Lives of Successful Entrepreneur

Lives of Successful Entrepreneur

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 ID

Hosnain Ahmed 092-12-0002

Riyadh Ahmed 092-12-0003

Mahmudul Hassan 092-12-0006

Tasmia Kamal 092-12-0017

Nafisa Halim 092-12-0021

Nasrin Akter Rumana 092-12-0025

Miss. Jannatul Ferdous 092-12-0110

Date of Submission: 13th December, 2011

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Lives of Successful

Entrepreneur

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ASA University Bangladesh (ASAUB)ASA Tower, 23/3 Khilji Road, Shyamoli, Mohammadpur, Dhaka-1207

E-mail: [email protected] http://www.asaub.edu.bd

Date: December 13, 2011

ToDr. A K M Helal Uz ZamanAssociate Professor, Faculty of BusinessASA University Bangladesh

Subject: Submission of group report on “Lives of Successful Entrepreneur”.

Dear SirHere is the term paper that we have prepared for our MGT-321: Entrepreneurship Development. The topic of this report was the “Lives of Successful Entrepreneur” that you asked us to conduct last 13th December 2011. As you will see, our course pointed some specific rules for the system of studying Entrepreneurship Development. Following the procedure we agree to prepare an outline of these needs in a revised curriculum plan that will help us to correct the student’s information with its system in aspect of students need.

It was an interesting research and we would like to take this opportunity to thank you for allowing us to work on this topic and for your constant guidance and support.

Sincerely Yours

Hosnain Ahmed ………………………

Riyadh Ahmed ………………………

Md. Mahmudul Hassan ………………………

Tasmia Kamal ………………………

Nafisa Halim ………………………

Nasrin Akter Rumana ………………………

Jannatul Ferdous ………………………

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http://www.asaub.edu.bd/

mailto:[email protected]


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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IntroductionAn 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 private-sector 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 a 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.

Be passionate with what you do Someone starts a business to change any or all part of his life. To attain this change, he needs

to develop or uncover an intense, personal passion to change the way things are and to live life

to the fullest. Success comes easily if he loves what you do. Why? Because, we are more

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relentless in our pursuit of goals about things that we love. If he hates his job right now, does

he think he will ever be successful at it? Not in a million years! He may plod along, even become

competent at the tasks, but he will never be a great success at it. He will achieve peak

performance and do what he has to do to succeed only if he is doing something that interests

him or something that he care about. Entrepreneurs who succeed do not mind the fact that

they are putting in 15 or 18 hours a day to their business because they absolutely love what

they do. Success in business is all about patience and hard work, which can only be attained if

he is passionate and crazy with your tasks and activities.

Focus on your strengths

Let's face it; a new entrepreneur, he cannot be everything to everybody. Each of us has our

own strengths and weaknesses. To be effective, he needs to identify his strengths and

concentrate on it. He will become more successful if he is able to channel his efforts to areas

that he do best. In business, for example, if he knows he has good marketing instincts, then

harness this strength and make full use of it. Seek help or assistance in areas that he may be

poor at, such as accounting or bookkeeping. To transform he weakness to strength, consider

taking hands-on learning or formal training.

Never consider the possibility of failure

Ayn Rand, in her novel The Fountainhead, wrote, "It is not in the nature of man - nor of any

living entity, to start out by giving up." As an entrepreneur, he needs to fully believe in his goals,

and that he can do it. Think that what 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."

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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 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.

Constantly Look for Ways to Network

In business, he is judged by the company he keeps - from his management team, board of

directors, and strategic partners. Businesses always need assistance, more so small businesses.

Maybe the lady he met in a trade association meeting can help he secure funding, or the

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gentleman at a conference can provide him with management advice. It is important to form

alliances with people who can help him, and whom he can help in return. To succeed in

business, he needs to possess good networking skills and always be alert to opportunities to

expand his contacts.

Willingness to LearnAs 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.

Persevere and have faith

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.

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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.

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."

Entrepreneurship at an early age

Born the son of a lawyer (father) and teacher (mother), William Henry Gates was a middle child

in a well-to-do family in Seattle, Washington. He was always a highly motivated child. By some

accounts, he was the equivalent of today's "nerd" playing with computers while other kids

played with each other. His interest in the computer started with an early tele-type machine

through a time-share program. Gates learned BASIC (programming language) and earned the

right to use the machine as a trade-off for maintaining the equipment. He met Paul Allen a 10th

grade electronics buff to learn more about the hardware and programming. While Gates was a

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"techie", he possessed the very unusual gift of insight and most importantly vision for what the

hardware would require providing "utility" to the masses.

