...American Entrepreneur Alonzo Cartwright Point University Abstract The American Entrepreneur plays a vital role in the American business market. Entrepreneurs are individuals that do not mind taking risk and believe that failure is relative, but if you do fail learn from it and move on quickly. Entrepreneurs provide jobs in many communities delivering products or services that customers use on a daily basis. Barbara Corcoran of The Corcoran Group who appears on ABC’s Shark Tank is the definition of an American Entrepreneur. Ms. Corcoran’s philosophy and business strategy reflects the success found using un-conventional and sometimes risky business strategies. American Entrepreneur Merriam-Webster dictionary defines entrepreneur as one who organizes, manages, and assumes the risk of a business or enterprise (Merriam-Webster.com). Entrepreneurs contribute heavily and play a vital role in the growth of the United States economy. Mary Byrd and Leon Megginson describe today’s typical entrepreneur as young, male (ethnically diverse), between the ages of 25 to 34, and has specialty expertise. There is no age limit to becoming an entrepreneur and with the growth and popularity of small business many high schools, colleges, and universities are now offering courses in entrepreneurship (Byrd & Megginson). The U.S. Bureau of Labor Statistics’ tracks the start and closing of businesses. Since the start of the recession in 2007 there has been a decrease in the starting...
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...Assignment-2- You Are an Entrepreneur You Are an Entrepreneur Robert Crowder ACC 557/Financial Accounting Professor Levi A. Beckwith, CPA August 13, 2013 Abstract This paper discusses the process of how an individual can become an entrepreneur and experience wealth of his or her own as a business owner. It also explains the guidelines of what a person must do to achieve the goals that he or she has set before themselves. Also included in the paper will be topics on (GAAP) Generally Accepted Accounting Principles and (IFRS) International Financial Reporting Standards, accounting methods and how the GAAP and IFRS Convergence will have an impact on his or her business. In today's economy a huge part of the American dream involves becoming one's own boss and in most cases it would not see terribly difficult for one to understand why. As of today, entrepreneurs not only have the freedom to express and live their lives the way they want, they also get the opportunity to take pride in knowing that they really can bring something to the table in which society will need. “The best way for and individual to have success as an entrepreneur is to enjoy during something that he or she enjoys” (Infoguide.com, 2008,p.1). Most often in America a large part of one becoming an entrepreneur and building something unique involves being willing to explore new territory. “An entrepreneur is usually someone who most often manages and assumes certain risks of a business or an enterprise...
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...Entrepreneur Biography: Blake Mycoskie (20%) Course: ENT 526 Submitted to: Sean Wise Submitted on: Thursday, November 11th 2010 Student Number: 500328745 Blake Mycoskie – Biography Blake Mycoskie is a serial and social entrepreneur who is best known for his most recent and most successful venture TOMS shoes. He possesses the many characteristics of an entrepreneur and it is clear he was born to lead. Background Blake Mycoskie is a serial entrepreneur who is continually developing businesses to provide solutions for the pains he experiences in life. A serial entrepreneur is someone who has brought more than one business to success (Wise 2010). Blake Mycoskie identifies with this term because he has created and brought multiple businesses to greatness. In total he has started five companies, four of which are still an ongoing success. First, he created EZ laundry, a laundry service for university students that involves their laundry being picked up, washed and delivered back to their houses (“Blake Mycoskie” 2008). Once the company took off and began to grow Blake Mycoskie realized his potential and his passion for entrepreneurship. He eventually sold his portion of the company to his business partner and began an advertising business inspired by the “larger than life” billboards throughout Hollywood. The company, Mycoskie-Media Outdoor, was a Texas based advertising company. They offered a service that painted large ads on the sides of buildings, which served...
