Facts of Entrepreneurship
How many jobs do new startups provide in the first year?
3 million
True or False The typical entrepreneur is considered a huge risk taker by the public.
True, the public often views entrepreneurs as high-risk takers. However, in most cases, entrepreneurs plan out possible risks and take any action that can minimize damage.
True or False, the e-commerce site Amazon has always been a startup company.
False, Amazon started as a Startup company as the company was started by Jeff Bezos selling books from his garage, and now one of the largest and most popular e-commerce sites in the world so now it would be considered Corporate Entrepreneurship! (Source)
Started as a way for business professionals to connect and has now grown to be one of the largest social networking sites with over 600 million users.
a company that gets a $1 billion valuation.
Unicorn
How many startups are invented worldwide?
one every 3 seconds
True or False Walt Disney prior to starting his company had tons of business experience.
False, Walt Disney actually was a high school dropout who had planned to go to the Army but was too young to enroll so he forged documents to join the Red Cross. He worked at his dad’s store but other than that he never had any business-related experience only drawing. Proving our 2nd Myth of Entreprenuership from the slide deck and that anyone can be an entrepreneur.
Scene75 Entertainment has multiple different locations featuring over 90,000 square feet of arcade, go-karts, laser tag, etc. The Company would be considered
What is Startup Entrepreneurship? This is the correct answer as Scene75 is still a family-owned business, they are a private company and has a limited customer base due to only being in OH and IL. They are slowly expanding based on success from each location which meets the definition of startup entrepreneurship.
popular ride-sharing app gave the ability to order a ride from your phone.
Uber
When an investor puts money into a company, he wants to know what he will get out.
ROI
What percentage of people think startups are only technology based?
90% of people
What did Walt Disney do to improve family entertainment?
What is Disneyland? Walt Disney was sitting on a bench in LA Griffith Park watching his daughters ride the carousel. While watching the carousel he noticed a problem there was no place where parents and kids could have fun together. There was the birth of the Disneyland concept that we all know and love today! This helps to prove Myth #3 in our slide deck, while there were other theme parks there was nothing that was meeting the market for the entire family! (Source)
Cincinnatians, love their food, one such option is Sugar and Spice. An iconic restaurant serving breakfast and diner-style food. This company would be what type of Entreprenuership?
What is Startup Entrepreneurship? This company is considered a startup since they are still operating on a small scale by only having 3 locations. The restaurant is also family owned so there is no public trading.
A platform that focuses on sharing, saving, and organizing interests rather than life updates which continuously sets them apart from the competition.
These channels are often where you get your first cash to get things going.
Bootstrapping
Do you need a bachelor degree to build a startup?
yes
True or False Walt Disney had an entire business plan laid out for Disneyland in the beginning.
False, Walt Disney had no way of testing the idea of Disneyland prior to opening. How the crowd would actually stand after visiting such a destination? However, Walt had the vision to keep improving Disneyland as he once said “We keep moving forward, opening new doors, and doing new things, because we’re curious and curiosity keeps leading us down new paths”. He had an initial plan but he designed the company to be flexible based on what fans wanted whether it be a new attraction offering, food offering, or experience offering. This proves Myth #4 from our slidedeck!
Richard T. Farmer an alumnus from Miami University, founded Cintas which would be considered today as this type of entrepreneurship.
What is Corporate Entreprenuership? Cintas started as a Startup company when it started to clean rags from farmers and eventually expanded to a Fortune 500 company that focuses on uniforms. But since it is now a Fortune 500 company, it would be a Corporate entrepreneurial venture based on our definitions.
Founder Kevin Systrom began _______, the photo-sharing app, under the name Burbn and accrued 25,000 users in a single day. This is partially due to the fact that Systrom was able to secure venture capital funding early on to launch the app.
When an investor provides startups with initial or growth capital for a stake in the company.
Angel Investment
Is there a club for startups?
Yes it is called the unicorn club!
True or False Walt Disney started with Millions of dollars to spend on his business.
False, Walt Disney actually started his empire on $40, some drawing materials, and a completed animated and short live film. This proves that entrepreneurs come in with various amounts and successful entrepreneurs don’t necessarily have a lot of capital to work with.
Miami University students love uptown, one of their favorite places is Brick Street, a local bar and an entertainment venue. What type of Entrepreneurship would this venue be?
What is Startup Entreprenuership? Since the bar is local and has a limited customer base they don’t really have the opportunity to expand too much. Since this location is a private company this fits our definition of Startup Entreprenuership.
He and his co-founder Brian Acton developed __________ to allow users to indicate when they are available to receive calls by updating their “status.”
describes how fast you go through your cash.
Burn Rate