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Transcript of Entrepreneurship
What is Entrepreneurship?
is someone who confidently makes the decision to assume the risk of entering into the business cycle. They are innovative individuals who question pricing and selling of goods in a market they have thoroughly researched and are passionate about, with the hope of becoming successful.
is similar to an entrepreneur in that they also are innovative and assume risk as they serves as a person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product. They undertake new tasks within corporation in order to embark on a profitable venture.
identifies and solves social problems on a large scale; they act as the change agents for society, seizing opportunities others miss in order to improve systems, invent and disseminate new approaches and advance sustainable solutions that create social value, as opposed to a profit.
Dave Thomas & Wendy's
Jay "Sparky" Longley,
1. What influenced Dave Thomas to enter the restaurant business?
He was introduced to the founder of Kentucky Fried Chicken, Kernel Sanders, through one of his friend’s parents, who owned a restaurant where Thomas worked as a cook. After he sold his Kentucky Fried Chicken franchises for millions of dollars, he wanted to start his own business, based off of his love for hamburgers.
2. When was Dave Thomas an Intrapreneur?
When he managed and owned four Kentucky Fried Chicken stores, he utilized sales techniques and merchandising in order to make his franchises extremely lucrative, building that business from the inside out and using innovation to make an existing business flourish.
3. Why was it risky for Dave Thomas to open "another hamburger restaurant"?
There are a lot of hamburger joints in the United States. Thomas had to ensure that his restaurant was unique in some way think of innovative ways to make it stand out from other existing hamburger restaurants. People like things that they are used to, and are hesitant to try new places if they have one they enjoy.
4. How was Wendy's going to make itself different from the other hamburger stores?
Thomas created a special new squared seasoned burger, pioneered the drive through window and generated an ingenious and catchy ad campaign. Their goals: for customers to get money’s worth, to be treated nicely, and to eat food that tastes good.
5. What two things made Dave Thomas an entrepreneur?
He began his own hamburger business, with over 6000 stores, and became a household name as a chef and TV Personality. He had a creative idea, that he then took a risk in beginning with the hopes of making profit. All of these things make him an entrepreneur.
6. Many entrepreneurs make charitable contributions and perform service activities for their communities. Has Dave Thomas done this? How?
As an adopted child himself, Thomas worked throughout his life to promote the adoption of foster children. He founded the Dave Thomas Foundation for Adoption, which promoted the creation of an employee benefits program for people who adopt, as well as a number of other groundbreaking initiatives.
7. Did Dave Thomas fit your definition of an Entrepreneur? Why or Why not?
Yes, he did. He was able to come up with an idea and assume the risk of creating prices, all with passion and the intent of making a profit. Many entrepreneurs adapt existing ideas, the ideas do not have to be completely original.
8. Did you see Dave Thomas as an Entrepreneur before this exercise? Explain why you did or why you did not.
I would have considered him an entrepreneur before this project because he began his own business and became a successful household name. His businesses have withstood time and remained iconic.
The Idea and Creation....
As a child, Jay was highly spirited and so his mom put him in a leather harness to keep him close to home. One day he chewed through the harness – the memory stuck and he desired later to design something that would withstand any force.
In his twenties Jay, a California surfer, sat down to an old sewing machine with some leather, and after long trial and error testers, Longley develop the first Rainbow Sandal. No research, not even google!
In 1974 Jay sold his handmade sandals at the Sawdust Festival in California, and officially set up shop as Rainbow Sandals in San Clemente, his goal has always been to harness the utmost quality and comfort into a sandal. He also sold in Hobie stores, on consignment.
To ensure the quality of his shoes he made everything himself, the glue, hand sewed leather, and the arch to ensure they wouldn’t break.
Rainbow Sandals helps the economy by creating and selling close to 2 million pairs of sandals a year, it employs over 65 people in its factory and are sold in many international locations.
He had a strong passion, tenacious spirit and drive to create a sustainable product for an environment he grew up in and a product he saw the need for. Inspired by Levi’s who were made famous by making not fashionable, but durable lasting jeans. There were no other sandal retailers at the time of his beginning, only flimsy Chinese made shoes.
His first sewing machine was from WWII, and had little money for materials. He started with $200 and no education.
Rainbow Sandals Today!
The first Rainbow Sandals were all made by Jay in his home, now there is a large factory in California and many workers making and producing them. The brand has expanded to selling hats, shirts, and other clothing and accessories for the active women, men and children.
As he is still alive, Jay is extremely proud of the company he has created and has stated he will continue to make sandals as long as the customers are enjoying the comfort, durability and affordability. Her is proud that he now has the means to Give back to the community, especially to charities that support kids and education.
Successful entrepreneurs have determination and perseverance.
Successful entrepreneurs have a need to achieve and to set high standards for themselves.
Successful entrepreneurs are independent.
Successful entrepreneurs are goal-oriented.
Successful entrepreneurs are creative.
Jay Longley is...