Entrepreneur

Entrepreneur
Dr. Lauren Talia, D.B.A.
National University
April 23, 2013
“Entrepreneurship is a derivative of the French world “entreprendre,” which
means “to undertake, to pursue opportunities, to fulfill needs and wants
through innovation.”

Isn’t America Great?
We are Nation of Entrepreneurs!
 Young and old, Americans start businesses at an
impressive rate, always willing to take a chance
on creating our own futures.
 Why? Because few things are as satisfying as a
dollar (or two) earned on your own, by your own
ideas, talents, and efforts from start to finish.
 The opportunity to create, to grow, to flourish, is
embedded in us as a people.
Weekend Entrepreneur:
101 Great Ways to Earn Extra Cash, PG 21
Michelle Anton & Jennifer Sander, 2006
Entrepreneur Press, Feb 27, 2006
Foreword by Dr. Laura Schlessinger

The Downside of Business
 There are more than 16 Million small-business owners
in the United States, most of whom began their
businesses with dreams of increased freedom,
autonomy, and wealth.
 Over 80% of small-businesses fail within the first five
years.
Jesus, Entrepreneur: Using Ancient Wisdom
to Launch and Live Your Dreams, xxvi
By Laurie Beth Jones
Random House Digital, Inc., Dec 18, 2007

Small-Businesses Entrepreneurs
 Create jobs, and have a significant impact on the
economic growth of the entire world.
 Entrepreneurs make a difference. They touch people’s
lives. Its simple-and profound-as that. I’m looking
forward to welcoming you to the club.
The Reluctant Entrepreneur:
Turning Dreams Into Profits, Page 7
By Michael Masterson
John Wiley & Sons, Jun 26, 2012

Weekend Entrepreneur
Some of the best businesses for weekend entrepreneurs
involve using what you have-free time and strong back-to
help out the folks who lack either. Busy working couples,
retired folks with less than perfect health, there are
thousands of people in your own town who could benefit
from having a willing person to help out on weekends.
Weekend Entrepreneur: 101 Great Ways to
Earn Extra Cash, PG 21
Tell me and I’ll forget’ show me and I may remember; involve me and I’ll
understand.” Chinese Proverb

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.com
Weekend Entrepreneur: 101
Great Ways to Earn Extra Cash, PG 35
Want extra income and working for extra work?

American Dream
Is a state-of-being that promises nirvana, fulfillment and a
meaningful 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 10
Marvin L Storm
“By recording your dreams and goals on paper, you set in motion the process
of becoming the person you most want to be.” –Mark Victor Hansen,
www.markvictorhansen.com
Employee to Entrepreneur
5/28/2007

WHAT IS AN “Accident
Entrepreneur”
A Person who never expected to be self-employed or
thought of herself or himself as an entrepreneur.
 Accidental entrepreneurs don’t set out to be
entrepreneurs.
 An entrepreneur is not born with ability of being his/her
own boss.
 Is usually not comfortable by selling products or services,
at first.
 Upcoming entrepreneurs realize they need to learn what
they don’t already know.
 Everything they can in regards to his/her business. In order
to make his or her business a success.
The Accidental Entrepreneur: The 50 Things I Wish
Someone Had Told Me About, PG 1
By Susan Urquhart-Bro
Amacom Div American Management Association
May 26, 2008 printed United States of America

7 Questions to Ask Before
You Start a Business
1. What is your motivation for
becoming an entrepreneur?
2. What is your background and
experience at work?
3. What strategies and tactics will
you use to find leads?
4. How will you address the three
big challenges of Money,
Product and Pricing that every
new business faces?
5. What course of action will you
take to make your business
successful?
6. What are you going to do to
market yourself?
7. How long will you stay involved in
your business before you receive a
consistent revenue stream?
Article Source: http://EzineArticles.com/3084814