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...Entrepreneur: Tom Bostock- ‘The Travelling Fishmonger’ 1. Introduction The definition of an entrepreneur taken straight from the oxford dictionary is ‘a person who sets up a business or businesses, whilst taking on financial risks in the hope of profit’ (Whitelock, 2011). A definition this simple is near impossible to find in any scientific journal. Schumpter (1934) was one of the first researchers to claim that an entrepreneur was an actual state of being that was different from a business owner or manager, and since that faitful article many researchers and scholars have attempted to define the term, entrepreneur. They have found this to be a very difficult task indeed as many ‘scholars have concurred that a common definition of the entrepreneur remains elusive’ (Gartner, 1988). Many studies focus in on the characteristics of an entrepreneur, suggesting that certain characteristics such as ‘need for achievement, intelligence, creativity, energy level, and desire for money’ (Aboud, 1971) are common throughout entrepreneurs. Gartner, accepting these claims, goes onto suggest that if you base the definition of an entrepreneur on characteristics then ‘an entrepreneur is a personality type’ and therefore ‘a state of being that doesn’t go away’ (Gartner, 1988). A more specific definition, by Hornaday and Aboud (1971), of a ‘successful entrepreneur’ is ‘a man or woman who started a business where there was none before, who had at least 8 employees and who had been established...
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...innovative, able to utilize opportunities and willing to take risks. Whatever the definition of entrepreneurship, it is associated with creativity, literacy, innovation and change that are in turn vital for competitiveness in the wake of increasing globalization. Therefore preparing successful entrepreneurship means advancing the competitiveness of a business. SME and entrepreneurship development are two very important factors in reducing the poverty of any country. For many countries SME is the backbone of their economy. In the wake of rising importance of entrepreneurship, various disputes over it, have increased. One such dispute is weather the entrepreneurs are born or made. The primary objective of this work is to compare and contrast the two schools of thought and based on the research make a reasonable conclusion. Entrepreneurs: born or made? Firstly it is worth to identify what actually entrepreneurship is. Generally talking, there are many definitions of entrepreneurship. Many authors are still struggling with relevant definition. Many recognize three important themes deriving from various definitions – namely, that entrepreneurship involves risk and uncertainty, managerial competence and creativity. According to Kent (1990) ‘entrepreneurship is drawing from a wide range of skills capable of enhancement to add value to a targeted niche...
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... That's a lot of growth in a short period of time. Entrepreneurs seize opportunities, and it's becoming more and more obvious that the care-giving industry is bursting at the seems with opportunities to improve lives, from helping people be more mobile to keeping them safer - entrepreneurship is quickly forging its own niche in elderly care and responsibility. Caregivers Who Are Entrepreneurs When you look after those growing older on a daily basis, it's easy to see how many areas of life are in need of improvement for this segment of the population. However, since you truly care about the people you're working with, you feel the need to take matters into your own hands, thereby solving the pressing problems faced by those over a certain age. These caregivers are finding new ways to keep clients safer, healthy and happy, but since they're going about it as entrepreneurs, they're also making money at it. Entrepreneurs Who Help...
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...United States of America was not what it is today. After the original thirteen colonies gained freedom from the U.K. the country continued to grow and prosper; however, it wasn't until after the civil war, when the industrial revolution began, till America began its rise to becoming one of the top economies in the world. This was due to the abundance of businesses that we're started by America's elite. However, some of the people who contributed most to America's rise did not come from wealth. Cornelius Vanderbilt, one of the wealthiest Americans of the 19th century, was not born with an abundance of money. He worked hard to build the empire he created. As a kid he worked with his father on a ferry that transported goods around New York. After working as a steamboat captain he invested in steamboats and cultivated one of the country's largest steamship operators. He was a fear and ruthless and gained a reputation for it. Vanderbilt also knew potential when he saw it. In the 1860s, he shifted his focus towards railroads and built another empire. His fierceness made him one of the best entrepreneurs in history and when he died he was worth more than $100 million. Vanderbilt, however, wasn't the only entrepreneur that knew opportunity when they saw it. John D. Rockefeller knew when and how to take risks. Rockefeller knew that oil was the future of America, but he also knew oil was extremely costly to mine. Instead of wasting a fortune on mining oil he went into refining oil and...
