Entrepreneurship

Entrepreneurship Anyone know what this is or what an entrepreneur does?Anyone know what this is or what an entrepreneur does?

Entrepreneurship EntrepreneurshipEntrepreneurship –the process of identifying, developing, and bringing a vision to life. The vision may be an innovative idea, an opportunity, or simply a better way to do something. The end result of this process is the creation of a new venture, formed under conditions of risk and considerable uncertainty EntrepreneurEntrepreneur –A person who organizes, operates, and assumes the risk for a business venture.

Spanish Anyone know the Spanish translation of the following terms:Anyone know the Spanish translation of the following terms: –Entrepreneurship –Entrepreneur

Spanish EntrepreurshipEntrepreurship –espíritu emprendedor EntrepreneurEntrepreneur –empresario

Joseph Schumpeter Austrian economist who pioneered the categoryAustrian economist who pioneered the category an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation1950- an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation First person to develop theories on entrepreneurship relating them to the field of economicsFirst person to develop theories on entrepreneurship relating them to the field of economics Entrepreneurs necessary for economic growthEntrepreneurs necessary for economic growth

Becoming an Entrepreneur Offer a product or serviceOffer a product or service –Can be a totally new concept or merely improve an already existing one –Examples? Assist a business that performs the latterAssist a business that performs the latter

Walt Disney What makes this man an entrepreneur?What makes this man an entrepreneur?

Walt Disney Started Disney Brothers’ Studio in about 1925Started Disney Brothers’ Studio in about 1925 –First office was based out of his uncle’s garage in Hollywood –Started making cartoon film “shorts” –Evolved into full-length cartoon films –Branched into producing live-action films –1955- Mickey Mouse Club- jumping into TV –1966- Began planning for Disney World

Walt Disney His achievements have led to:His achievements have led to: –EPCOT Center –The Magic Kingdom –Countless other parks in Florida, California, and Across the World –The Disney Channel –Toon Disney

Sam Walton What makes this man an entrepreneur?What makes this man an entrepreneur?

Sam Walton Started the first true Wal-Mart in Rogers, Arkansas in 1962Started the first true Wal-Mart in Rogers, Arkansas in 1962 Today, Wal-Mart is the world’s largest retailer and employs 1.5 million people worldwideToday, Wal-Mart is the world’s largest retailer and employs 1.5 million people worldwide

Other Entrepreneurs Oprah WinfreyOprah Winfrey Steve JobsSteve Jobs Jim HensonJim Henson Ray KrocRay Kroc Donald TrumpDonald Trump Benjamin FranklinBenjamin Franklin Martha StewartMartha Stewart Coco ChanelCoco Chanel George FormanGeorge Forman Jenny CraigJenny Craig Henry FordHenry Ford Michael DellMichael Dell

More Entrepreneurs Bill GatesBill Gates Rupert MurdochRupert Murdoch Estee LauderEstee Lauder Mary-Kate & Ashley OlsonMary-Kate & Ashley Olson Ted TurnerTed Turner PT BarnumPT Barnum Milton HersheyMilton Hershey JW MarriottJW Marriott Eli WhitneyEli Whitney John DeereJohn Deere Alexander Graham BellAlexander Graham Bell

Entrepreneurs Can you name some entrepreneurs?Can you name some entrepreneurs?

Market Opportunity First and foremost, there must be a demand for the product or serviceFirst and foremost, there must be a demand for the product or service –How useful is it? Is it desired or needed? –Must offer something that people are willing to spend their hard-earned money on Name some products that are desiredName some products that are desired Name some products that are not desiredName some products that are not desired Demand, desire, and need all translate into profitabiltyDemand, desire, and need all translate into profitabilty –Without profitability, there is no product and no company

Getting Started You must first must obtain the funding necessary in order to become entrepreneursYou must first must obtain the funding necessary in order to become entrepreneurs Venture capital allows you to start the business or develop the productVenture capital allows you to start the business or develop the product –Venture capitalists (those who fund entrepreneurs) give their money in return for any or all of the following: Share in profits- indicates some level of ownershipShare in profits- indicates some level of ownership Share in management- indicates some level of ownershipShare in management- indicates some level of ownership Percentage of salesPercentage of sales Repayment with interest (lenders)Repayment with interest (lenders)

What’s Required Risk- putting your life, money, reputation, and time on the lineRisk- putting your life, money, reputation, and time on the line –Literally, success or failure can make or break you –Due to the uncertainty of many circumstances aside from your own personal management (variables) Name some variablesName some variables

Characteristics of an Entrepreneur Can you name some characteristics that an entrepreneur must possess?Can you name some characteristics that an entrepreneur must possess?

Building for the Future You will become the entrepreneurYou will become the entrepreneur –Holy Hot Sauce Tomorrow we will go over how an entrepreneur markets their productTomorrow we will go over how an entrepreneur markets their product –Will begin developing a marketing concept for your Holy Hot Sauce product

Review What’s an entrepreneur?What’s an entrepreneur? What’s the Spanish word for entrepreneurship, entrepreneur?What’s the Spanish word for entrepreneurship, entrepreneur? Who pioneered the concept of entrepreneurship?Who pioneered the concept of entrepreneurship? What must you identify before developing a product or service? What’s the goal of becoming an entrepreneur?What must you identify before developing a product or service? What’s the goal of becoming an entrepreneur? What do we call someone who funds an entrepreneur?What do we call someone who funds an entrepreneur? What’s one major downfall to becoming an entrepreneur?What’s one major downfall to becoming an entrepreneur?