Advice From The Successful
Their founder Howard Schultz developed a small coffee bean shop into a multinational coffee empire, he attributes his success to seizing the day and pursuing your visions.
What is Starbucks?
A new streaming concept made for the phone, with 10 minute, vertical episodes, shut down 6 months after it’s launch, perhaps having overestimated consumer interest in the field. Even with 1.75 Billion in funding, they couldn’t stay alive.
What is Quibi?
What are 3 most important factors when starting a business
Money, location, workers
T or F
Most successful entrepreneurs take wild, un-calculated risks
False
Becoming a resource, connect with others to find opportunities, generate a reputation to others, offer your help to others in the field, and finding opportunities through others through social media and etc. are all ways to put yourself out there to find an opportunity in entrepreneurship.
How are you supposed to network as a starting entrepreneur?
Everyone’s favorite talk show host, she has been able to stay successful for so many years on tv by aligning her personality with her work.
Who is Oprah Winfrey?
This company, with a $700 wifi-connected juicer, shut down after 4 years when it couldn’t attract any more investors, with just under $100 million in funding spent.
What is Juicero?
What is the age limit for becoming an entrepreneur?
there is none
Most entrepreneurs _____ their business
self fund
Being able to think of solutions to overcome difficulty. By allowing yourself to always be thinking of the solution or next step is key to being a successful entrepreneur.
What mindset should you have as an entrepreneur?
Founder of the world’s most famous tech company, Steve Jobs worked low paying jobs, and struggled to find a bank that would loan him the money he needed to get his company up and running. After being skyrocketed to fame, he said “Sometimes life is going to hit you in the head with a brick. Don’t lose faith.”
What is Apple?
This Google backed venture wanted to use balloons to deliver high speed internet across the globe. After 9 years of existence they suddenly shut down without citing a specific reason for the decision.
What is Loon?
What are two characteristics of an entrepreneur
Determination, and hardwork
As an entrepreneur you can control your ____ you spend on work.
hours
Focus on ideas of everyday problems that can be solved to help others. This link shows hundreds of ideas that make inconveniences in people’s lives better through different ideas.
What ideas should you focus on?
Founder of America’s favorite superstore, Sam Walton attributes his success to the strategy of ignoring the conventional wisdom, and gaining success by doing the opposite of everyone else.
What is WalMart?
This ride-sharing service got squashed by it’s larger competitors Uber and Lyft, with only $40 million in funding, compared to the billions the others have.
What is Sidecar?
Do you need to target a specific audience or do all audiences work?
You need to target a specific audience
What is someone called when they are going into a business alone?
Entrepreneur
Admitting to mistakes and being open to adapt to those you are serving to are the best ways for an entrepreneur to be able to connect best with their customers. At the end of the day, it is the customer that is always right and they are the ones you work for to help be the most successful.
How do you react with your customers?
This man may be the most famous entrepreneur there is, having started his own record stores, telephone companies, airlines, train company, and even a space tourism company. His advice, don’t wait until you think you have enough money to get started. Just do what you can, and let the rest fall into place.
Who is Richard Branson?
This phone company only released one phone, and after poor sales and reviews, cancelled all future ventures and closed its doors.
What is Essential?
What is a good way to become an entrepreneur and start your own business?
Either buy a business, or take over the family business that they own
What two things can a business sell?
a product or service
Being careful and establishing goals while saving money wherever you can are the best ways to be able to manage money. Always trying to find ways to make a profit to expand your business is the most important process to take.
How should you manage money as an entrepreneur?