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A Report On
Lives of Successful Entrepreneur
Course Title Entrepreneurship Development Course Code MGT - 321 Submitted to
Dr. A K M Helal Uz Zaman Associate Professor Faculty of Business Administration ASA University Bangladesh Submitted by Name Hosnain Ahmed Riyadh Ahmed Mahmudul Hassan Tasmia Kamal Nafisa Halim Nasrin Akter Rumana Miss. Jannatul Ferdous ID 092-12-0002 092-12-0003 092-12-0006 092-12-0017 092-12-0021 092-12-0025 092-12-0110
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Acknowledgement
Preparing this report on Lives of Successful Entrepreneur was a wonderful experience for us. We would like to thank our faculty, Dr. A K M Helal Uz Zaman, Associate Professor, Faculty of Business, ASA University Bangladesh for giving us this opportunity as well as for his constant guidance and support. Finally we would like to thank our family and almighty Allah for supporting us the courage to carry on our work.
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Executive Summary
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Introduction
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Lives of Successful Entrepreneur An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative. The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to help launch a new venture or enterprise and accept full responsibility for the outcome. Jean-Baptiste Say, a French economist, is believed to have coined the word "entrepreneur" in the 19th century - he defined an entrepreneur as "one who undertakes an enterprise, especially a contractor, acting as intermediatory between capital and labour". A broader definition by Say: "The entrepreneur shifts economic resources out of lower and into higher productivity and greater yield. Entrepreneurs are among the most celebrated people in our culture. Celebrity entrepreneurs such as Steve Jobs, Bill Gates, Sergey Brin, and Larry Page often grace the covers of prominent publications. These company founders and innovators fuel economic growth and give the nation its competitive edge. According to the U.S. Small Business Administration, in2004 small firms (<500 employees) employed 50.9 percent of the privatesector work force and generated50.7 percent of the non-farm private gross domestic product. According to that same report, in 2004 firms with fewer than 500 employees had $1.9 trillion in annual payroll, not including benefits. An extensive report released in November 2008 by the U.S. Small Business Administration found that small firms had a higher percentage of patents per employee than larger firms, and that younger firms were more likely to have a higher percentage of patents per employee than older firms
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How
to
become
Successful
Entrepreneur
Think success
To attain the kind of success that who wants, he needs to dream big. Every success story starts with big dreams. He needs to have big dreams for himself - which he wants to be somebody rich, famous or fulfilled. He needs to have a clear vision of what & want to achieve. But it doesn't stop in dreaming alone. He should actively visualize success in your mind that you can almost feel it, touch it or it is within his reach. Play this image back at every opportunity. What does it feel to triple his current income? How will his life change? What will his business look like if he achieved the million-dollar mark? Successful entrepreneurs possess an attitude of openness and faith that he can have what he wants if he can simply envision it as the first step on the path of action to acquiring it. Management gurus have taught us the power of visualization - seeing him in his mind as having accomplished his dreams. If he wants to be a successful writer, envision him signing books for a throng of people who have lined up to have your autograph. If he wants to be rich, picture him in luxurious surroundings holding a fat bank account. And the process of envisioning success for he should be a constant activity! He need to think that you are successful (or will be one) every single waking hour. A personal development coach shared me her secret to help her continuously visualize her goals for the moment: when climbing stairs, recite your goal with every step you take. So if you want more money, say "I will have money" in every step of the stairs. This technique will reinforce his goal and keep it fresh in his consciousness. 8 | Page
Lives of Successful Entrepreneur he is doing will contribute to the betterment of his environment and his personal self. You should have a strong faith in his idea, his capabilities and himself. He must believe beyond a shadow of a doubt that he has the ability to recognize and fulfill them. The more he can develop faith in his ability to achieve his goals, the more rapidly he can attain it. However, his confidence should be balanced with calculated risks that he needs to take to achieve greater rewards. Successful entrepreneurs are those who analyze and minimize risk in the pursuit of profit. As they always say, "no guts, no glory."
