Group Members

Fahad Iqbal

Waqar-ud-din Siddiqui
Muhammad Shoaib Yasin

Entrepreneur

Entrepreneurship
Entrepreneur
4 factors of production

Land Labor capital organization

New venture

Types of Entrepreneur
Necessity Entrepreneur
They are the entrepreneurs who works for invention only when there is a need.

Opportunistic entrepreneurs
These are the entrepreneur who are always looking for the opportunity whether there is a need of invention or not.

Eras of Entrepreneurs definitions

Earliest period Middle ages 17th century 18th century 19th & 20th century Present age

17th century
Undertakers Contractors Examples: soldiers of fortune, adventurers, builders, merchants funeral directors

18th century

Entrepreneur

Contracts

Government

Richards Cotillion
gave definition

19th & 20th Century

Entrepreneur
planning interpreting controlling analyzing

Manager

Present Era
Economists view
Psychologist view

Inventor and Innovator

Inventor
is a person creates new thing.

Innovator
is a person who brings something new in business

Characteristics of Successful Entrepreneur

Characteristics of Successful Entrepreneur

Risk taker
Determination & Persistence Vision, creativity and innovation

Motivation to succeed

Entrepreneur

Relevant skills and expertise Spot and take advantage of opportunities

No daunted by failure Passion

Path followed by Entrepreneur

Famous Entrepreneurs

Bill Gates 1955

By linking his Microsoft software to IBM's first PCs, he dominated the industry.

He developed a two-prong strategy of expanding the market while maintaining a strong hold on competitors.

Michael Dell 1965

Created a new model for PC sales Cutting out the retail middleman and custombuilding computers to suit buyers needs put Dell at the front of the class of PC makers.

Tom Anderson & Chris DeWolfe

Founders of MySpace.com Registering 160,000 people per day with no marketing.

As of September 2007, there are over 200 million accounts.

Oprah Winfrey1954
Oprah Winfrey turned her name into one of the most successful and respected brands in the world. Leveraged that fame into other interests: magazines, Web sites, film and television production and Social Entrepreneurship.

Muhammad Yunus 1940

Founded a banking system 30 years ago To lend small amounts of money to the rural poor in Bangladeshi villages. 2006 Nobel Peace Prize winner,

Chad Hurley, 29, Steve Chen, 28 & Jawed Karim, 27

Founders of YouTube
Broadcasts 100 million short videos daily on myriad subjects Sold to Google

Jake Kloberdanz, 24
Launched Hope Wine, a winery that gives 50% of the profits from sales of its wines to charity. Hope Wine is available in about 100 locations. Hope has donated $20,000 to charity since launching, and he estimates revenues of $3 million to $5 million in 2008.

Max Durovic, 24 & Michael Kenny, 23

This duo started their own business, Aarrow Advertising, with $100 Employs 40 full-timers and 460 part-timers who range between 16 and 25 years old Had $2.3 million in sales in 2006 and projects $4.2 million this year.

Ashutosh Gupta, 19

Owner of Gupta Financial Consulting Has clients with revenues between $200,000 and $3.3 million Estimates his business will have revenues between $150,000 and $300,000 this year

Sarah Schupp, 25
Founder of University Parent Media which produces visitor/information guides for parents of college students Expects around $800,000 in revenues in 2007.

1930, Harland Sanders

Opened Sanders Court & Cafe in the front room of a gas station. Colonel Sanders began franchising in 1952. Awarded the first franchise to Pete Harman in Salt Lak City, Utah.

Dick and Mac

The business began in 1940, with a restaurant opened by brothers Dick and Mac McDonald in San Bernardino, California.

Their introduction of the "Speedee Service System" in 1948 established the principles of the modern fast-food restaurant. The original mascot of McDonald's was a man with a chef's hat on top of a hamburger shaped head whose name was "Speedee.

Bryan Sims, 24

Founder of Brass Media, a magazine with a mission to make money relevant to young people.

Magazine now has about 450,000 readers.

How to be a successful Entrepreneur?

To be a Successful Entrepreneur,
an Entrepreneur should have some basic qualities in his personality.

These are:

Entrepreneur should be:

Self-confident and optimistic Able to take calculated risk Respond positively to changes Flexible and able to adapt Knowledgeable of markets Able to get along well with others

Independent minded
Energetic and diligent Creative, need to achieve Dynamic Leader

Responsive to suggestions
Take initiatives Resourceful and persevering Perceptive with foresight

Role of Entrepreneur in Economy

New product in market

Money circulation
New technology Creation of employment Discover new source of material Better Standard of living New ideas bring huge changes Develop new market Mobilize capital resources

Future of Entrepreneur