ENTREPRENEURSHIP

SUBMITTED BY:PRINCESS ERICKLAINE A. TIAMSON

SUBMITTED TO: SIR ALVIN TANGONAN CAMPOS
GRADE 5 ST. CATHERINE OF SIENA
WHAT IS ENTREPRENEURSHIP?

Entrepreneurship is the creation or extraction of

economic value. With this definition,
entrepreneurship is viewed as change, generally
entailing risk beyond what is normally encountered in
starting a business, which may include other values
than simply economic ones.
WHAT IS AN ENTREPRENEUR?

An entrepreneur is an individual who creates and/or invests in one or more businesses, bearing most of the risks
and enjoying most of the rewards.[4]The process of setting up a business is known as entrepreneurship. The
entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or
procedures.
More narrow definitions have described entrepreneurship as the process of designing, launching and running a
new business, which is often similar to a small business, or as the "capacity and willingness to develop, organize
and manage a business venture along with any of its risks to make a profit."[5] The people who create these
businesses are often referred to as entrepreneurs.[6][7] While definitions of entrepreneurship typically focus on the
launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion
of start-up businesses have to close due to "lack of funding, bad business decisions, government policies, an
economic crisis, lack of market demand, or a combination of all of these." [8]
In the field of economics, the term entrepreneur is used for an entity which has the ability to translate inventions or
technologies into products and services.[9] In this sense, entrepreneurship describes activities on the part of both
established firms and new businesses.
CHARACTERISTICS OF A SUCCESSFUL ENTREPRENEUR

1. YOU HAVE A CLEAR VISION

At the foundation of every successful start-up or business is an entrepreneur with a clear vision. What
are you trying to accomplish with your business? What change in the world are you wishing to make?
Once an entrepreneur has a clear vision of what they want to accomplish, they can take the proper
steps to actualize their goals.
2. YOU BELIEVE IN YOURSELF AND YOUR ABILITIES
Having the belief that you can take your product or business to success is a sign of an effective
entrepreneur. This characteristic, more so than the others described, results from self-reflection and
development. Entrepreneurs aren’t born with the confidence in their idea or product, it is cultivated.
With obstacles bound to find their way onto an entrepreneur’s path, belief in the vision can carry
them through all hardships.
CHARACTERISTICS OF A SUCCESSFUL ENTREPRENEUR

3. YOU TAKE CALCULATED RISKS AND AREN’T AFRAID TO FAIL

Failure will always be a part of the equation, it is inevitable. Despite this, entrepreneurs who actively take
calculated risks and ignore the innate fear of failure are destined to succeed in their craft. Even in the wake of a
total project failure, the entrepreneurial spirit thrives on the ability to take chances and rise if/when those chances
fall through. It is through those failures that entrepreneurs can take the time to assess what went wrong, learn
from those wrongs, and continue to take risks.
4. YOU ARE RELENTLESS IN YOUR PURSUIT OF SUCCESS
To be relentless in your pursuit of success is to take your vision and imbue it with enough motivation to continue
in your ventures no matter the results. Building your enterprise is no small feat, and to be committed to that
enterprise, to make sacrifices, and to remain vigilant is a defining characteristic for a successful entrepreneur. To
be relentless in your pursuit of success is also to remember an important thing: never give up. When an
entrepreneur is confronted with a problem, their willingness to remain resolute is the ultimate testament to their
entrepreneurial prowess. The drive you have to see your business succeed directly defines how you as an
entrepreneur will succeed.
CHARACTERISTICS OF A SUCCESSFUL ENTREPRENEUR