After several years of learning and thinking he graduated the private Lakeside School and then

went on to Harvard. He dropped out of Harvard to pursue his passion to create the "operating

software" for computer hardware companies. In 1972 with Paul Allen they created Traf-O-Data,

a company that sold a computer to analyze traffic data. Their eyes then came upon a

microcomputer called the Altair offered by MITS Computer and began to provide programming

languages. At one point as the consummate entrepreneur, he attempted to sell software to a

company that he didn't even own!! in order to get the business. From the Altair, Gates saw the

personal computer as the future.

Key thoughts for entrepreneurs

Microsoft operating systems of DOS and MS-DOS reside in more than 80% of the hundreds of

millions of PC's in use today. The company is involved in over 200 products spanning not only

computer related products and services but also education, entertainment, news (MSNBC) and

much more.

In 1975, revenues were $16,000 with 3 employees. In 1976, revenues were $22,000 with 7

employees. Both years posted losses. Many companies would have quit after 2 years.

Bill Gates is one of the "rare" entrepreneurs with incredible vision and the ability to grow a

business to astounding levels. In the mid-70's Bill believed that in time every desk would have a

computer as a tool.

If you look at the person as an individual you will realize the type of driver he is. He is consumed

by the notion of returns and making money. Gates hires the best and brightest and rewards

employees well. The company has made thousands of millionaires. He tries to keep his hands in

as many vital aspects of the business as possible yet provides the work groups the latitude to

work and create.

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Microsoft has experienced some tremendous backlash on many fronts including bugs from the

release of products, missing product release dates and more. But companies built to last with

motivated individuals learn from mistakes and use the feedback to build better products. Such

organizations even learn how to accept, generate and use feedback!!! Microsoft has taken

collaboration within work-groups to new levels from experience and a willingness to adapt to

changing environments. Managing a company through at times a 600% growth rate is an

incredible accomplishment.

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.

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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.

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."

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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.

Entrepreneurship at an Early Age

Henry Ford was born on July 30, 1863 in Greenfield, Michigan. The son of an Irish immigrant

farmer William Ford, Henry was educated in a one room school house. On his 11th birthday,

Henry was given a watch that fascinated him to the extent that 1 year later he constructed his

own time piece and endeavored to sell them to everyone for $1 apiece. The "coup de gras" was

a few years later when he saw a "horseless buggy" plowing a field. These events along Ford's

entrepreneurial journey were the inspiration for mass-production and likely planted the seeds

for the industrial revolution.

Life and Times

In 1896, Ford developed the first horseless carriage in his garage aptly dubbed the

"Quadricycle" as it had 4 bicycle tires. He would soon organize the Detroit Automobile

Company with investors and $10,000 which he would leave due to disagreements with

investors. He would then raise capital to found the Henry Ford Company. This company was

also short lived due to diverging opinions on the target market for automobiles. Ford saw all

along that the automobile (similar to his youthful pocket watch) could be made cost-effective

providing transportation to the masses.

Ford would go on to build cars assigned with a letter code such as the Model A, Model B and so

on up to Model T. The Model T was a clunky, unattractive, efficient and dependable car that

sold over a half million cars over a 5 year period. This success led to the rapid growth of the

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Ford Motor Company which at that point employed 4,000 people. Today the company employs

several hundred thousand people around the globe.


Ford was a very driven man. Yet, he believed highly in the quality of life for employees. He was

a pioneer offering profit-sharing to employees’ salaries at $5 and then $6 per day which were

well above usual wages. There are 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 mass-production 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.

From Mary Kay's website:

Mary Kay lived her life with simple and solid principles that never wavered. As a committed

Christian, she believed in hard work, the Golden Rule and family values. She was always

sustained by her deep and abiding faith in God. Through her uncomplicated formula for success

– put God first, family second and career third – she made the world a better place for women

and their families. Though her special light is no longer with us in person, her torch continues to

burn brightly through the countless lives she touched. We pay tribute to this remarkable lady.

We celebrate the love, the laughter and the life of the woman, Mary Kay. She will live forever in

our hearts.

_________________________________________

Mary Kay Ash is the founder of Mary Kay Cosmetics Inc. It is the largest direct-sales cosmetics

company with over 475,000 consultants in 25 countries.