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...Risks with Capital Valuations Seth M. Gunn American Military University FINC 625 8 June 2014 Risks with Capital Valuations Attracting both capital research and capital valuations will start when you, as the entrepreneur, walk into a venture capitalist’s office and present your idea. That meeting is the key that may unlock the door to untold amounts of funding, backing, and support. Venture capitalists want to see a business model that has been thoroughly mapped out. This includes the tracing of every potential dollar in revenue, and the costs that are associated with making that dollar. Venture capitalists are looking for seasoned professionals who have a sense of the market, the intended customer, and an idea that will revolutionize the world. With all this being said, there are inherit risks that will be taken on through capital research and capital valuation. I will now discuss several risks that will be taken on by the entrepreneur and the venture capitalists. Valuations are an interpretation of your existing idea, business, team, and assets. When an entrepreneur and the idea at hand are undergoing a valuation process, every aspect of the proposed business will be thoroughly looked over. The disclosing party is without doubt the more vulnerable party in the due diligence procedure, as it will be exposing confidential information to an outsider (Braet & De Cleyn, 2007). The first inherent risk to the entrepreneur is that the operation being discussed may become...
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...Why is becoming an entrepreneur a growing trend in today’s job market? Robert L. Patton Jr. EBM587 Strategic Business Marketing April 8, 2012 Introduction Why is becoming an entrepreneur a growing trend in today’s job market? Answering the aforementioned question is the purpose of this paper, and the premise of the research thus conducted. In order to answer and address this issue, it is first necessary to examine different aspects of entrepreneurship, as well as, current market conditions, which make this alternative an attractive choice for so many business professionals. I have often thought about the vest means of achieving success. Success can be measured in many different fashions. There is career success, success in academics, competition, and self-actualization. For the scope of this research paper, I will limit the definition of success as being measured by financial freedom and independence. As both a student and working professional, I have a strong belief and desire to perform to my highest potential, both in the classroom and in the office. Ultimately, like many others, the purpose of my efforts is to achieve this financial freedom and independence from an employer. The traditional means of achieving success, I have followed and been an active participant. These means include joining the military at a young age, graduating from college, and pursuing a professional career. Although I am pleased by the results of my efforts and endeavors...
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...sustainability in the relationship Introduction: The origin and development on theory As early as the 17th century, the French term "entreprendre "appeared in economics, which evolved into "entrepreneur" as commonly used (Dees,1998). The concept of entrepreneur keeps on developing and varies with the development of socio-economics. Richard Cantillon published his in 1775 “Essay on the Nature of Trade in General" (Murphy,1986). Since then, entrepreneurship was given a definition in the perspective of behavior, including decision-making, sound judgment, supervision of production, innovation, and resource reallocation (Herron, 1993). The new definition of the "entrepreneur" credited by French economists was put by Jean Baptiste in the 19th century "the entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield". In this time, entrepreneurship was given the meaning of "creating values"(Dees, 1998). In 1911, “entrepreneur as innovator” was put forward by Schumpeter. In his theory, entrepreneurship nearly the same as innovation is thought to be a critical factor in the promotion of economic development. This theory was unceasingly completed by Schumpeter. Through the process of “disruptive innovation” (Schumpeter, 1942), entrepreneurs create economic opportunities and obtain economic benefits by causing a series of disturbances to the market equilibrium. These disturbances are caused by five categories of discrete change...
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...[pic] How Entrepreneurial is Germany? The Institutional Context of Entrepreneurship and Business Start Up Costs in Germany in International Comparison Abstract The importance of entrepreneurial activities is integral to a nation’s economic growth. This paper reviews the results of the 2000 Global Entrepreneur Monitor (GEM) country report with a sole focus on Germany in evaluating its degree of entrepreneurship. The factors examined include the costs, legal procedures, and institutional context via a look at the formal and informal entrepreneurial frameworks. The view of entrepreneurship in Germany will be explored as well as comparison to other countries in the GEM report. It is found that entrepreneurial activities differ within regions in Germany and the cultural and social norms place a barrier to start-ups despite the government effort in financing and state promotion programs. TABLE OF CONTENTS 1. Introduction……………………………………………………………….3 2. Overview of Germany’s entrepreneurship and international comparison...4 3. Institution context………………………………………………………....6 The regulation of entry……………………………………………………6 Political context- government policies……………………………………8 Human Capital…………………………………………………………….9 Education…..……………………………………………………………10 Psychological and sociological context………………………………….12 Regional context…………………………………………………………15 4. Conclusion……………………………………………………………….18 5. Works cited……………………………………………………………...20 Introduction The German economy...
