Lecture 02 - Intro to Business - Midterm - Quiz 1.pptx

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1. Introduction to Business 2nd Lecture Taught by: Abdullah Al Fahad

2. An Entrepreneur An entrepreneur is a person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business. Consider Sam Walton, Walmart’s founder, who started by franchising a few small Ben Franklin variety stores and then opened his own Walton Five and Dime stores. Today, Walmart has grown into a multibillion-dollar global business that is also one of the world’s largest companies. Walmart, the company that Sam Walton started, has revenues of close to $500 billion. Story of Walmart/Sam Walton: Story of Walmart 15-year-old Entrepreneur: Video

3. Types of Entrepreneurs Classic Entrepreneurs: Classic Entrepreneurs are risk-takers who start their own companies based on one innovative ideas . Classic entrepreneurs are also called “ Micropreneurs ” who start small and plan to stay small . They often start businesses just for personal satisfaction and the lifestyle . Serial Entrepreneurs: A serial entrepreneur is an entrepreneur who continuously invest in new ideas or existing businesses. Mark Cuban is another well-known serial entrepreneur who also happens to be a “shark” investor on the hit reality TV series, Shark Tank. As owner of the Dallas Mavericks, he has invested in numerous startups and built and sold multiple businesses (including a company, which he sold to CompuServe in 1990). Cuban speaks honestly about many failures before becoming a billionaire—and confesses that he was “fired from more jobs than most people have had.” Mark Cuban

4. Types of entrepreneurs Social Entrepreneurs: Social entrepreneurs recognize a social problem and use business principles to develop innovative positive solutions. Social Entrepreneurship Many social entrepreneurs who make a difference in educational fields, calls themselves, Education entrepreneurs . The Story of Revolution foods:. With personal savings and $500,000 from angel investors, Kristin Richmond and Kirsten Tobey, as shown in photo, launched Revolution Foods. Each day, the Oakland, California–based company provides what it calls “real food” meals, including brown rice and fresh vegetables, to school children in 25 U.S. cities. More than just serving healthy meals, Revolution Foods partners with schools to deliver nutrition education programs through classroom instruction and off-campus, hands-on activities to empower students to make smarter and healthier eating choices. Revolution Foods Revolution Food 01

5. Reasons to Choose Entrepreneurship as a Career Path 1. Being Your Own Boss : The freedom to make all the decisions, being your own boss is one of the biggest reason for entrepreneurship. When Michael Grondahl purchased a struggling gym, little did he know that more than two decades later, he’d be disrupting the fitness industry’s model of locked-In annual membership contracts and high monthly fees. Based in New Hampshire, Planet Fitness offers its members a no “ gymtimidation ,” judgment-free zone, and a unique environment where anyone can be comfortable. Planet Fitness does not require a contract for gym members. For a $10 monthly starting fee, members join without the pressure of an annual commitment. Planet Fitness has over 1,400 franchise locations and recently went public. Planet Fitness

6. Reasons to Choose Entrepreneurship as a Career Path 2. Financial Success Another goal to start the entrepreneurship journey is to become financially content or successful. Scrub Daddy 3. Job Security As you probably know, working for a company, even a well-known Fortune 500 firm, is no guarantee of job security. Being your own boss is a landed job security. Over the last few decades, and recently during Covid Pandemic, large companies have downsized in response to declining revenues and technological innovation. As a result, a growing number of American workers first-time job seekers, college grads, and experienced, unemployed workers have created their own job security by starting their own business or taking a chance on a start-up. Elon Musk Fires 50% Twitter Employees

7. Reasons to Choose Entrepreneurship as a Career Path 4. Quality of Life The last and most sought-after reason to choose entrepreneurship is an balance between professional and family life, which improve their quality of life since you have the freedom to decide when, where, and how to work. A lifestyle entrepreneur is a person to whom quality of life is the most cherished goal and hence they start a business to gain flexibility in work hours and time spent with family.

8. What opportunities does globalization create for today’s entrepreneurs? Globalization: The economic, cultural and political interdependencies between different countries and their organizations. Globalization 6 The rapid globalization has created many opportunities for entrepreneurs such as: They market their products abroad . Example: Websites, Social media marketing. Find a broader target demographic since the world is your market. Hire international workers to work for you at affordable rate. Ex; Fiverr , Odesk , Upwork Find crowd funding for investment. Find available & affordable technology to support your business such as Clickup or JIRA that can organize daily routine enterprise processes.

9. 8 Characteristic an Entrepreneur must have to survive the adventure There is a saying that being an entrepreneur is like jumping off a cliff with the faith that you will build a wing before you hit the water . To survive the challenges, an entrepreneur must possess the following characteristics.

10. Copyright, trademark & Patent What does each protect? Copyright protects your art and writing such as books, music, painting, photograph, architecture etc. and right to distribute and earn. Trademarks protect your name, symbols & slogans such as logos, colors, font, shapes of slogan and name itself. Patents protects your design and inventions such as specific design specification, measurements, exclude others to design the same over a territory

11. Corporate culture An organization’s corporate culture is its principles, beliefs, values, the leadership styles, the way it communicates, and the overall work environment. Google Headquarter

12. Finding Financing Crowd Funding & Debt Financing Crowd funding: Crowd funding is the idea to find funding where entrepreneurs present business plans being as transparent as possible and sets a finance target with a deadline. Crowd donate money and in return wants to be: The first person to get the product Other rewards or gifts Shares in the company Kickstarter Debt Financing : Debt financing means borrowing money that must be repaid , sometime with interest. Loans from banks, finance companies and credit card companies are all sources of debt financing. Bank loan officers want to see a business plan and will evaluate the entrepreneur’s credit history .

13. Finding Financing Angel Investors vs Venture capitalists

14. Finding Financing Government Support Government Financing: There are many programs by Government to help finance a business. But for entrepreneurs and new small businesses, 2 notable support in USA are as follows: The Small Business Administration (SBA): The SBA in USA offers information, resources, and sometimes access to financing for entrepreneurs. Economic Revitalization: Another way governments encourage entrepreneurship is through investing in specific geographic areas designated for economic revitalization . If an entrepreneur invest in an economically depressed area the government facilitate Lower installments towards business investments Lower interest rates and Sometime rewards such as permanent residence or citizenship for foreigners.

15. Food for Inspiration Story of Khan Academy Salman Khan, who is a native of Bangladesh and India, created Khan Academy, with the mission for free world class education for everyone . It started from making YouTube videos to tutor cousins which is now generating 22 million USD per year. The project was later funded by Bill Gates by 2 million USD and Salman never looked back from there. Salman is an excellent example of a brave classic entrepreneur . Story of Khan Academy Salman Khan

16. Food for Thought