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Group Members

Fahad Iqbal

Waqar-ud-din Siddiqui

Muhammad Shoaib

Yasin

Entrepreneur

Entrepreneurship Entrepreneur

Land

Labor

capital

organization

4 factors of production

New venture

Types of Entrepreneur

Necessity EntrepreneurThey are the entrepreneurs who works for invention only when there is a need.

Opportunistic entrepreneursThese are the entrepreneur who are always

looking for the opportunity whether there is a need of invention or not.

Eras of Entrepreneur’s 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

Richards Cotilliongave definition

Entrepreneur GovernmentContracts

19th & 20th Century

Entrepreneur = Manager

planning

controllinganalyzing

interpreting

Present Era

•Economist’s view

•Psychologist view

Inventor and Innovator

Inventor

is a person createsnew thing.

Innovator is a person who brings something new in business

Characteristics of Successful

Entrepreneur

Characteristics of Successful Entrepreneur

Entrepreneur

Determination&

Persistence

Motivation to succeed

No daunted by failure

Passion

Spot and take advantage of opportunities

Relevant skills and expertise

Vision, creativity

and innovation

Risk taker

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 custom-building computers to suit buyer‘s 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 Oprah Winfrey1954Winfrey1954

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 SandersCourt & 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 LeaderResponsive to suggestions

Take initiatives

Resourceful and persevering

Perceptive with foresight

Role of Entrepreneur in Economy

Better Standard of living

Creation of employment

New product in market

New ideas bring huge changes

Money circulation

Develop new market

Mobilize capital resources

New technology

Discover new source of material

Future of Entrepreneur