2. Copyright © 2003 by South-Western/Thomson Learning. All rights reserved. O'Malia and Whistler Welcome to The Entrepreneurial Journey Ch. 2: Myths & Characteristics Copyright © 2003 by South-Western/Thomson Learning. All rights reserved. O'Malia and Whistler

3. The Entrepreneurial Journey O'Malia & Whistler 2 Good Of The Order... G O T O

4. The Entrepreneurial Journey O'Malia & Whistler 3 Let’s review our journey to date...

5. The Entrepreneurial Journey O'Malia & Whistler 4 This Session Journey Two: Paul Orfalea Myths of Entrepreneurship Entrepreneurial Characteristics Up Front & Personal: Zotos & Stein Entrepreneur vs. Manager Up Front & Personal: Carolyn Colby

6. The Entrepreneurial Journey O'Malia & Whistler 5 Let’s Explore a Second Journey of Entrepreneurship

7. The Entrepreneurial Journey O'Malia & Whistler 6 Paul Orfalea Dyslexic ADD C’s and D’s in college Kinko’s

8. The Entrepreneurial Journey O'Malia & Whistler 7 Paul Orfalea (cont.) What led to his success?

9. The Entrepreneurial Journey O'Malia & Whistler 8 The Myths of Entrepreneurship

10. The Entrepreneurial Journey O'Malia & Whistler 9 Entrepreneurs are born, not made Myth One

11. The Entrepreneurial Journey O'Malia & Whistler 10 Entrepreneurs are risk takers Myth Two

12. The Entrepreneurial Journey O'Malia & Whistler 11 Myth Three You need a lot of money to be successful

13. The Entrepreneurial Journey O'Malia & Whistler 12 All you need is a great idea Myth Four

14. The Entrepreneurial Journey O'Malia & Whistler 13 Entrepreneurs are lone wolves Myth Five

15. The Entrepreneurial Journey O'Malia & Whistler 14 Entrepreneurs work long, hard hours Myth Six

16. The Entrepreneurial Journey O'Malia & Whistler 15 Zotos & Stein Who are they?

17. The Entrepreneurial Journey O'Malia & Whistler 16 Zotos & Stein (cont.) Analysis of their persona Should they go into business? What do they need to go forward? What is probability of success—and why?

18. The Entrepreneurial Journey O'Malia & Whistler 17 Entrepreneurial Characteristics Journey of passion Perseverance is critical Credibility like virginity-only lose it once Entrepreneur must be positive, excited, optimistic parent

19. The Entrepreneurial Journey O'Malia & Whistler 18 Accomplish a great deal with little money Knowing your customers is imperative Perception of the moment can be learned Entrepreneurial Characteristics

20. The Entrepreneurial Journey O'Malia & Whistler 19 Calvin Coolidge... “Nothing in the world can take the place of persistence. “Talent will not. Nothing is more common than the unsuccessful man with talent. “Genius will not. Unrewarded genius is almost a proverb. “Education will not. The world is full of educated derelicts. “Persistence and determination alone are omnipotent. The slogan ‘Press On’ has solved and always will solve the problems of the human race.”

21. The Entrepreneurial Journey O'Malia & Whistler 20 Entrepreneurs vs. Managers How they view the world (who you are?) Seeks new areas to exploit Creates new “outside the box” approaches Opportunity dependent Optimizes existing areas of expertise Uses existing procedures and processes Resource dependent

22. The Entrepreneurial Journey O'Malia & Whistler 21 Entrepreneurs vs. Managers How they execute (what you do?) Many short stages, manage risk at each Exploits opportunity Flat, informal management driven by vision Single long stage, manage total project Maximizes efficiency of resources Hierarchical structure, control based

23. The Entrepreneurial Journey O'Malia & Whistler 22 Entrepreneurs vs. Managers What drives them (why you do it?) Control their destiny Passionate, exciting journey Create personal wealth Manage their career Minimize risk and interference Build security

24. The Entrepreneurial Journey O'Malia & Whistler 23 Carolyn Colby