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Transcript of Entrepreneurship
What do entrepreneurs do?
one who organizes, manages, and assumes the risks of a business or enterprise
“a person who organizes and manages
enterprise, especially a business, usually with considerable initiative and risk.
How is a company born?
1. Write a business plan
2. Get business assistance and training
3. Chose a business location
4. Finance your business
5. Determine the legal structure of your business
6. Register a business name
7. Get a tax identification number
8. Register for state and local taxes
9. Obtain business licenses and permits
10. Understand employer responsibilities
How to be successful
#1 tip: FIND A WAY
By: Amanda Del Toro
Fill the need
the real money multipliers
identify a need
Grow the company
take risks and make moves
learn from your actions
do it again
"Every time you want to make any important decision, there are two possible courses of action. You can look at the array of choices that present themselves, pick the best available option and try to make it fit. Or, you can do what the true entrepreneur does: Figure out the best conceivable option and then make it available." -Jon Burgstone
Why do entrepreneurs fail?
No written plan
Little knowledge of market
Unable to execute
Early give in
too little/big risk
24 Steps to succeed
born: April 8, 1946 in Hickory, Mississippi
history major at U of I
master's degree from Princeton
first African-American billionaire
born: January 25, 1949 in McKeesport, Pennsylvania
Met at orientation
full music scholarship to U of I
First African-American female billionaire
fell in love
Magazines & radio but no TV
Bob met John Malone
- Malone with 20% and Johnson with 80%
Malone's tip: increase revenues and keep costs low
Launched in 1980
Initially only broadcasted for 2 hours a week
1991: first black-controlled company to be listed on the New York stock exchange
Continuing the entrepreneurship...
- started RLJ Companies
- acquired the Charlotte Bobcats
(first black-owned NBA franchise)
- created Salamander Hospitality
- Vice Chairman of Monumental Sports & Entertainment
- majority owner of the Washington Mystics WNBA franchise
Fun Facts & Quotes
1. Surround yourself with people who challenge you
2. Accept the challenges that come your way and meet them head-on
3. Strive for excellence and have a spirit of generosity
1. Who is your customer?
2. What can you do for your customer?
3. How do they acquire your product?
4. How do you make money off your product?
5. How do you design and build your product?
6. How do you scale your business?
Shows started changing...and not for the better
Grew more explicit, Sheila was disenchated
Network sold to Viacom for $3 billion
BET Nightly News
Started showing rap shows and music videos degrading women and African Americans themselves
Is it okay to fail?
incorporating good leadership tactics
From Bob's perspective:
From Sheila's perspective:
- Sheila Johnson