March 9, 2011 - Instructor Notes

Instructor Notes
The World of the Entrepreneur
> Start another business, another business, another business until we succeed.
1. Responsibility
2. Moderate Risk
3. Confidence
4. Immediate Feedback
5. Energy

Opportunity Entrepreneur
Serial Entrepreneur
1. Commitment
2. Ambiguity
3. Flexibility


*** Many times money is not the driving force behind an entrepreneur*** The challenge, the race –

Drawbacks
1. Uncertainty of income -- THE VALLEY OF DEATH
2. Stress
3. Quality of life
4. Being 1K on United!
5. Responsibility

America is Entrepreneurship

1. The little guy
2. Heroes
3. 2nd chance
4. Reinventing yourself “out west” – Palo Alto

DIVERSITY

1. Young people – in Australia, cannot get business visa if over 45 years old
2. Women entrepreneurs
3. Minority enterprises – discussion about the “fight” or ‘want’ in an immigrant to succeed – CH example –
4. Home based/part-time/family business

No Partners/No borrowing money
If you don’t have any money today – should we expect it tomorrow – in other words,
” don’t buy green bananas”

Profit margins

Creativity, Innovation, and Entrepreneurship

1. Challenge custom, routine, tradition
2. Realistic

“Dumb it Down” ***

Organization
EPP

Preparation
- Catalog sheet, business card, price sheet, et al
Investigation
- Sales reps, et al
Incubation – beta test it
Market
Pit Stop –should we work with the government? USDA/SBA, etc.
Intellectual Property
Common law, et al.
Don’t Spend any Money

Homework: Next week chapters 3 and 4

Carnegie/Sales for Small Business
1. Begin with praise
2. Call mistakes to mistakes, indirectly
3. Talk about own mistakes, before criticizing others
4. Ask questions – no orders
5. Let the other person save face
6. Praise slightest improvement
7. Give the other person fine reputation to live up to
8. Use encouragement
9. Make the other person happy