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R U An Entrepreneur?
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What is an Entrepreneur?
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Persistent
“I have not failed. I’ve just found 10,000
ways that won’t work.”
– Thomas Edison
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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
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A Hard Worker
“The only place where success comes
before work is in the dictionary.”
– Vidal Sassoon
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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
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A Doer
“If everything seems under control, you’re
just not going fast enough.”
– Mario Andretti
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Consistent
“Success is walking from failure to failure
with no loss of enthusiasm.”
– Winston Churchill
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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
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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
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A Good Communicator
“Tell everyone what you want to do and
someone will want to help you do it.”
– W. Clement Stone
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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
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Disciplined
“Discipline is the bridge between goals and
accomplishment.”
– Jim Rohn
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A Dreamer
“All achievements, all earned riches, have
their beginning in an idea.”
– Napoleon Hill
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Responsible
“You take on the responsibility for making
your dream a reality.”
– Les Brown
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A Creator
“The best way to predict the future is to
create it.”
– Peter Drucker
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An Entrepreneur is one who pursues an
opportunity without regard to resources
currently controlled.
-Adapted from entrepreneurship definition of
HBS professor Howard Stevenson
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The Truth About Entrepreneurship…
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True or False
You need lots of money to start a company.
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True or False
Entrepreneurs are more likely to start out
poor than rich.
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True or False
50% of businesses fail in the first year.
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True or False
A small business can have up to 1500
employees and $21 Million* in annual sales
*Depends on the industry
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True or False
95% of business fail in 5 years.
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True or False
According to the SBA, new businesses
have a 50/50 chance of surviving 5 years.
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True or False
Small businesses employ about half of U.S.
workers.
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7 Reasons Businesses Fail
1.
2.
3.
4.
5.
6.
7.
Started for the Wrong Reasons
Poor Management
Insufficient Capital
Location, Location, Location
Lack of Planning
Overexpansion
No Website
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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
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…MORE SUSTAINABLE BUSINESSES
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Entrepreneurship in Different
Communities…
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Community Snapshot
An overwhelming majority of businesses are owned by individuals that
classify themselves as white.
# of US Businesses (K)
% of total US Businesses (%)
# Businesses w/ Paid
Employees (K)
Total Sales for businesses
with paid employees (K)
# Businesses w/o Paid
Employees (K)
Total Sales for businesses
w/o paid employees (K)
Overall
27,092.9
White
22,595.1
AfricanAmerican
1,921.9
100%
83%
7%
1%
6%
5,735.6
4,639.7
106.6
19.4
397.4
$97,144,898
$12,670,104
$453,574,194
$29,058,828,476 $9,406,549,498
Hispanic
(non-white)
210.0
Asian
1,549.6
21,357.3
17,955.4
1,815.3
190.6
1,152.1
$972,691,434
$834,441,216
$38,594,936
$5,521,750
$52,473,557
*Note: some individuals classify themselves as multi-racial.
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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.
Avg sales per bus with paid
employees
Overall
White
AfricanAmerican
$5,066,431
$2,027,386
$911,594
$652,964
$1,141,280
$46,472.99
$21,260.94
$28,968.84
$45,544.66
43.63
42.88
22.54
25.06
Avg sales per bus w/o paid
employees
$45,543.65
Ratio of sales for businesses
w/ employees to those w/o
employees
111.24
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Hispanic
(non-white)
Asian
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Opportunity Across Communities
There exists significant opportunity to increase sales among black and
hispanic businesses.
Overall
White
AfricanAmerican
% 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%
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Hispanic
(non-white)
Asian
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What Type of Entrepreneur Are You?
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The BOSI Model
Builder:
 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?
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Take the FREE
assessment at
www.bosidna.com
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Yes, I’m An Entrepreneur!
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