Competition is Healthy!
 Great entrepreneurs have always benefited from tough
life experiences.
 Our competitors often force us to levels we would not
have reached on our own. Where would Steve Jobs and
Apple computers be without Bill Gates, and vice versa?
Ben Franklin: America's
Original Entrepreneur, PG 31
By Blaine McCormick
Entrepreneur Press, Jul 8, 2008
Action may not-always bring happiness, but there is no
happiness without action.
–Benjamin Disraeli, former British Prime Minister

Rocky Balboa Inspirational
Speech
http://www.youtube.com/watch?v=D_Vg4uyYwEk
“You’ll never achieve your dreams if they don’t become goals.” –Anonymous

Starting your own Business,
Questions
1. 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 Rich
PG 33-35 By Timothy Ferriss
Random House Digital, Inc.
Apr 24, 2007

Silicon Valley
“The thousands of engineers and managers in
Silicon Valley represent 16 additional jobs. It is
this 1 to 16 multiplier. Yet an even higher ratio
is that for the entrepreneur to jobs created.
This ratio may be 1 to 500, or 1 to 1000. Each
new spin-off, if it grows to any size, may
create jobs for hundreds, if not thousands, of
employees in the new firm”.
-Larson and Rogers, Silicon Valley Fever,
1986

Entrepreneurs Found in
Broadly 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 3
By Bill K. Bolton, John Thompson,
& John L. Thompson, 2003
Cengage Learning EMEA, 2003
The only happy people I know are the ones who are working well at
something they consider important. –Abraham Maslow

Most New Ventures
Fail-Usually for Good Reasons
 The founders launch without being truly committed to
their success.
 Entrepreneurs becomes convinced that a lousy business
idea is brilliant, or because he/she doesn’t understand
the market he’s targeting.
 The Leaders don’t hire the right people or offer the best
people a good reason to join the venture.
 The founders don’t know how to communicate
effectively, or don’t adapt to take advantage of new
opportunities.
The Intelligent Entrepreneur:
How Three Harvard Business School Graduates
Learned the 10 Rules of
Successful Entrepreneurship, Page 3
By Bill Murphy, Jr
Macmillan, Oct 12, 2010

Successful Entrepreneur
 Find a Niche
 Choose a Good Name
 Be Clear What you are trying to
achieve
 Get a Mentor
 Do proper Research
 Find a business that can be
scaled 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 with
equity
 Don’t assume your customers will
find you
 Think Big
 Make it easy for luck to strike
 Learn how to sell
 Start Networking
You Can Do It Too: The 20 Essential Things
Every Budding Entrepreneur
Should Know, Page Vii-Viii
Kogan Page Publishers, Apr 3, 2010

Jack Welch CEO of GE in
1981
 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 were
not afraid to use their imitative and try out new ideas, and
where only their own personal abilities and standards would
be ceiling for their endeavors.
 More recently, he commented that he always wanted to
create a fast, flexible, and adaptable small business
culture inside a large, established industrial corporation.
Crainer, Business The Jack Welch Way, 2011

“Success is not
in what you
have, but who
you are.” –Bo
Bennet
“Mother love is the fuel that enables a normal human being to do the
impossible.” –Marion C. Garretty
The best time to plant a tree is 20-years ago; the second-best time is today. –
Chinese Proverb
“Goals that are not
written down are just
wishes.” Anonymous

Rules that Change the
Rules
1. 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.
Apr 24, 2007

Goal-Setting
1. 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 created
when work is removed.
 Living like a millionaire requires doing interesting things
and not just owning enviable things.
The 4-Hour Workweek: Escape 9-5,
Live Anywhere, and Join the New Rich
Page 54, By Timothy Ferriss
Apr 24, 2007
“Logic will get you from A to B. Imagination will take you everywhere.” –Albert Einstein

System Reset
1. 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 your
Target Monthly Income (TMI) for both timelines.
6. Determine three steps for each of the four dreams in just
the 6-month timeline and take the 1st step now.
The 4-Hour Workweek: Escape 9-5,
Live Anywhere, and Join the New Rich
PG 56 By Timothy Ferriss
Apr 24, 2007