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... The Industrial Revolution transformed the way Europeans and Americans thought, lived, and worked. It brought new ideas that spurred movements across the lands, changing not only individuals, but societies and nations. Factories were built, imperialism became prominent, transportation was transformed, economies shifted, laws were reformed, and education improved all during this tumultuous time. After the Industrial Revolution, life around the world changed. The revolution first started making its impact as factories were being built all around Britain. Before, a family would all work together by hand to make textiles at their own, leisurely pace in a comfortable setting. This changed when machines were implemented, expediting work; but they were expensive and bulky, so they had to be located in one place where people would commute to: a factory. As a result of factory work, attitudes toward work changed negatively, but speed and efficiency was increased, and many more textiles could be produced. Eventually, the United States saw the potential in industrializing and it stole factory ideas from the successful factories in Britain by posing as investors. The United States then set up its own prosperous factories that particularly thrived in New England because it had the factors of production: land, labor, and capital. Overtime, Lowell, Massachusetts became the leading center of textiles—the commodity American industry was based on. The factories in Britain and America produced...
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...Question 1: Describe the nature of the American economy in the last decade of the 18th century and the attempts by Americans, both citizens and leaders, to develop it. The creation and establishment of the American economy in the late 18th century would be crucial to the longevity, survival, and transition from colonies into a united country. They would have to obtain trade routes, markets, merchants, tax systems, jobs, and trade laws. The idea of what economy was first for the colonies under British rule had to be altered but in measures that lead for growth in the present of the future. The question was not what goods would be traded, consumed, brought or sold rather how in fact they would be regulated and functioned. These would be the period of time in US history were many of the concepts and ideas that we see present in economics, labor, tax, imports, and exports stem from the systems that were established in the late...
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...however it is very apparent that it is still the American dream to start a company. The reading assignment included descriptions on Sole Proprietorship, General Partnership, Limited Partnership, C-Corporation, S-Corporation, and a Limited Liability Company. In this task, a breakdown of characteristics, advantages, and disadvantages will be described about each organizational form. Types and Characteristics of Business LIT Task 310.1.2-01-06 Sole Proprietorship Most businesses start as Sole Proprietorships because they are the easiest to begin and they are the most flexible of all the business types. There is no startup fee for a Sole Proprietorship; however a business license or permit may be required. There are many attractive advantages to being an entrepreneur and at the top of the list is being solely responsible for the start and finish of all jobs without having to share or report to anyone. Another luxury would be no set business hours or specific locations. There is certainly something to be said about waking up at noon to walk to your home office down the hall with bed head and wrinkled pajamas. Additionally, the sole proprietor is also able to pocket all of the income, and come tax time they are only required to file one return, with the added benefit of writing off expenses. All of that sounds wonderful, but with every pro comes a con. If revenue isn’t coming in as quickly as money is spent, entrepreneurs struggle with having to pay out of pocket on expenses...
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...national league home run champion, 2 time national league batting champion, and 1 time national league MVP over the course of his 23 years. A major influence to Hank Aaron is Jackie Robinson. While he was becoming famous what led up to fame was that he had several colleges wanting him for baseball. A couple challenges I think Hank went through was racism.What makes Hank Aaron important is that he helped prove that African Americans can do the same thing as any other race it just takes time. Another important event that happened to Hank Aaron is that he broke Babe Ruth’s record on April 8,1974. Babe Ruth’s record was 715....
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