Becoming an Entrepreneur notes

Characteristics of Entrepreneurs Entrepreneurs Are: Competitive Creative Energetic Goal Oriented Independent Persistent Reliable Confident Entrepreneurs Have: Ability to partner Ability to secure resources Ability to spot opportunity Capability to learn from failures Problem-solving skills Willingness to work hard Strong integrity

Entrepreneurship & The Economy Employment Over 60% of all new employment comes from new businesses Financing Most start on $10,000 or less Owner’s savings, bank loans, credit card debt, family/friends Venture Capital – money provided by large investors in exchange for partial ownership Example: Shark Tank investors are venture capitalist Supplied more than $100 billion to new businesses last year Productivity & GDP Small businesses are responsible for more than 50% of the U.S. GDP each year

Opportunities & Risks Opportunities Innovations – invention or creation that is brand new. May be sold to other companies for development Improvement – designed change to an existing product or service Risks Only about 1/3 or new businesses are profitable in their first year Lack of resources (mainly capital) Low Sales Higher than expected expenses Competitive pressures Unprepared owner Bigger time commitment

Assignment – Famous Entrepreneurs Research a famous entrepreneur from the next slide. Create a short presentation highlighting their background, companies, failures, and successes Slide One – Title Slide Entrepreneur’s Name Your Name Slide Two Early Life – Family, Childhood Education, etc. Slide Three Companies they created / bought Products / Services they are famous for creating or selling Slide Four Failures Slide Five Successes Net Worth Slide Six Collage of Photos

Famous Entrepreneurs Steve JobsRussell SimmonsBill Gates Coco ChanelDonald TrumpHenry Ford Mark CubanMark ZuckerbergOprah Winfrey Mary Kay AshJeff BezosSam Walton Warren BuffetPhil KnightKevin Plank Lori GreinerJohn RockefellerKimora Lee Simmons