Learn to Eye Gaze
1. Focus on one eye and be sure to blink occasionally so
you don’t look like a psychopath or get your BLANK
kicked.
2. In conversation, maintain eye contact when you are
speaking (Its easy to do while listening).
3. Practice with people bigger or more confident than
yourself.
Apr 24, 2007

You are Limitless-Motivation
Short-Version
https://www.youtube.com/watch?feature=player_embedded&v=o
XJ1FZKwI7c
Long-Version
http://www.youtube.com/watch?v=WTFnmsCnr6g
Civilization had too many rules for me, so I did
my best to rewrite them. –Bill Cosby

“To be nobody but yourself in a
world which is doing its best, night
and day, to make you everybody
else means to fight the hardest
battle which any human being can
fight; and never stop fighting”.
–E.E. Cummings

Vision Creates Commitment
 I am committed to my vision, which means my vision
creates focused action, which fosters risk taking and
experimentation.
 A good example is how Bill Gates had the vision of personal
computer in every home. At the time this seemed completely
unreasonable but his commitment to his vision created
possibilities, and action.
Release Your Inner Entrepreneur:
Fresh Thinking for New Business Ventures, Page 10
By Ben Botes, John B. Vinturella
Lulu.com, Oct 30, 2006
“To strive, to seek, to find, and not to yield”. –Alfred, Lord Tennyson, “Ulysses”.

Shared Vision Creates
Long-Term Results
 People never focus on the long-term because they
have to; only because they want to.
 For example, Cathedral builders of the middle ages
needed to work together. They often took 300 years to
complete the Cathedral. That meant 300 years of vision.
Take minute and refer back to the earlier examples
provided of entrepreneurs who made it. What role did vision
play in their ventures? Where would they be without this
vision?

Why are Visions so
Powerful?
 Visions are valuable because they are products of the
mind and the heart working together.
 Vision are very compelling, very motivating. They are not
an escape from reality. They allow us to create it! They
provide a magnetic pull.
 Visions integrate our sense of purpose and our values
with the picture of how to accomplish.
“Goals in writing are dreams with deadlines.” –Brian Tracy www.briantracy.com

Personal Questions for
Value and Vision
 What is your dream?
 Is your business opportunity
worth pursing?
 How do you want your life to
look to others?
 How would you like to be with
other people?
 What is meaningful about your
dream?
 What is the great thing about
this dream?
 Do you automatically find
anything negative about this
dream if yes, what?
 What are the fears you have
about this dream?
 What stops you from being up
to the challenge?
 Do you have the support from
others to pursue this dream?
 What does that tell you about
yourself?
“Formal education will make you living; self-education will make you a
fortune.” –Jim Rohn

Written Goals
 What the desired result is.
 By when it will be accomplished.
 How progress will be measured along the
way. (And when it will be measured.)
 What action steps are expected to be taken.
 Who is responsible for what actions and for
the goals overall.

Elon Musk
Elon Musk was born in South Africa and became a
multimillionaire in his late twenties when he sold his start-up
company, Zip2, to a division of Compaq Computers. He went
on to more early success launching PayPal via a 2000 merger,
Space Exploration Technologies Corp. (SpaceX) in 2002, and
Tesla Motors in 2003. Musk made headlines in May 2012 when
SpaceX launched a rocket that would send the first commercial
vehicle to the International Space Station.
Risk Takers: Elon Musk helped create PayPal, built America’s
first viable fully electric car company, started the nation’s
biggest solar energy supplier, and may make commercial
space travel a reality in our lifetime.
Elon Musk. Entrepreneur. (2013). BLOOMBERG L.P. Retrieved Apr 23, 2013 from
http://www.businessweek.com/videos/2011-09-30/elon-musk-entrepreneur
Elon Musk. (2013). The Biography Channel website. Retrieved 02:15, Apr 23, 2013, from
http://www.biography.com/people/elon-musk-20837159.

