1. Chapter 1: The Entrepreneurial Life
Page 5

2. The Entrepreneurial Life
What is an Entrepreneur?
Most answers include: People who discover a market need, launch new businesses, take risks, changers, innovators, etc.
These are all correct!!
Can second generation owners or franchisees be considered entrepreneurs?

3. The Entrepreneurial Life
Definition 1- Entrepreneur
A person who relentlessly pursues an opportunity (new or existing) to create value while assuming risk AND reward
They do more with less

4. The Entrepreneurial Life
Definition 2- Bootstrapping
Controlling resources, even when you don’t own them
Huh?
You don’t waste money even if it’s not yours!!

5. The Entrepreneurial Life
Definition 3- Small Business
Small compared to larger companies in their industry, geographically concentrated, few investors, and small management team
What are some examples?

6. The Entrepreneurial Life
Can you be BOTH a Small Business Owner and an Entrepreneur?
YES!
Definition 4- Entrepreneurial Opportunity
An “economically attractive” and “timely” opportunity that creates value for prospective customers and the business owner

7. The Entrepreneurial Life
Research Activity
Work in groups to gather information about the following people
Group 1- Alex Calderwood- Ace Hotels, Group 2- Shannon Guderian- Late Model Restoration Supply, Group 3- Jerry Murrell- Five Guys, Group 4- Elon Musk-PayPal, Group 5- John D. Rockefeller- Standard Oil, Group 6- Oprah Winfrey- Harpo Industries
The basics: Who are they?, What did they do? How did they do it? Why did they do it? How are they entrepreneurs?

8. The Entrepreneurial Life
Key Stat #1: According to the US Census Bureau, over 50% of all Small Business owners were raised in a “Small Business Family.”
What are some reasons people seek to be Entrepreneurs?

9. The Entrepreneurial Life
Enjoy Satisfying Work
Find Fulfillment
Develop Financial Wealth
Be Your Own Boss
Escape a Bad Situation

10. The Entrepreneurial Life
“Choose a job you love, and you will never have to work a day in your life.”- Confucius
When you truly enjoy coming to work and doing your job, what happens?

11. The Entrepreneurial Life
Finding Fulfillment
Not only happiness in your job, but making others’ lives better
Who?
Employees, your Customers, the Public
How?
Pricing Strategies, Free Meals, Donating Profits to Charities, Sponsorships in the community, etc.

12. The Entrepreneurial Life
Internet Activity
Who is Blake Mycoskie?
What are some endeavors he’s started?
How does he feel fulfillment?

13. The Entrepreneurial Life
Developing Financial Wealth
Is Money worth it?
Be Your Own Boss
What are some advantages and disadvantages?

14. The Entrepreneurial Life
Escape a Bad Situation
Definition 5- Reluctant Entrepreneur
A person who becomes an Entrepreneur because of an extreme hardship
What is hardship?
Tina Aldatz- Foot Petals

15. The Entrepreneurial Life
Definition 6- Refugees
A person who becomes an Entrepreneur to escape an undesirable situation?
What is an undesirable situation?
Someone who is “burnt out”

16. The Entrepreneurial Life
Founder Entrepreneurs v. Others
Definition 7- Founders
An entrepreneur who brings a new business into existence
Definition 8- Franchisee
An entrepreneur who is limited by a contractual relationship with a Franchisor

17. The Entrepreneurial Life
High Potential Ventures v. Attractive Small Firms and Microbusinesses
Definition 9- Gazelle (High Potential Venture)
A gazelle is a small firm that has great potential for growth
What are some famous gazelles?

18. The Entrepreneurial Life
Definition 10- Attractive Small firm
Potential for very large returns
Construction, Manufacturing, Technology
Key Stat #2
Women are starting new businesses at TWICE the rate of men!!

19. The Entrepreneurial Life
Definition 11- Microbusiness
Provide modest returns to owners (Some can be big $)
Dry cleaners, beauty shops, Auto shops, etc.

20. The Entrepreneurial Life
5 Key Edges of Entrepreneurs
1.) Customer Focus
2.) Quality Performance
3.) Integrity and Responsibility
Innovation
Special Niche
What is a niche market?

21. The Entrepreneurial Life
6 Characteristics of Entrepreneurs
1.) Commitment and Determination
2.) Leadership
3.) Opportunity Obsession
4.) Tolerance of Risk, Ambiguity, Uncertainty
5.) Creativity, Self-Reliance, and Adaptability
6.) Motivation to excel

22. The Entrepreneurial Life
6 Poor Attitudes
1.) Overestimate your abilities
2.) Lack of Market Understanding
3.) Hire mediocrity
4.) Fail to be member of the “team”
5.) Be domineering
6.) Not share any ownership

23. The Entrepreneurial Life
Why are mentors important?
Definition 12- Mentor
A knowledgeable person who can offer guidance based on experience in a given field
Wring activity
Who are two mentors in your life? Why are they important to your development?