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Entrepreneurship Insights for Success

Explore valuable advice and takeaways on entrepreneurship strategies, partnerships, and profitability. Learn from Bob Reiss and key outcomes from various investments. Understand the importance of experience and networking in business ventures. Find out how to attract the right partners and maximize your entrepreneurial potential. Get inspired and informed to excel in the world of business.

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Entrepreneurship Insights for Success

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  1. R & R

  2. Trivia, Inc. Performance

  3. Outcomes • Bob Reiss made a total of $1,153,187 + $1,450,000 = $2,957,250 – 507,500 (7% commission to sales reps) = $2,095,687 on an initial investment of $26,250. • Kaplan made $1,153,187 on an initial investment of $26,250 (and a repaid loan of $300,000) • TV Guide made $725,000 on an investment of $25,625 (or $450,625 if include opportunity cost of ads) • Alan Charles (designer) made $362,500 on an investment of $15,000 (opportunity cost of 3 weeks time) • Sales Reps made $507,500 for an investment of incremental selling time • Manufacturer made $140,000 for an investment of ~$10,000 startup costs • Heller Factoring made $72,500

  4. Advice from Bob Reiss • http://video.hbs.edu/playVideo.jhtml?clip=reiss_interview

  5. Takeaways • Don’t be afraid to imitate successful strategies • Sustainability may be overrated • You don’t need to always emphasize long-term profits. • Entrepreneurship need not involve large risks, nor are entrepreneurs necessarily risk-seeking individuals. • Experience and network can be a key resource • Entrepreneurs having experience in an industry have many advantages over those without experience • Attracting the right partners / stakeholders can be critical • Figure out what you are missing and find partners to fill those gaps • Kenny Rogers was right! • You gotta know when to fold ‘em! • Entrepreneurship is about selling!!!

  6. Prep Work • Thursday Intro to Financial Ratios (casepack) • Homework – Calculate Anheuser Busch financial ratios (Katalyst) • Read Balanced Scorecard (Katalyst)

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