WHAT IS AN ENTREPRENEUR? See if you can define this term using the following words: -person -business -risk -profit What is your definition? CAN YOU THINK OF A MODERN DAY ENTREPRENEUR? WHAT IS A BUSINESS? A business is an activity that someone works in to make money. Can you think of the name of a business? ENTREPRENEURS TAKE RISKS! What is a risk? It is when someone takes a ……….chance! Have you ever taken a risk or chance? You think something will work, but you cannot tell until you do it! AN ENTREPRENEUR NEEDS TO HAVE THE FOLLOWING: a good plan based on research desire to work hard discipline to keep investing resources ability to deal with failure (The business can be a success or sometimes it can fail.) PHILANTHROPY When entrepreneurs are very successful, most will become involved in philanthropy. Philanthropy is being actively involved in promoting human welfare by donating money, time or other resources. IT IS TIME TO MEET SOME ARKANSAS ENTREPRENEURS Complete your foldable as you go through the following slides. DELBERT E. ALLEN, SR. Delbert Allen turned a small vegetable canning factory into one of the largest privately held vegetable canning facilities in the U.S. Mr. Allen helped to improve his community by encouraging education and improving the medical facilities. HARVEY COUCH Harvey Couch helped to modernize Arkansas. He brought electricity to the state on a large scale. Today the company he founded is known as Entergy. Mr. Couch built two popular lakes in Arkansas, Lake Hamilton and Lake Catherine. He also helped business people survive during the Great Depression by serving on the Reconstruction Finance Corporation. WILLIAM T. DILLARD, SR. William Dillard began with one store in Nashville, Arkansas, but when he retired he owned the third largest retail chain in the United States. BARBARA GRAVES Ms. Graves is founder of Barbara Graves Intimate Fashions in Little Rock, Arkansas. She was one of the first to offer mastectomy products to customers. Ms. Graves is an original supporter of the Komen Race for the Cure, has served on the Chamber of Commerce and the Board of Directors for the city of Little Rock. JOHNELLE AND J.B. HUNT Johnelle and J.B. Hunt built a transportation and logistics company. It is one of the largest publicaly held truckload carriers in the U.S. The Hunts supported many charities, (such as March of Dimes), education, (scholarship at the U of A) and arts organizations. JERRY JONES Jerry Jones is the owner of the Dallas Cowboy football team. He built a new stadium to “house” the team. He made his fortune in oil and gas. Two of the Jones family’s favorite charities are the Salvation Army (their Christmas kickoff begins at the Cowboy stadium) and the Boys and Girls Clubs. ERNEST JOSHUA Ernest Joshua founded J. M. Products, one of the largest ethnic hair care products companies in the U.S. At one time his company was the largest African-Americanowned company in Arkansas. The Joshua family is known for contributing to college scholarships, drugfree programs, academic -help programs and other community projects. F. SHERIDAN GARRISON He organized American Freightways, which became the fourth largest less-thantruckload carrier in the country. Mr. Garrison supported education and athletics. He donated money and land to build a modern football stadium for the Harrison public school district. DAVE GRUNDFEST, SR. Dave Grundfest was the cofounder of the Sterling Stores in Arkansas and also founded the discount chain, MagicMart. Mr. Grundfest was actively involved in the Chamber of Commerce, the YMCA and the Rotary Club. He also cofounded the Grundfest Foundation for the Education of Youth. FRANK HICKINGBOTHAM Frank Hickingbotham founded TCBY. Under his direction the company grew to be one of the largest franchises in the world. The Hickingbotham family has been very supportive of education (funded a new business building at Ouachita Baptist University) and the Komen Race for the Cure. HARVEY JONES Harvey Jones founded Jones Truck lines and turned it into one of the largest privately owned and operated truck lines in the U.S. Mr. Jones was very supportive of educational and health programs. He funded such things as schools for special children and library facilities. SISSY JONES Sissy Jones began her jewelry store in a log cabin and built it into the largest independent jewelry store in Arkansas. Mrs. Jones serves on various boards in her community and teaches Sunday School at her church. CHARLES D. MORGAN Charles D. Morgan transformed a small company into a large corporation (Acxiom) that provides information technology to some of the largest companies in the world. Mr. Morgan supports educational endeavors. For example, he served many years on the Hendrix College Board. DONALD M. MUNRO Donald Munro laid the foundation for the largest