Notable Figures
This man saw a market opportunity for women’s athletic apparel and created Lululemon.
Who is Chip Wilson?
Anyone with an idea and a drive to make something happen can start their own business, people don’t just randomly start their own business.
What is luck?
What are 2 general trends of business over the past decade?
Overall trends of business are going online. All thriving companies have started to use more Artificial Intelligence.
What are the 5-key factors that create success early in a business career according to Bill Gross?
The idea, team, business model, funding, and timing
A risk of starting your own business.
What is failure?
A fashion designer from New York who launched what is now a global luxury brand in 2004.
Who is Tory Burch?
Some people have the misconception that you have to be a certain age to start a business.
How does a company buy another company in your field?
A company acquires another company by developing a plan, create a team to find a business, make offers and negotiate, and finally sign a contract or agreement.
Of all the key factors that help a business succeed, what is the most important factor?
Market Timing
A risk that entrepreneurs may face when their demand is greater than their supply.
This person turned a single general store into a multi-billion-dollar superstore chain: Walmart.
Who is Sam Walton?
Often people think that in order to become an entrepreneur, you need to come up with your own unique business. That is in fact not true: It is possible to find another way to use a current product.
How often should you create a new product?
Once the market is in need of a new product and the company has a good idea to solve the issue, this would be a good time to create a new product. Also if the company is in need of more capital.
Outside of the 5-key factors of entrepreneurship, what is another important ingredient for creating a successful business?
Feedback and customer relations are just as important as having a great product to sell.
Entrepreneurs wanting to start their own business in a small town may have a hard time due to what?
What is reputation risk?
After failing time and time again, this woman was finally able to launch her brand off the ground into what it is known today: Spanx.
Who is Sara Blakely?
Entrepreneurs do not have to start off their business with an office with many employees and a lot of money, they can work their way up there.
What is starting small and then growing bigger?
Is firing employees necessary for growth?
If there are employees that are not continuing to innovate or grow the company then they need to be let go.
How do you create a strong business model?
It starts with the product. Once you have a strong product, you then need to determine what the core values of your business are.
Entrepreneurs have the freedom of making their own hours and employing their own employees.
This Greek immigrant founded one of the most famous restaurant chains in Ohio: Skyline Chili.
Who is Nicholas Lambrinides.
Many entrepreneurs start with an idea and it fails, so they give up and change career paths, but successful entrepreneurs try many different times before they give up.
What is coming up with another idea?
When should you sell your company?
The majority of companies that will sell their company is when they are done creating and growing, want to make as much profit, or feel that they are only going to lose money from this point forward.
How has the internet changed the startup business industry?
Businesses are transitioning from brick and mortar to online websites.
Some entrepreneurs have the dream to make a product better, or find a different use for it, what do they achieve when doing this?