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ENTREPRENEURSHIP

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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ENTREPRENEURSHIP

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  1. ENTREPRENEURSHIP

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. Responsibility • Employees expect stable employment • Customers expect delivery on promises • Suppliers and bankers expect bills paid on time • Investors expect a decent profit

  9. 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

  10. 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

  11. 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

  12. 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.

  13. Famous Entrepreneurs

  14. Oprah Winfrey • Company: Harpo Inc., • Position: Chairman • Industry: Media • Oprah Gail Winfrey is the chairman of Harpo, Inc., Harpo Productions, Inc., Harpo Studios, Inc., Harpo Films, Inc., Harpo Print, LLC and Harpo Video, Inc. She is one of a handful of women who are self made billionaires, and is the only black female billionaire. The Oprah Winfrey Show  is the highest-rated TV talk show in history and  is seen in 110 countries. 

  15. 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.

  16. 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.

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