Elon Musk
Co-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

Michael Dell
 Born on February 23, 1965, in Houston, Texas, Michael Dell showed
an early interest in technology and gadgets.
 At the age of 15, he purchased an early Apple computer in order to take it
apart to see how it worked.
 In college, he started building computers and selling them directly to
people, focusing on strong customer support, and cheaper prices.
 It was in college that Dell found the niche that would become his
boom.
 The PC world was still young and Dell realized that no company had tried
selling directly to customers. Bypassing the middleman and the markups,
Dell tapped his savings account for $1,000 and started building and selling
computers for people he knew at college. His emphasis, however, wasn't
just on good machines, but strong customer support and cheaper prices.
Soon, he had accounts outside of school and it wasn't long before Dell
dropped out and focused all his efforts on his business.
 Michael became the youngest CEO ever to earn a ranking on the
Fortune 500.
Interview with Michael Dell: http://www.youtube.com/watch?v=NcGfnxA-
eF4
Michael Dell. (2013). The Biography Channel website. Retrieved Apr 23, 2013, from http://www.biography.com/people/michael-dell-9542199.

Andrew Carnegie
 Is known as the ‘steel king of America’ was a business
tycoon who made his wealth largely from the steel industry.
He was also a large-scale philanthropist whose life story is
often referred to as ‘rags to riches’.
 Andrew Carnegie asked Napoleon Hill who was a journalist
to conduct interviews of influential people in the hope to find
out the common thing between them that had led them all to
success.
 This work was published after Andrew’s death as ‘The Laws of
Success’ 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 is the
Management of Men’ (1903).
Andrew Carnegie (2013). Famous Entrepreneurs website.
Retrieved Apr 23, 2013, from http://www.famous-entrepreneurs.com/andrew-carnegie

Bill Gates
 The American Entrepreneur, philanthropist and one of
world’s richest people, Bill Gates is the former chief
executive and current chairman of Microsoft, the giant of
computer software companies.
 Bill Gates has played a major role in this success not only
because of his strategic thinking and outstanding talent but also
his passion and strong determination. Gates dominated the
computer industry because he saw things other players in the
game just couldn’t. In an interview to Fiona Bruce from BBC for
‘The Money Programme’ he said that that it wasn’t just what
Microsoft did, but what his rivals didn’t do.
 Bill Gates has not only brought success to Microsoft but has
contributed so much more to the world with his innovative
ideas 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

J. W. Marriott
 J. W Marriott was the founder, Chairman and CEO of Marriott
International, Inc. that is the world’s biggest hospitality company that
later became the largest food services and hotel chain turning him into
a billionaire.
 Marriott’s portfolio includes a large range of lodging brands. Marriott
International works and franchises several luxury hotels and resorts
such as the Marriott, JW Marriott, Autograph Collection, The Ritz-
Carlton, Renaissance, Residence Inn, TownePlace Suites, AC Hotels
by Marriott, Courtyard, SpringHill Suites and Fairfield Inn and Suites.
It also includes the Bulgari brand names, Grand Residences and the
Ritz Carlton Designation Club, Marriott Vacation Club.
 J.W Marriott died on 13th August 1985. With his hard work and
commitment to success Marriott turned his small beer stand to the
most profitable and diversified companies in the world. At the time of
his death Marriott International had 1400 restaurants and 143 resorts
and 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

Warren Buffett
 Known as the ‘Miracle of Omaha’, Warren Buffet is the
chairman and chief executive officer of Berkshire Hathaway.
He is one of the wealthiest people of the world and a highly
successful investor of the twentieth century.
 In 2008 Buffet was the ranked as the world’s richest person
and third richest in 2011. Listed in Time magazine’s ‘most
influential people of the world’, Buffet has made a mark for
himself due to his exceptional entrepreneurial skills.
 In April he was diagnosed with prostate cancer for which he
was treated successfully. Buffet’s achievements have been
acknowledged with several honors. He was awarded the
Presidential Medal of Freedom by President Barack Obama.
Buffet was also termed as the most influential global thinker
in the 2010 report of Foreign Policy. According to Forbes his
net worth is almost 62 billion dollars.
Warren Buffett (2013). Famous Entrepreneurs website.
Retrieved Apr 23, 2013, from http://www.famous-entrepreneurs.com/Warren-Buffett