U.S. shoe manufacturer. Mr. Munro is a philanthropist who is committed to the arts, the environment, the Red Cross and the Boy Scouts of America. CHARLES H. MURPHY, JR. Charles Murphy built the Murphy oil company (of El Dorado) into an international oil and gas organization. Mr. Murphy was a big supporter of education. He served on the Arkansas Board of Higher Education, the board of Hendrix College and established the Murphy Institute of Political Economy at Tulane University. WHIT AND JACK STEPHENS Whit and Jack Stephens created a brokerage business that is one of the largest off-WallStreet firms in the U.S. Whit Jack The Stephens brothers were well known for their philanthropy. They made large contributions to UAMS, the Arkansas Arts Center, Episcopal Collegiate School, First Tee and the University of Arkansas system. DON TYSON Don Tyson turned Tyson Foods, Inc., into the largest chicken company in the world and in the process became one of the wealthiest people in the world. The Tyson family has been a big supporter of the University of Arkansas and also helped to fund three Farm Aid concerts to benefit agricultural workers. SAM WALTON Sam Walton was the founder of the largest corporation in the world. He is considered to be one of the most important businessmen of the 20th century. The Walton family has made many contributions through the Wal-Mart Foundation. Primarily, education and the arts have benefited from the foundation. FORREST L. WOOD Forrest Wood founded Ranger Boats and built it into the largest manufacturer of bass boats in the U.S. Mr. Wood served several years on the Arkansas Game and Fish Commission. Crowley’s Ridge Nature Center is named for him. ALBERT R. YARNELL Albert Yarnell , former CEO of Yarnell’s Ice Cream, is a leader in the U.S. ice cream industry. He led the team that invented the first non-fat, nosugar-added ice cream. Mr. Yarnell served many years on the Baptist Health Board, and the State Chamber of Commerce Board. His family has also been very supportive of Ouachita Baptist University. LET’S REVIEW! Which entrepreneur opened an “intimate” fashion store in Little Rock? A. Barbara Graves Which entrepreneur turned an oil company into an international oil and gas organization? C. Charles H. Murphy B. Albert Yarnell REVIEW Which entrepreneur invented one of the first non-fat, no-sugar added ice cream? Which entrepreneur organized Acxiom into a billion dollar corporation? A. Charles D. Morgan B. Frank Hickingbotham C. Albert Yarnell REVIEW I was the founder of Sterling and Magic Mart Stores. I founded TCBY, a frozen yogurt company. A. Frank Hickingbotham B. Dave Grundfest C. Delbert E. Allen REVIEW This entrepreneur turned a canning business into one of the largest in the United States. A. Donald L. Munro B. Don Tyson C. Delbert E. Allen This entrepreneur built the family business into the largest chicken business in the U.S. REVIEW I laid the foundation for the largest U.S. shoe manufacturing company. I organized American Freightways into the fourth largest less-than-truckload company in the U.S. A. Donald L. Munro B. Forrest L. Wood C. F. Sheridan Garrison REVIEW This entrepreneur founded Ranger boats, the largest manufacturer of bass boats in the U.S. This entrepreneur brought statewide . electricity to Arkansas (Entergy). A. Harvey C. Couch B. Forrest L. Wood C. Harvey Jones REVIEW My truck company became the largest privately owned truck line in the U.S. My ethnic hair care company was the largest African-American-owned company in Arkansas. A. William T. Dillard, Sr. B. Ernest Joshua C. Harvey Jones REVIEW We created a brokerage* company that is one of the largest off Wall Street. A. Johnelle and J.B. Hunt B. Whit and Jack Stephens We built an Arkansas based transportation and logistics** company * A business whose main responsibility is to be the middle person that puts buyers and sellers together. * *Logistics is the detailed coordination of a complex operation involving many people, facilities or supplies. REVIEW I owned the third largest U.S. retail chain by the time I retired. I was the founder of the largest corporation* in the world. * A company or group of people allowed to act as a single entity (legally as if it was one person) and recognized legally as such. A. Jerry Jones B. William T. Dillard, Sr. C. Sam Walton REVIEW This entrepreneur began the family business in a small log cabin. This entrepreneur is the owner of the Dallas Cowboys football team. A. Sissy Jones B. Jerry Jones C. Donald L. Munro IS ANYONE ALREADY AN ENTREPRENEUR? What kind of business do you have? Can anyone think of a business they could organize? WHO WANTS TO BE AN ENTREPRENEUR WHEN THEY GROW UP? You will need -A plan that has been researched -to work hard -invest your resources into the business -to be willing to take risks and to fail!