Plan accordingly
As a new entrepreneur, he has a vision, and he has enough faith in himself to believe that he can achieve his vision. But does he know how to get to his vision? To achieve his vision, he needs to have concrete goals that will provide the stepping-stone towards his ultimate vision. Put his goals in writing; not doing so just makes them as intangible fantasies. He needs to plan each day in such a way that his every action contributes to the attainment of his vision. Does he foresee himself as the next Martha Stewart of hand-made home furnishings? Perhaps today, he needs to see an artist to help him conceptualize the new line of hand-made linens that he hopes to launch. Intense goal orientation is the characteristic of every successful entrepreneur. They have a vision, and they know how to get there. His ability to set goals and make plans for his accomplishment is the skill required to succeed. Plan, plan and plan, because without plan failure is guaranteed.
Work hard
Every successful entrepreneur works hard, hard and hard. No one achieves success just by sitting and staring at the wall every single day. Brian Tracy puts it out this way, "You work eight hours per day for survival; everything 10 | P a g e
Lives of Successful Entrepreneur over eight hours per day is for success." Ask any successful businessperson and they will tell you immediately that they had to work more than 60 hours per week at the start of their businesses. If he is in a start-up phase, he will have to breathe, eat and drink your business until it can stand on its own. Working hard will be easy if he has a vision, clear goals, and are passionate with what he does.
Willingness to Learn
As a new entrepreneur, he does not need to be a MBA degree holder or PhD graduate to succeed in his own business. In fact, there are a lot of entrepreneurs who did not even finish secondary education. Studies show that most self-made millionaires have average intelligence. Nonetheless, these people reached their full potentials achieved their financial and personal goals in business because they are willing to learn. To succeed, he must be willing to ask questions, remain curious, interested and open to new knowledge. This willingness to learn becomes more crucial given the rapid changes in technologies and ways of doing business.
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Lives of Successful Entrepreneur No one said that the road to success is easy. Despite his good intentions and hard work, sometimes he will fail. Some successful entrepreneurs suffered setbacks and resounding defeats, even bankruptcy, yet managed to quickly stand up to make it big in their fields. His courage to persist in the face of adversity and ability to bounce back after a temporary disappointment will assure his success. He must learn to pick himself up and start all over again. His persistence is the measure of the belief in himself. Remember, if he persevere, nothing can stop him.
Discipline
Thomas Huxley once said, "Do what you should do, when you should do it, whether you like it or not." Self-discipline is the key to success. The strength of will to force himself to pay the price of success - doing what others don't like to do, going the extra mile, fighting and winning the lonely battle with himself.
Successful Entrepreneur
Bill Gates
Born 1955, Bill Gates is the Chairman and CEO of Microsoft Corporation, the world's largest computer software company. Microsoft was co-founded with Paul Allen in 1975 and has become the standard for PC operating systems and software for personal and business use. Microsoft controls over 80% of PC operating systems, the programs that control the way a computer works. Bill as an entrepreneur has reached the status of wealthiest individual in the world. Some sources believe that Mr. Gates is striving to become the world's first trillionaire! Bill Gates is one of the rare entrepreneurs with the skills to take a company from start-up to corporate giant. 12 | P a g e
Quotes
"The past twenty years have been an incredible adventure for me. It started on a day when, as a college sophomore, I stood in Harvard Square with my friend Paul Allen and pored over the description of a kit computer in Popular Electronics magazine."
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Lives of Successful Entrepreneur Microsoft and Bill Gates have many friends and foes but the power and magnitude of the computer industry and the ways most of us live our lives are forever altered by this man's achievements. The spawning of thousands of other companies around Microsoft as well as entire industries have changed the way we do business and live our lives.
Henry Ford
Henry Ford is widely regarded as one of the greatest innovators and industrialists of all time. He "ignited" the industrial revolution with his ingenious assembly line, made "inroads" in aviation, developed school systems, published a controversial newspaper, and even made an unsuccessful bid for the U.S. Senate in 1918. Ford was regarded as a pacifist yet produced over 1,000,000 vehicles, planes, and other machinery aiding the allied victory during WWII. 15 | P a g e
Lives of Successful Entrepreneur Many people of the day had mixed feelings about his sometimes "ignorant" remarks (which likely contributed to his unsuccessful senate bid), union difficulties (Ford paid top salaries, but the company was also very late to unionize) and a profound benevolent yet "do it my way" demeanor. He developed a variety of work and family initiatives that the company has upheld through today. Nevertheless, he is the pre-eminent father of the automobile and provided the "spark" for production line efficiencies allowing low-cost products in use hundreds of times each day all over the world.
