Post on 20-Jan-2015
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Entrepreneurship
Introduction, Varna Economic University April 1st, 2009
By Fred Westenberg, managing director,Ingenieursbureau Westenberg B.V. / BGConsult EOOD
fred@westenberg.net
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Content
• Today: Entrepreneurs, YOU
• Next 2 lessons: Feasibility, Structure, Juridical matters, Money, Juridical entity, Social security, Other security, Administration, Personnel, Business plan, Management
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Life is about
• Creating value
• Taking calculated risks
• Listening to your heart
• Realizing your aspirations
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So is …….
Entrepreneurship
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Are entrepreneurs unique?
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Some defined their lives
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Some changed the world
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Some are still in schoolAnshul SamarAge: 13
Does homework regularlyPlays Computer gamesFights with his sister
Also an entrepreneur ……..
CEO Elementeo www.elementeo.com
Anshul invented a board game called Elementeo, to teach kids about chemistry.
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Some are in collegeMark Zuckerberg
Age: 22
Hangs out with girlfriendsLives in a rented apartmentDrives a bicycle
Also an entrepreneur ……….
CEO Facebook www.facebook.com
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Some sold garbage(still became millionaire)
Tom ZsakyAge: 27
Coolest entrepreneur of the year (acc. to Inc.com)
CEO TerraCycle www.terracycle.net
makes fertilizer using worms Revenue 5 million dollar
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Some started at home
Jared IsaacmanAge: 23
CEO United Bank Card
Transaction processing company. Manages 45.000 clients daily
Revenue 58 million dollar
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Some save lives
Elizabeth HolmesAge: 21
CEO Theranos (www.theranos.com)
Deals with nanotech & micro fluids. Saves lives from adverse drug reactions
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Some teach at Varna Economic University
Fred WestenbergAge: 47
Nominated for Entrepreneur of the Year Harderwijk, Holland 2009
Westenberg Holding (since 1993)Main Activity: Engineering, Real
Estate
BGHold (since 1998)Main Activity: IT, Real Estate
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So what’s next???
D.S.M.J.F.Y. 1 ?
OR
N.J.J.G. 2 ?
1 Doing the Same Monotonous Job For Years
2 No Job Just Gaming
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OR …..
Wanna Join the elite league of entrepreneurs?
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IF SO ………
Keep ‘em open
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Entrepreneur:“one who organizes, manages, andassumes the risks of a business.”
Entrepreneurs:• Are risking: Reputation, Money, Time• Are not gamblers, but take calculated risks• Calculate risks and try to set odds in their favor• Transfer risk to others• Limit risks by careful definition of the ends and
control over the means
It’s all about Risks
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Entrepreneurs born or created?
– Alert– Neurotic– Creative– Decisive– Easily bored– Flair– Independent– Innovators– Leaders
– Achievers– Risk-taking propensity– Self-confidence– Self-motivation– Self-realizing– Versatile
Source: McCelland (1961)
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Are determined and persistent
Can find people to shore-up Weaknesses. Are good judges of talent and character
Can see how all the parts fit together
Willingness to sacrifice
Emotional stability & optimism
Low need for status
Objective approach to interpersonal relationships
Intuitive decision taking/making
Creative problem solving
Ability to conclude deals
Strategic Thinking
Project Management
Time management
Persuasion
Selling
Negotiating
Leadership skills
Inheritance of Tradition
• Are Decisive Decision Makers• Love What They Do• Want to be Master of their
Financial Destiny• Are Organized, Independent and
self-confident• Are hard workers• Can take criticism and rejection• Have specialized business ability
from experience or education
Character(ization) entrepreneurs
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… Get Rich!!!
• In 1892, 84% of America’s 4,047 Millionaires were Entrepreneurs
Source: American Economy, Stanley Lebergott
• Now, 7 million have incomes > $100k• But, only 4 million Millionaires in US!• 86% accumulated their wealth in one
generation• Only 14 % Inherited their money
Source: Millionaire Next Door, Stanley and Danko
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Millionaires …. (1/2)
• Live WELL below their means• Allocate time efficiently, in ways conducive to
building wealth – plan for $$ future, not which car to buy
• Want financial independence more than social status
• Parents did NOT provide economic outpatient care• Adult children are economically self-sufficient
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Millionaires …. (2/2)
• Proficient in targeting economic opportunity• Are entrepreneurs applies for 2/3 of Millionaires• Are rarely in sexy businesses• Chose right occupation• They made their money doing WHAT THEY LIKE
Source: Millionaire Next Door, Stanley and Danko
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BUT ….. It comes with a price (Failures)
• Marriage• Hours• Stress• Lawsuits• Financial
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Do you have what it takes?
Find your
passion!!!!!!!!!!
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Stephen Covey – 7 habits
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Be pro-active!
Re-active• I can’t help it• This is how I am• He makes me so angry• I would never be able
to do that• I have to …• If only I could …
Pro-active• Let’s see if there are
alternatives• I can do it differently• I control my own
emotions• I can choose• I prefer that• That is what I am going
to do
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Concern vs Influence• Be pro-active• Concern yourself with the things you
can influence• Your influence will increase• Concern yourself with more things• Your influence will increase even more• The sky is the limit
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Everything is created twice
• Design a house• Decorate your house• Plan a trip• What about your life?
Write your personal mission statement … your personal business plan
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Personal MissionStatement
Activities Type Contribution Results
Family
Friends
Work
Social activities
Start with “the end” in mind!!!!!
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Time managementmatrix
Urgent Not-urgent
Important I Necessity (Manage)•Crisis •Medical emergencies •Pressing problems •Deadline-driven projects •Last-minute preparations for scheduled activities
II Quality & Personal Leadership (Focus)•Preparation/planning •Prevention •Values clarification •Exercise •Relationship-building •True recreation/relaxation
Not-important III Deception (Avoid)•Interruptions, some calls •Some mail & reports •Some meetings •Many “pressing” matters •Many popular activities
IV Waste (Avoid)•Trivia, busywork •Junk mail •Some phone messages/email •Time wasters •Escape activities •Viewing mindless TV shows