Fundamentals of Entrepreneurship

Part of every entrepreneurship class is to learn to identify and the founders, small business owners and entrepreneurs that inspire you. Your activity is to search through some of the well known business podcasts, such as “How I Built This” with Guy Raz, or look through your local newspaper or social media, to find a founder that you think is a good model to follow. Use the content from this section to ask the following questions:

1. What kind of founder is this person? Are they a startup founder? Small business owner? Entrepreneur? What makes them fit into this category?
2. What kind of methods did they use to grow their business? Lean Startup or Effectuation?
3. What do you think of their mindset? How are they resilient, creative, and resourceful?

PLEASE DO ON JEFF BEZO: (richest man in the world and Amazon owner)

EXAMPLES below:

Mark Zuckerberg

1. For my report on an entrepreneur, I’ve chosen to profile the innovative Mark Zuckerberg. Zuckerburg is not just a startup founder but also an entrepreneur. He has led a remarkably successful career, creating his business startups, developing them, managing them, and assuming the risks of these businesses. This role makes him both an entrepreneur and a startup founder. He is the founder of Meta Platforms, formerly known as Facebook. In 2004, Zuckerburg founded Facebook while studying at Harvard University alongside his colleagues Andrew McCollum, Dustin Moskovitz, Chris Hughes, and Eduardo Saverin. Zuckerburg’s journey to becoming a self-made billionaire and a self-taught computer programmer is a testament to his determination and resourcefulness. As Facebook began to gain traction, he boldly decided to drop out of Harvard in 2004- his sophomore year. By 2006, Meta had spread to many other campuses nationwide, and it soon became available to all users over 13 with a valid email address. As the years went by, Meta kept growing and acquired companies. Zuckerberg strategically acquired Instagram in 2012 for $1 billion, WhatsApp in 2014 for $22 billion, and Oculus VR in 2014 for $2 billion. Through these acquisitions, Meta’s outreach to the technology industry grew, and it is now seen as one of the world’s
   largest, if not the largest, tech companies.
   2.
   Through an analysis of Zuckerberg and his work, it becomes evident that he utilized the lean startup method. First and foremost, he had a central vision for his idea: to create a college platform to connect with fellow students. According to The Lean Startup, you must start small and scale fast to utilize this philosophy. As we know from his first version of Facebook/meta, Zuckerberg scaled fast, his MVP (Minimum Viable Product). His MVP, Face Smash, was only available to Harvard students, but as it quickly scaled, his product soon evolved. He utilized testing, through customer reviews, on his MVP, and he was able to make changes to his platform before it was published on a broader scale. Finally, he also utilized the Build-Measure-Learn Feedback Loop. According to Microsoft, “The build-measure-learn feedback loop describes the process for building empathy with your customers, measuring their reactions, and learning what adjustments to make that improve customer interactions.” Thus, it becomes evident that Zuckerberg used the build-measure-learn feedback loop to solidify his Lean Startup philosophy. He built his MVP, measured consumer feedback, and received validation.
   3.
   According to the Acquisition Group, Zuckerberg’s vision was to impact people’s lives, not to make money. Despite this, Facebook grew from a Harvard dorm project to a global sensation with over 2 billion users. One notable attribute of his vision is that he has signed the Giving Pledge, committing most of his wealth to philanthropy. I love this mindset. I appreciate how Zuckerberg commits himself to his company rather than the revenue it produces. In addition, he commits a large amount of money to philanthropy, which is also a fantastic thing that Zuckerberg/meta does. His peers describe him as very resilient; when a new feature fails, or an acquisition does not go as planned, he is always determined to make it work. He has faced many legal challenges over the years with Meta, but not one has stopped him, and he continues to build his tech giant. He is creative, of course, because he came up with an original idea to connect students on college campuses, and he continues to evolve and grow Facebook to this date. Finally, Zuckerberg needed immense resources to start Facebook in his tiny dorm on the Harvard campus, so he had to get creative. He was forced to use only his coding skills and to leverage his network to launch Facebook. Furthermore, his acquisitions of multiple companies, including Instagram, WhatsApp, and more, exemplify his ability to identify resourceful additions to enhance the footprint of Facebook.
   1
   View Replies
   Reply

Mohammed Aljehani

1. Professional soccer player Cristiano Ronaldo is an icon of the sport. Many people love him, some dislike him, but his popularity is undeniable. With a following of over 911 million across all platforms, he is statistically the most famous soccer player in the world. In addition, he is also one of the most successful in terms of soccer achievements and wealth accumulation. Ronaldo has won various team and solo trophies across various clubs, such as Real Madrid and Manchester United. These achievements have helped him get to where he is today. At the peak of his career in 2015, Ronaldo began his journey in entrepreneurship when he started his brand, CR7. His company sells Cristiano Ronaldo-branded water, sunglasses, underwear, fragrances, and footwear. Due to his immense global popularity, the brand’s success was beyond question.
2. Unlike many entrepreneurs, Cristiano Ronaldo did not have to worry about finding customers or lack of funds, as being a professional soccer player took care of those issues. Ronaldo was in possession of generational wealth long before he had started his company. Not to mention, his significant following provided Ronaldo with a great advantage as he was able to turn his fans into customers. Ronaldo used social media to advertise his brand and partnered with a website-making company to create an easily accessible website from which anyone could purchase Ronaldo branded goods. In return, Ronaldo’s company achieved immediate success as tens of millions of Ronaldo supporters became customers of Ronaldo’s business.
3. As a soccer player, Ronaldo has a winning mindset. He always thinks he’s number one. Unfortunately for him, he can’t be the best soccer player since Messi exists, but his mindset remains unchanged. This idea of being the best translates to off-the-pitch as well. Ronaldo’s mentality motivates him to be the best at everything he does, which is why he is passionate about his business. Ronaldo’s motivation and determination to be the best is a trait that allows his business to thrive.