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ENTREPRENEURSHIP. WHAT IS AN ENTREPRENEUR? . en·tre·pre·neur - a person who organizes and manages any enterprise, esp. a business, usually with considerable initiative and risk. Dictionary.com. HOW TO BECOME AN ENTREPRENEUR. Develop a product or service
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WHAT IS AN ENTREPRENEUR? • en·tre·pre·neur - a person who organizes and manages any enterprise, esp. a business, usually with considerable initiative and risk. Dictionary.com
HOW TO BECOME AN ENTREPRENEUR • Develop a product or service • Become an independent representative for someone else's company • Buy an existing business or franchise. • Become an "intrapreneur," operating autonomously within a company
Types of Businesses • Manufacturing- actually produce the products they sell • Wholesaling-sell the products to people other than the final customer • Retailing- selling products to people • Service- sell services • Agricultural-generate fresh produce & other farm products • Mining & extracting- take resources like coal out of the ground so they can be consumed
ADVANTAGES • To create something of your own • To have a sense of personal achievement • Opportunity to create substantial wealth • To break out of the "corporate rat race" and be your own boss
DISADVANTAGES • Long hours, particularly during start-up period • Working late nights and weekends • Takes a great amount of effort to get a business up and running
Financial Risk • Assumes all risk • Income may go up and down dramatically in the beginning • May have to invest personal savings and/or assets as collateral for business loans
Responsibility • Employees expect stable employment • Customers expect delivery on promises • Suppliers and bankers expect bills paid on time • Investors expect a decent profit
Traits and Characteristics • Traits • Self confidence • Optimistic attitude • Determination • Flexibility • Patience • Characteristics • Resourceful • Good Customer Relations • Desire To Be Own Boss • Tolerance For Uncertainty/Risk
Non-Financial Reasons To Start A Business Source: CIBC World Markets, Economics & Strategy, “Secrets to Small Business Success”, research.cibcwm.com/economic_public/ download/sb-ssbs-10192004.pdf
Financial Reasons To Start A Business Source: CIBC World Markets, Economics & Strategy, “Secrets to Small Business Success”, research.cibcwm.com/economic_public/ download/sb-ssbs-10192004.pdf
According to the SBA…Small Business Administration • In 2005, there were 5.8 million firms with employees and 18.6 million without employees. Small firms with fewer than 500 employees represent 99.9% of the 25.8 million businesses in the United States. Only 17,000 U.S. businesses are considered large. • Small businesses contribute billions of dollars to the U.S. economy every year and employ more workers that all of the country’s large corporations combined.
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Mary Kay Ash • Company: Mary Kay • Position: Chairman • Industry: Cosmetics • Mary Kay Ash founded the cosmetics empire that helped to empower and inspire thousands of women. Her worldwide brand is now established in more than 30 countries and has a sales force of more than one million. Kay's business techniques were unconventional and attracted much attention with actions like giving her top sales people pink Mary Kay Cadillacs as an incentive and appreciation of their contribution to the company.
Bill Gates • Company: Microsoft • Position: Chairman • Industry: Technology • Bill Gates is one of the most influential people in the world. He is cofounder of one of the most recognized brands in the computer industry with nearly every desk top computer using at least one software program from Microsoft. According to the Forbes magazine (2008), Bill Gates is third richest man in the United States with an estimated $58 million.