Quotes
"I will build a motor car for the multitude...so low in price that the man of moderate means may own one and enjoy with his family the blessings of happy hours spent in God's great open spaces." "Keep a man cheerful and he'll work harder" In 1913, Ford wrote the following as the directors had been reaping the rewards of profits - "The wages we pay are too small in comparison with our profits. I think we should raise our minimum pay rate". About 8 years later Ford introduced 5-day labor. "Every man needs more than one day for rest and recreation." Whether for charity or publicity Ford was the first manufacturer to hire the handicapped. "It is wrong to put an able-bodied man in a job that can be filled by a cripple...It is a waste to put the blind at weaving baskets". Well... Ford wasn't always as eloquent or "politically correct" as some might have liked.
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Lives of Successful Entrepreneur stories of engineers telling Ford that adding additional cylinders simply weren't possible. Ford would tell them that it was possible and don't stop trying. He knew it was possible and given time the engineers would find the answer. Ford fought many battles. In the early years, he had a near fatal legal bout with George Selden. Selden and his group held a patent for "road locomotives". Ford fought in court and won the right to build and sell automobiles without royalty payments. He also fought with investors dissolving 2 companies and in the 1930's and 1940's battled unions. It took 8 years for Ford to sign a union contract. He had several cars that were failures, most notably the early "luxury" automobiles for which he had little interest (a likely component of failure) as well as later automobiles such as the "Edsel" (named after his son and one-time Ford President). Ford has many admirers and detractors. At age 11, he knew that massproduction was the answer to providing product for the benefit of all people. He learned from his mistakes and great mentors such as Thomas Edison. Ford Motor Corporation at an early stage had a bank balance of $223.65. Ford successfully found investors for each business as they bought in to his passion, skill, and instinct. Ford's estate was valued at over $200 million and became one of the largest public trusts in the U.S.
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Mary K. Ash
Mary K. Ash passed away on November 22nd, 2001, her initial goal was to provide women with an unlimited opportunity for personal and financial success. Her vision, passion, and efforts will never be forgotten.
Lives of Successful Entrepreneur worked for and desired to make change. Instead of writing that book, she began writing a business plan. With assistance from her 20 year old son, she set out to create a company that made a real difference in the lives of women. She wished to create a company where women had unlimited potential personally and financially. With $5,000 of her own savings (most businesses are started with funds personally or from friends or family) she started the company. Ash and company created many creative reward systems focused on women's needs. Famous for the "Pink Cadillacs" awarded to high achievers as far back as 1969, the company believed in setting goals that let women feel great about themselves. The color pink exemplified a form of solidarity and kinship with sales associates or as company titles read - "beauty consultants". Ash has received many awards for her work including the prestigious Horatio Alger Award. Upon the passing of her husband to cancer in 1980, Ash set out on another cause to support a variety of benevolent and research related causes. She also did finish her goal of writing a best-selling book entitled, "Mary Kay on People Management" (over 1 million copies sold). She went on to write, "You Can have it All" (another best-seller).
Lives of Successful Entrepreneur Mary Kay was forced to maintain the home, cook, and clean while her mother worked 14 hour days as a restaurant manager. Her dedication to hard work and never quit attitude allowed her to survive and later prosper. Furthermore, her story and message has been the inspiration for thousands of independent Mary Kay Cosmetics representatives. A bit later in life, she was also a single mother so she related well to the struggle of her mother and later of her employees at Mary Kay Cosmetics. She struggled through college while raising her own child. These experiences laid the ground work for her treatment of representatives and employees as if they were her very own family.
Quotes
The Golden Rule "Do unto others as you would have them do unto you" The above is the motto for which Mary Kay Ash has built a 2 billion $$ company (sales at retail) "God didn't have time to make a nobody, only a somebody. I believe that each of us has God-given talents within us waiting to be brought to fruition". "I always greet our employees with a warm 'Hi! How are you?' When a new employee answers, 'Uh, pretty good. How are you, Mary Kay? 'Ill say, 'Youre not just good, youre great!' Each time I see him or her afterward, he or she will say, 'Im great!' and the smile will get bigger and bigger. If you act enthusiastic, you become enthusiastic and it spreads like wildfire!"
Life Objective
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Lives of Successful Entrepreneur "My objective in life is to help women know how great they really are" Mary Kay dislikes the word "feminist" but she has made a life-long commitment to help women aspire to greatness.