The bumble bee pin worn on Mary Kay's lapel carries an interesting story. The bumble bee for

all it's illustrious work should simply not have the anatomical ability to fly!! Certain research

demonstrates thousands of reasons why it should NOT be able to fly... Yet it does! This is a

testament to Mary Kay's (and LTBN's) philosophy of "can do" and "you can too".

She began working at a time when men dominated the work force. In 1963 after a 25 year

career in direct sales, she retired to write a book about women's challenges in the work place.

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She felt stymied in the companies she 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).


For many entrepreneurs, you'll learn we delivered newspapers, shoveled snow, sold lemonade

and hustled to earn a buck! For Mary Kay, it was more of a struggle to make ends meet. Her

father took ill with tuberculosis when Mary Kay was a young girl. He was unable to work for the

rest of his life. 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

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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? 'I’ll say, 'You’re not just good, you’re great!' Each

time I see him or her afterward, he or she will say, 'I’m great!' and the smile will get bigger and

bigger. If you act enthusiastic, you become enthusiastic – and it spreads like wildfire!"

Life Objective

"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.

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Mary Kay Ash was a person with incredible mission, passion, and vision. She could have

"settled" for writing books and speaking in 1963 rather than building the dynasty that is Mary

Kay Cosmetics, Inc. Remember that she did not pursue her mission alone. Some people advise

(and often it is good advice) avoiding business ventures with family but in this case and

countless others, family businesses can succeed. The main point is that she did not work alone.

Who would have thought that when she began the "creative rewards" programs that she would

have become the largest fleet buyer of cars with over 8,000 career cars awarded to consultants

in 1997. We never know where the journey can take us.

The kind of emotion generated when Mary Kay speaks is awe inspiring. Tears and screams are

the norm. One of critical reasons for the tribute is the kind of company she has built and the

leadership she provides. Awarded "The 100 Best Companies to Work for", Mary Kay Ash

commands incredible respect.

It is paramount for entrepreneurs to realize the effect of vision and emotion emanating from

the leader. Whether you lead 1 person or 475,000 you create the mission, set the tone of the

culture and "lead".

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.

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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.

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.

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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.


Born 1938, Turner began his career in the advertising business with his father selling space on

billboards. Tragically, his father died but the memory of his father lived on and many believe his

father to be the inspiration that gets Ted through the hard times.

Profiting from the billboard business, Turner's jump start came in 1970 when he purchased Rice

Communications (later to be re-named Turner Broadcasting System). Losses in the first year

totaled nearly $700,000. Turner was able to turn WSTG around and brought it to a #1 regional

ranking. After nearly 9 years of traditional "wattage" broadcasting, Turner capitalized on the

idea of satellite transmission communication to homes all over the world.

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Ted Turner went through the typical entrepreneurial journey of great highs and great lows. Like

other entrepreneurial greats such as Bill Gates and Richard Branson, Turner was able to take a

virtual start-up to a billion dollar company. At some point in a business life cycle, entrepreneurs

realize (hopefully) they either need to cash out and sell the company (that's Gerard Levin of

Time Warner consummating the merger with Turner Broadcasting to the right) or raise capital

through private means or IPO (Initial Public Offering). Scenario #2 of going public, involves

submission to a board of directors or to professional managers. Few have the ability to

independently grow a company to a billion $$ enterprise. We salute you.

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.

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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 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

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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.

"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.

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Growing up in Brooklyn, New York, "I was selling Christmas cards to neighbors when I was six

years old. My sales territory was the square block I lived on".

Graves parents, both children of West Indies immigrants believed in higher education. One of

Grave's motivators was the inability of his father to move beyond blue-collar employment

despite a high school education. In 1957, 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.


The following is an excerpt from Graves book, How to Succeed in Business Without being

White.

Earl Graves is active in a variety of associations. Notable examples are the Boy Scouts of

America, New American Schools Development Corporation, TransAfrica Forum, Glass Ceiling

Commission, American Museum of National History and Planetarium, and Chairman of the

Black Business Council.

"I feel that a large part of my role as publisher of BLACK ENTERPRISE is to be a catalyst for black

economic development in this country. When I can act as an instrument to make it happen for

legitimate and reasonable people, I do it. I try to be helpful and put people together, whether

it's finding a candidate for a trustee position at Howard University or reaching out to the CEO of

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Motown Records to save a company that was at the forefront of black economic development

in the early days".

