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1. Introduction to Business
2nd Lecture
Taught by: Abdullah Al Fahad

2. An Entrepreneur
 An entrepreneur is a person who seeks a profitable opportunity and takes the necessary risks to
set up and operate a business.
 Consider Sam Walton, Walmart’s founder, who started by franchising a few small Ben Franklin
variety stores and then opened his own Walton Five and Dime stores. Today, Walmart has
grown into a multibillion-dollar global business that is also one of the world’s largest companies.
Walmart, the company that Sam Walton started, has revenues of close to $500 billion.
 Story of Walmart/Sam Walton: Story of Walmart
 15-year-old Entrepreneur: Video

3. Types of Entrepreneurs
 Classic Entrepreneurs:
 Classic Entrepreneurs are risk-takers who start their own companies based on one innovative ideas.
 Classic entrepreneurs are also called “Micropreneurs” who start small and plan to stay small. They often start
businesses just for personal satisfaction and the lifestyle.
 Serial Entrepreneurs:
 A serial entrepreneur is an entrepreneur who continuously invest in new ideas or existing businesses.
 Mark Cuban is another well-known serial entrepreneur who also happens to be a “shark” investor on the hit
reality TV series, Shark Tank. As owner of the Dallas Mavericks, he has invested in numerous startups and built
and sold multiple businesses (including a company, which he sold to CompuServe in 1990). Cuban speaks
honestly about many failures before becoming a billionaire—and confesses that he was “fired from more jobs
than most people have had.”
 Mark Cuban

4. Types of entrepreneurs
 Social Entrepreneurs:
 Social entrepreneurs recognize a social problem and use business principles to develop innovative
positive solutions.
 Social Entrepreneurship
 Many social entrepreneurs who make a difference in educational fields, calls themselves,
Education entrepreneurs.
 The Story of Revolution foods:.
 With personal savings and $500,000 from angel investors, Kristin Richmond and Kirsten Tobey, as shown in
photo, launched Revolution Foods. Each day, the Oakland, California–based company provides what it
calls “real food” meals, including brown rice and fresh vegetables, to school children in 25 U.S. cities.
More than just serving healthy meals, Revolution Foods partners with schools to deliver nutrition
education programs through classroom instruction and off-campus, hands-on activities to empower
students to make smarter and healthier eating choices.
 Revolution Foods
 Revolution Food 01

5. Reasons to Choose Entrepreneurship
as a Career Path
 1. Being Your Own Boss: The freedom to make all the decisions, being your own boss is one of
the biggest reason for entrepreneurship.
 When Michael Grondahl purchased a struggling gym, little did he know that more than two decades later, he’d be
disrupting the fitness industry’s model of locked-In annual membership contracts and high monthly fees. Based in
New Hampshire, Planet Fitness offers its members a no “gymtimidation,” judgment-free zone, and a unique
environment where anyone can be comfortable. Planet Fitness does not require a contract for gym members. For a
$10 monthly starting fee, members join without the pressure of an annual commitment. Planet Fitness has over 1,400
franchise locations and recently went public.
 Planet Fitness

6. Reasons to Choose Entrepreneurship
as a Career Path
 2. Financial Success
 Another goal to start the entrepreneurship journey is to become financially content or successful.
 Scrub Daddy
 3. Job Security
 As you probably know, working for a company, even a well-known Fortune 500 firm, is no guarantee
of job security. Being your own boss is a landed job security.
 Over the last few decades, and recently during Covid Pandemic, large companies have downsized in
response to declining revenues and technological innovation. As a result, a growing number of American
workers first-time job seekers, college grads, and experienced, unemployed workers have created their own
job security by starting their own business or taking a chance on a start-up.
 Elon Musk Fires 50% Twitter Employees

7. Reasons to Choose Entrepreneurship
as a Career Path
 4. Quality of Life
 The last and most sought-after reason to choose entrepreneurship is an balance between
professional and family life, which improve their quality of life since you have the freedom to decide
when, where, and how to work.
 A lifestyle entrepreneur is a person to whom quality of life is the most cherished goal and
hence they start a business to gain flexibility in work hours and time spent with family.

8. What opportunities does globalization create for
today’s entrepreneurs?
 Globalization: The economic, cultural and political interdependencies between
different countries and their organizations.
 Globalization
 6 The rapid globalization has created many opportunities for entrepreneurs such as:
1. They market their products abroad. Example: Websites, Social media marketing.
2. Find a broader target demographic since the world is your market.
3. Hire international workers to work for you at affordable rate. Ex; Fiverr, Odesk, Upwork
4. Find crowd funding for investment.
5. Find available & affordable technology to support your business such as
 Clickup or JIRA that can organize daily routine enterprise processes.

9. 8 Characteristic an Entrepreneur must have to
survive the adventure
There is a saying that being an entrepreneur is like jumping off a cliff with the
faith that you will build a wing before you hit the water. To survive the
challenges, an entrepreneur must possess the following characteristics.

10. Copyright, trademark & Patent
 What does each protect?
 Copyright protects your art and writing such as books, music, painting, photograph,
architecture etc. and right to distribute and earn.
 Trademarks protect your name, symbols & slogans such as logos, colors, font, shapes of
slogan and name itself.
 Patents protects your design and inventions such as specific design specification,
measurements, exclude others to design the same over a territory

11. Corporate culture
 An organization’s corporate culture is its principles, beliefs, values, the leadership
styles, the way it communicates, and the overall work environment.
 Google Headquarter

12. Finding Financing
Crowd Funding & Debt Financing
 Crowd funding: Crowd funding is the idea to find funding where entrepreneurs present
business plans being as transparent as possible and sets a finance target with a deadline.
Crowd donate money and in return wants to be:
1. The first person to get the product
2. Other rewards or gifts
3. Shares in the company
 Kickstarter
 Debt Financing: Debt financing means borrowing money that must be repaid, sometime with
interest.
 Loans from banks, finance companies and credit card companies are all sources of debt financing.
Bank loan officers want to see a business plan and will evaluate the entrepreneur’s credit history.

13. Finding Financing
Angel Investors vs Venture capitalists

14. Finding Financing
Government Support
 Government Financing:
 There are many programs by Government to help finance a business. But for entrepreneurs
and new small businesses, 2 notable support in USA are as follows:
1. The Small Business Administration (SBA): The SBA in USA offers information, resources, and
sometimes access to financing for entrepreneurs.
2. Economic Revitalization: Another way governments encourage entrepreneurship is through
investing in specific geographic areas designated for economic revitalization. If an entrepreneur
invest in an economically depressed area the government facilitate
 Lower installments towards business investments
 Lower interest rates and
 Sometime rewards such as permanent residence or citizenship for foreigners.

15. Food for Inspiration
Story of Khan Academy
 Salman Khan, who is a native of Bangladesh and India, created Khan
Academy, with the mission for free world class education for everyone. It
started from making YouTube videos to tutor cousins which is now
generating 22 million USD per year. The project was later funded by Bill
Gates by 2 million USD and Salman never looked back from there. Salman is
an excellent example of a brave classic entrepreneur.
 Story of Khan Academy
 Salman Khan

16. Food for Thought