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Entrepreneurship:Is It for Me?



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Ag enda

Who Is an Entrepreneur?Why Do Entrepreneurs Matter?Why Do You Want to Bean Entrepreneur?What Traits DoEntrepreneurs Have?Is Entrepreneurshipfor You?Set your own direction

Who Is an Entrepreneur?Why Do Entrepreneurs Matter?Why Do You Want to Bean Entrepreneur?What Traits DoEntrepreneurs Have?Is Entrepreneurshipfor You?Set your own direction



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Who Is AnEntrepreneur?



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Definition of an Entrepreneur

A person who or g anizes,operates andassumes the risk for a business venture.



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Academic / investment banker definition



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E ntrepreneur Magazine



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About the Small Business Marketplace

businesses with fewer than 100 employees

Nearly 27 million small businesses

98% of all firms

No employees: three quartersPredominantly service businesses

5 3% home-based and 3% franchises

Annually nearly 64 0,000 startSource: Small Business Bureau



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Classic Entrepreneurs



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Poll

Who do you think of whenyou hear the word entrepreneur?



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Famous Entrepreneurs

Mary Kay Ash - Most Outstanding Woman inBusiness in the 20th CenturyBen & Jerry's - The Men Behind the Ice CreamLorenzo Bor g hese : The Bachelor Prince, theCosmetics E ntrepreneur Richard Branson - The Rebel Billionaire andthe Ultimate Multipreneur Coco Chanel - As Bold and Distinctive as Her

Signature FragranceSimon Cowell ± Music Mogul MillionaireMichael Dell : Innovator of the PersonalComputer IndustryWalt Disney - The Man Behind the MouseDebbi F ields - Founder of Mrs. Fields CookiesHenry Ford - Founder of Ford Motor Companyand Manufacturing Assembly Line Innovator Bill Gates - Windows on WealthHu g h Hefner : The Ultimate LifestyleE ntrepreneur

Howard Hu g hes : The Aviator, The Innovator,The BillioniareWayne Huizen g a BiographyJenna Jameson - From Porn Princess toMedia MogulIng var Kamprad - IKE A Founder and One of the World's Richest MenEstée Lauder - Making Beauty Into Big

BusinessHarvey Mackay - "Mr. Make Things Happen´Adam Osborne ± Creator of the First PortableComputer Anita Roddick - Redefining Business As WeKnow ItDonald Trump - Billionaire Real E state Tycoonand Host of The Apprentice

Madame C. J. Walker - First Female African- American MillionaireOprah Winfrey - About.com Readers' Most

Admired E ntrepreneur

http://entrepreneurs.about.com/od/famousentrepreneurssz/Famous_ E ntrepreneurs_SZ.htm



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Q uestions



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Why DoEntrepreneurs

Matter?



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Drivin g Economic Growth and Prosperity

There is a strong correlationbetween national economicgrowth and the level of nationalentrepreneurial activity ± By creating new jobs

at a faster rate thanlarger companies

± By developing newproducts and services

± By changing processesand approaches to theway things are currentlybeing done

Source: Global E ntrepreneurship Monitor



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Reinvi g oratin g the Economy Durin g Downturns

Stock market correctionCorporate scandalsTerrorist attackThrough war

Significant naturaldisasters



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Becomin g the Bi g Businesses of Tomorrow

900:1E mploy 50% of workforce.U.S. small business3 rd GDP.Small businesses importantto Dell, Amex, Staples, etc.Of the eight million customersUPS serves around the worldeach day, most are smallbusinesses.´

Small Business IS Big Business



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Q uestions



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Why Do You WantTo Be an

Entrepreneur?



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Poll

Why do you want to bean entrepreneur?



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Reasons for Becomin g an Entrepreneur

You will be your own bossHard work and long hoursdirectly benefit you, rather than increasing profits for someone elseE arning and growthpotential are far greater

A new venture is as excitingas it is riskyRunning a businessprovides endless challengeand opportunities for learning



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Q uestions



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What Traits DoEntrepreneurs

Have?