5. YOU FOCUS ON SOLUTIONS RATHER THAN PROBLEMS

A successful entrepreneur dedicates their time and energy to creating meaningful solutions, as opposed to focusing on the
negativity that can come with problems regarding their venture. The inevitability of problems demands an entrepreneur to
always be searching for solutions, and with a continued focus on solutions comes success.
6. YOU HAVE PASSION FOR YOUR WORK
A passion for the project is essential for any successful entrepreneur as they dedicate countless hours of their lives to their
venture. Whether it is a brand new invention, an improvement on an existing product, or a revolutionary service, successful
entrepreneurs believe that people will buy what they’re selling. With a great deal of passion serving as a base for their
venture, they can easily convey their passion to others.
7. YOU CONSTANTLY LEARN AND EXPAND YOUR KNOWLEDGE BASE
The final characteristic that you as a successful entrepreneur can have is a willingness to learn and expand your base of
knowledge. Even if you’ve become unrivaled in your area of expertise, there will always be something new to learn.
Recognizing that you don’t know everything is required to keep your business flexible and valuable. By encouraging yourself
to continue learning, you keep the fire bright and burning.
RENOWNED LOCAL AND INTERNATIONAL ENTREPRENEURS
Arnault had an unusual professional start for a CEO in the fashion industry: he began as an engineer and property
developer in his family’s civil engineering company in the industrial north of France. By 1984, he had ambitions far
beyond construction—and he began to make a series of bold and ruthless moves to take over an enterprise that he
could scale at the global level. Toward that end, he bought Boussac, a famous (but bankrupt) French conglomerate, so
that he could take over one of the businesses under its umbrella: The House of Dior, a prize he had coveted for years.
After selling off most of the other assets, he reinvested the cash into his next luxury targets: Moët Hennessy and
Louis Vuitton, two iconic French companies that merged into LVMH in 1987.23
Arnault’s next move was a power play that made him infamous throughout Europe. Once in the door at LVMH, he
used the constant feuding between the two CEOs to secure a controlling interest and then ousted the two warring
CEOs.3 After winning “one of the fiercest battles in French fashion,” he became Chair, CEO, and majority
shareholder of LVMH—a position he continues to hold as of April 2022.4 Over the next three decades, he combined
the defunct Boussac assets (including Dior) with the LVMH brands and dozens of acquired companies to create the
world’s most powerful luxury conglomerate—with revenues of €44.6 billion ($51 billion) by 2020.1
1.PICTURE
2.NAME

Bernard Jean Étienne Arnault

3.ENTREPRENEUR’S FAMOUS QUOTATION
4. PERSONAL BACKGROUND

Born: March 5, 1949 (age 73 years), Roubaix, France

Net worth: 217.5 billion USD (2023) Forbes
Children: Antoine Arnault, Delphine Arnault, Alexandre Arnault, Frédéric Arnault, Jean Arnault
Spouse: Hélène Mercier (m. 1991), Anne Dewavrin (m. 1973–1990)
Grandchildren: Elisa Niel, Maxim Arnault, Roman Arnault
Organizations founded: Europ@web, Groupe Arnault
Full name: Bernard Jean Étienne Arnault
5. COMPANY

Bulgari.
Chaumet.
Fred.
Hublot.
Repossi.
TAG Heuer.
Tiffany & Co.
Zenith.
6. BRIEF OVERVIEW ON HOW THE BUSINESS STARTED

Arnault began his career working for his father's manufacturing company. Five years into the position, he
convinced his father to liquidate the construction division and enter the real estate market. Under the name Férinel,
the new company initially developed specialty holiday accommodations.
7. CHALLENGES ENCOUNTERED

“Bernard Arnault challenges us about very specific issues”

Heading the Bulgari brand for the past two years, Antoine Pin is aiming at setting up strategies that will allow
the jewelry brand to quickly capture new clients.
8. LESSONS LEARNED

1. Take craftsmanship seriously and insist on being the best. When you bring a product to market, make sure it is
excellent. This is the key to repeat customers. You don’t want to go near businesses that are like Yankee Candle after
the private equity buyout that resulted in drastically cut costs and an inferior product. You want to know that once a
customer purchases your product for the first time, they will feel a sense of having found something special and
come back for me. It’s not selling the first bottle of Dom Perignon to a customer that gives the business generations
of successful returns–it is selling the second, third, fourth, and fifth of bottle over a lifetime that supports the
sustainability of returns.
2. Infuse your product with a sense of history. In the field of technology, being new and unique can be the source
of a branding power. In all other industries, history is a source of brand value. If a bank has been the community for
100 years, you won’t hesitate to deposit money there not only because of FDIC insurance, but because you know that
a bank capable of surviving the Great Depression is more likely to be made of “sturdy stuff” capable of surviving the
next recession compared to the bank that just received capital and is opening up down the street. Longevity is a
source of affirmation, and tying in your product to the consumer purchase decisions of customers over the prior
generations is a source of appeal for purchase because perpetual survival is a form of social proof.
THE END

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