2. Copyright © 2003 by South-Western/Thomson Learning. All rights reserved. O'Malia and Whistler Welcome to The Entrepreneurial Journey Ch. 1: Do You Have What It Takes

3. The Entrepreneurial Journey O'Malia & Whistler 2 The greatest love affair in the world A marriage of... IdeaCustomer Product, and an... Entrepreneur Entrepreneurship is...

4. The Entrepreneurial Journey O'Malia & Whistler 3 Entrepreneurship is... A journey of hard work A journey of reality A journey of passion

5. The Entrepreneurial Journey O'Malia & Whistler 4 Unique Journey is unique to you No two entrepreneurs did it the same way No formulas No guarantees Just opportunity, challenge, and hard work

6. The Entrepreneurial Journey O'Malia & Whistler 5 G O T O Good Of The Order...

7. The Entrepreneurial Journey O'Malia & Whistler 6 What Do You Think... An Entrepreneur Is?

8. The Entrepreneurial Journey O'Malia & Whistler 7 What Does it Take... To be An Entrepreneur?

9. The Entrepreneurial Journey O'Malia & Whistler 8 It Takes $ $ $ $ $ $ $ $ $ $ $ $ $ M O N E Y

10. The Entrepreneurial Journey O'Malia & Whistler 9 It Takes... A Great Idea

11. The Entrepreneurial Journey O'Malia & Whistler 10 It Does Take a New Way of Looking at Everything Thinking Outside the Box Outside the Box Test

12. The Entrepreneurial Journey O'Malia & Whistler 11 Income Tax Good or Bad?

13. The Entrepreneurial Journey O'Malia & Whistler 12 Why are Taxes Good? Because it’s what you keep...... that counts.... that counts.

14. The Entrepreneurial Journey O'Malia & Whistler 13 The Great U.S. Economy Why does it exist?

15. The Entrepreneurial Journey O'Malia & Whistler 14 What We Know About Entrepreneurs Willing to explore and form own opinion See challenge and opportunity, not problem Challenge

16. The Entrepreneurial Journey O'Malia & Whistler 15 What We Know About Entrepreneurs Psychologists: most creative— years 0 to 5 Ends at age 5 and beginning of school years Rules established Timeline\Schedules set Definitions learned Permission needed Reward\Encourage- ment standards changed

17. The Entrepreneurial Journey O'Malia & Whistler 16 See What You learned: Competition Good or Bad?

18. The Entrepreneurial Journey O'Malia & Whistler 17 Let’s Explore One Journey of Entrepreneurship...

19. The Entrepreneurial Journey O'Malia & Whistler 18 Milliken and Feniger Characteristics Skill Sets

20. The Entrepreneurial Journey O'Malia & Whistler 19 The Border Grill Journey Start of journey Modest Startup First Stage

21. The Entrepreneurial Journey O'Malia & Whistler 20 The Border Grill Journey (cont.) What do you think?

22. The Entrepreneurial Journey O'Malia & Whistler 21 Class Structure People Who is an Entrepreneur? How is it Learned? What Business is right for you? How do you recognize and protect an opportunity? Assignment: Entrepreneur Interview

23. The Entrepreneurial Journey O'Malia & Whistler 22 Class Structure (cont.) Skill Sets Feasibility How an Entrepreneur thinks Essence of Entrepreneurship

24. The Entrepreneurial Journey O'Malia & Whistler 23 Class Structure (cont.) ToolkitCustomer Sales and distribution channels Benefit Assignment: Value Chain

25. The Entrepreneurial Journey O'Malia & Whistler 24 Class Structure (cont.) Toolkit Fueling your concept How do entrepreneurs find money? The Business Plan: How entrepreneurs execute

26. The Entrepreneurial Journey O'Malia & Whistler 25 Class Conduct: Rules of the Road Customer is most important Treat your associates, your faculty and staff as you would treat a Customer

27. The Entrepreneurial Journey O'Malia & Whistler 26 What is the Entrepreneurial Mindset?

28. The Entrepreneurial Journey O'Malia & Whistler 27 Ambiguity Chaos, confusion and change equal opportunity Market is your only judge Don’t look to friends and family for acceptance—look to the market Entrepreneur’s Mindset

29. The Entrepreneurial Journey O'Malia & Whistler 28 Success by trial and error Entrepreneurs live under an umbrella of experimentation without a fear of failure Entrepreneur’s Mindset

30. The Entrepreneurial Journey O'Malia & Whistler 29 Networking and Mentors What is a mentor? Why is one important? How do you network? Both open doors, provide feedback, and offer guidance Entrepreneur’s Mindset

31. The Entrepreneurial Journey O'Malia & Whistler 30 No Excuses What is the great big excuse? Entrepreneur’s Mindset

32. The Entrepreneurial Journey O'Malia & Whistler 31 Up Front & Personal: Avanteer

33. The Entrepreneurial Journey O'Malia & Whistler 32 Do what you enjoy and you can persevere What business is right for you? Model Business

34. The Entrepreneurial Journey O'Malia & Whistler 33 Fishing or Hunting Bait your hook and wait or stalk your prey? Model Business

35. The Entrepreneurial Journey O'Malia & Whistler 34 Labor Enjoy managing people? Model Business

36. The Entrepreneurial Journey O'Malia & Whistler 35 Risk Risk taker or risk manager? Model Business

37. The Entrepreneurial Journey O'Malia & Whistler 36 Harvest or Lifestyle Building to sell or for a life-long income? Model Business

38. The Entrepreneurial Journey O'Malia & Whistler 37 Recognized Market Do customers know or is education involved? Model Business

39. The Entrepreneurial Journey O'Malia & Whistler 38 Worthy Challenge Does it make sense and cents? Model Business

40. The Entrepreneurial Journey O'Malia & Whistler 39 Credit and Collections Model Business What is the essence of the business?

41. The Entrepreneurial Journey O'Malia & Whistler 40 Liability Challenging to maintain compliance or frustrating? Model Business

42. The Entrepreneurial Journey O'Malia & Whistler 41 Technical Obsolescence Infinite life or obsolete in 6 months? Model Business

43. The Entrepreneurial Journey O'Malia & Whistler 42 Regulation How much control do you want? Model Business

44. The Entrepreneurial Journey O'Malia & Whistler 43 The Model Business What have you learned?