Entrepreneurship By Nicolai Olsen 2A

Table of contents Definition of entrepreneurship Being an entrepreneur (A/D) Skills and characteristics Preparing for business Breakdown featuring a real world entrepreneur Franchising Pros and cons of franchising

Entrepreneurship What is entrepreneurship? Starting own business Chasing dreams Making a difference Rachell Ashwell Ordinary citizen with 1 idea Now running national expanded business

Being an entrepreneur AdvantagesDisadvantages Making a difference Forge your own success Profit Chasing dreams Gaining respect Time consuming Bankruptcy Making hard decisions Requires starting capital and competence

Skills and characteristics Being innovative Old ways vs. new ways Show initiative WillpowerCourageCompetence Being good vs. being best Patience

Preparing for business Analyze the market and your own business Question yourself: “Do I have what it takes?” Be better than your rivals Acquire the required capital Take a leap of faith Next page 

Preparing for business (Continued) Common mistakes Bad analysis External environment, rivalry Being weak Quitting during hard periods Afraid of taking risks Personal attitude

Real world entrepreneur Breakdown

Lars Larsen JYSK A/S Trading physical products Low price – Quality products Beds, sheets, pillows etc. Innovative marketing Using himself as a front figure Quote: “Jeg har et godt tilbud til dig” Million $ business One of the pros of having a successful business Location Business Also known as Denmark JYSK Dyne-Larsen

Back to topic! Coming up – Franchising

Franchising What is franchising? A business agreement between: Franchisee Sells products under franchisors trademark Owns the outlet Franchisor Supports franchisee Does the marketing Controls product range and business ideas Owns the trademark Franchisees cost for own business Initial fee %’s of the sales revenue

Franchisor Pros Easily expanded business Extra profits Doesn’t have to run the daily business Cons Financial risk – Bankruptcy at a particular outlet Disrespect to the trademark Lots of administrative work and control checks Marketing costs

Franchisee Pros Easy access to reliable trademarks Own business with low risk Help and support “Free” marketing Cons Initial fee + percentage of sales revenue Limited control Unfair rules or laws You can get fired