><ul><ul><li>Branched into producing live-action films </li></ul></ul><ul><ul><li>1955- Mickey Mouse Club- jumping into TV </li></ul></ul><ul><ul><li>1966- Began planning for Disney World </li></ul></ul>
  10. 10. Walt Disney <ul><li>His achievements have led to: </li></ul><ul><ul><li>EPCOT Center </li></ul></ul><ul><ul><li>The Magic Kingdom </li></ul></ul><ul><ul><li>Countless other parks in Florida, California, and Across the World </li></ul></ul><ul><ul><li>The Disney Channel </li></ul></ul><ul><ul><li>Toon Disney </li></ul></ul>
  11. 11. Sam Walton <ul><li>What makes this man an entrepreneur? </li></ul>
  12. 12. Sam Walton <ul><li>Started the first true Wal-Mart in Rogers, Arkansas in 1962 </li></ul><ul><li>Today, Wal-Mart is the world’s largest retailer and employs 1.5 million people worldwide </li></ul>
  13. 13. Other Entrepreneurs <ul><li>Oprah Winfrey </li></ul><ul><li>Steve Jobs </li></ul><ul><li>Jim Henson </li></ul><ul><li>Ray Kroc </li></ul><ul><li>Donald Trump </li></ul><ul><li>Benjamin Franklin </li></ul><ul><li>Martha Stewart </li></ul><ul><li>Coco Chanel </li></ul><ul><li>George Forman </li></ul><ul><li>Jenny Craig </li></ul><ul><li>Henry Ford </li></ul><ul><li>Michael Dell </li></ul>
  14. 14. More Entrepreneurs <ul><li>Bill Gates </li></ul><ul><li>Rupert Murdoch </li></ul><ul><li>Estee Lauder </li></ul><ul><li>Mary-Kate & Ashley Olson </li></ul><ul><li>Ted Turner </li></ul><ul><li>PT Barnum </li></ul><ul><li>Milton Hershey </li></ul><ul><li>JW Marriott </li></ul><ul><li>Eli Whitney </li></ul><ul><li>John Deere </li></ul><ul><li>Alexander Graham Bell </li></ul>
  15. 15. Entrepreneurs <ul><li>Can you name some entrepreneurs? </li></ul>
  16. 16. Market Opportunity <ul><li>First and foremost, there must be a demand for the product or service </li></ul><ul><ul><li>How useful is it? Is it desired or needed? </li></ul></ul><ul><ul><li>Must offer something that people are willing to spend their hard-earned money on </li></ul></ul><ul><li>Name some products that are desired </li></ul><ul><li>Name some products that are not desired </li></ul><ul><li>Demand, desire, and need all translate into profitabilty </li></ul><ul><ul><li>Without profitability, there is no product and no company </li></ul></ul>
  17. 17. Getting Started <ul><li>You must first must obtain the funding necessary in order to become entrepreneurs </li></ul><ul><li>Venture capital allows you to start the business or develop the product </li></ul><ul><ul><li>Venture capitalists (those who fund entrepreneurs) give their money in return for any or all of the following: </li></ul></ul><ul><ul><ul><li>Share in profits- indicates some level of ownership </li></ul></ul></ul><ul><ul><ul><li>Share in management- indicates some level of ownership </li></ul></ul></ul><ul><ul><ul><li>Percentage of sales </li></ul></ul></ul><ul><ul><ul><li>Repayment with interest (lenders) </li></ul></ul></ul>
  18. 18. What’s Required <ul><li>Risk- putting your life, money, reputation, and time on the line </li></ul><ul><ul><li>Literally, success or failure can make or break you </li></ul></ul><ul><ul><li>Due to the uncertainty of many circumstances aside from your own personal management (variables) </li></ul></ul><ul><ul><ul><li>Name some variables </li></ul></ul></ul>
  19. 19. Characteristics of an Entrepreneur <ul><li>Can you name some characteristics that an entrepreneur must possess? </li></ul>
  20. 20. Building for the Future <ul><li>You will become the entrepreneur </li></ul><ul><ul><li>Holy Hot Sauce </li></ul></ul><ul><li>Tomorrow we will go over how an entrepreneur markets their product </li></ul><ul><ul><li>Will begin developing a marketing concept for your Holy Hot Sauce product </li></ul></ul>
  21. 21. Review <ul><li>What’s an entrepreneur? </li></ul><ul><li>What’s the Spanish word for entrepreneurship, entrepreneur? </li></ul><ul><li>Who pioneered the concept of entrepreneurship? </li></ul><ul><li>What must you identify before developing a product or service? What’s the goal of becoming an entrepreneur? </li></ul><ul><li>What do we call someone who funds an entrepreneur? </li></ul><ul><li>What’s one major downfall to becoming an entrepreneur? </li></ul>