Presentation Transcript

1. Famous Entrepreneurs and Partnerships

   By: Alex Bunn, Shannon Bepko, and Chandler Harrell
2. Bryan Williams Nickname: “Birdman” Co-founder of Cash Money Records Cash Money Records is a record company Annual revenues exceed of $100 million 50 million records have been sold
3. Bryan Williams He made the company successful by: Taking chances Being very confident and creating business partnerships Being black did not bring him up or down and didn’t disturb his business life.
4. Bryan Williams To help the economy: He sells music all over the world Which brings money to the U. S.
5. Mary Kathlyn Wagner Nickname: Mary Kay Ahs Was the founder of Mary Kay Inc. Mary Kay Inc. is a beauty company
6. Mary Kathlyn Wagner They sell: Skin care products (men & women) Makeup Fragrances Body & Sun Products Online free makeover In 19 different countries, over 350,000 consultants
7. Mary Kathlyn Wagner Company makes over $1 billion annual sales She was successful by: Keeping her employees motivated Keeping an upbeat behavior
8. Mary Kathlyn Wagner While working for other employers she: Made a negative-vs.-positive list about employers Came up with a perfect business plan She kept her employees motivated by: Top sale directors got pink cedillas Hardest workers got diamond bee pens
9. Mary Kathlyn Wagner In the Business world: She was treated poorly Was declined for promotions and raises This company helps the U. S. economy by: Selling products around the world Which brings money to the U. S.
10. Coco Chanel Name: Coco Chanel Company Name: Chanel Description of company: Fashion marketing Sells: Perfume, Designer clothes, Make-up, and Accessories. Chanel products are sold in department stores and Chanel boutiques all around the world. Current annual sales: $3.1 to $4.1 billion dollars
11. Coco Chanel Coco made Chanel successful by designing high fashion, comfortable clothing that women loved. She designed classic pieces of clothing that represented comfortable and casual elegance. Being a woman never hindered her entrepreneurial success. Chanel is important to our economic development by selling designer fashions around the world which brings money the United States.
12. Azim Premji Name: Azim Premji Company Name: Wipro Technologies Description of company: Manufactures computer hardware, software development, and other related items. Current annual sales: $6 billion dollars
13. Azim Premji Azim took over the Wipro company in 1980. Before he was Chairman, they sold products such as: light bulbs, soaps, baby care products, shampoos, powders, etc. When Azim took over, Wipro started to manufacture computer hardware which brought the company to a success.
14. Azim Premji Being a minority from India did not hinder Azim’s entrepreneurial success. He was recognized by Business Week as one of the Greatest entrepreneurs. Azim is currently the 3rd richest Indian and the 36th richest in the world. His company has provided consumer products as well as computer software that has increased our economic development and improved our technological lives.
15. Theo Paphitis Born in Limassol, Fyprus in 1959 Moved to England at the age of 6 Where he started his career at 16 as a tea boy At 18 he made his jump to retail
16. Theo Paphitis At age 20 he moved into finance-property and corporate specializing in business turn a rounds By 23 he set up his own company He has purchased and turned around multiple of ailing companies Today is a multi-millionaire
17. Theo Paphitis Chairman of Milwall FC; Took them into championship league FA cup final Director of the Football league and FA councilor On a successful TV show Currently lives in Surrey with his wife and 5 kids
18. How to start a partnership Get to know your potential partner and learn about his/her personal and professional values, ideas, and goals. Consult a lawyer and an accountant to draw up a written partnership agreement Spell out an exit plan for you and the business
19. Examples of a partnership Facebook Barbershops Accountancy firms/ Law firms
20. Taxing a Partnership For tax purposes, the IRS does not consider a partnerships separate from their owners. They are called “pass through” taxes. A “pass through” tax means all the profits and losses of the partnership pass through the business to the partners. Each partner pays taxes on their share of the profits or losses on their individual tax returns. Each partner’s share is laid out in a written partnership agreement.
21. Disadvantages of Partnerships If one partner messes up, all the partners are liable. Profits must be split between all the partners. Unequal work time because of personal lives. Figure out how to value every partners time and skills. Every decision is between all the partners. There may be disagreements.
22. Disadvantages of Partnerships “The partnership may have a limited life; it may end upon the withdrawal of death of a partner.” Partnerships can usually not become large businesses due to limitations. You must be flexible and work together.
23. Advantages of Partnerships Easy to establish Easier to raise funds 2 or more can each fund Fund: Greater borrowing capacity Complimentary skills between each partner More contacts and skills
24. Advantages of Partnerships There is a larger pool of knowledge Can provide moral support for each other More creative brainstorming
25. Work cited http://www.blackentrepreneurprofile.com/profile-full/archive/2009/july/article/bryan-birdman-williams/ http://www.nsea.org/news/HallProfile.htm http://entrepreneurs.about.com/od/famousentrepreneurs/p/marykayash.htm http://www.celebritynetworth.com/richest-celebrities/rappers/birdman-net-worth/# http://www.how-to-start-a-business-guide.com/partnership-advantages.html