Lives of Successful Entrepreneur You will not be liked by every employee nor every client. Mary Kay Ash exhibits extraordinary character and charisma, qualities which enable entrepreneurs to truly have an impact. The passion, mission, and interest in "giving back" to the community and society is inspiring.
Ted Turner
Ted Turner is for many the epitomy of capitalism. He is the owner of the Superstation TBS, TNT, CNN, the Atlanta Braves and Hawks sport organizations and other channels like the cartoon network. Ted Turner is one of the top 50 wealthiest men (Forbes) with net worth over 2 billion $$. He is a media-mogul who pioneered the concept of the TV "super-station" broadcasting to cable systems nationwide via satellite. The system later dubbed TBS (Turner Broadcasting Station) enters over 160 million homes in 200 countries and nearly 40 languages. When TBS "merged" with Time Warner in 1996, Turner became Time Warner's largest shareholder with 10% of the company. Time Warner is the largest entertainment company in the world. Turner gobbled up local Atlanta Braves and Atlanta Hawks, aired a variety of other old movies and Cable News Network (CNN). CNN made huge strides covering the 1981 Reagan assassination attempt, 1986 Space shuttle disaster, and the Iraqi missile crisis placing reporters in the direct line of fire.
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Lives of Successful Entrepreneur In 1986, Turner made a bid to purchase CBS but failed. As a consolation, Turner purchased Metro-Goldwyn Mayer (MGM) / United Artists. The mark of a true entrepreneur is not being afraid to try and Turner has attempted many unique ideas such as the "Checkout Channel" which provided news and information to people in supermarkets. Although this particular service was short-lived many other ideas thrived. Turner has been very vocal about "giving back". In October, 1997, Turner made a plea to the "wealthy" of the world to use their wealth to make the world a better place for us all. He has pledged to donate $1 billion to the United Nations.
Quotes
"We took names and I paid them all back -- with interest". "I've never been bashful about asking for help" - Ted Turner (In regards to a near bankrupting experience at WRET-TV in Charlottesville NC in 1970) "Whenever, wherever, people are being treated badly, I'm concerned. What's wrong with that?" Turner made a a desperate plea for donations for his financially struggling station. He asked viewers to contribute the equivalent of a pair of movies tickets to the station. He placed a fishbowl in the lobby of the station for collection. Viewers responded and donated $25,000 In 1971, with the TV station WTSG (which stood for "watch this station grow") he became the #1 independent TV station in the South.
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Lives of Successful Entrepreneur Turner is in many ways thick-skinned when it comes to asking for specific moneys for obtainable goals. Many entrepreneurs "believe" they need cash (and often spend way too much) before they learn where and how to spend the money. Take the time to find a mentor - someone who has been in your shoes. With quality research and the use of the network around us, we find many of the tools needed to build our business are right in front of us. Most of us begin the journey as individuals and "hire" as needed. The net result is that YOU need to build it but you don't need to be by yourself on the journey. It's your choice - truly one of the wonderful benefits to self-employment.
Earl Graves
Earl G. Graves has been a tremendous force in leading the black business community to new heights. His most notable achievements began in 1965 when he served as administrative assistant to Senator Robert F. Kennedy through 1968. Following Kennedy's assassination Earl began a management consulting firm to advise corporations on urban affairs and economic development. In 1970, as Graves began to speak with prospective advertisers aimed at the market of black executives. He faced questions such as "What black 26 | P a g e
Lives of Successful Entrepreneur executives?". It is true that the advertisers questions were a cause for concern. At the time only a handful of top executives in big business were black. The number of blacks pursuing higher education was steadily increasing and these would be the future of the publication. Graves had vision and founded Black Enterprise Magazine. With a $175,000 loan he started his publication. He was able to attract some large corporate advertisers such as IBM and others and became profitable in less than a year. This was an incredible feat for any publication as magazines come and go regularly in this very competitive struggle for advertising dollars and readership. His vision has stood the test of time. In 1996, with circulation of over 350,000, Black Enterprise market is continually increasing. The magazine has diversified into many issues including political, entrepreneurship, community issues and much more to enrich the business and quality of life issues for the black community. Mr. Graves is a staunch advocate of higher education and equal opportunity. In recognition of his support for entrepreneurial education and his many years of contributing to Morgan State University, including a $1 million gift to advance business education, the university recently renamed its school of business and management the Earl G. Graves School of Business and Management.
