Who Wants to be an Entrepreneur???
Bessie Moore Center for
Economic Education
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Becoming a millionaire
Being happy
Completing college
Getting a good job that you enjoy
Having a family
Having a lot of friends
Owning a BIG house
Driving a very cool car
Owning your own business
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Entrepreneur is a
French word and
means the one
who undertakes
enterprise.
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In it’s purest form, the entrepreneur is the
person who combines productive resources to
produce a new good or service. She assumes
the risk and is motivated to do so by the
incentive of profit.
Social entrepreneurs are motivated to make
the world a better place.
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Do you want to be
an Entrepreneur?
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Independent
Responsible
Goal oriented
Self-confident
Creative problem solver
Willing to take calculated risks
Not afraid to fail
• Entrepreneurs identify market opportunities.
• Profit is the incentive but they are driven by
passion!
• Entrepreneurs are critical thinkers and creative
problem solvers.
• Entrepreneurs have a ‘can do’ attitude.
• Entrepreneurs like to shoulder the responsibility.
• Center website – bmcee.uark.edu – look for
Entrepreneurship: Arkansas Style!
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1. Most millionaires work for
big Fortune 500 companies.
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About three out of four millionaires
are self employed and consider
themselves to be entrepreneurs.
Most of the others are professionals,
such as doctors, accountants, and
lawyers.
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2. Samuel Moore Walton was the
founder of Walmart Stores Inc.
headquartered in Bentonville, AR.
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Sam Walton founded Walmart. His first store
was in Rogers, AR in 1962. Sam was 44 years
old. Today Walmart employs more than 2 M
associates working in 9000 stores in 15
countries.
Ticker: WMT.
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3. Most millionaires work
fewer than 40 hours a week.
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About 2/3 of millionaires work 45-55
hours a week.
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4. Sam Walton studied economics in
college.
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Sam Walton did study economics at the
University of Missouri. While earning his way
through school he worked on a dairy farm,
delivered newspapers, waited tables, and
lifeguarded. When operating his own store he
discovered the value of buying in bulk and
passing on the savings to the customer.
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5. Most
millionaires are
college graduates.
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Four of five millionaires are college graduates.
• 18% have Master’s degrees,
• 8% law degrees,
• 6% medical degrees, and
• 6% Ph.D. degrees.
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6. Patricia Upton used Arkansas
botanicals to create Aromatique in 1982
in Heber Springs, AR.
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Patty Upton used wood chips
and botanicals that are scented to make
her decorative room fragrances. Her
company, Aromatique has been in
business almost 30 years and is a multimillion dollar international enterprise.
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7. College graduates
earn about 65 %
more than high
school graduates
earn.
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In recent years, the average college
graduate earned 66% more than the
average high school graduate did. People
with professional degrees earned 150%
more than high school graduates did.
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6. Forest Wood is from Dallas, TX and is
internationally known as the ‘father of
the modern bass boat’.
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Forest and Nina Wood founded Ranger Boats
in Flippin, AR. Forest originally made
fiberglass showers. He and Nina loved fishing.
They believed that people worked hard for
their money and deserved to have quality free
time for fishing. Ranger boats are built by
fishermen for fishermen and women!
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7. If you want to be a
millionaire, avoid the risky
stock market.
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Long term (starting in 1926 and including the Great Depression), the
Standard & Poor’s 500 Stock Index has increased at about an 11
percent compound annual rate of return, exceeding the return on
any other investment.
• Another way of looking at this is that $1.00 invested in the S&P
500 on January 1, 1926, was worth $1,828 on December 31,
1997.
• One dollar invested in long-term government bonds during the
same period was worth $39 on December 31, 1997. It probably
paid to take the additional risk of buying stocks.
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8. Lorena Larson
always wanted to
be an interpreter
when she was a
young child in
Ecuador.
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Lorena Larson wanted to be a teacher when
she was a child in Ecuador. When she moved
to Arkansas she found her language skills to be
very useful for translations and teaching of
Spanish. She sold her property in Ecuador to
start Larson’s Language Center in Rogers, AR.
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9. Many poor
people become
millionaires by
winning the
lottery.
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Few people get rich the easy way. If you play the
lottery, the chances of winning are about one in 12
million.
• The average person who plays the lottery every
day would have to live about 33,000 years to win
once.
• In contrast, you have a one in 1.9M chance of
being struck by lightning.
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10. Charles Murphy, Jr. was emancipated
by his father at age 16 so he could legally
transact business on his own.
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Charles Hayword Murphy Jr. became leader of
the family business at age 21 after his father’s
stroke. The family businesses included timber
land, oil interests, and banking in Southern
Arkansas. Murphy Oil Corporation (MUR), an
international operation, is based in El Dorado,
AR. He was a voracious reader. Timber interests
became Deltic Timber – DEL.
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11. At age 18, you decide not
to smoke and save $5.00 a
day. You invest this $5.00 a
day at 8% annual interest until
you are 65. At age 65, your
savings from not smoking are
$938,070.
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Because of the power of compound
interest, small savings can make a
difference. It pays to resist temptation
and live below your means – and to save
smoking money!
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12. William T. Dillard borrowed $8,000
from his father to open a small store in
Little Rock, AR.
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William Dillard’s first store was in Nashville,
AR, his wife’s hometown. Dillard, a University
of Arkansas graduate, effectively used
marketing and location as keys to success as
he built his chain of stores across Texas,
Oklahoma and Arkansas. The headquarters
are located in Little Rock.
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13. Ben Pearson was a riffle builder from
Pine Bluff, AR.
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Ben Pearson was an archer and bowyer
from Pine Bluff, AR. In 1926 Pearson
came in next to last in a state archery
championship. In 1927 he became the
AR state champion using his own
equipment. Ben Pearson Inc. produced
bows and arrows. Ben was noted for
making an archery a popular sport.
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14. Most millionaires work in
glamorous jobs, such as sports,
entertainment, or high tech.
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A majority of millionaires are in
ordinary industries and jobs. They
are proficient in targeting marketing
opportunities.
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15. Because African Americans had no
chance for an education beyond eighth
grade in Arkansas, Johnny Johnson and
his mother moved from Arkansas City
to Chicago where he could attend high
school and college.
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John Harold Johnson, third generation
descendent of slaves, founded Johnson
Publishing Company with a $500 loan
using his mother’s furniture as collateral.
The company publishes Ebony and Jet.
These publications gave a voice to
millions of black Americans. Johnson
rose out of abject poverty and racial
discrimination.
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16. Sissy Jones grew up in Little Rock
where she had many business contacts to
start her antique business.
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Sissy Jones grew up on a Delta farm. She
used her Southern belle savvy to become a
successful business women. She began with
an antique business in a log cabin. Then she
discovered the slide bracelet whose demand
propelled her to become the state’s largest
independent jewelry store. Her initial store
was located in Pine Bluff.
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Making good financials decisions is
necessary for entrepreneurs. Here are
some pointers to help you start on the
right foot!
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• Get a good education.
• Work long, hard, and smart.
• Learn money-management skills.
• Gather information before making decisions.
• Manage your credit to maintain a high credit score.
• Spend less than you could spend.
• Save early and often.
• Invest in common stocks for the long term.
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Sam M. Walton College of Business
University of Arkansas
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