Entrepreneurship: Success And Success In Today's Life

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Per Inverstopedia.com, an entrepreneur is a person who starts a new business or organization, taking some personal financial risk to do so. This person also receives the rewards that come from their idea that they are trying to sale to people. Entrepreneurship can be very important to a society. Some of the things an entrepreneur can do, but is not limited to, is help create more jobs, help the economy grow in their community, and create positive change for new ideas to keep flowing. The entrepreneur lifestyle is not always glamorous. You may always hear about the successful entrepreneurs like Bill Gates and Mark Zuckerberg, but there are many entrepreneurs out there that are trying to make it to their own success. The two speakers that…show more content…
Garrett were a few different topics. He first talked about why he came into the entrepreneur mindset which was because engineering wasn’t working for him. He liked the idea of being his own company and working on new ideas, instead of working long hours and climbing up the food chain at a big company. He talked about taking risks and that entrepreneurs take moderate risk. This made complete sense to me because moderate risk can gain you some profit but will not completely wreck your business. On shark tank the entrepreneurs on the show do not go after ideas that they cannot handle or do not have expertise in because that would be too big of a risk for them. We also talked about a graph with four quadrants. Dr. Garrett had an XY chart with markets and products on the axis. He said that the domain of the company was in the top right box because new markets and products are being a company should be taking risk to get profit. He gave the example of Amazon and how they changed from a book selling company to what they are today. This was risk but a great idea that has sparked into something huge. Then finally he talked about the four main steps of entrepreneurship process. The first was to identify and evaluate opportunity. An entrepreneur should looking were there are ideas and research the opportunities with that ideas that they have come up with to use. The second step was develop a business plan. This plan will include everything you…show more content…
Garrett. As mentioned above he realized that his band was not going to make it big time so her came back to The University of Louisville to join the entrepreneur program. He was set up in a team and told to present two or three ideas that they had come up with to persue as a company. One of his group members had an idea of Chia seeds and marketing them. Zach was not super excited, but after the presentation the professor told them thay the Chia seed idea was one of the best he had heard in years. So Zach and his group persued the idea for their project. Long story short, they were able to come up with a license to sell to the equine industry. That is currently what Zach’s company does. He taught us that we should be looking for our “why”. This means that we should find out why we want to do something and persue it. He loves entrepreneurship because of the unpredictability and chaos. He also likes having clients and really enjoys being around them. He stressed that the entrepreneur lifestyle was not for everyone and it isn’t profitable at first, if at all. He discussed briefly that a lot of companies started are in default dead and the goal is to get to default alive. He stressed that entrepreneurs take risks and if you don’t like to then it isn’t for you. His main goal was for a company to stay away from zero and the company would die if it doesn’t somehow manage to make more money than they

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