Walter Elias ‘Walt Disney’
 Walter Elias ‘Walt Disney’ laid the foundations of a magical,
optimistic and whimsical world full of imagination many
decades ago that instantly won the audiences and the magic
of his creation is still alive today.
 Walt had always wanted to start a theme park where children
could enjoy with their families, take fun rides and see their
favorite Disney characters. This dream became a reality in
1955 with the opening of Disney Land Park that entertains
worldwide tourists. Walt planned another Disney Land which
he could not see as the maker of the magical world died on
15th December 1966 due to lung cancer. His brother Roy
completed 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

Larry Ellison
 With a net worth of 41 billion dollars Larry Ellison is America’s third richest citizen. He
has acquired his wealth from his software company ‘Oracle Corporation’, in which he
owns a 22.5% stake.
 Larry Ellison has the most exotic lifestyle. He owns several mansions, planes, yachts
and even islands.
 He announced in June 2012 that he intended to buy 98% of the Hawaiian Island of
Lana’i that is currently in the ownership of Castle and Cookie (David Murdock’s
company).
 It will cost him around $500M to $600M.
 Since 2005, Ellison received a salary of $975k along with $6.5M in bonuses and other
benefits of $955k.
 In 2007, these figures increased to a base salary of $100k, a bonus of $8.3M and other
compensation 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 to
Forbes, Ellison is the richest Californian.
 In 2010 he was included in Forbes list of billionaires as the 6th richest person of the world
and in 2012 he is the world’s 8th wealthiest person.
 He signed the ‘Giving Pledge’ in 2010 becoming one of the 40 billionaires who have
signed it.
Larry Ellison. (2013). Famous Entrepreneurs website.
Retrieved Apr 23, 2013, from http://www.famous-entrepreneurs.com/Larry-Ellison

Paul Newman
 The blue-eyed star of ‘Butch Cassidy and Sundance Kid’, one of the greatest
Hollywood stars of the 20th century, Paul Newman, is also an inspiration to the new
generation 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’s
Own’ in 1982. It was a brand that had begun with homemade salad dressings and
then grew to a successful food chain. Newman decided to donate all profits of this
chain, excluding taxes, to charity. The company has donated more than $300M to
various charities all over the world since its establishment in 1982.
 An organic foods division of the company, named ‘Newman’s Own Organics’ started
in 1993 on the suggestion of his daughter which became a separate company in
2003; its profits are still donated to charity.
 His food chain did not just have Newman’s name but it gave the people a quality
experience and that is what made it successful. One of Newman’s beneficiaries is ‘Hole in
the Wall Camps’ which are summer getaways for children with serious diseases. He was
also one of the founding members of ‘Committee Encouraging Corporate Philanthropy’
which was established in 1999.
 This generous philanthropist, Magnetic Titan of Hollywood and highly successful
food 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

Donald Trump
 Donald Trump is an American business tycoon, author and TV
personality. With his long list of accomplishments the billionaire has
earned great success and fame in the world of business as a real estate
mogul.
 He has marketed the Trump name on many projects like the Trump
Financial, Trump Sales and Leasing, Trump Entrepreneur Initiative,
Trump Restaurants, Donald J. Trump Signature Collection (menswear
line of accessories and watches), Donald Trump ‘The Fragrance’, Trump
‘The Game’ (a board game from 1989), Trump Steaks, Trump Magazine,
Trump Ice Bottled Water, Trump Golf and Trump 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 Learning
Annex. 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 per
episode. The ‘Forbes 400’ listed Trump to have a net worth of $2B that
Trump claimed to be over $5B.
Donald Trump. (2013). Famous Entrepreneurs website.
Retrieved Apr 23, 2013, from http://www.famous-entrepreneurs.com/Donald-Trump

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