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Who Wants to be an Entrepreneur??? . Bessie Moore Center for Economic Education. How do you define success ???. Becoming a millionaire Being happy Completing college Getting a good job that you enjoy Having a family Having a lot of friends Owning a BIG house Driving a very cool car

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bessie moore center for economic education

Who Wants to be an Entrepreneur???

Bessie Moore Center for Economic Education

how do you define success
How do you define success???
  • Becoming a millionaire
  • Being happy
  • Completing college
  • Getting a good job that you enjoy
  • Having a family
  • Having a lot of friends
  • Owning a BIG house
  • Driving a very cool car
  • Owning your own business

11/29/2011

2

Bessie B. Moore Center for Economic Education

true or fals e
True or False

Entrepreneur is a French word and means the one who undertakes enterprise.

Bessie B. Moore Center for Economic Education

slide4
True

In it’s purest form, the entrepreneur is the person who combines productive resources to produce a new good or service. She assumes the risk and is motivated to do so by the incentive of profit.

Social entrepreneurs are motivated to make the world a better place.

Bessie B. Moore Center for Economic Education

slide5

Do you want to be an Entrepreneur?

Bessie B. Moore Center for Economic Education

important traits of entrepreneurs
Important Traits of Entrepreneurs
  • Independent
  • Responsible
  • Goal oriented
  • Self-confident
  • Creative problem solver
  • Willing to take calculated risks
  • Not afraid to fail
entrepreneur facts
Entrepreneur Facts!
  • Entrepreneursidentify market opportunities.
  • Profit is the incentive but they are driven by passion!
  • Entrepreneurs are critical thinkers and creative problem solvers.
  • Entrepreneurs have a ‘can do’ attitude.
  • Entrepreneurs like to shoulder the responsibility.
  • Center website – bmcee.uark.edu – look for Entrepreneurship: Arkansas Style!

Bessie B. Moore Center for Economic Education

true or false
True or False

1. Most millionaires work for big Fortune 500 companies.

Bessie B. Moore Center for Economic Education

slide9

True

About three out of four millionaires are self employed and consider themselves to be entrepreneurs. Most of the others are professionals, such as doctors, accountants, and lawyers.

Bessie B. Moore Center for Economic Education

true or false10
True or False

2. Samuel Moore Walton was the founder of Walmart Stores Inc. headquartered in Bentonville, AR.

Bessie B. Moore Center for Economic Education

slide11
True

Sam Walton founded Walmart. His first store was in Rogers, AR in 1962. Sam was 44 years old. Today Walmart employs more than 2 M associates working in 9000 stores in 15 countries.

Ticker: WMT.

Bessie B. Moore Center for Economic Education

true or false12
True or False

3. Most millionaires work fewer than 40 hours a week.

Bessie B. Moore Center for Economic Education

slide13
True

About 2/3 of millionaires work 45-55 hours a week.

Bessie B. Moore Center for Economic Education

true or false14
True or False

4. Sam Walton studied economics in college.

Bessie B. Moore Center for Economic Education

slide15
True

Sam Walton did study economics at the University of Missouri. While earning his way through school he worked on a dairy farm, delivered newspapers, waited tables, and lifeguarded. When operating his own store he discovered the value of buying in bulk and passing on the savings to the customer.

Bessie B. Moore Center for Economic Education

true or false16
True or False

5. Most millionaires are college graduates.

Bessie B. Moore Center for Economic Education

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True

Four of five millionaires are college graduates.

  • 18% have Master’s degrees,
  • 8% law degrees,
  • 6% medical degrees, and
  • 6% Ph.D. degrees.

80%

Bessie B. Moore Center for Economic Education

true or false18
True or False

6. Patricia Upton used Arkansas botanicals to create Aromatique in 1982 in Heber Springs, AR.

Bessie B. Moore Center for Economic Education

slide19
True

Patty Upton used wood chips

and botanicals that are scented to make her decorative room fragrances. Her company, Aromatique has been in business almost 30 years and is a multi-million dollar international enterprise.

Bessie B. Moore Center for Economic Education

true or false20
True or False

7. College graduates earn about 65 % more than high school graduates earn.

Bessie B. Moore Center for Economic Education

slide21

True

In recent years, the average college graduate earned 66% more than the average high school graduate did. People with professional degrees earned 150% more than high school graduates did.

Bessie B. Moore Center for Economic Education

true or false22
True or False

6. Forest Wood is from Dallas, TX and is internationally known as the ‘father of the modern bass boat’.

Bessie B. Moore Center for Economic Education

false
False

Forest and Nina Wood founded Ranger Boats in Flippin, AR. Forest originally made fiberglass showers. He and Nina loved fishing. They believed that people worked hard for their money and deserved to have quality free time for fishing. Ranger boats are built by fishermen for fishermen and women!

Bessie B. Moore Center for Economic Education

true or false24
True or False

7. If you want to be a millionaire, avoid the risky stock market.

Bessie B. Moore Center for Economic Education

slide25

False

Long term (starting in 1926 and including the Great Depression), the Standard & Poor’s 500 Stock Index has increased at about an 11 percent compound annual rate of return, exceeding the return on any other investment.

