EntrepreneursEntrepreneurshiphip

EntrepreneurshipEntrepreneurship

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

EntrepreneurshipEntrepreneurship

• EntrepreneurshipEntrepreneurship– the process of identifying, developing, and the process of identifying, developing, and

bringing a vision to life. The vision may be an bringing a vision to life. The vision may be an innovative idea, an opportunity, or simply a better innovative idea, an opportunity, or simply a better way to do something. The end result of this way to do something. The end result of this process is the creation of a new venture, formed process is the creation of a new venture, formed under conditions of risk and considerable under conditions of risk and considerable uncertainty uncertainty

• EntrepreneurEntrepreneur– A person who organizes, operates, and assumes A person who organizes, operates, and assumes

the risk for a business venture. the risk for a business venture.

SpanishSpanish

• Anyone know the Spanish Anyone know the Spanish translation of the following terms:translation of the following terms:

– EntrepreneurshipEntrepreneurship– EntrepreneurEntrepreneur

SpanishSpanish

• EntrepreurshipEntrepreurship– espíritu emprendedorespíritu emprendedor

• EntrepreneurEntrepreneur– empresarioempresario

Joseph SchumpeterJoseph Schumpeter

• Austrian economist who Austrian economist who pioneered the category pioneered the category

• 1950- an entrepreneur is a 1950- an entrepreneur is a person who is willing and able person who is willing and able to convert a new idea or to convert a new idea or invention into a successful invention into a successful innovation innovation

• First person to develop theories First person to develop theories on entrepreneurship relating on entrepreneurship relating them to the field of economicsthem to the field of economics

• Entrepreneurs necessary for Entrepreneurs necessary for economic growtheconomic growth

Becoming an Becoming an EntrepreneurEntrepreneur

• Offer a product or serviceOffer a product or service– Can be a totally new concept or merely improve Can be a totally new concept or merely improve

an already existing onean already existing one– Examples?Examples?

• Assist a business that performs the latterAssist a business that performs the latter

Walt DisneyWalt Disney

• What makes this man an What makes this man an entrepreneur?entrepreneur?

Walt DisneyWalt Disney

• Started Disney Brothers’ Studio in Started Disney Brothers’ Studio in about 1925 about 1925 – First office was based out of his uncle’s First office was based out of his uncle’s

garage in Hollywoodgarage in Hollywood– Started making cartoon film “shorts”Started making cartoon film “shorts”– Evolved into full-length cartoon filmsEvolved into full-length cartoon films– Branched into producing live-action filmsBranched into producing live-action films– 1955- Mickey Mouse Club- jumping into TV1955- Mickey Mouse Club- jumping into TV– 1966- Began planning for Disney World1966- Began planning for Disney World

Walt DisneyWalt Disney

• His achievements have led to:His achievements have led to:– EPCOT CenterEPCOT Center– The Magic KingdomThe Magic Kingdom– Countless other parks in Florida, Countless other parks in Florida,

California, and Across the WorldCalifornia, and Across the World– The Disney ChannelThe Disney Channel– Toon DisneyToon Disney

Sam WaltonSam Walton

• What makes this man an entrepreneur?What makes this man an entrepreneur?

Sam WaltonSam Walton

• Started the first true Wal-Mart in Rogers, Started the first true Wal-Mart in Rogers, Arkansas in 1962Arkansas in 1962

• Today, Wal-Mart is the world’s largest Today, Wal-Mart is the world’s largest retailer and employs 1.5 million people retailer and employs 1.5 million people worldwideworldwide

Other EntrepreneursOther 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 EntrepreneursMore 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

EntrepreneursEntrepreneurs

• Can you name some entrepreneurs?Can you name some entrepreneurs?

Market OpportunityMarket Opportunity

• First and foremost, there must be a First and foremost, there must be a demanddemand for the product or servicefor the product or service– How useful is it? Is it desired or needed?How useful is it? Is it desired or needed?– Must offer something that people are willing to Must offer something that people are willing to

spend their hard-earned money onspend 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 Demand, desire, and need all translate into

profitabiltyprofitabilty– Without profitability, there is no product and no Without profitability, there is no product and no

companycompany

Getting StartedGetting Started

• You must first must obtain the funding You must first must obtain the funding necessary in order to become entrepreneursnecessary in order to become entrepreneurs

• Venture capital allows you to start the Venture capital allows you to start the business or develop the productbusiness or develop the product– Venture capitalists (those who fund Venture capitalists (those who fund

entrepreneurs) give their money in return for entrepreneurs) give their money in return for any or all of the following: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 Share in management- indicates some level of

ownershipownership• Percentage of salesPercentage of sales• Repayment with interest (lenders)Repayment with interest (lenders)

What’s RequiredWhat’s Required

• Risk- putting your life, money, Risk- putting your life, money, reputation, and time on the linereputation, and time on the line– Literally, success or failure can make or Literally, success or failure can make or

break youbreak you– Due to the uncertainty of many Due to the uncertainty of many

circumstances aside from your own circumstances aside from your own personal management (variables)personal management (variables)• Name some variablesName some variables

Characteristics of an Characteristics of an EntrepreneurEntrepreneur

• Can you name some characteristics Can you name some characteristics that an entrepreneur must possess?that an entrepreneur must possess?

Building for the FutureBuilding for the Future

• You will become the entrepreneurYou will become the entrepreneur– Holy Hot SauceHoly Hot Sauce

• Tomorrow we will go over how an Tomorrow we will go over how an entrepreneur markets their productentrepreneur markets their product– Will begin developing a marketing Will begin developing a marketing

concept for your Holy Hot Sauce concept for your Holy Hot Sauce productproduct

ReviewReview

• What’s an entrepreneur?What’s an entrepreneur?• What’s the Spanish word for entrepreneurship, What’s the Spanish word for entrepreneurship,

entrepreneur?entrepreneur?• Who pioneered the concept of entrepreneurship?Who pioneered the concept of entrepreneurship?• What must you identify before developing a What must you identify before developing a

product or service? What’s the goal of becoming product or service? What’s the goal of becoming an entrepreneur?an entrepreneur?

• What do we call someone who funds an What do we call someone who funds an entrepreneur?entrepreneur?

• What’s one major downfall to becoming an What’s one major downfall to becoming an entrepreneur?entrepreneur?