BUS 160 Lecture Notes - Lecture 9: Mike Markkula, Steve Wozniak, Sergey Brin
Document Summary
Passion and persistence: entrepreneurs are passionate about their ideas and goals, they also need to be persistent, to be successful, the business idea must address some need, to survive, the business needs to make a profit. Failure = learning experience: we hear a lot about successes but rarely about failures, have you failed at something, how did it make you feel, did you learn something, failure is a learning opportunity. Famous business failures: tommy hilfiger first store went bankrupt, milton hershey first confectionary failed, h. j. Heinz company went bankrupt six years after start: walt disney first film company went bankrupt, henry ford first two car companies failed, l. l. Bean almost went bankrupt in first year. Intrapreneurs: intrapreneurs are innovators within existing companies, to stay on top and continue to innovate is a major challenge for big, established companies, examples, 80/20 rule at google, art fry at 3m, skunkworks at lockheed martin.
