Entrepreneurship Freshman Seminar

Entrepreneurship - Small Business Ownership Is this a potential option for you? Why or why not?

2.16% 10.37% 12.48% 21.22% 24.06% 29.59% Source: U.S. Census Bureau

Low Cost Launch A business that is < $500 to start Create a flyer & Include: Name, Slogan and or Logo, pictures Product description, pricing, contact info Whatever else you feel is applicable

An Entrepreneur…….. Is a person who plans, organizes and manages a business, assuming the risk for the sake of profit. Tries to identify unmet needs in the marketplace

Small Business in the U.S.A. U.S.A. is dominated by small businesses Small firms with fewer than 500 employees represent 99.9 percent of the 29.6 million businesses Employ just over half (52 %) of all private sector employees. Have generated 64 percent of net new jobs over the past 15 years. 52 % of them are home based businesses.

72 % 18 % 10 % Source: www.census.gov

Why be an Entrepreneur? Rewards Risks You do what you love You are your own boss Control your own earnings Make your own schedule Choose your own location Etc. Abandoning the steady paycheck High likeliness of failing Loneliness A lot of individual work Wear a lot of hats Work schedule Etc.

Characteristics of Successful Entrepreneurs Passion & Motivation Risk Taker Hard Worker & Dedication Flexibility Money Management Confidence Creativity Knowledge-Seeker Business Focused

Famous Entrepreneurs Milton Hershey- Hershey’s Milk Chocolate Only had a 4th grade education

Famous Entrepreneurs Mark Zuckerberg- Facebook 26 years old Worth $6.9 Billion

Famous Entrepreneurs Steven Spielberg- Director Rejected from film school 3 times Went on to direct mega hits like Jurassic Park, Jaws, ET

Famous Entrepreneurs Colonel Sanders- KFC Recipe rejected over 1,000 times before accepted by restaurant

Famous Entrepreneurs Henry Ford- The Ford Motor Company Founded 2 automotive companies that failed before success with Ford Motor Company Worth $188 billion

Famous Entrepreneurs Bill Gates- Microsoft Corporation Dropped out of Harvard Went on to develop one of the most successful computer software systems ever

Famous Entrepreneurs Steve Jobs- Apple Computer, Inc. College dropout Created iconic Apple products

Baby Boomers 1946 - 1964 Generation X 1965 - 1982

Generation Y / Millennials Born between 1982 and the Early 2000’s Heavy dose of Optimism & self confidence Fun loving generation Don’t seem too worried about work They are deciding corporate America does not fit their needs They want to be their own boss They want work-life balance They like working in teams They want a job they like They like to take risks They believe that they can create a job for themselves IPod, Customized Music ------they want customized lives They want to create the kind of career that fits around the life that they want

Resources http://www.forbes.com/sites/elainepofeldt/2014/05/31/gallup-the-10-qualities- of-highly-successful-entrepreneurs/ http://www.investopedia.com/articles/personal-finance/101014/10- characteristics-successful-entrepreneurs.asp http://source.southuniversity.edu/pros-and-cons-of-being-an-entrepreneur- 96101.aspx