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R U An Entrepreneur?
©2012 The EIgnite Group 2info@eignitegroup.com
What is an Entrepreneur?
©2012 The EIgnite Group 3info@eignitegroup.com
Persistent“I have not failed. I’ve just found 10,000 ways that won’t work.”
– Thomas Edison
©2012 The EIgnite Group 4info@eignitegroup.com
A Rebounder“Rejection is the Big Kahuna in all entrepreneurship. Show me someone who can take a hit and I’ll show you a good entrepreneur.”
– Barbara Corcoran
©2012 The EIgnite Group 5info@eignitegroup.com
A Hard Worker“The only place where success comes before work is in the dictionary.”
– Vidal Sassoon
©2012 The EIgnite Group 6info@eignitegroup.com
A Calculated Risk Taker“An entrepreneur tends to bite off a little more than he can chew hoping he’ll quickly learn how to chew it.”
– Roy Ash
©2012 The EIgnite Group 7info@eignitegroup.com
A Doer“If everything seems under control, you’re just not going fast enough.”
– Mario Andretti
©2012 The EIgnite Group 8info@eignitegroup.com
Consistent
“Success is walking from failure to failure with no loss of enthusiasm.”
– Winston Churchill
©2012 The EIgnite Group 9info@eignitegroup.com
Resourceful“A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.”
– John C. Maxwell
©2012 The EIgnite Group 10info@eignitegroup.com
A Thought Leader“You can’t ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new.”
– Steve Jobs
©2012 The EIgnite Group 11info@eignitegroup.com
A Good Communicator“Tell everyone what you want to do and someone will want to help you do it.”
– W. Clement Stone
©2012 The EIgnite Group 12info@eignitegroup.com
Intentional“You were born to win, but to be a winner, you must plan to win, prepare to win, and expect to win.”
– Zig Ziglar
©2012 The EIgnite Group 13info@eignitegroup.com
Disciplined“Discipline is the bridge between goals and accomplishment.”
– Jim Rohn
©2012 The EIgnite Group 14info@eignitegroup.com
A Dreamer“All achievements, all earned riches, have their beginning in an idea.”
– Napoleon Hill
©2012 The EIgnite Group 15info@eignitegroup.com
Responsible“You take on the responsibility for making your dream a reality.”
– Les Brown
©2012 The EIgnite Group 16info@eignitegroup.com
A Creator
“The best way to predict the future is to create it.”
– Peter Drucker
©2012 The EIgnite Group 17info@eignitegroup.com
An Entrepreneur is one who pursues an opportunity without regard to resources currently controlled.
- Adapted from entrepreneurship definition of
HBS professor Howard Stevenson
©2012 The EIgnite Group 18info@eignitegroup.com
The Truth About Entrepreneurship…
©2012 The EIgnite Group 19info@eignitegroup.com
True or False
FalseYou need lots of money to start a company.
20info@eignitegroup.com
True or False
TrueEntrepreneurs are more likely to start out
poor than rich.
©2012 The EIgnite Group 21info@eignitegroup.com
True or False
False50% of businesses fail in the first year.
©2012 The EIgnite Group 22info@eignitegroup.com
True or False
True
A small business can have up to 1500 employees and $21 Million* in annual sales
*Depends on the industry
©2012 The EIgnite Group 23info@eignitegroup.com
True or False
False95% of business fail in 5 years.
©2012 The EIgnite Group 24info@eignitegroup.com
True or False
TrueAccording to the SBA, new businesses
have a 50/50 chance of surviving 5 years.
©2012 The EIgnite Group 25info@eignitegroup.com
True or False
TrueSmall businesses employ about half of U.S.
workers.
©2012 The EIgnite Group 26info@eignitegroup.com
7 Reasons Businesses Fail
1. Started for the Wrong Reasons2. Poor Management3. Insufficient Capital4. Location, Location, Location5. Lack of Planning6. Overexpansion7. No Website
©2012 The EIgnite Group 27info@eignitegroup.com
Business Training Increases Success Rates
Peru, November 2006, Yale University Study
Construct Provided entrepreneurship training to select groups of microfinance
clients. The only difference between the treatment groups and the control groups
was the training
Training Results Increased Sales Improved business knowledge Improved business practices
…MORE SUSTAINABLE BUSINESSES
©2012 The EIgnite Group 28info@eignitegroup.com
Entrepreneurship in Different Communities…
©2012 The EIgnite Group 29info@eignitegroup.com
Community SnapshotAn overwhelming majority of businesses are owned by individuals that classify themselves as white.
Overall WhiteAfrican-
AmericanHispanic
(non-white) Asian# of US Businesses (K) 27,092.9 22,595.1 1,921.9 210.0 1,549.6
% of total US Businesses (%) 100% 83% 7% 1% 6%# Businesses w/ Paid Employees (K) 5,735.6 4,639.7 106.6 19.4 397.4
Total Sales for businesses with paid employees (K) $29,058,828,476 $9,406,549,498 $97,144,898 $12,670,104 $453,574,194 # Businesses w/o Paid Employees (K) 21,357.3 17,955.4 1,815.3 190.6 1,152.1 Total Sales for businesses w/o paid employees (K) $972,691,434 $834,441,216 $38,594,936 $5,521,750 $52,473,557
*Note: some individuals classify themselves as multi-racial.
©2012 The EIgnite Group 30info@eignitegroup.com
Sales Across Communities Businesses with employees make significantly more than businesses w/o
employees especially in white and black communities. Black owned business w/o employees on avg. make less than their
counterparts.
Overall WhiteAfrican-
AmericanHispanic
(non-white) Asian
Avg sales per bus with paid employees $5,066,431 $2,027,386 $911,594 $652,964 $1,141,280
Avg sales per bus w/o paid employees $45,543.65 $46,472.99 $21,260.94 $28,968.84 $45,544.66 Ratio of sales for businesses w/ employees to those w/o employees 111.24 43.63 42.88 22.54 25.06
©2012 The EIgnite Group 31info@eignitegroup.com
Opportunity Across Communities
There exists significant opportunity to increase sales among black and hispanic businesses.
Overall WhiteAfrican-
AmericanHispanic
(non-white) Asian
% of sales for business with employees 100.00% 32.37% 0.33% 0.04% 1.56%
% of sales for business w/o employees 100.00% 85.79% 3.97% 0.57% 5.39%
©2012 The EIgnite Group 32info@eignitegroup.com
What Type of Entrepreneur Are You?
©2012 The EIgnite Group 33info@eignitegroup.com
The BOSI ModelBuilder:
Do you have the capacity and drive to build multiple high value companies like Donald Trump?
Opportunist: Do you seek and look to capitalize on opportunities
before others like Richard Branson?Specialist:
Do customers seek out your expertise in an area and can you develop that into a business like Bill Gates?
Innovator: Do you have a burning passion to change the world like
Einstein?
Take the FREE assessment at
www.bosidna.com
©2012 The EIgnite Group 34info@eignitegroup.com
Yes, I’m An Entrepreneur!
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