Hello everybody! Thank you for inviting me, I am glad to see so many cheerful, and healthy, young business college students here today. First let me introduce myself; my name is Mark Rice, and I am the dean of the Babson Business School in Wilson, Massachusetts. I am here to share with you my knowledge about entrepreneurship. I will walk you through what it takes to become a successful entrepreneur, or even more evocative, what little it takes to fail in entrepreneurship. We will talk a little bit about franchising and herein I will give you an example of a successful entrepreneur. I hope that you, as young business college students, will find this very interesting, and with a bit of luck, we might even have a discussion at the end of the day.
Facts about newly started companies
To become a successful entrepreneur, is for many people a dream come true. However, too many entrepreneurs see their dreams fall apart. Did you know that one-third of all small businesses fail in the first two years? Well, it gets worse than that. Within the first five years more than half of the newly started companies fail. I don’t know about you, but if I had known about these numbers before starting a career as an entrepreneur, I sure as hell wouldn’t dare to start. I am not here to scare you away of course; I am trying to make a point. My point is that you have to do your homework; you have to know the game before you start playing.
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