Quotes
"I knew nothing about publishing, but that was probably an advantage". He knew much later that understanding he didn't know what he didn't know in the beginning could have paralyzed his ability to pioneer the magazine. 27 | P a g e
Lives of Successful Entrepreneur "In the early days, I was the advertising department, and I was also the guy who would get the lunch". When a business begins we must be willing to do whatever work is needed to take us to the next level. This is often much easier said than done for instance, as manager turned entrepreneur is accustomed to assistants and employees. "I don't look back because they might be gaining on us. Besides, there's always going to be competition". Several other magazines targeting small business and the black business person have entered the market. Most seasoned entrepreneurs such as Graves welcome competition as it inspires a "do it better" mentality.
Lives of Successful Entrepreneur Graves graduated from Baltimore's Morgan State University. The business school now bears his name. He attended college through a ROTC program and rose to Captain in the Green Beret division. The Green Beret are among the most highly skilled in the armed forces.
Lives of Successful Entrepreneur world. Graves is such a man. Additional excerpts in the book discuss the need to have solidarity in communities. The social responsibility we all share is paramount to each and every person's growth. Let's Talk Business was honored to have the wonderful Frances Hesselbein, President of the Peter Drucker Foundation (possibly the top business visionary in the world) speak to our entrepreneurial support community. Frances spoke about Drucker's ability to "predict" events such as the end of the cold war in Russia and well as the fall of the Berlin Wall. How did he do it Frances asked? "I looked out the window" - Drucker replied. People such as Graves and Drucker have the foresight to merely look at the human condition and factors facing this condition from a point outside our daily lives and see the change taking place in business and society.
Richard Branson
Listen to a clip from Richard Branson on LTB Radio. Visit the LTBN Store for the full interview
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Lives of Successful Entrepreneur Born 1950, Richard Branson is the founder of many companies bearing the "Virgin" trademark including Virgin Atlantic Airlines, Virgin Cola, music production, retailing and other ventures including interests in a radio station, financial services, hotels and even cosmetics and blue jeans - over 200 companies in all.
Quotes
"There have been some dramatic hiccups in my life. If you start a company from scratch, and you don't have any financial backing, the only thing that matters is survival. And you have close shaves". "I could go and live on an island. The challenge of learning and trying to do some thing better than in the past is irresistible." "The most critical thing with any new venture is we must deliver a tremendous value to the consumer so that it enhances all the ventures we've done before it" "I love to learn things I know little about"
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Lives of Successful Entrepreneur require loans or additional financing. Branson was not born wealthy nor was it always easy in the beginning. At a recent national conference for several hundred college students, the Let's Talk Business Network was fortunate to moderate one of the student group break-out sessions. On the spur of the moment, we decided to take a group of students for a walk to the Virgin offices in NYC to get a flavor of the company first hand. As it turns out, Branson was in town that day and one thing led to another and an invitation was made for him to join the conference. At about 4:45 Richard Branson strolled into the conference room and spoke before Wally Amos (founder of Famous Amos Cookies). Needless to say, it was an incredible conference!
Lives of Successful Entrepreneur magazine industry, so I dropped the magazine but kept Virgin Records going. Everything else has grown from there. I started the magazine because I had a passion for what I was doing. That's also why I went into the airline business, even though everybody I talked to told me that there was no money to be made there. I felt that I could make a difference. That's the best reason to go into business because you feel strongly that you can change things.
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Conclusion
In response to economic development at this time, ability and stamina required in responding to these developments. This capability would be expected to support or at least able to change the pattern of someone living in the meet the needs of their claims. They must think how to create employment or at least get a job in the plans to continue his life. To support all that, we are required to understand about entrepreneurship. Entrepreneurship is the way that needs to be done in identifying opportunities, creating many job opportunities. Entrepreneurship is often difficult, young entrepreneurship often fail when they do not have a strong foundation related to the education and business capital. A person who is willing and able to convert an idea or invention into a successful innovation. Entrepreneurship forces "creative destruction" in the market and industry, as well as create new products and business models. In this way, the damage is responsible for the creative dynamics of the industry and in the long-term economic growth.
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