It is clear from reading the above excerpt, his participation in Let's Talk Business Radio, as well

as from his book that Graves is a man of foresight, community, and integrity. There are many

people who will try to talk you out of things especially when introducing a product to a market

that doesn't yet exist! Such derision is more common when mission and "foresight" might not

be understood. The simple fact is that many people cannot see beyond their own condition but

those of you who can are among those who change the 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.

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Richard Branson

Listen to a clip from Richard Branson on LTB Radio. Visit the LTBN Store for the full interview

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.


Branson began his entrepreneurial life growing Christmas trees as a youngster. Born to middle

class parents in Surrey, England, Branson dropped out of school at 16 to start youth magazine,

Student. The magazine attracted writers such as Jean-Paul Sartre, Alice Walker and James

Baldwin.

At 21, Branson started Virgin Records and the music world has never been the same. Branson

signed such names as The Rolling Stones, Phil Collins, Peter Gabriel, and Janet Jackson. He sold

Virgin Music in 1991 for

close to $1 billion.

Opportunity is a hallmark for Branson. He looks for markets where the large conglomerate

corporations have gotten as he terms it "fat and cozy". As you might guess, Branson has made

many waves all around the world. Virgin was embattled with British Airways for which Virgin

Atlantic was paid approximately $1 million (which he distributed to employees). Branson rarely

purchases companies believing that doing so often merits many layoffs and he does not find

this option attractive. He prefers to build his own corporate culture and embody learning and

fun into his aggressive plans.

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Branson is a trustee of several charities including the Healthcare Foundation, a leading

healthcare charity responsible for a health education campaign relating to AIDS in 1987. He

assisted in the initial funding of Charity Projects to help the organization raise over £27 million

in 1989 alone through events such as Comic Relief.

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"


Branson looks to provide tremendous value to the customer. It is almost as if he has no fear

because of the simple philosophy that it can be done better. For instance, he believes that

many record stores suffer because the shopping experience needs to be more enjoyable and

the staff should enjoy what they do. Many of us see ways where service and products can be

improved, but it is often the entrepreneur who takes the initiative to make it or do it better.

And of course, he doesn't do it all himself. These enterprises are built with people. He has great

respect for his employees.

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Instinct is another key to diving into industries that you know little about. It's easy to say that a

billionaire doesn't have to worry about failure but that is rarely true as money is not a singular

motivator. While it's true Virgin Airlines has needed infusions of capital, businesses often go

through lean times and 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!

Thoughts from Richard Branson (Fast Company Magazine August 2000)

I've never worked for anybody else,so my first real job was at a business that I started at

boarding school when I was 16. At that time, the Vietnam War was going on and the Paris

student uprising had just occurred. I felt that school was a place where grown-ups were just

trying to keep us busy. I decided to start a magazine that would address some of those issues. I

didn't even have a phone, so I used a public telephone at school to sell advertising for my

magazine. Over a six-month period, I managed to raise about $6,000, which was enough to

cover the cost of printing and paper, so I decided to leave school to start the magazine. Being a

precocious, overly enthusiastic young boy, I managed to get a lot of big celebrities - James

Baldwin, Vanessa Redgrave, Jean-Paul Sartre- to write or be interviewed for the magazine. We

started Virgin Records as a mail-order company in the magazine. We sold records cheaper than

full price, and we built credibility through the kind of products that we offered - Frank Zappa,

say, rather than Andy Williams. When I was about 18, I decided that the music industry was

easier than the magazine industry, so I dropped the magazine but kept Virgin Records going.

Everything else has grown from there.

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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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ConclusionIn 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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Bibliography

http://www.entrepreneur.com/article/197526

http://www.ltbn.com/hall_of_fame

http://en.wikipedia.org/wiki/Entrepreneur

http://en.wikipedia.org/wiki/Ted_Turner

http://en.wikipedia.org/wiki/Bill_Gates

http://en.wikipedia.org/wiki/Edwin_Land

http://en.wikipedia.org/wiki/Henry_ford

http://www.scribd.com/doc/50858793/Successful-Entrepreneur

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http://www.scribd.com/doc/50858793/Successful-Entrepreneur

http://en.wikipedia.org/wiki/Henry_ford

http://en.wikipedia.org/wiki/Edwin_Land

http://en.wikipedia.org/wiki/Bill_Gates

http://en.wikipedia.org/wiki/Ted_Turner

http://en.wikipedia.org/wiki/Entrepreneur

http://www.ltbn.com/hall_of_fame

http://www.entrepreneur.com/article/197526

Lives of Successful Entrepreneur

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Transcript of Lives of Successful Entrepreneur