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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. Tell me and I’ll forget’ show me and I may remember; involve me and I’ll understand.” Chinese Proverb 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
Extra Income Want extra income and working for extra work? • 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 Michelle Anton & Jennifer Sander, 2006 Entrepreneur Press, Feb 27, 2006 Foreword by Dr. Laura Schlessinger
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. “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 Transitioning from Employee to Entrepreneur: A Road Map for Aspiring Entrepreneurs, Page 10 Marvin L Storm 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. Amacom Div American Management Association May 26, 2008 printed United States of America The Accidental Entrepreneur: The 50 Things I Wish Someone Had Told Me About, PG 1 By Susan Urquhart-Bro
7 Questions to Ask Before You Start a Business 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? • What is your motivation for becoming an entrepreneur? • What is your background and experience at work? • What strategies and tactics will you use to find leads? • How will you address the three big challenges of Money, Product and Pricing that every new business faces? 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? Action may not-always bring happiness, but there is no happiness without action. –Benjamin Disraeli, former British Prime Minister Ben Franklin: America's Original Entrepreneur, PG 31 By Blaine McCormick Entrepreneur Press, Jul 8, 2008
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 • Do I have to quit my job? –NO. • Do I have to be a single twenty-something? –NO. • Do I have to travel? –Depends and Optional. • Do I need to be born rich? –Absolutely Not. • Do I need to be an Ivy League Graduate?-Nope. • Do I need capital to start business? –No. • Do I need good credit? –No. • 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 only happy people I know are the ones who are working well at something they consider important. –Abraham Maslow The Entrepreneurs in Focus: Achieve Your Potential, Page 3 By Bill K. Bolton, John Thompson, & John L. Thompson, 2003 Cengage Learning EMEA, 2003
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
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 “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
Rules that Change the Rules • Retirement is Worst-Case-Scenario Insurance. • Interest and Energy are Cyclical. • Less is not Laziness. • The Timing is Never Right. • Ask for Forgiveness, Not Permission. • Emphasize Strengths, Don’t Fix Weaknesses. • Things in Excess become their Opposite. • Money alone is not the Solution. • Relative income is more important than absolute income. 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
Goal-Setting • The goals shift from ambiguous wants to defined steps. • The goals have to be unrealistic to be effective. • 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. “Logic will get you from A to B. Imagination will take you everywhere.” –Albert Einstein The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich Page 54, By Timothy Ferriss Random House Digital, Inc. Apr 24, 2007
System Reset • What would you do if there were no way you could fail? • Drawing a blank? • What does “being” entail doing? • What are the four dreams that would change it all? • Determine the cost of these dreams and calculate your Target Monthly Income (TMI) for both timelines. • 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 Random House Digital, Inc. Apr 24, 2007
Learn to Eye Gaze • Focus on one eye and be sure to blink occasionally so you don’t look like a psychopath or get your BLANK kicked. • In conversation, maintain eye contact when you are speaking (Its easy to do while listening). • Practice with people bigger or more confident than yourself. 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
You are Limitless-Motivation Short-Version https://www.youtube.com/watch?feature=player_embedded&v=oXJ1FZKwI7c\ 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. “To strive, to seek, to find, and not to yield”. –Alfred, Lord Tennyson, “Ulysses”. Release Your Inner Entrepreneur: Fresh Thinking for New Business Ventures, Page 10 By Ben Botes, John B. Vinturella Lulu.com, Oct 30, 2006
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? Release Your Inner Entrepreneur: Fresh Thinking for New Business Ventures, Page 10 By Ben Botes, John B. Vinturella Lulu.com, Oct 30, 2006
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 Release Your Inner Entrepreneur: Fresh Thinking for New Business Ventures, Page 11 By Ben Botes, John B. Vinturella Lulu.com, Oct 30, 2006
Personal Questions for Value and Vision “Formal education will make you living; self-education will make you a fortune.” –Jim Rohn 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? • 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? Release Your Inner Entrepreneur: Fresh Thinking for New Business Ventures, Page 11 By Ben Botes, John B. Vinturella Lulu.com, Oct 30, 2006
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. Release Your Inner Entrepreneur: Fresh Thinking for New Business Ventures, Page 17 By Ben Botes, John B. Vinturella Lulu.com, Oct 30, 2006
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. (2013). The Biography Channel website. Retrieved 02:15, Apr 23, 2013, from http://www.biography.com/people/elon-musk-20837159. 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 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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