j r u an entrepreneur?. [email protected] what is an entrepreneur? ©2012 the eignite group2

j

R U An Entrepreneur?

©2012 The EIgnite Group [email protected]

What is an Entrepreneur?


Persistent“I have not failed. I’ve just found 10,000 ways that won’t work.”

– Thomas Edison


A Rebounder“Rejection is the Big Kahuna in all entrepreneurship. Show me someone who can take a hit and I’ll show you a good entrepreneur.”

– Barbara Corcoran


A Hard Worker“The only place where success comes before work is in the dictionary.”

– Vidal Sassoon


A Calculated Risk Taker“An entrepreneur tends to bite off a little more than he can chew hoping he’ll quickly learn how to chew it.”

– Roy Ash


A Doer“If everything seems under control, you’re just not going fast enough.”

– Mario Andretti


Consistent

“Success is walking from failure to failure with no loss of enthusiasm.”

– Winston Churchill


Resourceful“A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.”

– John C. Maxwell


A Thought Leader“You can’t ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new.”

– Steve Jobs


A Good Communicator“Tell everyone what you want to do and someone will want to help you do it.”

– W. Clement Stone


Intentional“You were born to win, but to be a winner, you must plan to win, prepare to win, and expect to win.”

– Zig Ziglar


Disciplined“Discipline is the bridge between goals and accomplishment.”

– Jim Rohn


A Dreamer“All achievements, all earned riches, have their beginning in an idea.”

– Napoleon Hill


Responsible“You take on the responsibility for making your dream a reality.”

– Les Brown


A Creator

“The best way to predict the future is to create it.”

– Peter Drucker


An Entrepreneur is one who pursues an opportunity without regard to resources currently controlled.

- Adapted from entrepreneurship definition of

HBS professor Howard Stevenson


The Truth About Entrepreneurship…


True or False

FalseYou need lots of money to start a company.

[email protected]

True or False

TrueEntrepreneurs are more likely to start out

poor than rich.


True or False

False50% of businesses fail in the first year.


True or False

True

A small business can have up to 1500 employees and $21 Million* in annual sales

*Depends on the industry


True or False

False95% of business fail in 5 years.


True or False

TrueAccording to the SBA, new businesses

have a 50/50 chance of surviving 5 years.


True or False

TrueSmall businesses employ about half of U.S.

workers.


7 Reasons Businesses Fail

1. Started for the Wrong Reasons2. Poor Management3. Insufficient Capital4. Location, Location, Location5. Lack of Planning6. Overexpansion7. No Website


Business Training Increases Success Rates

Peru, November 2006, Yale University Study

Construct Provided entrepreneurship training to select groups of microfinance

clients. The only difference between the treatment groups and the control groups

was the training

Training Results Increased Sales Improved business knowledge Improved business practices

…MORE SUSTAINABLE BUSINESSES


Entrepreneurship in Different Communities…


Community SnapshotAn overwhelming majority of businesses are owned by individuals that classify themselves as white.

Overall WhiteAfrican-

AmericanHispanic

(non-white) Asian# of US Businesses (K) 27,092.9 22,595.1 1,921.9 210.0 1,549.6

% of total US Businesses (%) 100% 83% 7% 1% 6%# Businesses w/ Paid Employees (K) 5,735.6 4,639.7 106.6 19.4 397.4

Total Sales for businesses with paid employees (K) $29,058,828,476 $9,406,549,498 $97,144,898 $12,670,104 $453,574,194 # Businesses w/o Paid Employees (K) 21,357.3 17,955.4 1,815.3 190.6 1,152.1 Total Sales for businesses w/o paid employees (K) $972,691,434 $834,441,216 $38,594,936 $5,521,750 $52,473,557

*Note: some individuals classify themselves as multi-racial.


Sales Across Communities Businesses with employees make significantly more than businesses w/o

employees especially in white and black communities. Black owned business w/o employees on avg. make less than their

counterparts.


AmericanHispanic

(non-white) Asian

Avg sales per bus with paid employees $5,066,431 $2,027,386 $911,594 $652,964 $1,141,280

Avg sales per bus w/o paid employees $45,543.65 $46,472.99 $21,260.94 $28,968.84 $45,544.66 Ratio of sales for businesses w/ employees to those w/o employees 111.24 43.63 42.88 22.54 25.06


Opportunity Across Communities

There exists significant opportunity to increase sales among black and hispanic businesses.


AmericanHispanic

(non-white) Asian

% of sales for business with employees 100.00% 32.37% 0.33% 0.04% 1.56%

% of sales for business w/o employees 100.00% 85.79% 3.97% 0.57% 5.39%


What Type of Entrepreneur Are You?


The BOSI ModelBuilder:

Do you have the capacity and drive to build multiple high value companies like Donald Trump?

Opportunist: Do you seek and look to capitalize on opportunities

before others like Richard Branson?Specialist:

Do customers seek out your expertise in an area and can you develop that into a business like Bill Gates?

Innovator: Do you have a burning passion to change the world like

Einstein?

Take the FREE assessment at

www.bosidna.com


Yes, I’m An Entrepreneur!

j r u an entrepreneur?. [email protected] what is an entrepreneur? ©2012 the eignite group2

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