Entrepreneurship Basics

Entrepreneurship and Persistence

• Colonel Sanders faced 1,009 rejections before KFC accepted his recipe for franchising.
• KFC now generates over $3.1 billion in revenue, highlighting the importance of persistence.

Business Fundamentals

• Entrepreneurs create goods or services to generate income.
• Business expenses include machinery, payroll, rent, office supplies, marketing materials, vehicles, and inventory.
• The primary goal of a business is to make a profit by selling goods or services.

Business Survival Statistics

• Over 80% of new businesses fail within their first year, and 50% do not make it past five years.
• Companies with expenses exceeding their earnings face a higher risk of failure.

Risks in Entrepreneurship

• Starting a business involves financial risks, with the average startup cost estimated at $30,000.
• Entrepreneurs often lose security as wage earners and may sacrifice time with family to pursue their business dreams.

Notable Entrepreneurs and Innovations

• Steve Jobs focused on computer innovation, co-founding Apple at the age of 21 with Steve Wozniak.
• Sam Walton founded Walmart in 1962, which revolutionized retail by offering a wide variety of goods in one location.

Famous Entrepreneurs from Georgia

• Alonzo Herndon: Known for barbershops and Atlanta Life Insurance Company.
• Anne Cox Chambers: Associated with Cox Enterprises.
• Ted Turner: Media pioneer and founder of various ventures including CNN.
• Arthur Blank and Bernie Marcus: Co-founders of Home Depot.
• Truett Cathy: Founder of Chick-fil-A.
• Founders of Coca-Cola: John Pemberton, Asa Candler, and Robert Woodruff.

Traits of Successful Entrepreneurs

• High motivation to achieve and a solid work ethic are crucial.
• Independence, strong leadership skills, and good business instincts are essential.
• Self-belief and confidence in one's ideas are vital traits for entrepreneurs.

Understanding Profit

• Profit occurs when a business's earnings surpass its expenses.
• Profit serves as an incentive for entrepreneurs, driving business growth and investments.

Economic Impact of Entrepreneurs

• Entrepreneurs contribute to GDP growth by creating jobs and generating products/services.
• States with a high number of entrepreneurs tend to foster strong job markets and positive economic conditions.

Agriculture Industry in Georgia

• Agriculture is Georgia's leading industry, generating over $71 billion annually.
• The state excels in producing cotton, peanuts, and soybeans, benefiting from ideal climate conditions.
• Georgia is the world's top pecan producer and a leading producer of blueberries, peaches, and poultry.

Entertainment Industry in Georgia

• Georgia has emerged as a hub for film and entertainment, including a vibrant music scene.
• Tax incentives initiated by Governor Nathan Deal have boosted profitability in the film industry.
• The entertainment industry contributes over $10 billion annually to Georgia's economy.