Entrepreneurship Friday, January 4, 13 Take out a piece of paper and write down what you are truly passionate about. Something that you love to do and would be incredible if you could ﬁnd a way to make money from it. “Entrepreneurship is the recognition and pursuit of opportunity without regard to the resources you currently control, with conﬁdence that you can succeed, with the ﬂexibility to change course as necessary, and with the will to rebound from setbacks.” Bob Reiss Successful entrepreneur and author of Low-Risk, High Reward: Starting and Growing Your Small Business With Minimal Risk Friday, January 4, 13 What is the difference? Entrepreneur vs. Small Business Owner Friday, January 4, 13 Inspired Entrepreneurs • Have a higher purpose than just making money • Are always evolving their business • Love growing themselves • Value their heart and their thinking Friday, January 4, 13 Inspired entrepreneurs have a higher purpose than just making money. Inspired entrepreneurs love making money and are very willing to make money, but that is not the sole purpose of their business. Inspired entrepreneurs are always evolving their business Inspired entrepreneurs love working on their business as well loving to work in their business. Small business owners tend just to work in their business, doing what needs doing to make the business work. Inspired entrepreneurs intrinsically love what they do, but also love stepping back and thinking creatively about their business, how it can be more fun, inspiring, pro table and eﬀective. Inspired entrepreneurs love growing themselves Inspired entrepreneurs love learning and growing themselves through running their business. Inspired entrepreneurs value their heart and their thinking Inspired entrepreneurs know that they bring the love and the money together by marrying their inspired heart together with their brilliant entrepreneurial thinking. They use one to support the other and not have them as enemies. They use great business strategies to support their inspired ideas. Top 6 Entrepreneur Qualities 1. Commitment - stays with executing the innovation through the peaks and valleys to make it work 2. Passion - expressive so the idea creates energy and resonance 3. Dreamer - A big idea of how something can be better and different 4. Innovative - Demonstrates how the idea applied outperforms the current practice 5. Risk Taker - Pursues the dream without all the resources lined up 6. Continuous Learner - constantly exploring and evolving Friday, January 4, 13 It is very important to continue your education beyond the classroom. How did you get where you are today? Friday, January 4, 13 Leveraging Credibility and networking. Networking is the most important facet of what I do on a daily basis. What is the ﬁrst step? Friday, January 4, 13 The ﬁrst step is having an open mind. If you are not passionate about one speciﬁc product or service to offer, try to start a business that has great return so you can invest or builds residual income. Tell experience at Bagel Shop with Vance’s laptop. Do you truly love what you do? Friday, January 4, 13 Yes. I absolutely love waking up some mornings and rolling out of bed in my pajamas, ﬁx some coffee, and work in a stress free environment :) Some people can’t work without structure so this might not work for them. I have to decide what I am going to do for the day if I don’t already have a checklist written out. How much money did you invest? Friday, January 4, 13 I invested $10,000 initially to buy 33% of shares of our company. We later sold equal 20% portions of the business for $30,000 to two more investors for working capital. I recently bought one of the partners shares and now stand at 40% with the option to buy another 15% from one of the partners. What was your drive? Friday, January 4, 13 There are two things that drive me to do what I do. One, I feel like God has called me to make a lot of money and give it away. God has wired me to give so He knows I will help people as much as possible. The second reason is my drive to spite the people that think I can’t succeed. Tell the story of growing up and people saying my ideas were stupid. What was/is your inspiration? Friday, January 4, 13 Looking back on my life, I knew I was supposed to be in Business. Tell the story of selling candy on the bus in Junior High. Tell the story of Sunglasses in New York. After I got out of school, I got in touch with some investors. What was your biggest failure and/or mistake? Friday, January 4, 13 Looking back over the previous two years of business, I would have to say that spending money that didn’t needed to be spent was the biggest mistake. We burnt through investment capital relatively fast. We bought all of our equipment up front and spent about half of our investment capital buying all the equipment. I thought that because we had all this money in investment capital, we didn’t have to work as hard. But we quickly ﬁgured out when the money started slimming that we had to change what we were doing. What hardships did you face? Friday, January 4, 13 One of the hardships you face with any business is clients come and clients go. When a client leaves, sometimes you will think that you are doing something wrong. You need to get feedback from that client to see what caused them to leave. If you something you are doing caused them to leave, you need to reﬁne your methods. What are your failures to your points of success? Friday, January 4, 13 I would say that we failed selling a product and that cause us to start offering a service. We started out producing DVDs which included inventory costs, traveling to a physical location to shoot the footage, and moving the completed product. We quickly learned what we were doing was not proﬁtable. We started putting videos online for non-proﬁts. That spawned into websites. With websites, you have no inventory costs because you create everything to order. How do you assess risk? Friday, January 4, 13 There are lots of ways to estimate risk. One way is to make use of available statistics on what has happened before. Learning from other peoples mistakes so that you do not make them yourself is the quickest and easiest way to assess risk. How much did your education help you? Friday, January 4, 13 I have to be careful answering this question or I may not be asked to come speak again :) The majority of what you will learn in the classroom is structured as if you are going to enter a job similar to the one you are learning about in the text box. With entrepreneurship, you need to learn from other peoples experience and constantly educate yourself with a wide variety of books written by other successful entrepreneurs and business minds. I recommend the business trips that Dr. Spencer and Dr. Laing are taking overseas to discuss different methods. These trips will not only educate you on international business practices, but also burst your “American Bubble” and open your eyes to the world beyond America. You will appreciate your American citizenship when you return, I promise. What would you do if you were me? Friday, January 4, 13 1. Learn from others experiences 2. Read outside of class 3. Pursue your passion What is your most valuable piece of advice? Friday, January 4, 13 Don’t let anything get you down. Every idea is a good idea. Pursue your passion and never back down. If people tell you that you will fail, use that as a fuel to drive you even more towards success. What about you? Friday, January 4, 13 What are your passions?
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