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Poll

What do you think it takes to be anentrepreneur?



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Entrepreneurial Traits



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GutsyResourcefulCreative problem solvers

Agile and flexibleHave a fire in the belly

Are risk tolerant, can deal with uncertainty, and are resilient Are willing to sacrificeHave technical expertiseHave luck on their side



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Words to Live By

Ray Kroc, Founder McDonalds Corporation³I f you work just for money, you¶ll never make it,but if you love what you¶re doing and you always

put the customer first, success will be yours.´

Bill Gates, Founder /Chairman Microsoft³S

uccess is a lousy teacher.I t seduces smart people into thinking they can¶t lose.´

Oprah Winfrey, TV Talk Show Host, Producer,Founder Harpo Productions

³L uck is a matter of preparation meeting

opportunity.´



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Ten Q uestions to Ask Yourself

1. Are you willing and able to bear greatfinancial risk?

2. Are you willing to sacrifice your lifestylefor potentially many years?

3. Is your significant other on board?4. Do you like all aspects of running

a business?

5. Are you comfortable making decisionson the fly with no playbook?6. What's your track record of executing

your ideas?7. How persuasive and well-spoken

are you?8. Do you have a concept you're passionate

about?9. Are you a self-starter?10. Do you have a business partner?

Source: Kelly K. Spors , So, You Want to Be an E ntrepreneur,T he Wall S treet Journal, 23 February 2009



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F ive More Q uestions to Ask Yourself

1. How well do you get alongwith different personalities?2. Do you have the physical

and emotional staminato run a business?

3. How well do you planand organize?4. Is your drive strong

enough?5. Are you willing to get

the training and helpyou need?

Source: Small Business Administration



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Q uestions



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The Bad andThe U g ly of Entrepreneurship



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Small Business Failure Rate

Number of failures after the first year

5 0%

Source: Small Business Association



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Why Businesses Fail

1. Lack of experience2. Insufficient capital (money)3. Poor location4. Poor inventory management5. Over-investment in fixed

assets

6. Poor credit arrangements7. Personal use of businessfunds

8. Unexpected growth9. Competition*10. Low sales*

Source: Michael Ames, Small Business Management*Gustav Berle, The Do It Yourself Business Book



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Q uestions



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Is EntrepreneurshipFor You?



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Identify Your Reasons For Startin g a Business

This is personal journeyThere are no rightor wrong answers



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The Essential In g redients

The business ideaCapitalE ntrepreneurial traitsE ducation, expertise, skills and work experienceSocial capital and network ties

Ongoing support through peer-to-peer help



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Personal Assessment

Appraise of your personalskills and educationSize up your businessknowledgeE valuate your decision

making abilitiesIdentify your entrepreneurial skills



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Determine the Additional Support You¶ll Need

Take classesJoin industry groupsJoin networking groupsNetworkJoin peer-to-peer

mastermind or C E ORoundtablesRead books and magazineson entrepreneurs andentrepreneurial techniques

Find a mentor or advisor Use a coach



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Su gg ested Readin g

Entrepreneur¶s Tool Kit: Tools and Techniques to Launch and Grow Your New Business, Harvard Business E ssentialsSo, You Want to Be an Entrepreneur: F irst, answer these questions tosee if you have what it takeshttp://online.wsj.com/article/SB123498006564714189.html#mod=article-outset-box

The Stuff of Entrepreneurs and Social Entrepreneurs: Do You HaveWhat It Takes? http://ventureneer.com/vblog/stuff-entrepreneurs-and-social-entrepreneurs-do-you-have-what-it-takesThe Benefits of Startin g a Business Durin g a Recession :http://ventureneer.com/vblog/benefits-starting-business-during-recessionThere Is Never a Bad Time to Start Up a Company:

http://ventureneer.com/vblog/there-never-bad-time-start-company



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Set Your Own Direction



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Q uestions

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