  • Another way of looking at this is that $1.00 invested in the S&P 500 on January 1, 1926, was worth $1,828 on December 31, 1997.
  • One dollar invested in long-term government bonds during the same period was worth $39 on December 31, 1997. It probably paid to take the additional risk of buying stocks.

Bessie B. Moore Center for Economic Education

true or false26
True or False

8. Lorena Larson always wanted to be an interpreter when she was a young child in Ecuador.

Bessie B. Moore Center for Economic Education

false27
False

Lorena Larson wanted to be a teacher when she was a child in Ecuador. When she moved to Arkansas she found her language skills to be very useful for translations and teaching of Spanish. She sold her property in Ecuador to start Larson’s Language Center in Rogers, AR.

Bessie B. Moore Center for Economic Education

true or false28
True or False

9. Many poor people become millionaires by winning the lottery.

Bessie B. Moore Center for Economic Education

false29
False

Few people get rich the easy way. If you play the lottery, the chances of winning are about one in 12 million.

  • The average person who plays the lottery every day would have to live about 33,000 years to win once.
  • In contrast, you have a one in 1.9M chance of being struck by lightning.

Bessie B. Moore Center for Economic Education

true or false30
True or False

10. Charles Murphy, Jr. was emancipated by his father at age 16 so he could legally transact business on his own.

Bessie B. Moore Center for Economic Education

slide31
True

Charles Hayword Murphy Jr. became leader of the family business at age 21 after his father’s stroke. The family businesses included timber land, oil interests, and banking in Southern Arkansas. Murphy Oil Corporation (MUR), an international operation, is based in El Dorado, AR. He was a voracious reader. Timber interests became Deltic Timber – DEL.

Bessie B. Moore Center for Economic Education

true or false32
True or False

11. At age 18, you decide not to smoke and save $5.00 a day. You invest this $5.00 a day at 8% annual interest until you are 65. At age 65, your savings from not smoking are $938,070.

Bessie B. Moore Center for Economic Education

slide33

True

Because of the power of compound interest, small savings can make a difference. It pays to resist temptation and live below your means – and to save smoking money!

Bessie B. Moore Center for Economic Education

true or false34
True or False

12. William T. Dillard borrowed $8,000 from his father to open a small store in Little Rock, AR.

Bessie B. Moore Center for Economic Education

false35
False

William Dillard’s first store was in Nashville, AR, his wife’s hometown. Dillard, a University of Arkansas graduate, effectively used marketing and location as keys to success as he built his chain of stores across Texas, Oklahoma and Arkansas. The headquarters are located in Little Rock.

Bessie B. Moore Center for Economic Education

true or false36
True or False

13. Ben Pearson was a riffle builder from Pine Bluff, AR.

Bessie B. Moore Center for Economic Education

false37
False

Ben Pearson was an archer and bowyer from Pine Bluff, AR. In 1926 Pearson came in next to last in a state archery championship. In 1927 he became the AR state champion using his own equipment. Ben Pearson Inc. produced bows and arrows. Ben was noted for making an archery a popular sport.

Bessie B. Moore Center for Economic Education

true or false38
True or False

14. Most millionaires work in glamorous jobs, such as sports, entertainment, or high tech.

Bessie B. Moore Center for Economic Education

false39
False

A majority of millionaires are in ordinary industries and jobs. They are proficient in targeting marketing opportunities.

Bessie B. Moore Center for Economic Education

true or false40
True or False

15. Because African Americans had no chance for an education beyond eighth grade in Arkansas, Johnny Johnson and his mother moved from Arkansas City to Chicago where he could attend high school and college.

Bessie B. Moore Center for Economic Education

slide41
True

John Harold Johnson, third generation descendent of slaves, founded Johnson Publishing Company with a $500 loan using his mother’s furniture as collateral. The company publishes Ebony and Jet. These publications gave a voice to millions of black Americans. Johnson rose out of abject poverty and racial

discrimination.

Bessie B. Moore Center for Economic Education

true or false42
True or False

16. Sissy Jones grew up in Little Rock where she had many business contacts to start her antique business.

Bessie B. Moore Center for Economic Education

false43
False

Sissy Jones grew up on a Delta farm. She used her Southern belle savvy to become a successful business women. She began with an antique business in a log cabin. Then she discovered the slide bracelet whose demand propelled her to become the state’s largest independent jewelry store. Her initial store was located in Pine Bluff.

Bessie B. Moore Center for Economic Education

money management for entrepreneurs
Money Management for Entrepreneurs

Making good financials decisions is necessary for entrepreneurs. Here are some pointers to help you start on the right foot!

Bessie B. Moore Center for Economic Education

rules for improving your financial life
Rules for Improving Your Financial Life
  • Get a good education.
  • Work long, hard, and smart.
  • Learn money-management skills.
  • Gather information before making decisions.
  • Manage your credit to maintain a high credit score.
  • Spend less than you could spend.
  • Save early and often.
  • Invest in common stocks for the long term.

Bessie B. Moore Center for Economic Education

bessie b moore center for economic education

Bessie B. Moore Center for Economic Education

Sam M. Walton College of Business

University of Arkansas