Entrepreneurship & Small Business The Global Economic Engine!
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Transcript of Entrepreneurship & Small Business The Global Economic Engine!
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Entrepreneurship & Small Business
The Global Economic Engine!
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How to Get Rich & Stay Rich
1. Inheriting it or Marrying it
2. Winning a Lottery
3. Unique Personal Skill
4. Investing in Stock Market
5. Investing in Real Estate
6. Starting & Growing Your Own Business
1/2 of 1%
} 3%
} 15%6%
Over Over 80%80%
1/10 of 1%2-3%
8%
Source: Young, F. J. (1988). Source: Young, F. J. (1988). How to Get Rich & Stay How to Get Rich & Stay RichRich. Hollywood, FL: Frederick Fell Publishers.. Hollywood, FL: Frederick Fell Publishers.
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“The One Who Dies With The Most Toys (Money) Wins!”
Right?
In 1923, a group of the world's most successful financiers met at the Edgewater Beach Hotel in Chicago. Present were:
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World's Most Successful Financiers• The greatest wheat speculator.• The president of the New York Stock
Exchange.• A member of the President's cabinet.• The greatest "bear" on Wall Street.• The president of the largest independent steel
company. • The president of the Bank of International
Settlements. • The head of the world's greatest monopoly.
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World's Most Successful Financiers
• Collectively, these tycoons controlled more wealth than there was in the United States Treasury.
• For years newspapers and magazines had been printing their success stories and urging the youth of the nation to follow their examples.
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Twenty-five years later, here's what had happened to these men:
• The president of the largest independent steel company - Charles Schwab - lived on borrowed money the last five years of his life, and died broke.
• The greatest wheat speculator - Arthur Cutteu - died abroad, insolvent.
• The president of the New York Stock Exchange - Richard Whitney - was released from Sing Sing in the mid-1940's.
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Twenty-five years later, here's what had happened to these men:
• The member of the President's cabinet - Albert Fall - was pardoned from prison so that he could die at home.
• The greatest "bear" on Wall Street - Jesse Livermore - committed suicide.
• The president of the Bank of International Settlements - Leon Fraser - committed suicide.
• The head of the world's greatest monopoly - Ivar Kreuger - committed suicide.
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So?
• All of these men had learned to make money - but none of them had learned how to live happily.
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Moral
• If you think you’re in college to learn how to make money and get wealthy, you’ve missed the point.
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Moral• Learn how to live a rich life
– One that is full of joy, laughter, and love
– One that is full of time spent doing things you value
– One that is full of time spent doing things you enjoy
– One that is full of things that stretch you and help you grow
– One that is full of plenty of success that you can enjoy and failure from which you can learn
• And you’ll find that you have plenty of money.
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A “Not So Silent” Revolution Entrepreneurship is flourishing around the world. 95% of the wealth in the U.S. today has been created since 1980! In U.S., nearly 4 million new businesses are started each year. Small/medium-sized firms have created new economic value around the globe; larger firms have lost it.
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A “Not So Silent” Revolution 5% of new emerging firms accounted for 77% of new net jobs in the 1990’s. 95% of all radical inventions and 50% of all innovations have come from new, small firms. An estimated 45M Americans are working out of their homes. 3X more women are starting businesses today than men.
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A “Not So Silent” Revolution The vast majority of millionaires in the U.S. (over 6M in 1999) are entrepreneurs. 1/3 of all MBA’s work for themselves after graduation! Provides the highest levels of personal satisfaction and fulfillment. How many of you dream of starting your own business?
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Organizational Life Cycle
Startup
Growth
Maturity
Decline
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E-shipE-ship
SME MgtSME Mgt
Sm Bus MgtSm Bus Mgt
NV MgtNV MgtBE
Organizational Life Cycle
X
X
X
X
XX
XIdea Decide
IPO
Prof Mgt
Self Sustain
Founder IndNVC
X
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9,000Public Firms
BE
U.S. Business Distribution
X
X
X
X
XX
XIdea Decide
IPO
Prof Mgt
Self Sustain
Founder IndNVC
X
Fortune 1000
24,991,000Non-Public US
Firms
0.04%99.96%
0.004%
8,000,0008,000,000Nascent Nascent
FirmsFirms
>95% of Researc
h
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The Myths and Realities of Entrepreneurship!
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True or False?
Entrepreneurs work longer and harder than managers in larger, established companies.
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True or False?
Any entrepreneur Any entrepreneur with a good idea with a good idea can raise venture can raise venture capital.capital.
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True or False?
Entrepreneurs Entrepreneurs are motivated are motivated solely by money!solely by money!
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True or False?
Entrepreneurs Entrepreneurs are gamblers.are gamblers.
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True or False?
Anyone can start a Anyone can start a business.business.
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True or False?
Entrepreneurs want to run everything themselves.
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True or False?
Entrepreneurs Entrepreneurs experience a great experience a great deal of stress and deal of stress and pay a high price.pay a high price.
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True or False?
Money is the most Money is the most important start-up important start-up ingredient.ingredient.
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True or False?
Entrepreneurs Entrepreneurs are born, not are born, not made.made.
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True or False?
Entrepreneurs are Entrepreneurs are always completely always completely independent of independent of others.others.
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True or False?
Starting a business is risky and often ends in failure.
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True or False?
Entrepreneurs should be young and energetic.
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True or False?
A talented entrepreneur will assure success in a year or two.
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True or False?
If an entrepreneur has enough start-up capital, he/she can’t miss!
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The Failure Rule!• What are the “odds of survival” after 3
years?
• Failure is the RULE!
• There are exceptions!
– Higher potential ventures more likely to survive.
– Size and market growth thresholds
• Question is: What’s going on here!
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E Course Designed For:• 1) classic entrepreneurs – if you want to start or
purchase your own business, now or later
• 2) family entrepreneurs – if you plan to join or
to take over your family’s business
• 3) corporate entrepreneurs -- if you plan to work for a large existing organization (either public or private) either within new venture department, or in an organization that values entrepreneurial activities
• 4) service providers – if you plan to work in a firm that provide services to entrepreneurial firms (i.e., CPA's, bankers, attorneys, venture capitalists, financial planners, consultants, etc.)